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Evolution Petroleum Reports Fiscal Second Quarter 2025 Results and Declares Quarterly Cash Dividend for Fiscal Third Quarter

1. EPM's Q2 production rose 10% year-over-year to 6,935 BOEPD. 2. Quarterly dividend of $0.12 confirmed for Q3 2025, 46th consecutive. 3. Net income fell to $(1.8) million, showing a 91% decline year-over-year. 4. Average realized price per BOE decreased 12% compared to the previous year. 5. Operational challenges temporarily impacted production but were resolved swiftly.

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Why Bullish?

Despite net losses, production growth and consistent dividends are positive signals. Companies with solid fundamentals often rebound after temporary setbacks.

How important is it?

Key metrics like production volume and dividend announcement strongly influence investor sentiment. Historical trends show dividends can enhance stock value even with losses.

Why Short Term?

Immediate production growth and dividend stability play an important role in short-term price movement, while operational challenges remain manageable.

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– Fiscal Q2 Production Up 10% Y/Y to 6,935 Average BOEPD – – Declares Quarterly Dividend of $0.12 for Fiscal Third Quarter 2025 – HOUSTON, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") today announced its financial and operating results for its fiscal second quarter ended December 31, 2024. The Company’s diversified portfolio continues to deliver production growth, with fiscal Q2 volumes increasing 10% year-over-year to 6,935 BOEPD. Further reinforcing its commitment to shareholder returns, Evolution declared its 46th consecutive quarterly cash dividend of $0.12 per common share for the fiscal 2025 third quarter. Financial & Operational Highlights                      ($ in thousands)Q2 2025 Q2 2024 Q1 2025 % Change vs Q2/Q2 % Change vs Q2/Q1 2025 YTD 2024 YTD % Change vs YTD'24Average BOEPD 6,935   6,304  7,478 10% (7)%  7,212   6,380 13%Revenues$20,275  $21,024 $21,896 (4)% (7)% $42,171  $41,625 1%Net Income(1)$(1,825) $1,082 $2,065 NM  NM  $240  $2,556 (91)%Adjusted Net Income(1)(2)$(841) $1,082 $728 NM  NM  $(103) $2,556 NM Adjusted EBITDA(3)$5,688  $6,832 $8,125 (17)% (30)% $13,813  $13,535 2%                         (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 Q2 production increased 10% year-over-year to 6,935 average barrels of oil equivalent per day ("BOEPD"), with oil increasing 13%, natural gas increasing 9%, and natural gas liquids ("NGLs") increasing 9%.$4.1 million returned to shareholders in the form of cash dividends during the fiscal second quarter of 2025.Three gross SCOOP/STACK wells brought online during the quarter — currently, 8 wells in progress or permitted.Subsequent to quarter end, completed drilling two of four gross wells in the 2nd Chaveroo Field development block and expect to finish drilling the remaining 2 wells in the block by early March. Kelly Loyd, President and Chief Executive Officer, commented: “Driven by our favorable near and long-term outlook for sustainable cash flow generation from our diversified asset base, we are pleased to announce our 11th straight dividend at the rate of $0.12 per share for the upcoming quarter, payable March 31, 2025. Despite operational issues and downtime at Chaveroo and Williston, which resulted in approximately 90 BOEPD lower production for the quarter, our balanced portfolio delivered strong year-over-year production growth of 10%. These issues have been resolved, and rates were restored before the end of January. Lower commodity pricing, particularly for natural gas, was the main contributor to a modest revenue decline and net adjusted loss. However, towards the end of the quarter and beyond, we have seen a strong recovery throughout the natural gas futures curve and substantially improved natural gas price realizations to date, while oil and natural gas liquids pricing has remained relatively stable to slightly improved. We continue to see above-average results from new wells in the SCOOP/STACK area and are excited about new well proposals from several operators within our acreage. We remain very excited about the upcoming four gross wells (two net) in the second development block at Chaveroo. As of today, two of these new wells have been drilled, the third is underway and the fourth will follow immediately thereafter. We expect all four wells to be completed and turned in line during our fiscal fourth quarter.” Mr. Loyd concluded, “Looking