Evolution Petroleum Reports Fiscal Fourth Quarter and Full Year Fiscal 2025 Results

– Fiscal Q4 Net Income up 176% to $3.4 million; Adjusted EBITDA up 7% to $8.6 million – HOUSTON, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") today announced its financial and operating results for its fiscal fourth quarter and full year ended June 30, 2025. On September 11, 2025, Evolution declared a cash dividend of $0.12 per common share for the fiscal 2026 first quarter. Financial & Operational Highlights ($ in thousands) Q4 2025 Q4 2024 Q3 2025 % Change Q4/Q4 % Change Q4/Q3Average BOEPD 7,198 7,209 6,667 8%Revenues $21,108 $21,227 $22,561 (1)% (6)%Net Income (Loss)(1) $3,412 $1,235 $(2,179) 176% NM Adjusted Net Income (Loss)(2) $1,129 $1,093 $806 3% 40%Adjusted EBITDA(3) $8,572 $8,037 $7,421 7% 16%(1) "NM" means "Not Meaningful."(2) Adjusted Net Income is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.(3) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information. Fiscal Q4 production was 7,198 average barrels of oil equivalent per day ("BOEPD"), with oil accounting for 61% of revenue, natural gas accounting for 27%, and natural gas liquids ("NGLs") accounting for 12% of revenue during the quarter.Amid commodity price volatility in fiscal Q4, the Company benefited from its diversified energy portfolio, as reflected by a 16% increase in Adjusted EBITDA(3) versus fiscal Q3.Returned $4.1 million to shareholders in the form of cash dividends during fiscal Q4 and $16.3 million for fiscal year 2025. The Company also declared its 13th consecutive dividend of $0.12 per common share, payable September 30, 2025, marking its 48th consecutive payment of quarterly dividends.Amended and restated senior secured reserve-based credit facility (effective June 30, 2025), establishing an initial $65 million borrowing base under a $200 million revolver maturing June 30, 2028.Generated near-record total production in fiscal 2025, averaging 7,074 BOEPD, up 4% from fiscal 2024.Natural gas revenue increased 9% to $23.5 million and NGL revenue increased 3% to $11.2 million in fiscal 2025.Closed on $9 million TexMex acquisition of non-operated oil and natural gas assets located in New Mexico, Texas, and Louisiana on April 14th, adding ~440 net BOEPD (60% oil and 40% gas). Subsequent Events In August 2025, Evolution closed its largest minerals-only acquisition to date in the SCOOP/STACK for approximately $17 million, with an effective date of May 1, 2025, adding ~5,500 net royalty acres and ~420 net BOE per day at the effective date; funded with cash and borrowings of $15.0 million under the Company’s Senior Secured Credit Facility. Management Comments Kelly Loyd, President and Chief Executive Officer, commented: “Fiscal 2025 was a defining year for Evolution. We approximated company records in total production and in liquids production, maintained our quarterly dividend at $0.12 per share, and returned $16.3 million to shareholders. We strengthened the balance sheet by amending and restating our credit facility to add liquidity and extend the maturity to June 30, 2028, and added another lender. We also continued to balance the portfolio—closing the largest minerals-only acquisition in our history and advancing high-return development at Chaveroo—positioning the Company to generate durable cash flow through future cycles.” “Operationally, we continued to unlock value across our assets to enhance long-term profitability. At Chaveroo, four gross wells were brought online under budget, and early production is running ahead of plan. We added highly accretive, low decline assets with development and operational upside in the TexMex acquisition and, subsequent to quarter-end, also closed on our largest-ever minerals transaction in the SCOOP/STACK, adding royalty cash flows with no lifting costs and multi-year visibility on substantial continued development. “Looking ahead, we will remain selective and returns-focused, opportunistically acquiring cash-generating, low-decline assets while pacing development to market conditions and using hedges to provide a solid base of returns. With an expanded credit facility, a resilient, diversified portfolio, and a