1. September 13, 2016

2. 2 Forward-Looking Statement The data contained in this presentation that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Such statements may relate to capital expenditures, drilling and exploitation activities, production efforts and sales volumes, Proved, Probable, and Possible reserves, operating and administrative costs, future operating or financial results, cash flow and anticipated liquidity, business strategy, property acquisitions, and the availability of drilling rigs and other oil field equipment and services. These forward-looking statements are generally accompanied by words such as “estimated”, “projected”, “potential”, “anticipated”, “forecasted” or other words that convey the uncertainty of future events or outcomes. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. These statements are based on our current plans and assumptions and are subject to a number of risks and uncertainties such as potential litigation as further outlined in our most recent 10-K and 10-Q. Therefore, the actual results may differ materially from the expectations, estimates or assumptions expressed in or implied by any forward-looking statement made by or on behalf of the Company. Cautionary Note to U.S. Investors – The SEC modified its rules regarding oil and gas reserve information that may be included in filings with the SEC. The current rules allow oil and gas companies to disclose not only Proved reserves, but also Probable and Possible reserves that meet the SEC’s definitions of such terms. We disclose Proved, Probable and Possible reserves in our filings with the SEC. Our reserves as of June 30, 2016 were estimated by DeGolyer & MacNaughton (“D&M”), and reserves in prior years include work by D&M, W. D. Von Gonten & Co., and Pinnacle Energy Services, LLC, all independent petroleum engineering firms. In this presentation, we make reference to Probable and Possible reserves, and “2P” and “3P” reserves that aggregate categories of reserves. These estimates are by their nature more speculative than estimates of Proved reserves and are subject to greater uncertainties, and accordingly the likelihood of recovering those reserves is subject to substantially greater risk. NYSE MKT: EPM

3. 3 Vital Statistics Overview (Fiscal Year End June 30) New York Stock ExchangeEPM Shares Outstanding (9/1/2016) 32.9MM Fully Diluted Shares (9/1/2016) 33.0 MM Share Price (9/1/2016) $5.75 Market Capitalization (9/1/2016) $190MM Common Stock Dividend (Annualized) $0.20 per share Debt (9/1/2016) None Proved Reserves at 6/30/201610.8 MMBOE Proved PV-10 at 6/30/2016 (a) $101 MM % Oil Reserves / % NGL Reserves79% / 21% % Proved Developed Producing (PDP)66% Net Working Capital (6/30/2016) $28.6 MM Credit Facility (b) $10.o MM NYSE MKT: EPM (a)Based on SEC defined pricing of $40.91 /bbl of Oil & $14.38/bbl of NGLs (b)Senior-secured revolver $50 MM; initial borrowing base $10MM, undrawn Houston Headquarters Delhi Field Texas / Gulf Coast Focus  Evolution Petroleum Founded in 2003  Delhi Field Acquired in 2003, Operated by Denbury Resources, Inc. (”DNR”) Company Profile

4. 4 Generating Returns for Shareholders RECOVERING MORE OIL Applying Innovative Engineering Into Known Oil & Gas Assets By People Aligned with Shareholders To Generate Cash Flow to Fund Growth and Dividends Recovering More NYSE MKT: EPM How We Allocate Capital The engineering must be understandable and economics make sense The financial risk must be reasonable and conservative The investment/deal must be accretive in value and cash flow The investment/deal must support cash returns to shareholders

5. 5 NYSE MKT: EPM Financial Statements Income Statement (FYE June 30, 2016) ($/000’s) Delhi Field oil revenues & other$26,350 Lease operating expenses9,133 DD&A and accretion of P&A costs5,214 G &A expenses (a) 9,080 Gain on settled hedges(3,439) Delhi Settlement & other expense, net(27,869) Income before income taxes$34,231 Income tax provision9,571 Net income to the Company$24,660 Dividends on preferred stock674 Net income available to common$23,986 Earnings per share (fully diluted)$ 0.73 Balance Sheet (as of June 30, 2016) ($/000’s) Cash$34,077 Other current assets3,010 PP & E59,999 Other assets365 Total assets$97,451 Current liabilities$8,529 Long-term debt- Deferred taxes & ARO12,601 Total liabilities 21,130 Stockholders’ equity76,321 Total liabilities and equity$97,451 (a)Includes litigation expenses of $2,729

