The Public/Private Two-Step EnerVest Management Partners/EVEP EV Energy Partners, L.P. John B. Walker, Chairman & CEO January 18, 2007

-2- Risks and Forward-Looking Statements Some of the information in this presentation is considered to be a forward-looking statement within the meaning of federal securities laws. All statements other than statements of historical fact, that address future events or the future financial performance of EV Energy Partners, L.P., including the drilling of wells, reserve estimates, future oil and gas prices, future production of oil and gas, future cash flows, the company's financial position, business strategy, plans and objectives of management are forward looking statements. We wish to caution you that these statements are only expressions of EV Energy Partners, L.P.'s expectations at the time such statements were initially made and that actual events or results may differ materially from those expectations. We refer you to the documents that EV Energy Partners, L.P. files from time to time with the Securities and Exchange Commission. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in EV Energy Partners, L.P.'s projections or forward-looking statements. EV Energy Partners, L.P. undertakes no obligation to update any forward-looking statements, whether as a result of new or future events.

-3- Company Overview Consistently Generate Superior Returns Across Cycles ▼ 9 Fully Invested Funds with a Projected 32% IRR After Management Fees, Carried Interests and Hedge Payments Experienced Management Team Acquired $900 Million of Oil and Gas Reserves in 2005, $251 Million in 2006; Divested $300 Million in 2005 $1 Billion Fund XI with First Close , Final Closing 1Q Employees

-4- EnerVest – Significant Operations ~ $2 billion value 800 BCFE reserves 125 MMCFDE production ■ 11,000 wells in 11 states Current Operations Historical Operations

-5- Track Record/Performance History Composite IRR (All Funds)32.5% * Returns are net to the LP investors after carried interests, management fees and commodity hedge payments.

-6- Target IRR 6% - 8% Bank Loan Wildcat Funding Target IRR 50+% Fund Investments PDP Reserves PDNP PUDProved Reserves Probable PossibleExploration Target IRR 20% EnerVest Target Return Primarily Engineering Risk Increased Geological Risk Oil and Gas Industry Risk Spectrum EnerVest Actual Return

-7- Why Create an MLP? Advantages ▼ Complementary to EnerVest’s Institutional Business ▼ Allows EnerVest to Create Basin Dominance ▼ Access to Relatively Low-Cost Capital ▼ Early Stages of MLP’s Taking 20-25% of U.S. Upstream Market Challenges ▼ Getting Support from Institutional Investors ▼ Time and Cost to Create MLP ▼ Public Reporting and Attendant Liabilities ▼ Dealing With “Know-It-All” Investors

-8- Complementary Business Lines Combined Ability to Maintain Large Presence in Key Basins Over the Long Term Economies of Scale Drilling Services, Marketing Scale to Maintain Employee Base More Effectively Maintain Basin Expertise MLP Business Focus on Mostly Producing Reserves >80% PDP Buy and Hold Yield Focus Logical Alternative Buyer for Certain Assets from Institutional Business Institutional Business Focus on Reserves with Upside 50% PDP/50% Upside Acquire/Exploit/Sell Model Shorter Hold Times More IRR Focused

-9- ENERVEST MANAGEMENT PARTNERS EnerVest Structure Institutional Business (Fund IX, Fund X Fund XI, etc.) OPERATIONS (“OPCO”) MLP Business (EV Energy Partners)

-10- U.S. Oil and Gas Wells 0 100, , , , , ,000 Total Stripper 74 % of U.S. wells are stripper wells Oil wells Gas wells

-11- Offering Summary Ticker/Exchange:EVEP/NASDAQ Securities Offered:3,900,000 common units (4,335,000 with over-allotment) Price:$20.00 per unit Quarterly Distribution:$0.40 ($1.60 annualized) Yield:8.00% 9/30/07 EBITDA to Distribution Coverage:1.7x total units (2.8x common units) Sole Bookrunner:A.G. Edwards Joint Lead Manager:Raymond James Co-Managers:Wachovia Securities Oppenheimer & Co.

-12- Benefits of the EVEP MLP Structure Provides an Attractive, Tax-Deferred Yield to Investors Tax-Efficient Vehicle for Owning Long-Life, Mature Assets with Significant “Free” Cash Flow Yield-Based Valuation Results in a Cost of Capital Advantage Over Traditional E&P Companies in Making Acquisitions EVEP Will Have No Debt Pro Forma the IPO and the Financial Flexibility to Pursue Accretive Acquisitions Subordinated Units Provide Distribution Priority to Common Unitholders GP Incentive Distribution Rights Have Been Highly Successful in MLPs

-13- Business Strategy Increase Reserves and Production Over Long Term Through Accretive Acquisitions Maintain Low Debt Levels to Reduce Risk and Facilitate Acquisitions Reduce Exposure to Commodity Price Risk Through Hedging Keep Inventory of Proved Undeveloped Drilling Locations Sufficient to Maintain Production Retain Operational Control Focus on Controlling Costs Provide Stability and Growth in Cash Distributions Per Unit Over Time Provide Stability and Growth in Cash Distributions Per Unit Over Time

-14- Post-IPO Ownership General Partner Interest 2% Subordinated Units 40% Public Common Units 56% Sponsor Common Units 2% Common Units Public Sponsors Total Common Units Subordinated Units Implied G.P. Units MLP Total Units 4,335, ,000 4,495,000 3,100, ,000 7,750,000 % 56% 2% 58% 40% 2% 100%

-15- EVEP Areas of Operations Pro-forma with Michigan Estimated Reserves ~ Bcfe Production: ~17.4 mmcfde Natural Gas: 90% PDP: 90% 136 Booked PUDS EVEP Assets Current Operations Historical Operations

-16- Profile of EVEP Today 30% 12% 14% 44% Appalachia Monroe N. LA-Mid-Con* Michigan** *Acquired **Closing on Total Proved Reserves BCFE Oct-06Dec-06 Jan-07 Proved Reserves

-17- Distributable Cash vs. MQD at Offering Subordinated Units $0 $5,000 $10,000 $15,000 $20,000 $25,000 1 (in thousands) $1.60 per Unit $1.96 per Unit $2.65 per Unit MQD EBITDA Estimated Maintenance Capital Excess "Cushion" Common Units

The Public/Private Two-Step EnerVest Management Partners/EVEP EV Energy Partners, L.P. John B. Walker, Chairman & CEO January 18, 2007