Jason BrownPresident & Chief Executive Officer

June 2020

2

Forward Looking Statements

This presentation contains “forward-looking statements.” Such statements may relate to capital expenditures,drilling and exploitation activities, production efforts and sales volumes, Proved, Probable, and Possiblereserves, operating and administrative costs, future operating or financial results, cash flow and anticipatedliquidity, business strategy and potential property acquisitions. These forward-looking statements are generallyaccompanied by words such as “estimated”, “projected”, “potential”, “anticipated”, “forecasted” or other wordsthat convey the uncertainty of future events or outcomes. Although we believe the expectations and forecastsreflected in these and other forward-looking statements are reasonable, we can give no assurance they willprove to have been correct. These statements are based on our current plans and assumptions and are subjectto a number of risks and uncertainties as further outlined in our Forms 10-K and 10-Q. Therefore, the actualresults may differ materially from the expectations, estimates or assumptions expressed in or implied by anyforward-looking statement and we undertake no obligation to update these estimates for events after thispresentation.

Cautionary Note Regarding Oil and Gas Reserves

The United States Securities and Exchange Commission (“SEC”) rules allow oil and gas companies to disclosenot only Proved reserves, but also Probable and Possible reserves that meet the SEC’s definitions of suchterms. We disclose Proved, Probable and Possible reserves in our filings with the SEC and this presentation.Estimates of Probable and Possible reserves are by their nature more speculative than estimates of Provedreserves and are subject to greater uncertainties, and accordingly the likelihood of recovering those reserves issubject to substantially greater risk. Our reserves as of June 30, 2019 were estimated by DeGolyer andMacNaughton, an independent petroleum engineering firm.

DisclaimerNYSE American: EPM

High Quality Long-Lived Assets OverviewNew York Stock Exchange EPM

Shares Outstanding 33.0M

Share Price (6/8/2020) $3.20

Market Capitalization (6/8/2020) $105M

Common Dividend (Annualized Rate) $0.10 per share

Dividend Yield (6/8/2020) 3.1%

EPM Net Liquids Production (03/31/2020) ~2,100 BOEPD

Proved Reserves1 (6/30/2019) 9.0 MMBOE (82% dev)

Probable Reserves (6/30/2019) 4.8 MMBOE (87% dev)

Possible Reserves (6/30/2019) 4.3 MMBOE (91% dev)

Cash (6/1/2020) $20.9M

Debt ($27M available capacity) $0.0

Company OverviewNYSE American: EPM

3

Company HistoryEvolution Petroleum Founding 2003

Delhi Field Acquisition September 2003

Hamilton Dome Acquisition November 2019

Note: 1 Delhi Reserves from June 30, 2019 Fiscal Year End Reserves Report; does not include Hamilton Dome

4

Investment HighlightsNYSE American: EPM

4

High Quality, Low Risk, Long-lived Asset Base Low production decline and positive cash flow; 20+ years remaining life,100% Oil and NGLs

Delhi Field potential by extending CO2 flood to other reservoirs utilizing existing facilities

Attractive Dividend Supports Total Shareholder Return

26 consecutive quarters of dividends paid - currently 3.1% yield at $0.10/share annually

Consistent Track Record of Profitability

8 consecutive years of positive net income

Solid Financial Position Cash: $20.9M

Zero Debt & Untapped $27M Credit Facility

Executing a Disciplined Growth Plan Closed Hamilton Dome field acquisition on November 1, 2019

Positioned to execute future acquisitions with conservative leverage and available cash

5 5

Long-lived reserves with value dominated by proved developed producing cash flow

Appropriate for the size and capabilities of Evolution

Assets in locations with reasonable market access and a stable regulatory environment

Focus on assets that have:

Low ongoing capital investment

Short or intermediate runway to incremental cash flow

Efficient and economic at existing scale of development

Not dependent on near term commodity price improvement

Disciplined Growth: M&A StrategyNYSE American: EPM

Accretive to Cash Flow and Value

Supportive of Company’s Dividend Strategy

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Entered into protective near-term hedges for a significant portion of our oil production in 2020.

Temporarily lowered annual dividend payout by 75%, while maintaining a yield of ~3.1%.