ahead, we remain committed to driving long-term shareholder value with pursuing high-quality, low-decline assets at attractive valuations, expanding our drilling inventory, and maintaining our strong financial foundation. We are evaluating multiple acquisition opportunities that have the potential to enhance our long-term growth strategy and further improve our cash flow generation — all at very compelling valuations that would be materially accretive to earnings. Given our track record of executing disciplined investments, we are confident in our ability to deliver sustainable growth, create value through accretive M&A, and continue supporting our dividend program for years to come.” Fiscal Second Quarter 2025 Financial Results Total revenues decreased 4% to $20.3 million compared to $21.0 million in the year-ago quarter. The decline was driven primarily by a 12% decrease in average realized commodity prices which offset an increase in production volumes. The increase in production volumes was largely due to the Company's SCOOP/STACK acquisitions in February 2024 and subsequent drilling and completion activities, as well as new wells at Chaveroo that came online at the same time. Lease operating costs ("LOE") increased to $12.8 million compared to $12.4 million in the year-ago quarter. The overall increase was driven by the addition of the Company's SCOOP/STACK properties and Chaveroo wells since the prior year period, collectively adding $1.2 million in lease operating costs this quarter. The overall increase was partially offset by the reduction in CO2 purchases at Delhi Field due to maintenance on the pipeline that began in February 2024. CO2 purchases restarted in late October 2024. The increase in production from the Company’s SCOOP/STACK properties and Chaveroo wells, which incur lower relative operating costs compared to other areas, has also driven down LOE on a per-unit basis. On a per unit basis, total LOE decreased 6% to $20.05 per BOE compared to $21.30 per BOE in the year-ago quarter. Depletion, depreciation, and accretion expense was $5.4 million compared to $4.6 million in the year-ago period. On a per BOE basis, the Company's current quarter depletion rate increased to $7.87 per BOE compared to $7.31 per BOE in the year-ago period due to an increase in depletable base related to the Company's SCOOP/STACK acquisitions and capital development expenditures added since the prior fiscal year. General and administrative ("G&A") expenses, excluding stock-based compensation, increased slightly to $2.0 million compared to $1.9 million in the year-ago period. On a per BOE basis, G&A expenses decreased to $3.13 compared to $3.34 in the year-ago period. The decrease on a per unit basis is the result of increased production. The Company reported a net loss of $1.8 million or $(0.06) per share, compared to net income of $1.1 million or $0.03 per share in the year-ago period. Excluding the impact of unrealized losses, adjusted net loss was $0.8 million or $(0.03) per diluted share, compared to adjusted net income of $1.1 million or $0.03 per diluted share in the prior quarter. Adjusted EBITDA was $5.7 million compared to $6.8 million in the year-ago period. The decrease was primarily due to decreased revenue as a result of lower commodity prices and higher total operating costs due to the SCOOP/STACK acquisitions. Production & Pricing          Average price per unit:Q2 2025 Q2 2024 % Change vs Q2/Q2Crude oil (BBL)$65.72 $73.96 (11)%Natural gas (MCF) 2.73  3.35 (19)%Natural Gas Liquids (BBL) 25.90  28.48 (9)%Equivalent (BOE) 31.78  36.25 (12)%          Total production for the second quarter of fiscal 2025 increased 10% to 6,935 net BOEPD compared to 6,304 net BOEPD in the year-ago period. Total production for the second quarter of fiscal 2025 included 1,946 barrels per day ("BOPD") of crude oil, 3,848 BOEPD of natural gas, and 1,141 BOEPD of NGLs. The increase in total production was driven by the closing of the Company's SCOOP/STACK acquisitions in February 2024 and production from the initial three wells in the Chaveroo oilfield coming online at the same time. Total oil and natural gas liquids production generated 71% of revenue for the quarter compared to 69% in the year-ago period. The Company's average realized commodity price (excluding the impact of derivative contracts) decreased 12% to $31.78 per BOE, compared to $36.25 per BOE in the year-ago period. These decreases were primarily driven by a decrease of approximately 19% in realized natural gas prices year over year. Operations