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

HOUSTON, Texas, May 13, 2025 (GLOBE NEWSWIRE) -- Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") today announced its financial and operating results for its fiscal third quarter ended March 31, 2025. Evolution also declared its 47th consecutive quarterly cash dividend of $0.12 per common share for the fiscal 2025 fourth quarter. Financial & Operational Highlights ($ in thousands)Q3 2025 Q2 2025 Q3 2024 % Change vs Q3/Q2 % Change vs Q3/Q3 2025 YTD 2024 YTD % Change vs YTD'24Average BOEPD6,667 6,935 7,209 (4)% (8)% 7,033 6,651 6%Revenues$22,561 $20,275 $23,025 11% (2)% $64,732 $64,650 —%Net Income (Loss) (1)$(2,179) $(1,825) $289 NM NM $(1,939) $2,845 NM Adjusted Net Income (Loss) (1)(2)$806 $(841) $978 NM (18)% $701 $3,597 (81)%Adjusted EBITDA(3)$7,421 $5,688 $8,476 30% (12)% $21,234 $22,011 (4)% _____________________ (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 Q3 production was 6,667 average barrels of oil equivalent per day ("BOEPD"), with oil accounting for 52% of revenue, natural gas accounting for 35%, and natural gas liquids ("NGLs") accounting for 13% of revenue during the quarter.Amid market volatility in fiscal Q3, the Company benefited from its diversified energy portfolio, as reflected by a 30% increase in Adjusted EBITDA(3) versus fiscal Q2.Fiscal Q3 revenue rose 11% versus Fiscal Q2, largely driven by the strength of natural gas revenue, which increased 34% during the quarter.$4.1 million returned to shareholders in the form of cash dividends during fiscal Q3, and $4.0 million of principal repaid on its Senior Secured Credit Facility.Activities subsequent to quarter end: Four gross new wells were brought online at the Chaveroo Field under budget, with early production rates exceeding expectations.Closed the highly accretive $9.0 million acquisition of non-operated oil and natural gas assets located in New Mexico, Texas, and Louisiana (the "TexMex" acquisition).As of today, production adds from the four new gross Chaveroo wells and TexMex are contributing more than 850 net BOEPD to production. Kelly Loyd, President and Chief Executive Officer, commented: "We are maintaining our quarterly dividend at $0.12 per share for the twelfth consecutive quarter, underscoring our commitment to sustainable shareholder returns as well as our confidence in the strength of our asset base, even in a volatile commodity price environment. "Our third quarter results reflect the benefits of our balanced, long-life portfolio of producing assets that are capable of both flourishing in attractive price environments and withstanding cyclical lows. Despite weather and maintenance-related downtime, which affected production, we were able to more than meet all of our capital obligations during the quarter, including ~$8.5 million in dividend and capex payments, as well as repayment of $4.0 million of principal on our Senior Secured Credit Facility. "Subsequent to quarter end, we closed the TexMex acquisition and turned in-line our latest four Chaveroo wells. TexMex and the four new gross Chaveroo wells are currently contributing more than 850 net BOEPD to production. We also expect to benefit from recent and ongoing drilling activities in our SCOOP/STACK area. When combined with the strength in natural gas prices, these production additions are expected to meaningfully benefit our next fiscal quarter. Mr. Loyd concluded, "In coordination with our Chaveroo partner, we have agreed to delay the start of our third development block until later into our fiscal year 2026. Our current focus is on acquiring oil-weighted, low-decline producing properties at discounted prices, or natural gas properties which can be hedged favorably for years to come, while strategically deferring development of our high-value, oil-weighted locations, preserving value for our shareholders until oil market conditions improve. Maintaining our dividend is a top priority, and we believe our resilient portfolio and strong financial position will enable us to continue with our dividend program well into the future." Fiscal Third Quarter 2025 Financial Results Total revenues decreased 2% to $22.6 million compared to $23.0 million in the year-ago quarter. The decline was driven primarily by an 8% decrease in production volumes, partially offset by a 7% increase in average realized commodity prices. The decrease in production volumes was primarily due to planned maintenance at the central facility and NGL plant downtime at Delhi Field, January winter weather impacts at Barnett Shale, as well as natural production declines, partially offset by additional production from the Company's SCOOP/STACK properties acquired in February 2024. Lease operating costs ("LOE") increased to $13.4 million compared to $12.6 million in the year-ago quarter. The increase was driven by CO2 purchases at Delhi Field, which resumed in October 2024 after being suspended in February 2024, coupled with a full quarter of the Company's SCOOP/STACK properties acquired in February 2024, increasing lease operating costs by $0.5 million compared to the year-ago quarter. On a per unit basis, total LOE increased 16% to $22.32 per BOE compared to $19.24 per BOE in the year-ago quarter. Depletion, depreciation, and accretion expense was $5.0 million compared to $5.9 million in the year-ago period. On a per BOE basis, the Company's current quarter depletion rate decreased to $7.68 per BOE compared to $8.43 per BOE in the year-ago period due to a decrease in its depletable base. General and administrative ("G&A") expenses, excluding stock-based compensation, were $1.9 million for both the current and year-ago periods. On a per BOE basis, G&A expenses increased to $3.22 compared to $2.85 in the year-ago period. The increase per unit is the result of decreased production in the current period. The Company reported a net loss of $2.2 million or $(0.07) per share, compared to net income of $0.3 million or $0.01 per share in the year-ago period. Excluding the impact of unrealized losses, adjusted net income was $0.8 million or $0.02 per diluted share, compared to adjusted net income of $1.0 million or $0.03 per diluted share in the prior quarter. Adjusted EBITDA was $7.4 million compared to $8.5 million in the year-ago period. The decrease was primarily due to decreased revenue as a result of lower production and higher total operating costs due to CO2 purchases at Delhi Field, which resumed in October 2024 after being suspended in February 2024. Production & Pricing Average price per unit:Q3 2025 Q3 2024 % Change vs Q3/Q3Crude oil (BBL)$68.42 $73.06 (6)%Natural gas (MCF) 3.87 2.77 40%Natural Gas Liquids (BBL) 32.28 25.26 28%Equivalent (BOE) 37.60 35.10 7% Total production for the third quarter of fiscal 2025 decreased 7.5% to 6,667 net BOEPD compared to 7,209 net BOEPD in the year-ago period. Total production for the third quarter of fiscal 2025 included 1,911 barrels per day ("BOPD") of crude oil, 3,723 BOEPD of natural gas, and 1,033 BOEPD of NGLs. The decrease in total production was driven by planned maintenance at the central facility and NGL plant downtime at Delhi Field, January winter weather impacts at Barnett Shale, as well as natural production declines partially offset by additional production from the Company's SCOOP/STACK properties acquired in February 2024. Total oil and natural gas liquids production generated 65% of revenue for the quarter compared to 75% in the year-ago period. The Company's average realized commodity price (excluding the impact of derivative contracts) increased 7% to $37.60 per BOE, compared to $35.10 per BOE in the year-ago period. These increases were primarily driven by an increase of approximately 40% in realized natural gas prices year over year. Operations Update At SCOOP/STACK, the Company brought online 13 gross wells fiscal year-to-date, with an additional five wells in progress. At Chaveroo, the Company successfully completed and brought online four new gross wells in the second development block. These wells were completed on schedule and under budget. Although very early in the productive life of the wells, production rates are significantly exceeding expectations. In the Williston Basin, oil production was up quarter over quarter as a result of deferred oil sales at the end of Q2 to Q3. Gas