Evolution Petroleum Corporation Corporate … Presentation - September 2017 2 Forward Looking Statements This presentation contains “forward-looking statements.” Such statements

Corporate Presentation - September 2017 Evolution Petroleum Corporation

Corporate Presentation – September 2017

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Corporate Presentation - September 2017

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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 Possible reserves, operating and administrative costs, future operating or financial

results, cash flow and anticipated liquidity, business strategy and potential property acquisitions.

These forward-looking statements are generally accompanied by words such as “estimated”,

“projected”, “potential”, “anticipated”, “forecasted” or other words that convey the uncertainty of

future events or outcomes. Although we believe the expectations and forecasts reflected in these and

other forward-looking statements are reasonable, we can give no assurance they will prove to have

been correct. These statements are based on our current plans and assumptions and are subject to

a number of risks and uncertainties as further outlined in our most recent Forms 10-K and 10-Q.

Therefore, the actual results may differ materially from the expectations, estimates or assumptions

expressed in or implied by any forward-looking statement and we undertake no obligation to update

these estimates for events after this presentation.

Cautionary Note regarding Oil and Gas Reserves – SEC rules allow oil and gas companies to

disclose not only Proved reserves, but also Probable and Possible reserves that meet the SEC’s

definitions of such terms. 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 Proved reserves and are subject to greater uncertainties, and

accordingly the likelihood of recovering those reserves is subject to substantially greater risk. Our

reserves as of June 30, 2017 were estimated by DeGolyer & MacNaughton (“D&M”), an independent

petroleum engineering firm.


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Evolution Petroleum Founded in 2003 by Bob Herlin, Chairman

Delhi Field Acquired in 2003

Texas / Gulf Coast Focus Overview (Quarter Ended June 30, 2017)

New York Stock Exchange EPM

Shares Outstanding 33.1 MM

Share Price (9/22/2017) $6.85

Total Equity Value (9/22/2017) $227 MM

Common Stock Dividend (Annual Rate) $0.30 per share

Dividend Yield (9/22/2017) 4.4%

Delhi Gross Oil Production (Jun 17 Qtr) 7,540 BOPD

Delhi Gross NGL Production (Jun 17 Qtr) 1,019 BOEPD

Delhi Avg Net Production (Jun 17 Qtr) 2,243 BOEPD

Proved Reserves (6/30/2017) 10.1 MMBOE

Net Working Capital (6/30/2017) $23.4 MM

Debt ($10 MM+ Avail Capacity) None

Delhi Field

Houston

Headquarters


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High Quality, Long-lived Asset Base Steady Cash Flow from Very Large Delhi Field Resource

Potential Production Increases from Continuing Development

NGL Plant Online; Planned CO2 Flood Enhancements

Solid Financial Position Debt Free Balance Sheet w/ Substantial Working Capital Position

Provides Stability to Weather Industry Cycles

Well-Positioned to Capitalize on New Growth Opportunities

Attractive Dividend Yield of 4.4% Dividends Paid for 16 Consecutive Quarters

Flexible Share Repurchase Program Available

Investment Considerations


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Balance Sheet

Cash $ 23,028

Other current assets 3,115

Property and equipment 61,831

Other assets 295

Total assets $ 88,269

Current liabilities $ 2,719

Long-term debt -

Deferred taxes and ARO 17,080

Stockholders’ equity 68,470

Total liabilities and equity $ 88,269

Summary Financial Statements

June 30, 2017 Amounts in $000’s, except EPS

Fiscal 2017 Income Statement

Delhi field revenues $ 34,485

Lease operating expenses 10,836

DD&A and accretion 5,779

G&A expenses and other 4,985

Income before income taxes $ 12,885

Income tax provision 4,841

Net income $ 8,044

Earnings per share (fully diluted) $ 0.21


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Delhi Field

Recycle Facility

and NGL Plant

Foundation Cash

Flow Asset for

Evolution Petroleum


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Exceptional resource: 418 MMBO of gross original oil in place

323 MMBO OOIP in proved flood area

195 MMBO production prior to EOR

15.0 MMBO since CO2 flood began

Other advantages: No LA oil severance taxes (12.5%)

until financial payout of the project

Oil transported by pipeline

Delhi crude sells at LLS pricing

Delhi Field EOR Project Development


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-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Gross BOEPD Total Net BOEPD

Reversion of Working

Interest – Nov 2014

Combined Interests

Delhi Field Daily Production (Tertiary) Gross and Net BOEPD

Gross

BOPD

Net

BOEPD

Royalty Interest Only


EPM Interests in the Delhi Field

Costs Revenues

Working Interest (a) 23.9% 19.0%

Royalty Interests None 7.2%

Combined Interests 23.9% 26.2%

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(a) Field Payout and Reversion of Working Interest to