sustained commitment to returning cash to shareholders, Evolution is well-positioned to continue executing, supporting our dividend policy, and compounding value for many years to come.” Fiscal Fourth Quarter 2025 Financial Results Total revenues decreased 1% to $21.1 million compared to $21.2 million in the year-ago quarter. The change was driven primarily by 20% and 12% lower realized oil and NGL prices, respectively, partially offset by higher realized natural gas prices. Lease operating costs (“LOE”) were $11.4 million, flat compared to the year-ago quarter. On a per-unit basis, LOE was $17.35 per BOE compared to $17.39 per BOE in the year-ago quarter. The fiscal fourth quarter included additional costs as a result of the TexMex acquisition, higher workover expenses at Chaveroo and Hamilton Dome, and plant maintenance costs at Delhi, offset by the benefit to LOE as a result of the Barnett joint-interest audit. Depletion, depreciation, and accretion expense was $5.8 million compared to $5.3 million in the year-ago period. On a per-BOE basis, the Company’s depletion rate was $8.27 per BOE in the fiscal fourth quarter compared to $7.51 per BOE in the year-ago period, reflecting changes in the depletable base and asset mix. General and administrative (“G&A”) expenses, excluding stock-based compensation, were $2.0 million compared to $1.6 million in the year-ago period. On a per-BOE basis, G&A (excluding stock-based compensation) was $2.99 compared to $2.38 in the year-ago period. The $0.4 million comparative increase is primarily a result of the prior year quarter having been adjusted downward for a decrease in full year accrued bonuses. The Company reported net income of $3.4 million, or $0.10 per diluted share, up from net income of $1.2 million, or $0.04 per diluted share, in the year-ago period. Excluding the impact of selected items, adjusted net income increased to $1.1 million, or $0.03 per diluted share, compared to $0.8 million, or $0.02 per diluted share, in the prior year. Adjusted EBITDA increased 7% to $8.6 million compared to $8.0 million in the year-ago period. The increase was due to higher realized pricing, including the cash benefit of hedges, in the current period compared to the prior year period. Production & Pricing Average price per unit: Q4 2025 Q4 2024 % Change Y/YCrude oil (BBL) $60.82 $76.49 (20)%Natural gas (MCF) 2.76 1.66 66%Natural Gas Liquids (BBL) 25.50 29.08 (12)%Equivalent (BOE) 32.23 32.36 — Total production for the fourth quarter of fiscal 2025 was essentially flat at 7,198 net BOEPD compared to 7,209 net BOEPD in the year-ago period. Total production for the fourth quarter of fiscal 2025 included approximately 2,319 barrels per day (“BOPD”) of crude oil, 3,747 BOEPD of natural gas, and 1,132 BOEPD of NGLs. The change in total production was driven by downtime in the Delhi Field, pipeline balancing and allocation timing in the Jonah Field, as well as natural declines, partially offset by the TexMex acquisition and contributions from recently turned-in-line Chaveroo wells. Total oil and natural gas liquids production generated 73% of revenue for the quarter compared to 83% in the year-ago period. The Company’s average realized commodity price (excluding the impact of derivative contracts) decreased slightly to $32.23 per BOE, compared to $32.36 per BOE in the year-ago period. These changes were primarily due to lower realized oil and NGL prices year over year, partially offset by an increase of approximately 66% in realized natural gas prices year over year. Operations Update At SCOOP/STACK, drilling activity on the Company’s legacy position moderated during the quarter, with five wells remaining in progress from prior periods. Production from certain recently drilled wells began contributing in the fiscal fourth quarter. Activity is continuing across the newly acquired mineral acreage. At Chaveroo, the Company’s operator completed and brought online four new gross wells in the second development block on schedule and under budget. Although early in their productive life, these wells have exceeded pre-drill expectations to date. Permitting for the next pad remains underway; however, timing for