About Evolution Petroleum

Evolution Petroleum Corporation (Evolution) operates as an independent energy company. The company engages in the ownership of and investment in onshore oil and natural gas properties in the United States. Business Strategy The company’s business strategy is to maximize total shareholder return based on the company’s assessment of the operating environment and marketplace, subject to the company’s obligations to other stakeholders. The key elements of the company’s strategy are to grow the asset base through investment in the company’s existing properties, direct acquisitions of new low decline, long-life oil and natural gas properties, selective development opportunities, or accretive acquisitions of similar companies. Properties The company’s oil and natural gas properties consist of non-operated interests in the following areas: the Jonah Field in Sublette County, Wyoming; the Williston Basin in North Dakota; the Barnett Shale located in North Texas; the Hamilton Dome Field located in Hot Springs County, Wyoming; and the Delhi Holt-Bryant Unit in the Delhi Field in Northeast Louisiana, as well as small overriding royalty interests in four onshore central Texas wells. Jonah Field – Sublette County, Wyoming The company’s non-operated interests in the Jonah Field, a natural gas and NGL property in Sublette County, Wyoming, consist of approximately 20% average net working interest and approximately 15% average net revenue interest located on approximately 950 net acres all held by production. The properties are operated by Jonah Energy (‘Jonah’), an established operator in the geographic region. For the year ended June 30, 2023, the company’s average net daily production from the Jonah Field properties was 1.9 thousand barrels of oil equivalent per day (MBOEPD) consisting of 90% natural gas, 5% NGLs (natural gas liquids), and 5% oil. Hydrocarbons produced from the company’s Jonah Field properties are sold to West Coast markets. Williston Basin – Williston, North Dakota The company’s non-operated interests in the Williston Basin, oil and natural gas producing properties, consist of approximately 39% average net working interest and approximately 33% average net revenue interest located on approximately 43,300 net acres (approximately 92% held by production) across Billings, Golden Valley, and McKenzie counties in North Dakota. The properties are operated by Foundation Energy Management (‘Foundation’), an established operator in the geographic region. For the year ended June 30, 2023, the company’s average net daily production from the Willison Basin properties was 0.5 MBOEPD consisting of 78% oil, 13% NGLs, and 9% natural gas. The primary producing reservoirs are the Three Forks, Pronghorn, and Bakken formations. Hydrocarbons produced from the Williston Basin properties are sold to local refineries and purchasers. Barnett Shale - North Texas The company’s non-operated interests in the Barnett Shale, a natural gas and NGL producing shale reservoir, consist of approximately 17% average net working interest and approximately 14% average net revenue interest (inclusive of small overriding royalty interests) located on approximately 21,000 net acres held by production across nine North Texas counties (Bosque, Denton, Erath, Hill, Hood, Johnson, Parker, Somervell, and Tarrant), in the Barnett Shale. The oil and natural gas properties are primarily operated by Diversified Energy Company with approximately 10% of wells operated by six other operators. For the year ended June 30, 2023, the company’s average net daily production from the Barnett Shale properties was 3.2 MBOEPD consisting of 76% natural gas, 23% NGLs, and 1% oil. The producing reservoir is the Barnett Shale, which is also the source rock. Hydrocarbons produced from the company’s Barnett Shale properties are sold to Gulf Coast markets. Hamilton Dome – Hot Springs County, Wyoming The company’s non-operated interests in the Hamilton Dome Field, a secondary recovery field utilizing water injection wells to pressurize the reservoir, consist of approximately 24% average net working interest, with an associated 20% average net revenue interest (inclusive of a small overriding royalty interest). The approximately 5,900 gross acre unitized field, of which the company holds approximately 1,400 net acres, is operated by Merit Energy Company (‘Merit’), a private oil and natural gas company, who owns the vast majority of the remaining working interest in the Hamilton Dome Field. The Hamilton Dome Field is located in the southwest region of the Big Horn Basin in northwest Wyoming. For the year ended June 30, 2023, the company’s average net daily production from the Hamilton Dome Field properties was 0.4 MBOEPD consisting of 100% oil. The primary producing reservoirs in the field are the Tensleep and Phosphoria. Produced oil from the field is subject to Western Canadian Select pricing. Delhi Field – Enhanced Oil Recovery CO2 Flood – Onshore Louisiana The company’s non-operated interests in the Delhi Field, a CO2-EOR project, consist of approximately 24% average net working interest, with an associated 19% revenue interest and separate overriding royalty and mineral interests of approximately 7% yielding a total average net revenue interest of approximately 26%. The field is operated by Denbury Onshore LLC (‘Denbury’), a subsidiary of Denbury Inc. The Delhi Field is located in northeast Louisiana in Franklin, Madison, and Richland Parishes; and encompasses approximately 14,000 gross unitized acres, or approximately 3,200 net acres. For the year ended June 30, 2023, the company’s average net daily production from the Delhi Field properties was 1.1 MBOEPD consisting of 80% oil and 20% NGLs. The primary producing reservoirs in the field are the Tuscaloosa and Paluxy formations. Produced oil from the field is priced off of Louisiana Light Sweet (‘LLS’) crude, which often trades at a premium to West Texas Intermediate (‘WTI’). Markets and Customers The company’s production is marketed to third parties in a manner consistent with industry practices. In the United States market where the company’s properties are operated, crude oil, natural gas, and NGLs are readily transportable and marketable. In the Jonah Field, the company takes its natural gas and NGL working interest production in-kind and market separately to purchasers on six-month contracts for natural gas and to Enterprise Products Partners L.P. for NGLs. In the year ended June 30, 2023, approximately 83% of the company’s total revenues were realized from the Jonah Field, Barnett Shale and Delhi Field combined. During 2022, the company sold approximately 17% of its total revenues to Conoco Phillips. Government Regulation As an oil and natural gas exploration and production company, the company’s interests are subject to numerous legal requirements. Many of the activities of the company’s third-party operators involve federal decisions subject to the National Environmental Policy Act. History Evolution Petroleum Corporation was founded in 2003.