Initiated dialogue with operators to temporarily curtail and shut-in uneconomic wells.

Worked with operators to defer and minimize capital expenditures and workover expense spending.

Completed review of G&A expenses and reduced non-essential spending.

Transitioned seamlessly to work from home for all employees and contractors without downtime.

Our Response to COVID-19NYSE American: EPM

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Delhi Field

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Delhi Field EOR CO2 Flood• ~6,000 Gross BOE per day• ~85% Louisiana Light Sweet (LLS) oil, connected

by pipeline to market• Rich mix of heavier NGLs, or 60% C4 + C5

Delhi NGL Plant

Multiple High Quality, Low Risk, Long-lived Asset BaseLow Decline CO2 Flood

NYSE American: EPM

9 9

Phase IPhase II

Phase III

Phase V

Unquantified future expansion in downdip thinner reservoirs & eastern

phase – dependent on oil price

2011

2009 2012-13

Unquantified Future

Expansion2015-17

Infill Drilling in Phases I & II

2018PUD Infill Program

Proved Undeveloped

(“PUD”)

2010

Delhi Field Enhanced Oil Recovery (“EOR”) Project

Multiple High Quality, Low Risk, Long-lived Asset BaseExceptional Resource

NYSE American: EPM

Town of Delhi

Exceptional Resource Key Advantages

418 MMBO of gross original oil in place No Louisiana oil severance taxes (at 12.5%)

until payout

Third party reserve report demonstrates remaining field life of over 20 years

Oil transported by pipeline from field – no current capacity constraints

Over 13,600 gross acres in units held by production

Delhi crude price based on LLS pricing (historically a premium to WTI)

Phase IV

$5,359

$2,292 $2,397

$5,430 $5,200

$1,300

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

FY2015 FY2016 FY2017 FY2018 FY2019 FYTD2020

$’s

in 0

00’

s

Well Integrity Field Enhancement Facilities/Other New Drilling

10 10

Delhi Field Net Capital Expenditures

Multiple High Quality, Low Risk, Long-lived Asset BaseMinimal Ongoing Capital Expenditures

NYSE American: EPM

Note: Excludes NGL Plant net capital expenditure of ~$27M.

Delhi Capex averaged only 11% of revenue over the last 5+ fiscal years

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Hamilton Dome Field

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Multiple High Quality, Low Risk, Long-lived Asset BaseLong-Life Low Decline Oil Acquisition

NYSE American: EPM

Conventional Oil Hamilton Dome Field

Location

Geographically located in NW Wyoming about twenty miles northwest of Thermopolis in Hot Springs County.

Geologically located in the SW part of the Big Horn Basin producing primarily from the Tensleep and Phosphoria reservoirs from approximately 3,000’ deep.

Key Advantages

23.51% Non-operated working interest and 19.70% revenue interest (83.79% revenue interest to 8/8ths)

Long life reserves - premier field having produced over 160 MMBO over 100 years

100% Oil production - averaging low single-digit decline rates

Top tier operator - Merit Energy will continue to operate this field as they have for 20+ years

Hamilton Dome Field

100

1,000

10,000

1974

1975

1976

1978

1979

1981

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2003

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2015

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2019

BO

E p

er

Day

Hamilton Dome Historical Production Net to Acquired Interest

Series2

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Multiple High Quality, Low Risk, Long-lived Asset BaseHamilton Dome Historical Net Production

NYSE American: EPM

~3.4% Yearly Decline Since 1974

~0.8% Decline Since 2016

Note: Declines are per annum.

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Company Performance

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500

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Ma

r-13

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ay

EPM Historical Net Production

Delhi Field Including Hamilton Dome

1515

Multiple High Quality, Low Risk, Long-lived Asset BaseLow Decline and Acquisitive Growth

NYSE American: EPM

Note: The Hamilton Dome acquisition closed on November 1, 2019 with an effective date of October 1, 2019