Update At SCOOP/STACK, the Company's operators brought three gross wells online during fiscal Q2 2025, which is in addition to the seven gross wells brought online during fiscal Q1 2025. Additionally, Evolution has agreed to participate in eight gross new horizontal wells across the acreage. Since the effective date of the acquisitions, a total of 32 gross wells (or 0.5 net wells) have commenced first production. Chaveroo production for fiscal Q2 was down due to gas interference in the downhole pumps. However, these issues have since been resolved, and production rebounded back to expected rates in January 2025. The Company has preliminarily agreed to six additional horizontal wells in Drilling Block Three, which are anticipated to begin operations in early fiscal 2026. Drilling activities began in January 2025 on the four new gross wells in the Company's second development block. As of today, Evolution has finished drilling two of the four gross wells and expects to finish drilling the remaining wells by early March. In the Williston Basin, a compressor failure on a third-party-operated gathering system caused temporary downtime for 30 days at the beginning of fiscal Q2, resulting in reduced natural gas sales for the period. Correspondingly, NGL production saw a decline during this period as well. Oil sales volumes were also negatively impacted during the quarter due to delays in sales of oil at the end of December. Those volumes were subsequently sold in January. At Delhi, CO2 injections resumed during fiscal Q2 2025, which has positively impacted production. Following the quarter end, one new well has been drilled at Test Site V and the Company is awaiting results. Balance Sheet, Liquidity, and Capital Spending On December 31, 2024, cash and cash equivalents totaled $11.7 million, and working capital was $10.5 million. Evolution had $39.5 million of borrowings outstanding under its revolving credit facility, and total liquidity of $22.2 million, including cash and cash equivalents. In fiscal Q2, Evolution paid $4.1 million in common stock dividends and $0.8 million in capital expenditures. During the period ended December 31, 2024, the Company sold a total of approximately 0.4 million shares of its common stock under its At-the-Market Sales Agreement for net proceeds of approximately $2.0 million, after deducting an initial $0.2 million in fees for due diligence incurred with the offering. Cash Dividend on Common Stock On February 10, 2025, Evolution's Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on March 31, 2025, to common stockholders of record on March 14, 2025. This will be the 46th consecutive quarterly cash dividend on the Company's common stock since December 31, 2013. To date, Evolution has returned approximately $126.6 million, or $3.81 per share, back to stockholders in common stock dividends. Conference Call As previously announced, Evolution Petroleum will host a conference call on Wednesday, February 12, 2025, at 10:00 a.m. CT to review its fiscal second quarter 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=HS7VesBT or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through February 12, 2026, via the provided webcast link 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. Properties include non-operated interests in the following areas: the SCOOP/STACK plays of the Anadarko Basin in Oklahoma; the Chaveroo Oilfield located in Chaves and Roosevelt Counties, New Mexico; 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; the Delhi Holt-Bryant Unit in the Delhi Field in Northeast Louisiana; as well as small overriding royalty interests in four onshore Texas wells. 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. ContactInvestor Relations(713) 935-0122ir@evolutionpetroleum.com Evolution Petroleum CorporationCondensed Consolidated Statements of Operations (Unaudited)(In thousands, except per share amounts)                 Three Months Ended Six Months Ended December 31, September 30, December 31, 2024 2023 2024 2024 2023Revenues              Crude oil$11,763  $11,759  $14,737  $26,500  $24,375 Natural gas 5,793   6,531   4,285   10,078   12,083 Natural gas liquids 2,719   2,734   2,874   5,593   5,167 Total revenues 20,275   21,024   21,896   42,171   41,625 Operating costs              Lease operating costs 12,793   12,358   11,790   24,583   24,241 Depletion, depreciation, and accretion 5,433   4,598   5,725   11,158   8,860 General and administrative expenses 2,654   2,502   2,527   5,181   5,105 Total operating costs 20,880   19,458   20,042   40,922   38,206 