and NGLs increased quarter over quarter, benefiting from a full quarter of gas sales. The Williston field continues to generate solid returns. At Delhi, production was temporarily affected by planned maintenance at the Delhi Central Facility, which resulted in a shutdown of the entire field for a few days and at the NGL Plant for approximately two weeks. At the end of the quarter, the decision was made to switch from purchasing CO2 volumes to additional water injection. The operator will continue to inject approximately 300 MMCFPD of recycled CO2. The Company and the operator believe this will be the most economical way to run the field and will significantly reduce operating costs while maximizing cash flow. Jonah remained steady, with a temporary dip in volumes during February due to the impact of winter weather. However, strong winter natural gas pricing contributed positively to overall cash flow for the quarter. Barnett Shale delivered consistent cash-flow generation, reflecting its reliability and operational stability. Despite brief downtime in January due to winter storms, production remained steady overall, with improved realized pricing for natural gas and NGLs serving as a tailwind for financial results. These favorable pricing dynamics helped offset broader commodity price weakness and underscore Barnett’s continued role as a valuable contributor to our diversified portfolio. Balance Sheet, Liquidity, and Capital Spending On March 31, 2025, cash and cash equivalents totaled $5.6 million, with a working capital deficit of $2.7 million primarily due to unrealized losses on current derivative contracts, which vary quarter-to-quarter based on forecasted commodity prices at the end of each quarter. Evolution had $35.5 million of borrowings outstanding under its revolving credit facility and total liquidity of $20.1 million, including cash and cash equivalents. In Fiscal Q3, Evolution paid $4.1 million in common stock dividends, $4.0 million in repayments of borrowings of its Senior Secured Credit Facility, $1.8 million in deposits for its TexMex Acquisition, and $4.4 million in capital expenditures. During the quarter ended March 31, 2025, the Company sold a total of approximately 0.2 million shares of its common stock under its At-the-Market Sales Agreement for net proceeds of approximately $1.1 million, after deducting less than $0.1 million in offering costs. The Company has received approval from its lender, MidFirst Bank, to extend the maturity of the existing Senior Secured Credit Facility to April 2028 and increase their total commitments from $50.0 million to $55.0 million. Also, the Company expects to receive $10.0 million in additional commitments from a new lender, Prism Bank, bringing the total commitments to $65.0 million. Cash Dividend on Common Stock On May 12, 2025, Evolution's Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on June 30, 2025, to common stockholders of record on June 13, 2025. This will be the 47th consecutive quarterly cash dividend on the Company's common stock since December 31, 2013. To date, Evolution has returned approximately $130.7 million, or $3.93 per share, back to stockholders in common stock dividends. Conference Call As previously announced, Evolution Petroleum will host a conference call on Wednesday, May 14, 2025, at 10:00 a.m. CT to review its fiscal third quarter 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=ASNQRrWs or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through May 14, 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. ContactInvestor Relations(713) 935-0122ir@evolutionpetroleum.com Evolution Petroleum CorporationCondensed Consolidated Statements of Operations (Unaudited)(In thousands, except per share amounts) Three Months Ended Nine Months Ended March 31, December 31, March 31, 2025 2024 2024 2025 2024Revenues Crude oil$11,769 $14,538 $11,763 $38,269 $38,913 Natural gas 7,790 5,860 5,793 17,868 17,943 Natural gas liquids 3,002 2,627 2,719 8,595 7,794 Total revenues 22,561 23,025 20,275 64,732 64,650 Operating costs Lease operating costs 13,388 12,624 12,793 37,971 36,865 Depletion, depreciation, and accretion 5,014 