additional drilling will be paced to commodity prices. At Delhi, operations experienced downtime related to shut-ins for facility safety upgrades and reduced CO₂ injections due to higher summer temperatures. The operator continues to inject only recycled CO₂. At Jonah, operations remained steady. Reported sales volumes during the quarter were negatively impacted by pipeline balancing and allocation timing, with make-up volumes expected to benefit the fiscal first quarter of 2026. Balance Sheet, Liquidity, and Capital Spending On June 30, 2025, the Company had cash and cash equivalents of $2.5 million, $37.5 million of borrowings outstanding under its Senior Secured Credit Facility, and total liquidity of $30.0 million, including cash and availability under the facility. In the fiscal fourth quarter, Evolution paid $4.1 million in common stock dividends and invested $4.7 million in capital expenditures. In the fiscal fourth quarter, Evolution received $0.4 million in proceeds from shares of common stock sold under its At-The-Market equity sales agreement, and net cash provided by operating activities was $10.5 million for the quarter. On June 30, 2025, the Company entered into a syndicated, amended, and restated senior secured reserve-based credit facility with MidFirst as the administrative agent, establishing a $200 million revolving credit facility with an initial borrowing base of $65 million, which matures June 30, 2028. The Company added a second lender in order to increase the borrowing base to $65 million and provide additional credit capacity for future acquisitions. Subsequent to fiscal year end, Evolution funded a portion of the acquisition of mineral and royalty interests in the SCOOP/STACK area of Oklahoma with $15.0 million in borrowings under its Senior Secured Credit Facility and issued a $0.8 million letter of credit in connection with its gathering and processing agreements at Jonah Field in exchange for the return of the Company’s previously provided cash collateral. After the net effect of the additional borrowings and letter of credit issuance, the Company’s current remaining availability under its Senior Secured Credit Facility is $11.7 million. Cash Dividend on Common Stock On September 11, 2025, Evolution's Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on September 30, 2025, to common stockholders of record on September 22, 2025. This will be the 48th consecutive quarterly cash dividend on the Company's common stock since December 31, 2013. To date, Evolution has returned approximately $134.8 million, or $4.05 per share, back to stockholders in common stock dividends. Conference Call As previously announced, Evolution Petroleum will host a conference call on Wednesday, September 17, 2025, at 10:00 a.m. Central Time to review its fourth quarter and fiscal year-end 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=9zwNJLNF or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through September 16, 2026, via the webcast link provided and on Evolution's Investor Relations website at www.ir.evolutionpetroleum.com. About Evolution Petroleum Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information. Cautionary Statement All forward-looking statements contained in this press release regarding the Company's current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as "believe," "expect," "may," "plans," "outlook," "should," "will," and words of similar meaning are forward-looking statements. Although the Company's expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading "Risk Factors" and elsewhere in our periodic reports filed with the Securities and Exchange Commission ("SEC"). The Company undertakes no obligation to update any forward-looking statement. Contact Investor Relations(713) 935-0122ir@evolutionpetroleum.com Evolution Petroleum CorporationProved Reserves as of June 30, 2025 Our proved reserves as of June 30, 2025, were estimated by our independent reservoir engineers, Cawley, Gillespie and Associates, Inc. and DeGolyer and MacNaughton, both worldwide petroleum consultants. The SEC sets rules related to reserve estimation and disclosure requirements for oil and natural gas companies. These