Income (loss) from operations (605)  1,566   1,854   1,249   3,419 Other income (expense)              Net gain (loss) on derivative contracts (1,219)  —   1,798   579   — Interest and other income 52   104   57   109   220 Interest expense (764)  (34)  (823)  (1,587)  (66)Income (loss) before income taxes (2,536)  1,636   2,886   350   3,573 Income tax (expense) benefit 711   (554)  (821)  (110)  (1,017)Net income (loss)$(1,825) $1,082  $2,065  $240  $2,556 Net income (loss) per common share:              Basic$(0.06) $0.03  $0.06  $—  $0.08 Diluted$(0.06) $0.03  $0.06  $—  $0.08 Weighted average number of common shares outstanding:              Basic 32,934   32,693   32,722   32,828   32,676 Diluted 32,934   32,900   32,868   32,994   32,940                      Evolution Petroleum CorporationCondensed Consolidated Balance Sheets (Unaudited)(In thousands, except share and per share amounts)       December 31, 2024  June 30, 2024Assets     Current assets     Cash and cash equivalents$11,667 $6,446Receivables from crude oil, natural gas, and natural gas liquids revenues 10,675  10,826Derivative contract assets 1,073  596Prepaid expenses and other current assets 3,572  3,855Total current assets 26,987  21,723Property 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 131,722  139,685      Other noncurrent assets     Derivative contract assets 250  171Other assets 1,258  1,298Total assets$160,217 $162,877Liabilities and Stockholders' Equity     Current liabilities     Accounts payable$10,771 $8,308Accrued liabilities and other 5,249  6,239Derivative contract liabilities 439  1,192State and federal taxes payable —  74Total current liabilities 16,459  15,813Long term liabilities     Senior secured credit facility 39,500  39,500Deferred income taxes 6,673  6,702Asset retirement obligations 19,993  19,209Derivative contract liabilities 1,277  468Operating lease liability 13  58Total liabilities 83,915  81,750Commitments and contingencies     Stockholders' equity     Common stock; par value $0.001; 100,000,000 shares authorized: issued and     outstanding 34,076,846 and 33,339,535 shares as of December 31, 2024     and June 30, 2024, respectively 34  33Additional paid-in capital 44,140  41,091Retained earnings 32,128  40,003Total stockholders' equity 76,302  81,127Total liabilities and stockholders' equity$160,217 $162,877       Evolution Petroleum CorporationCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands)                Three Months Ended Six Months Ended December 31, September 30, December 31, 2024 2023 2024 2024 2023Cash flows from operating activities:              Net income (loss)$(1,825) $1,082  $2,065  $240  $2,556 Adjustments to reconcile net income (loss) to net cash provided by operating activities:              Depletion, depreciation, and accretion 5,433   4,598   5,725   11,158   8,860 Stock-based compensation 659   564   559   1,218   1,036 Settlement of asset retirement obligations (182)  —   (98)  (280)  — Deferred income taxes 252   (567)  (281)  (29)  (642)Unrealized (gain) loss on derivative contracts 1,368   —   (1,868)  (500)  — Accrued settlements on derivative contracts 9   —   (66)  (57)  — Other (1)  3   (2)  (3)  3 Changes in operating assets and liabilities:              Receivables from crude oil, natural gas, and natural gas liquids revenues 29   447   (37)  (8)  (2,239)Prepaid expenses and other current assets (1,494)  (443)  1,929   435   (274)Accounts payable, accrued liabilities and other 3,471   2,123   (238)  3,233   2,443 State and federal taxes payable —   (753)  (74)  (74)  (365)Net cash provided by operating activities 7,719   7,054   7,614   15,333   11,378 Cash flows from investing activities:              Acquisition of oil and natural gas properties (69)  —   (262)  (331)  — Capital expenditures for oil and natural gas properties (758)  (3,878)  (2,740)  (3,498)  (5,705)Net cash used in investing activities (827)  (3,878)  (3,002)  (3,829)  (5,705)Cash flows from financing activities:              Common stock dividends paid (4,082)  (4,021)  (4,033)  (8,115)  (8,034)Common stock repurchases, including stock surrendered for tax withholding (103)  (108)  (88)  (191)  (213)Issuance of common stock 2,259   —   —   2,259   — Offering costs (236)  —   —   (236)  — Net cash used in financing activities (2,162)  (4,129)  (4,121)  (6,283)  (8,247)Net increase (decrease) in cash and cash equivalents 4,730   (953)  491   5,221   (2,574)Cash and cash equivalents, beginning of period 6,937   9,413   6,446   6,446   11,034 Cash and cash equivalents, end of period$11,667  $8,460  $6,937  $11,667  $8,460                      Evolution Petroleum CorporationNon-GAAP Reconciliation – Adjusted EBITDA (Unaudited)(In thousands) Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner. We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.                 