5,900 5,433 16,172 14,760 General and administrative expenses 2,573 2,417 2,654 7,754 7,522 Total operating costs 20,975 20,941 20,880 61,897 59,147 Income (loss) from operations 1,586 2,084 (605) 2,835 5,503 Other income (expense) Net gain (loss) on derivative contracts (3,802) (1,183) (1,219) (3,223) (1,183)Interest and other income 55 63 52 164 283 Interest expense (705) (518) (764) (2,292) (584)Income (loss) before income taxes (2,866) 446 (2,536) (2,516) 4,019 Income tax (expense) benefit 687 (157) 711 577 (1,174)Net income (loss)$(2,179) $289 $(1,825) $(1,939) $2,845 Net income (loss) per common share: Basic$(0.07) $0.01 $(0.06) $(0.07) $0.09 Diluted$(0.07) $0.01 $(0.06) $(0.07) $0.08 Weighted average number of common shares outstanding: Basic 33,433 32,702 32,934 33,027 32,692 Diluted 33,433 32,854 32,934 33,027 32,920 Evolution Petroleum CorporationCondensed Consolidated Balance Sheets (Unaudited)(In thousands, except share and per share amounts) March 31, 2025 June 30, 2024Assets Current assets Cash and cash equivalents$5,601 $6,446 Receivables from crude oil, natural gas, and natural gas liquids revenues 10,707 10,826 Derivative contract assets 828 596 Prepaid expenses and other current assets 2,658 3,855 Total current assets 19,794 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 133,514 139,685 Other noncurrent assets Derivative contract assets 48 171 Other assets 3,038 1,298 Total assets$156,394 $162,877 Liabilities and Stockholders' Equity Current liabilities Accounts payable$11,977 $8,308 Accrued liabilities and other 7,092 6,239 Derivative contract liabilities 3,453 1,192 State and federal taxes payable — 74 Total current liabilities 22,522 15,813 Long term liabilities Senior secured credit facility 35,500 39,500 Deferred income taxes 4,572 6,702 Asset retirement obligations 20,398 19,209 Derivative contract liabilities 1,742 468 Operating lease liability — 58 Total liabilities 84,734 81,750 Commitments and contingencies Stockholders' equity Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 34,284,369 and 33,339,535 shares as of March 31, 2025 and June 30, 2024, respectively 34 33 Additional paid-in capital 45,786 41,091 Retained earnings 25,840 40,003 Total stockholders' equity 71,660 81,127 Total liabilities and stockholders' equity$156,394 $162,877 Evolution Petroleum CorporationCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands) Three Months Ended Nine Months Ended March 31, December 31, March 31, 2025 2024 2024 2025 2024Cash flows from operating activities: Net income (loss)$(2,179) $289 $(1,825) $(1,939) $2,845 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion, depreciation, and accretion 5,014 5,900 5,433 16,172 14,760 Stock-based compensation 642 549 659 1,860 1,585 Settlement of asset retirement obligations (66) (19) (182) (346) (19)Deferred income taxes (2,101) 766 252 (2,130) 124 Unrealized (gain) loss on derivative contracts 3,926 1,063 1,368 3,426 1,063 Accrued settlements on derivative contracts (57) 94 9 (114) 94 Other (4) (3) (1) (7) — Changes in operating assets and liabilities: Receivables from crude oil, natural gas, and natural gas liquids revenues (26) (2,495) 29 (34) (4,734)Prepaid expenses and other current assets 965 (1,151) (1,494) 1,400 (1,425)Accounts payable, accrued liabilities, and other 1,149 (1,629) 3,471 4,382 814 State and federal taxes payable — — — (74) (365)Net cash provided by operating activities 7,263 3,364 7,719 22,596 14,742 Cash flows from investing activities: Acquisition deposits (1,800) — — (1,800) — Acquisition of oil and natural gas properties (20) (43,788) (69) (351) (43,788)Capital expenditures for oil and natural gas properties (4,404) (2,648) (758) (7,902) (8,353)Net cash used in investing activities (6,224) (46,436) (827) (10,053) (52,141)Cash flows from financing activities: Common stock dividends paid (4,109) (4,003) (4,082) (12,224) (12,037)Common stock repurchases, including stock surrendered for tax withholding (71) (818) (103) (262) (1,031)Borrowings under senior secured credit facility — 42,500 — — 42,500 Repayments of senior secured credit facility (4,000) — — (4,000) — Issuance of common stock 1,145 — 2,259 3,404 — Offering costs (70) — (236) (306) — Net cash provided by (used in) financing activities (7,105) 37,679 (2,162) (13,388) 29,432 Net increase (decrease) in cash and cash equivalents (6,066) (5,393) 4,730 (845) (7,967)Cash and cash equivalents, beginning of period 11,667 8,460 6,937 6,446 11,034 Cash and cash equivalents, end of period$5,601 $3,067 $11,667 $5,601 $3,067 Evolution Petroleum Corporation Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited) (In thousands) Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner. We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items. Three Months Ended Nine Months Ended March 31, December 31, March 31, 2025 2024 2024 2025 2024Net income (loss)$(2,179) $289 $(1,825) $(1,939) $2,845 Adjusted by: Interest expense 705 518 764 2,292 584 Income tax expense (benefit) (687) 157 (711) (577) 1,174 Depletion, depreciation, and accretion 5,014 5,900 5,433 16,172 14,760 Stock-based compensation 642 549 659 1,860 1,585 Unrealized loss (gain) on derivative contracts 3,926 1,063 1,368 3,426 1,063 Adjusted EBITDA$7,421 $8,476 $5,688 $21,234 $22,011 Evolution Petroleum CorporationNon-GAAP Reconciliation – Adjusted Net Income (Unaudited)(In thousands, except per share amounts) Three Months Ended Nine Months Ended March 31, December 31, March 31, 2025 2024 2024 2025 2024As Reported: Net income (loss), as reported$(2,179) $289 $(1,825) $(1,939) $2,845 Impact of Selected Items: Unrealized loss (gain) on commodity contracts 3,926 1,063 1,368 3,426 1,063 Selected items, before income taxes$3,926 $1,063 $1,368 $3,426 $1,063 Income tax effect of selected items(1) 941 374 384 786 311 Selected items, net of tax$2,985 $689 $984 $2,640 $752 As Adjusted: Net income (loss), excluding selected items(2)$806 $978 $(841) $701 $3,597 Undistributed earnings allocated to unvested restricted stock (96) (21) (100) (274) (73)Net income (loss), excluding selected items for earnings per share calculation$710 $957 $(941) $427 $3,524 Net income (loss) per common share — Basic, as reported$(0.07) $0.01 $(0.06) $(0.07) $0.09 Impact of selected items 0.09 0.02 0.03 0.08 0.02 Net income (loss) per common share — Basic, excluding selected items(2)$0.02 $0.03 $(0.03) $0.01 $0.11 Net income (loss) per common share — Diluted, as reported$(0.07) $0.01 $(0.06) $(0.07) $0.08 Impact of selected items 0.09 0.02 0.03 0.08 0.03 Net income (loss) per common share — Diluted, excluding selected items(2)(3)$0.02 $0.03 $(0.03) $0.01 $0.11 _____________________ (1)The tax impact for the three months ended March 31, 2025 and 2024, is represented using estimated tax rates of 24.0% and 35.2%, respectively. The tax impact for the three months ended December 31, 2024, is represented using estimated tax rates of 28.0%. The tax impact for the nine months ended March 31, 2025 and 2024 is represented using estimated tax rates of 22.9% and 29.2%, 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 March 31, 2025, and 2024, were each calculated based upon weighted average diluted shares of 33.6 million and 32.9 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended December 31, 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 nine months ended March 31, 2025, and 2024, was each calculated based upon weighted average diluted shares of 33.2 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 Nine Months Ended March 31, December 31, March 31, 2025 2024 2024 2025 2024Revenues: Crude oil$11,769 $14,538 $11,763 $38,269 $38,913 Natural gas 7,790 5,860 5,793 17,868 17,943 Natural gas liquids 3,002 2,627 2,719 8,595 7,794 Total revenues$22,561 $23,025 $20,275 $64,732 $64,650 Lease operating costs: Ad valorem and production taxes$1,473 $1,459 $1,441 $4,328 $4,009 Gathering, transportation, and other costs 2,913 2,527 2,889 8,592 6,926 Other lease operating costs 9,002 8,638 8,463 25,051 25,930 Total lease operating costs$13,388 $12,624 $12,793 $37,971 $36,865 Depletion of full cost proved oil and natural gas properties$4,607 $5,532 $5,024 $14,956 $13,680 Production: Crude oil (MBBL) 172 199 179 555 519 Natural gas (MMCF) 2,011 2,115 2,125 6,364 6,091 Natural gas liquids (MBBL) 93 104 105 311 295 Equivalent (MBOE)(1) 600 656 