Working interest reversion

Planned facility downtime

Acquisition of Hamilton Dome

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Delhi Field Interests

Metric Costs Revenues

Working Interest 23.9% 19.0%

Royalty Interests - 7.2%

Combined Interests 23.9% 26.2%

Hamilton Dome Field Interests

Metric Costs Revenues

Working Interest 23.5% 19.7%

Royalty Interests - -

Combined Interests 23.5% 19.7%

Multiple High Quality, Low Risk, Long-lived Asset BaseNon-Operated Interests

NYSE American: EPM

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Multiple High Quality, Low Risk, Long-lived Asset BaseDependable Dividend Payment

NYSE American: EPM

Cumulative Payout Dec 2013 thru Mar 2020 > $69M (or $2.11/share)

Note: WTI prices are from Bloomberg

$-

$20

$40

$60

$80

$100

$120

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

WTI

Ave

rage

Oil

Pric

e

Qua

rter

ly D

ivid

end

per S

hare

Common Stock Dividends WTI Oil Prices (Qtr Avg)

Dividend for June 30 quarter declared at $0.025

$0

$5

$10

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$20

$25

$30

$35

$40

$45

$50

FY2012 FY2013 FY2014 FY2015 FY2016(1) FY2017 FY2018(2) FY2019 FYTD2020(3)

$ in

Mill

ion

s

Revenues Adjusted Net Income

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Multiple High Quality, Low Risk, Long-lived Asset BaseEight Years of High Growth

NYSE American: EPM

Note: FY2019 excludes the Hamilton Dome acquisition, closed in November 2019. CAGR is compounded annual growth rate.

+19.2% CAGRFY2012 to FY2019

+13.4% CAGRFY2012 to FY2019

Adjustments to Net Income: (1) Net income shown is reduced by $21M for the tax-adjusted litigation settlement and insurance proceeds of $29.2M, and (2) Net income shown is reduced by $6.1M for a one-time tax benefit, (3) net income is reduced by $2.8M for EOR tax benefit.

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Where is our operational cash flow going?

Dividends to shareholders

Retained cash to redeploy into acquisitions or future dividends

Disciplined maintenance capital expenditures to support production levels well into the future

Consistent Track Record of Operating Cash FlowMultiple High Quality, Low Risk, Long-lived Asset BaseReturning Over 50% of Cash Flow

NYSE American: EPM

Note: Cash returned to shareholders includes common stock dividends paid and common shares repurchased

23% 16%

-19%

59% 56%

101%

18%

28%

18%

-$5

$0

$5

$10

$15

$20

$25

$30

FY2018 FY2019 FYTD 2020

$ in

Mill

ion

s

Cash Flow From Operations

Cash Retained Returned to Shareholders Capex

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Multiple High Quality, Low Risk, Long-lived Asset BaseHigh Margins Through the Cycle

NYSE American: EPM

Notes: LOEs are Lease Operating Expenses

Field margin is a non-GAAP measure, calculated here as realized revenue per BOE less LOE and CO2 costs per BOE.

69%

65%69%

71%

68%

65%

$0

$10

$20

$30

$40

$50

$60

$70

FY2015 FY2016 FY2017 FY2018 FY2019 FYTD 2020

$ p

er

BO

E

Delhi Field Revenue and Margin per BOE

LOE CO2 Field Margin

74% 13%

11%

2%

FY2019 Probable Reserves: 4.8 million Barrels BOE

70%

12%

15%

3%

FY2019 Proved Reserves: 9.0 million Barrels BOE

Developed Oil Developed NGLs Undeveloped Oil Undeveloped NGLs

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82% Developed

87% Developed

Multiple High Quality, Low Risk, Long-lived Asset BaseHighly Developed Resource Base

NYSE American: EPM

Notes: Reserves as of June 30, 2019.

1 Probable and Possible reserves involve considerably more risk of recovery than proved reserves – see cautionary note on page 2

Key Metrics

Addition of Probable and Possible Reserves more than doubles the reserve base

Proved Reserves are based on 14.4% incremental CO2 recovery (up from 13.0% in 2015)

Probable1 and Possible1

Reserves are based on improved recovery rates

Remaining PUD costs for Phase V are ~$9M (net), or ~$6.00/BOE

No capex is required for undeveloped probable & possible reserves

Hamilton Dome is excluded, and would otherwise add ~30% to Proved Developed Reserves