rules require disclosure of oil and natural gas proved reserves by significant geographic area, using the trailing 12-month average price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12 month period prior to the end of the reporting period, rather than year-end prices, and allows the use of new technologies in the determination of proved reserves if those technologies have been demonstrated empirically to lead to reliable conclusions about reserve volumes. Subject to limited exceptions, the rules also require that proved undeveloped reserves may only be classified as such if a development plan has been adopted indicating that they are scheduled to be drilled within five years. For more information on the Company's reserves, see our Supplemental Disclosure about Oil and Natural Gas Properties included on Form 10-K filed with the SEC for the year ended June 30, 2025. Reserve Category Oil(MBbls) Natural Gas(MMcf) NGLs(MBbls) Total Proved Reserves (MBOE)Proved Developed Producing 8,349 57,149 4,311 22,185 Proved Non-Producing 378 757 5 509 Proved Undeveloped 3,401 3,599 412 4,413 Total Proved 12,128 61,505 4,728 27,107 Asset Oil(MBbls) Natural Gas(MMcf) NGLs(MBbls) Total Proved Reserves (MBOE)TexMex 1,925 6,429 — 2,997 SCOOP/STACK 1,268 11,498 716 3,900 Chaveroo Field 2,889 841 179 3,208 Jonah Field 167 16,915 228 3,214 Williston Basin 1,841 1,120 275 2,303 Barnett Shale 74 24,702 1,903 6,094 Hamilton Dome Field 1,831 — — 1,831 Delhi Field 2,133 — 1,427 3,560 Total Proved 12,128 61,505 4,728 27,107 Evolution Petroleum CorporationCondensed Consolidated Statements of Operations (Unaudited)(In thousands, except per share amounts) Three Months Ended Years Ended June 30, March 31, June 30, 2025 2024 2025 2025 2024Revenues Crude oil $12,833 $14,533 $11,769 $51,102 $53,446 Natural gas 5,648 3,582 7,790 23,516 21,525 Natural gas liquids 2,627 3,112 3,002 11,222 10,906 Total revenues 21,108 21,227 22,561 85,840 85,877 Operating costs Lease operating costs 11,367 11,408 13,388 49,338 48,273 Depletion, depreciation, and accretion 5,821 5,302 5,014 21,993 20,062 General and administrative expenses 2,580 2,114 2,573 10,334 9,636 Total operating costs 19,768 18,824 20,975 81,665 77,971 Income (loss) from operations 1,340 2,403 1,586 4,175 7,906 Other income (expense) Net gain (loss) on derivative contracts 3,696 (109) (3,802) 473 (1,292)Interest and other income 27 59 55 191 342 Interest expense (678) (875) (705) (2,970) (1,459)Income (loss) before income taxes 4,385 1,478 (2,866) 1,869 5,497 Income tax (expense) benefit (973) (243) 687 (396) (1,417)Net income (loss) $3,412 $1,235 $(2,179) $1,473 $4,080 Net income (loss) per common share: Basic $0.10 $0.04 $(0.07) $0.03 $0.12 Diluted $0.10 $0.04 $(0.07) $0.03 $0.12 Weighted average number of common shares outstanding: Basic 33,553 32,679 33,433 33,158 32,691 Diluted 33,723 32,835 33,433 33,323 32,901 Evolution Petroleum CorporationCondensed Consolidated Balance Sheets (Unaudited)(In thousands, except share and per share amounts) June 30, 2025 June 30, 2024Assets Current assets Cash and cash equivalents $2,507 $6,446 Receivables from crude oil, natural gas, and natural gas liquids revenues 10,804 10,826 Derivative contract assets 1,777 596 Prepaid expenses and other current assets 2,287 3,855 Total current assets 17,375 21,723 Property and equipment, net of depletion, depreciation, and impairment Oil and natural gas properties, net—full-cost method of accounting, of which none were excluded from amortization 142,248 139,685 Other noncurrent assets Derivative contract assets 198 171 Other assets 431 1,298 Total assets $160,252 $162,877 Liabilities and Stockholders' Equity Current liabilities Accounts payable $12,901 $8,308 Accrued liabilities and other 6,909 6,239 Derivative contract liabilities 1,577 1,192 State and federal taxes payable — 74 Total current liabilities 21,387 15,813 Long term liabilities Senior secured credit facility 37,500 39,500 Deferred income taxes 6,234 6,702 Asset retirement obligations 21,535 19,209 Derivative contract liabilities 1,783 468 Operating lease liability — 58 Total liabilities 88,439 81,750 Commitments and contingencies