Three Months Ended Six Months Ended December 31, September 30, December 31, 2024 2023 2024 2024 2023Net income (loss)$(1,825) $1,082 $2,065  $240  $2,556Adjusted by:              Interest expense 764   34  823   1,587   66Income tax expense (benefit) (711)  554  821   110   1,017Depletion, depreciation, and accretion 5,433   4,598  5,725   11,158   8,860Stock-based compensation 659   564  559   1,218   1,036Unrealized loss (gain) on derivative contracts 1,368   —  (1,868)  (500)  —Adjusted EBITDA$5,688  $6,832 $8,125  $13,813  $13,535                   Evolution Petroleum CorporationNon-GAAP Reconciliation – Adjusted Net Income (Unaudited)(In thousands, except per share amounts)                Three Months Ended Six Months Ended December 31, September 30, December 31, 2024 2023 2024 2024 2023As Reported:              Net income (loss), as reported$(1,825) $1,082  $2,065  $240  $2,556                Impact of Selected Items:              Unrealized loss (gain) on commodity contracts 1,368   —   (1,868)  (500)  — Selected items, before income taxes$1,368  $—  $(1,868) $(500) $— Income tax effect of selected items(1) 384   —   (531)  (157)  — Selected items, net of tax$984  $—  $(1,337) $(343) $—                As Adjusted:              Net income (loss), excluding selected items(2)$(841) $1,082  $728  $(103) $2,556                Undistributed earnings allocated to unvested restricted stock (100)  (24)  (14)  (178)  (51)Net income (loss), excluding selected items for earnings per share calculation$(941) $1,058  $714  $(281) $2,505                Net income (loss) per common share — Basic, as reported$(0.06) $0.03  $0.06  $—  $0.08 Impact of selected items 0.03   —   (0.04)  (0.01)  — Net income (loss) per common share — Basic, excluding selected items(2)$(0.03) $0.03  $0.02  $(0.01) $0.08                               Net income (loss) per common share — Diluted, as reported$(0.06) $0.03  $0.06  $—  $0.08 Impact of selected items 0.03   —   (0.04)  (0.01)  — Net income (loss) per common share — Diluted, excluding selected items(2)(3)$(0.03) $0.03  $0.02  $(0.01) $0.08                     ________________________________(1)  The tax impact for the three months ended December 31, 2024 and September 30, 2024, is represented using estimated tax rates of 28.0% and 28.4%, respectively. The tax impact for the six months ended December 31, 2024 is represented using estimated tax rates of 31.4%.(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 December 31, 2024, and 2023, were each calculated based upon weighted average diluted shares of 32.9 million, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended September 30, 2024, was calculated based upon weighted average diluted shares of 32.9 million due to the net income (loss), excluding selected items. The impact of selected items for the six months ended December 31, 2024, and 2023, was each calculated based upon weighted average diluted shares of 32.8 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 Six Months Ended December 31, September 30, December 31, 2024 2023 2024 2024 2023Revenues:              Crude oil$11,763 $11,759 $14,737 $26,500 $24,375Natural gas 5,793  6,531  4,285  10,078  12,083Natural gas liquids 2,719  2,734  2,874  5,593  5,167Total revenues$20,275 $21,024 $21,896 $42,171 $41,625               Lease operating costs:              Ad valorem and production taxes$1,441 $1,272 $1,414 $2,855 $2,550Gathering, transportation, and other costs 2,889  2,496  2,790  5,679  4,399Other lease operating costs 8,463  8,590  7,586  16,049  17,292Total lease operating costs$12,793 $12,358 $11,790 $24,583 $24,241               Depletion of full cost proved oil and natural gas properties$5,024 $4,238 $5,325 $10,349 $8,148               Production:              Crude oil (MBBL) 179  159  204  383  320Natural gas (MMCF) 2,125  1,951  2,228  4,353  3,976Natural gas liquids (MBBL) 105  96  113  218  191Equivalent (MBOE)(1) 638  580  688  1,327  1,174Average daily production (BOEPD)(1) 6,935  6,304  7,478  7,212  6,380               Average price per unit:(2)              Crude oil (BBL)$65.72 $73.96 $72.24 $69.19 $76.17Natural gas (MCF) 2.73  3.35  1.92  2.32  3.04Natural Gas Liquids (BBL) 25.90  28.48  25.43  25.66  27.05Equivalent (BOE)(1)$31.78 $36.25 $31.83 $31.78 $35.46               Average cost per unit:              Ad valorem and production taxes$2.26 $2.19 $2.06 $2.15 $2.17Gathering, transportation, and other costs 4.53  4.30  4.06  4.28  3.75Other lease operating costs 13.26  14.81  11.03  12.09  14.73Total lease operating costs$20.05 $21.30 $17.15 $18.52 $20.65               Depletion of full cost proved oil and natural gas properties$7.87 $7.31 $7.74 $7.80 $6.94_______________________________(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 December 31,  September 30, 2024 2023 2024 Volume  Price  Volume  Price  Volume  PriceProduction:                 Crude oil (MBBL)                 SCOOP/STACK 35 $70.52  — $—  49 $75.38Chaveroo Field 9  67.55  —  —  16  73.69Jonah Field 7  64.54  8  80.25  7  65.77Williston Basin 30  64.64  35  71.71  33  68.87Barnett Shale 2  65.99  2  76.77  2  70.30Hamilton Dome Field 35  57.53  36  62.03  35  62.37Delhi Field 60  68.66  78  79.02  61  77.22Other 1  71.61  —  —  1  78.32Total 179 $65.72  159 $73.96  204 $72.24Natural gas (MMCF)                 SCOOP/STACK 314 $2.89  — $—  354 $2.48Chaveroo Field —  —  —  —  —  —Jonah Field 803  3.21  883  4.87  830  2.08Williston Basin 18  1.41  14  1.91  27  1.43Barnett Shale 990  2.31  1,054  2.10  1,017  1.62Total 2,125 $2.73  1,951 $3.35  2,228 $1.92Natural gas liquids (MBBL)                 SCOOP/STACK 18 $21.34  — $—  19 $21.67Chaveroo Field —  —  —  —  —  —Jonah Field 9  30.08  10  25.88  9  28.15Williston Basin 2  17.86  4  20.41  7  17.93Barnett Shale 57  25.86  60  30.07  56  26.03Delhi Field 19  29.13  22  26.90  20  29.48Other —  —  —  —  2  13.06Total 105 $25.90  96 $28.48  113 $25.43                  Equivalent (MBOE)(1)                 SCOOP/STACK 105 $35.48  — $—  127 $39.20Chaveroo Field 9  67.55  —  —  16  73.69Jonah Field 150  22.14  165  31.60  154  15.85Williston Basin 35  57.00  41  63.22  45  54.62Barnett Shale 224  17.29  238  17.61  227  14.21Hamilton Dome Field 35  57.53  36  62.03  35  62.37Delhi Field 79  59.37  100  67.63  81  65.28Other 1  71.61  —  —  3  61.15Total 638 $31.78  580 $36.25  688 $31.83                  Average daily production (BOEPD)(1)                 SCOOP/STACK 1,141     —     1,380   Chaveroo Field 98     —     174   Jonah Field 1,630     1,793     1,674   Williston Basin 380     446     489   Barnett Shale 2,435     2,587     2,467   Hamilton Dome Field 380     391     380   Delhi Field 859     1,087     880   Other 12     —     34   Total 6,935     6,304     7,478   _____________________________(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 December 31,  September 30, 2024 2023 2024 Amount  Price  Amount  Price  Amount  PriceProduction costs (in thousands, except per BOE):                 Lease operating costs                 SCOOP/STACK$1,050 $9.97 $— $— $1,156 $9.10Chaveroo Field 122  12.92  —  —  118  7.38Jonah Field 2,196  14.62  2,392  14.45  2,162  13.95Williston Basin 1,190  34.12  1,205  28.74  1,238  27.51Barnett Shale 4,030  18.03  3,883  16.31  3,598  15.83Hamilton Dome Field 1,188  34.18  1,404  39.43  1,531  43.48Delhi Field 3,017  38.15  3,474  35.00  1,987  24.30Total$12,793 $20.05 $12,358 $21.30 $11,790 $17.15                   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-Q filed with the SEC for the quarter ended December 31, 2024. The Company had the following open crude oil and natural gas derivative contracts as of February 11, 2025:                       Volumes in Swap Price per Floor Price per Ceiling Price perPeriod  Commodity  Instrument  MMBTU/BBL MMBTU/BBL  MMBTU/BBL  MMBTU/BBLJanuary 2025 - March 2025 Crude Oil Collar 42,566    $68.00 $73.77January 2025 - June 2025 Crude Oil Fixed-Price Swap 51,992 $73.49      February 2025 - March 2025 Crude Oil Put 3,277     75.00   February 2025 - March 2025 Crude Oil Fixed-Price Swap 3,278  71.02      April 2025 - June 2025 Crude Oil Collar 41,601     65.00  84.00April 2025 - December 2025 Crude Oil Fixed-Price Swap 32,229  72.00      July 2025 - December 2025 Crude Oil Fixed-Price Swap 81,335  71.40      January 2026 - March 2026 Crude Oil Collar 43,493     60.00  75.80January 2025 - February 2025 Natural Gas Fixed-Price Swap 312,286  3.56      January 2025 - March 2025 Natural Gas Basis Swap 305,607  0.66      March 2025 - December 2026 Natural Gas Fixed-Price Swap 3,170,705  3.60      January 2026 - March 2026 Natural Gas Collar 375,481     3.60  5.00April 2025 - December 2027 Natural Gas Fixed-Price Swap 3,729,540  3.57      This press release was published by a CLEAR® Verified individual.

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