638 1,927 1,829 Average daily production (BOEPD)(1) 6,667 7,209 6,935 7,033 6,651 Crude oil (BBL)$68.42 $73.06 $65.72 $68.95 $74.98 Natural gas (MCF) 3.87 2.77 2.73 2.81 2.95 Natural Gas Liquids (BBL) 32.28 25.26 25.90 27.64 26.42 Equivalent (BOE)(1)$37.60 $35.10 $31.78 $33.59 $35.35 Average cost per unit: Ad valorem and production taxes$2.46 $2.22 $2.26 $2.25 $2.19 Gathering, transportation, and other costs 4.86 3.85 4.53 4.46 3.79 Other lease operating costs 15.00 13.17 13.26 13.00 14.18 Total lease operating costs$22.32 $19.24 $20.05 $19.71 $20.16 Depletion of full cost proved oil and natural gas properties$7.68 $8.43 $7.87 $7.76 $7.48 _____________________ (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 March 31, December 31, 2025 2024 2024 Volume Price Volume Price Volume PriceProduction: Crude oil (MBBL) SCOOP/STACK 28 $71.36 30 $78.71 35 $70.52 Chaveroo Field 8 56.78 15 76.39 9 67.55 Jonah Field 7 67.69 8 72.25 7 64.54 Williston Basin 34 64.35 35 70.29 30 64.64 Barnett Shale 3 68.03 3 73.05 2 65.99 Hamilton Dome Field 34 58.88 35 61.21 35 57.53 Delhi Field 58 76.04 73 77.08 60 68.66 Other — — — — 1 71.61 Total 172 $68.42 199 $73.06 179 $65.72 Natural gas (MMCF) SCOOP/STACK 317 $4.91 214 $2.11 314 $2.89 Chaveroo Field — — 7 2.29 — — Jonah Field 758 4.02 843 3.94 803 3.21 Williston Basin 32 3.89 20 1.36 18 1.41 Barnett Shale 904 3.39 1,031 1.98 990 2.31 Total 2,011 $3.87 2,115 $2.77 2,125 $2.73 Natural gas liquids (MBBL) SCOOP/STACK 13 $27.84 10 $25.14 18 $21.34 Chaveroo Field — — 1 22.86 — — Jonah Field 8 32.14 9 31.93 9 30.08 Williston Basin 8 23.74 4 23.96 2 17.86 Barnett Shale 49 33.48 59 22.85 57 25.86 Delhi Field 15 37.20 20 30.48 19 29.13 Other — — 1 25.87 — — Total 93 $32.28 104 $25.26 105 $25.90 Equivalent (MBOE)(1) SCOOP/STACK 94 $41.90 76 $40.56 105 $35.48 Chaveroo Field 8 56.78 17 68.40 9 67.55 Jonah Field 141 26.63 158 26.72 150 22.14 Williston Basin 47 53.08 42 61.15 35 57.00 Barnett Shale 203 24.13 234 15.41 224 17.29 Hamilton Dome Field 34 58.88 35 61.21 35 57.53 Delhi Field 73 68.19 93 67.21 79 59.37 Other — — 1 25.87 1 71.61 Total 600 $37.60 656 $35.10 638 $31.78 Average daily production (BOEPD)(1) SCOOP/STACK 1,044 835 1,141 Chaveroo Field 89 187 98 Jonah Field 1,567 1,736 1,630 Williston Basin 522 462 380 Barnett Shale 2,256 2,571 2,435 Hamilton Dome Field 378 385 380 Delhi Field 811 1,022 859 Other — 11 12 Total 6,667 7,209 6,935 _____________________ (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 March 31, December 31, 2025 2024 2024 Amount Price Amount Price Amount PriceProduction costs (in thousands, except per BOE): Lease operating costs SCOOP/STACK$1,106 $11.74 $619 $8.18 $1,050 $9.97 Chaveroo Field 128 15.77 161 9.12 122 12.92 Jonah Field 2,184 15.51 2,313 14.63 2,196 14.62 Williston Basin 1,476 31.45 1,413 33.69 1,190 34.12 Barnett Shale 3,739 18.47 3,767 16.07 4,030 18.03 Hamilton Dome Field 1,237 36.36 1,566 45.34 1,188 34.18 Delhi Field 3,518 48.04 2,785 30.19 3,017 38.15 Total$13,388 $22.32 $12,624 $19.24 $12,793 $20.05 Evolution Petroleum Corporation Summary 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 March 31, 2025. The Company had the following open crude oil and natural gas derivative contracts as of May 12, 2025: Volumes in Swap Price per Floor Price per Ceiling Price perPeriod Commodity Instrument MMBTU/BBL MMBTU/BBL MMBTU/BBL MMBTU/BBLApril 2025 - June 2025 Crude Oil Fixed-Price Swap 25,571 $73.49 April 2025 - June 2025 Crude Oil Collar 41,601 $65.00 $84.00 April 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 75.80 April 2026 - June 2026 Crude Oil Fixed-Price Swap 17,106 60.40 April 2025 - December 2025 Natural Gas Collar 681,271 4.00 4.95 April 2025 - December 2026 Natural Gas Fixed-Price Swap 3,010,069 3.60 January 2026 - March 2026 Natural Gas Collar 375,481 3.60 5.00 January 2026 - March 2026 Natural Gas Collar 213,251 4.00 5.39 April 2025 - December 2027 Natural Gas Fixed-Price Swap 3,729,540 3.57 April 2026 - October 2026 Natural Gas Collar 433,428 3.50 4.55 This press release was published by a CLEAR® Verified individual.

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

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