Stockholders' equity Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 34,337,188 and 33,339,535 shares as of June 30, 2025 and 2024, respectively 34 33 Additional paid-in capital 46,650 41,091 Retained earnings 25,129 40,003 Total stockholders' equity 71,813 81,127 Total liabilities and stockholders' equity $160,252 $162,877 Evolution Petroleum CorporationCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands) Three Months Ended Years Ended June 30, March 31, June 30, 2025 2024 2025 2025 2024Cash flows from operating activities: Net income (loss) $3,412 $1,235 $(2,179) $1,473 $4,080 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion, depreciation, and accretion 5,821 5,302 5,014 21,993 20,062 Stock-based compensation 622 552 642 2,482 2,137 Settlement of asset retirement obligations (39) (1) (66) (385) (20)Deferred income taxes 1,662 (225) (2,101) (468) (101)Unrealized (gain) loss on derivative contracts (2,934) (170) 3,926 492 893 Accrued settlements on derivative contracts (137) (27) (57) (251) 67 Other (1) — (4) (8) — Changes in operating assets and liabilities: Receivables from crude oil, natural gas, and natural gas liquids revenues 109 1,824 (26) 75 (2,910)Prepaid expenses and other current assets 1,525 (137) 965 2,925 (1,562)Accounts payable and accrued liabilities and other 416 (440) 1,149 4,798 374 State and federal taxes payable — 74 — (74) (291) Net cash provided by operating activities 10,456 7,987 7,263 33,052 22,729 Cash flows from investing activities: Acquisition deposits — — (1,800) — — Acquisition of oil and natural gas properties (6,868) 5,054 (20) (9,019) (38,734)Capital expenditures for oil and natural gas properties (4,721) (2,546) (4,404) (12,623) (10,899)Net cash used in investing activities (11,589) 2,508 (6,224) (21,642) (49,633)Cash flows from financing activities: Common stock dividends paid (4,123) (4,003) (4,109) (16,347) (16,040)Common stock repurchases, including stock surrendered for tax withholding (180) (113) (71) (442) (1,144)Borrowings under senior secured credit facility 2,000 — — 2,000 42,500 Repayments of senior secured credit facility — (3,000) (4,000) (4,000) (3,000)Debt issuance costs (90) — — (90) — Issuance of common stock 436 — 1,145 3,840 — Offering costs (4) — (70) (310) — Net cash provided by (used in) financing activities (1,961) (7,116) (7,105) (15,349) 22,316 Net increase (decrease) in cash and cash equivalents (3,094) 3,379 (6,066) (3,939) (4,588)Cash and cash equivalents, beginning of period 5,601 3,067 11,667 6,446 11,034 Cash and cash equivalents, end of period $2,507 $6,446 $5,601 $2,507 $6,446 Evolution Petroleum CorporationNon-GAAP Reconciliation – Adjusted EBITDA (Unaudited)(In thousands) Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner. We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items. Three Months Ended Years Ended June 30, March 31, June 30, 2025 2024 2025 2025 2024 Net income (loss) $3,412 $1,235 $(2,179) $1,473 $4,080 Adjusted by: Interest expense 678 875 705 2,970 1,459 Income tax expense (benefit) 973 243 (687) 396 1,417 Depletion, depreciation, and accretion 5,821 5,302 5,014 21,993 20,062 Stock-based compensation 622 552 642 2,482 2,137 Unrealized loss (gain) on derivative contracts (2,934) (170) 3,926 492 893 Adjusted EBITDA $8,572 $8,037 $7,421 $29,806 $30,048 Evolution Petroleum CorporationNon-GAAP Reconciliation – Adjusted Net Income (Unaudited)(In thousands, except per share amounts) Three Months Ended Years Ended June 30, March 31, June 30, 2025 2024 2025 2025 2024As Reported: Net income (loss), as reported $3,412 $1,235 $(2,179) $1,473 $4,080 Impact of Selected Items: Unrealized loss (gain) on commodity contracts (2,934) (170) 3,926 492 893 Selected items, before income taxes $(2,934) $(170) $3,926 $492 $893 Income tax effect of selected items(1) (651) (28) 941 104 230 Selected items, net of tax $(2,283) $(142) $2,985 $388 $663 As Adjusted: Net income (loss), excluding selected items(2) $1,129 $1,093 $806 $1,861 $4,743 Undistributed earnings allocated to unvested restricted stock (93) (22) (96) (367) (96)Net income (loss), excluding selected items for earnings per share calculation $1,036 $1,071 $710 $1,494 $4,647 Net income (loss) per common share — Basic, as reported $0.10 $0.04 $(0.07) $0.03 $0.12 Impact of selected items (0.07) (0.01) 0.09 0.02 0.02 Net income (loss) per common share — Basic, excluding selected items(2) $0.03 $0.03 $0.02 $0.05 $0.14 Net income (loss) per common share — Diluted, as reported $0.10 $0.04 $(0.07) $0.03 $0.12 Impact of selected items (0.07) (0.01) 0.09 0.01 0.02 Net income (loss) per common share — Diluted, excluding selected items(2)(3) $0.03 $0.03 $0.02 $0.04 $0.14 _____________________________________(1) The tax impact for the three months ended June 30, 2025, and 2024, is represented using estimated tax rates of 22.2% and 16.4%, respectively. The tax impact for the three months ended March 31, 2025, is represented using estimated tax rates of 24.0%. The tax impact for the years ended June 30, 2025, and 2024, is represented using estimated tax rates of 21.2% and 25.8%, respectively.(2) Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.(3) The impact of selected items for the three months ended June 30, 2025, and 2024, were each calculated based upon weighted average diluted shares of 33.7 million and 32.8 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended March 31, 2025, was calculated based upon weighted average diluted shares of 33.6 million due to the net income (loss), excluding selected items. The impact of selected items for the years ended June 30, 2025, and 2024, was each calculated based upon weighted average diluted shares of 33.3 million and 32.9 million, respectively, due to the net income (loss), excluding selected items. Evolution Petroleum CorporationSupplemental Information on Oil and Natural Gas Operations (Unaudited)(In thousands, except per unit and per BOE amounts) Three Months Ended Years Ended June 30, March 31, June 30, 2025 2024 2025 2025 2024Revenues: Crude oil $12,833 $14,533 $11,769 $51,102 $53,446 Natural gas 5,648 3,582 7,790 23,516 21,525 Natural gas liquids 2,627 3,112 3,002 11,222 10,906 Total revenues $21,108 $21,227 $22,561 $85,840 $85,877 Lease operating costs: Ad valorem and production taxes $1,381 $1,276 $1,473 $5,709 $5,285 Gathering, transportation, and other costs 2,765 2,730 2,913 11,357 9,656 Other lease operating costs 7,221 7,402 9,002 32,272 33,332 Total lease operating costs $11,367 $11,408 $13,388 $49,338 $48,273 Depletion of full cost proved oil and natural gas properties $5,418 $4,925 $4,607 $20,374 $18,605 Production: Crude oil (MBBL) 211 190 172 766 709 Natural gas (MMCF) 2,045 2,152 2,011 8,409 8,243 Natural gas liquids (MBBL) 103 107 93 414 402 Equivalent (MBOE)(1) 655 656 600 2,582 2,485 Average daily production (BOEPD)(1) 7,198 7,209 6,667 7,074 6,790 Average price per unit(2): Crude oil (BBL) $60.82 $76.49 $68.42 $66.71 $75.38 Natural gas (MCF) 2.76 1.66 3.87 2.80 2.61 Natural Gas Liquids (BBL) 25.50 29.08 32.28 27.11 27.13 Equivalent (BOE)(1) $32.23 $32.36 $37.60 $33.25 $34.56 Average cost per unit: Ad valorem and production taxes $2.11 $1.95 $2.46 $2.21 $2.13 Gathering, transportation, and other costs 4.22 4.16 4.86 4.40 3.89 Other lease operating costs 11.02 11.28 15.00 12.50 13.41 Total lease operating costs $17.35 $17.39 $22.32 $19.11 $19.43 Depletion of full cost proved oil and natural gas properties $8.27 $7.51 $7.68 $7.89 $7.49 _____________________________________(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.(2) Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting. Evolution Petroleum CorporationSummary of Production Volumes and Average Sales Price (Unaudited) Three Months Ended June 30, March 31, 2025 2024 2025 Volume Price Volume Price Volume PriceProduction: Crude oil (MBBL) TexMex 17 $63.68 — $— — $—SCOOP/STACK 32 64.15 41 80.55 28 71.36Chaveroo Field 30 58.47 12 79.82 8 56.78Jonah Field 6 59.83 8 72.14 7 67.69Williston Basin 33 56.39 35 74.20 34 64.35Barnett Shale 2 59.14 2 75.70 3 68.03Hamilton Dome Field 34 52.99 35 67.85 34 58.88Delhi Field 56 67.03 57 80.46 58 76.04Other 1 61.70 — — — —Total 211 $60.82 190 $76.49 172 $68.42Natural gas (MMCF) TexMex 71 $2.64 — $— — $—SCOOP/STACK 312 3.20 319 2.70 317 4.91Chaveroo Field — — 5 2.02 — —Jonah Field 691 2.49 818 1.59 758 4.02Williston Basin 26 2.17 31 1.65 32 3.89Barnett Shale 945 2.84 979 1.39 904 