77%14%

8%

1%

FY2019 Possible Reserves: 4.3 million Barrels BOE

91% Developed

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Multiple High Quality, Low Risk, Long-lived Asset BaseDelhi Reserves

NYSE American: EPM

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0.00 1.00 2.00 3.00 4.00 5.00

Oil

Re

co

vere

d (

%O

OIP

)

CO2 Injected (Hydrocarbon Pore Volume)

2019 YE PROVED 2019 YE 2P 2019 YE 3P TOTAL DELHI FIELD

3P 19.5%

2P 17.4%

1P 14.4%

No incremental capital required for 2P or 3P reserves

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Balance Sheet as of 3Q20

Cash $ 20,693

Other Current Assets 5,526

Property and Equipment, net 67,688

Other Assets 312

Total Assets $ 94,219

Current Liabilities $ 3,109

Long-term Debt 0

Deferred Taxes, ARO, Other 14,190

Stockholders’ equity 76,920

Total Liabilities and Equity $ 94,219

Income Statement as of 3Q20

O&G Revenues $ 26,246

Lease Operating Expenses 11,220

DD&A and Accretion 4,310

G&A Expenses4,240

Income from Operations $ 6,476

Other (Income) (72)

Income Tax (Benefit) (1,720)

Net Income $ 8,268

Earnings per Share (fully diluted) $ 0.25

Solid Financial PositionNYSE American: EPM

Note: Dollars are in thousands, excluding Earnings per share.

Note: The Hamilton Dome field financials are included for only five months.

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EPM does not typically place hedges on commodity prices. (EPM’s last hedge was in 2015)

Evolution’s primary asset (Delhi Field) already has a natural hedge in place with the largest cost of production, purchased CO2, which is tied directly to the price of oil.

In April 2020, the Company entered NYMEX WTI oil swaps covering ~42,000 barrels per month from April 2020 to December 2020 at a fixed swap price of $32.00 per barrel.

The Company’s sole purpose of these hedges is to protect the balance sheet with a short-term defensive hedge as we faced extreme volatility in oil prices as well as a global pandemic and economic slowdown.

Hedging Position NYSE American: EPM

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Management Team

Jason Brown | President & CEO, Founder of LongBow Energy, Co-founder of Halcon Resources, RBC Richardson Barr, Petrohawk

David Joe | Senior Vice President & CFO, UNOCAL Corp.

Board of Directors

Robert Herlin | Evolution Petroleum Chairman & Co-founder

Edward DiPaolo | Halliburton, Duff & Phelps

William Dozier | Vintage Petroleum, Santa Fe Minerals & Amoco

Kelly Loyd | JVL Advisors, LLC1, RBC Capital

Marran Ogilvie | Lehman Brothers, Ferro Corp, LSB Industries

Seasoned LeadershipNYSE American: EPM

Note: 1. Insider holdings cited do not include those of JVL Advisors’ funds not managed by Mr. Loyd

Leadership holds ~8% of the Company

26

Investment HighlightsNYSE American: EPM

26

High Quality, Low Risk, Long-lived Asset Base Low production decline and positive cash flow; 20+ years remaining life,100% Oil and NGLs

Delhi Field potential by extending CO2 flood to other reservoirs utilizing existing facilities

Attractive Dividend Supports Total Shareholder Return

26 consecutive quarters of dividends paid - currently 3.1% yield at $0.10/share annually

Consistent Track Record of Profitability

8 consecutive years of positive net income

Solid Financial Position Cash: $20.9M

Zero Debt & Untapped $27M Credit Facility

Executing a Disciplined Growth Plan Closed Hamilton Dome field acquisition on November 1, 2019

Positioned to execute future acquisitions with conservative leverage and available cash

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Thank you for your interest in

Evolution Petroleum Corp (NYSE: EPM)

Company Contacts:

Jason Brown | (713) 935-0122 | jbrown@evolutionpetroleum.com

David Joe | (713) 935-0122 | djoe@evolutionpetroleum.com

Investor Relations Contacts: Three Part Advisors

Steven Hooser | (214) 872-2710 | shooser@threepa.com

Phillip Kupper | (817) 778-8339 | pkupper@threepa.com

Contact InformationNYSE American: EPM