EPM Occurred Effective November 1, 2014

(Working Interest in the Mengel Sand also 23.9%)


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Delhi Revenue and

Field Operating Margin per BOE

$-

$10

$20

$30

$40

$50

$60

$70

2015 2016 2017

LOE CO2 Costs Field Operating Margin

$61.52

$39.71 $44.88 $42.52

Margin (69% of Rev)

$25.95 Margin

(65% of Rev)

$30.78 Margin

(69% of Rev)


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Proved Reserves assume 14.3%

Incremental CO2 Recovery (Up

from 13.0% in 2015)

(a) 2P Combined Proved plus

Incremental Probable assumes

19.4% incremental CO2 recovery

(b) 3P Combined Proved,

Probable and Possible assumes

22.5% incremental CO2 recovery

-

5,000

10,000

15,000

20,000

Proved 2P (a) 3P (b)

Developed Producing Undeveloped

EPM Delhi Reserves – Three Cases (MBOE – 6/30/17)

10,058

15,326

14.3%

19.4%

22.5%

18,542

Undeveloped Reserves:

• Infill Drilling Program Included in

PUD Reserves - $3.3MM – 8 Wells

• Future Dev Costs for Test Site 5 are

approx $10.9MM - $6.97 per Bbl

Reserve Reports Prepared by DeGolyer and MacNaughton


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Delhi NGL Plant

NGL Component % of Stream Ethane 4.6% Propane 27.4% Butanes (ISO + Normal) 34.0% Pentanes Plus (C5+) 34.0% Total 100.0%

Very Rich NGL Mix:

Currently Producing ~1,200 + Bbls NGL’s per Day

•NGL Plant Online Dec 2016 •Engineered Solution to CO2 Inlet Processing Installed Aug 2017 •Now Operating at 100% Capacity •GE Turbine also at Full Production


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Increase Production & Improve EOR Efficiency through Conformance Projects & NGL Plant Modifications

Infill Drilling program; Expand CO2 Flood to Eastern Part of Delhi Field

(Price Dependent)

Expand CO2 Flood to Mengel Sand and Additional Thinner Intervals

(Price Dependent)

Multiple

Projects

To Build

Long-Term

Value


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Key

Financial

Matters


$0

$5

$10

$15

$20

$25

$30

$35

$40

2012 2013 2014 2015 2016 2017

Revenues Net Income

Rev

en

ue

& N

et In

com

e ($

MM

)

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Six Years of Increasing Revenues and Positive Net Income


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$-

$20

$40

$60

$80

$100

$120

$0.00

$0.01

$0.02

$0.03

$0.04

$0.05

$0.06

$0.07

$0.08

$0.09

$0.10

$0.11

$0.12

Common Stock Dividends WTI Oil Prices (Qtr Avg)

Quarterly

Dividend

Rate per

Share

WTI Avg Oil Prices

(Bloomberg)

EPM Dividend History vs WTI Oil Prices

Sep 17 Dividend $0.075

Cumulative Payout Dec 2013 thru Sep 2017:

$37.0 MM ($1.13 per share)


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Management and Directors (Average BOD Tenure 12 Years / Insiders Own ~9%)

Bob Herlin, Chairman, Founder, Former CEO

Randy Keys, CEO – Adobe, Norcen; EPM 4 Years

David Joe, CFO – Unocal; EPM 12 Years

Independent Directors:

Jed DiPaolo – Halliburton; Growth Capital Partners

Bill Dozier – Amoco; Santa Fe Minerals; Vintage

Gene Stoever – Former KPMG Audit Partner

Kelly Loyd – JVL Advisors


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Opportunities for EPM

We see an Improving Market for Acquisitions

Price and Value Expectations more Reasonable

Excess Capital Available; Competition Still a Factor

Over time, we expect continuing divestitures of mature

conventional cash flow properties by larger entities

We have Financial and Operational Capacity to Execute

$50MM Potential Availability under Credit Facility

We are patiently seeking opportunities which are:

Accretive to Value and Cash Flow; and

Support Increasing Long-term Returns to Shareholders


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Value Proposition Summary

High Quality, Long-lived Asset Base Steady Cash Flow from Very Large Delhi Field Resource

Potential Production Increases from Continuing Development

NGL Plant Online; Planned CO2 Flood Enhancements

Solid Financial Position Debt Free Balance Sheet w/ Substantial Working Capital Position

Provides Stability to Weather Industry Cycles

Well-Positioned to Capitalize on New Growth Opportunities

Attractive Dividend Yield of 4.4% Dividends Paid for 16 Consecutive Quarters

Flexible Share Repurchase Program Available

Documents

Evolution Petroleum Corporation Corporate … Presentation - September 2017 2 Forward Looking Statements This presentation contains “forward-looking statements.” Such statements