3.39Total 2,045 $2.76 2,152 $1.66 2,011 $3.87Natural gas liquids (MBBL) TexMex — $— — $— — $—SCOOP/STACK 18 23.27 20 22.16 13 27.84Chaveroo Field — — — — — —Jonah Field 8 26.84 8 30.35 8 32.14Williston Basin 7 18.34 8 23.94 8 23.74Barnett Shale 53 26.77 54 31.29 49 33.48Delhi Field 17 25.66 17 31.83 15 37.20Total 103 $25.50 107 $29.08 93 $32.28 Equivalent (MBOE)(1) TexMex 29 $44.02 — $— — $—SCOOP/STACK 102 34.10 115 40.29 94 41.90Chaveroo Field 30 58.47 13 77.49 8 56.78Jonah Field 129 17.91 152 13.98 141 26.63Williston Basin 44 46.33 48 59.33 47 53.08Barnett Shale 213 19.95 219 14.86 203 24.13Hamilton Dome Field 34 52.99 35 67.85 34 58.88Delhi Field 73 57.27 74 69.34 73 68.19Other 1 61.70 — — — —Total 655 $32.23 656 $32.36 600 $37.60 Average daily production (BOEPD)(1) TexMex 319 — — SCOOP/STACK 1,121 1,264 1,044 Chaveroo Field 330 143 89 Jonah Field 1,418 1,670 1,567 Williston Basin 484 527 522 Barnett Shale 2,341 2,407 2,256 Hamilton Dome Field 374 385 378 Delhi Field 802 813 811 Other 9 — — Total 7,198 7,209 6,667 _____________________________________(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil. Evolution Petroleum CorporationSummary of Average Production Costs (Unaudited) Three Months Ended June 30, March 31,Production costs (in thousands, except per BOE): 2025 2024 2025Total lease operating costs(1) Amount per BOE Amount per BOE Amount per BOETexMex $1,189 $41.47 $— $— $— $—SCOOP/STACK 1,130 11.05 1,028 9.06 1,106 11.74Chaveroo Field 501 16.65 301 24.42 128 15.77Jonah Field 1,928 14.91 1,834 11.99 2,184 15.51Williston Basin 1,159 26.48 1,227 25.53 1,476 31.45Barnett Shale(2) 1,850 8.67 3,853 17.47 3,739 18.47Hamilton Dome Field 1,523 44.36 1,415 40.40 1,237 36.36Delhi Field 2,087 28.73 1,750 23.96 3,518 48.04Total $11,367 $17.35 $11,408 $17.39 $13,388 $22.32_____________________________________(1) Total lease operating costs include lifting costs, workover expenses, and gathering, transportation, processing, and other expenses. Evolution Petroleum CorporationSummary of Open Derivative Contracts (Unaudited) For more information on the Company's hedging practices, see Note 7 to its financial statements included on Form 10-K filed with the SEC for the year ended June 30, 2025. The Company has the following open crude oil and natural gas derivative contracts: Volumes in Swap Price per Sub Floor Price per Floor Price per Ceiling Price perPeriod Commodity Instrument MMBTU/BBL MMBTU/BBL MMBTU/BBL MMBTU/BBL MMBTU/BBLJuly 2025 - September 2025 Crude Oil Fixed-Price Swap 9,591 $60.50 July 2025 - December 2025 Crude Oil Fixed-Price Swap 11,880 72.00 July 2025 - December 2025 Crude Oil Fixed-Price Swap 81,335 71.40 July 2025 - December 2025 Crude Oil Fixed-Price Swap 18,748 61.02 August 2025 - August 2026 Crude Oil Two-Way Collar 83,458 $60.00 $65.55September 2025 - December 2025 Crude Oil Two-Way Collar 13,742 60.00 63.00September 2025 - December 2025 Crude Oil Two-Way Collar 3,798 60.00 63.50September 2026 - December 2026 Crude Oil Three-Way Collar 40,872 $50.00 60.00 70.45October 2025 - June 2026 Crude Oil Fixed-Price Swap 43,656 61.00 January 2026 - March 2026 Crude Oil Two-Way Collar 43,493 60.00 75.80April 2026 - June 2026 Crude Oil Fixed-Price Swap 17,106 60.40 April 2026 - September 2026 Crude Oil Fixed-Price Swap 25,412 62.00 July 2025 - December 2025 Natural Gas Two-Way Collar 450,550 4.00 4.95July 2025 - December 2026 Natural Gas Fixed-Price Swap 2,546,138 3.60 July 2025 - December 2027 Natural Gas Fixed-Price Swap 3,323,035 3.57 September 2025 - December 2025 Natural Gas Two-Way Collar 34,224 2.90 3.50January 2026 - March 2026 Natural Gas Two-Way Collar 76,177 3.50 4.66January 2026 - March 2026 Natural Gas Two-Way Collar 213,251 4.00 5.39January 2026 - March 2026 Natural Gas Two-Way Collar 375,481 3.60 5.00April 2026 - October 2026 Natural Gas Two-Way Collar 952,588 3.50 4.55July 2026 - December 2026 Natural Gas Fixed-Price Swap 207,366 3.98 September 2026 - December 2026 Natural Gas Two-Way Collar 318,964 3.75 4.94This press release was published by a CLEAR® Verified individual.

Evolution Petroleum Reports Fiscal Fourth Quarter and Full Year Fiscal 2025 Results

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