6. 6 Improved Relationship with Operator NYSE MKT: EPM Settlement of Litigation All Litigation with Delhi Operator Settled in late June 2016 In a comprehensive resolution of all issues, Evolution received:  Cash Payment of $27.5MM  23.9% Working Interest in Mengel Sand in Delhi Field that is expected to ultimately expand the Delhi project  Quantified long-term cost for purchased CO2 – purchased CO2 cost is the largest part of Delhi lease operating expenses  Agreement for technical cooperation In turn, Evolution resolved a long-standing dispute over ownership by transferring a small 0.22% (.0022) net revenue interest to the Operator

7. 7 Strengthens Financial Flexibility $50MM Reserve-Based Credit Agreement with MidFirst Bank – Financially Strong Private Bank  Initial Borrowing Base of $10MM Based on Max EPM Needs  Attractive Rate Structure: Low~3% Range All-in  25 Basis Point on Undrawn Borrowing Base  Standard 3X EBITDA and Other Covenants  Significant Improvement Over Prior Facility  Provides Additional Capacity for Future Growth NYSE MKT: EPM New Credit Agreement

8. 8 Artificial Lift Technology Operations December 2015 BOD Decision to Separate GARP® Operations into Independent Well Lift, Inc.  Majority Owned by GARP® Employees  EPM Retains Minority Interest With Convertible Preferred for Upside  EPM Receives 5% Royalty Payment for Use of Patents  Restructuring Charge for Three GARP® Employees Who Transferred to New Entity  Reduces Overall G&A expense by Approx $1MM per Year  No Further Obligations for Funding by EPM NYSE MKT: EPM Separation of GARP®

9. 9 Financially Strong and Shareholder Friendly  High Quality Asset Base w/ Near-Term Growth Catalysts  Extremely Long-Lived Production (25 +Years; Much Longer with Modestly Higher Oil Price)  Solid, Debt-Free Balance Sheet  Positive Net Income reported in 19 of the last 21 Quarters  Competitive Dividend Yield (3.5% as of 9/1/2016)  Every Director and Employee Aligned with Shareholders through Significant Stock Ownership  Well-Positioned for Opportunities in the Cycle NYSE MKT: EPM Investment Considerations

10. Long-Lived Foundation Oil Resource

11. 11  Huge Oil Resource  418 MMBO of Gross Original Oil In Place  195 MMBO Production Prior to EOR Project, 11+ MMBO Since  Fourth Quarter Oil Production 1,841 net (6,963 gross) BOPD  Growth Catalysts  NGL Plant Expected Online in Nov 1, 2016, Projecting 2,000+/- BLPD of NGLs and Improved Oil Rates from Increased Flood Efficiency  Planned Expansion of CO2 Flood To Remaining Eastern Area Expected To Increase Oil Rate (price dependent)  Other  No State of LA Oil Severance Taxes (12.5%) Into the Next Two Decades, subject to oil price  Delhi Crude Sells at LLS Price with Low Transportation Cost (Historically at a Premium to WTI) NYSE MKT: EPM CO2 Enhanced Oil Recovery Asset Delhi Field Delhi Field EOR Project Development

12. 12 7.2% of gross revenues No CapEx or OpEx…ever 7.2% Royalty Interest Reversion occurred Nov-2014 Bears 23.9% of CapEx and OpEx 23.9% Working Interest & 19% NRI NYSE MKT: EPM 26.2% Net Revenue Interest Delhi Field Interest Profile High Value Interests

13. 13 NYSE MKT: EPM Reversion of Working Interest (Nov-2014) Delhi EOR Production Profile

14. 14 Delhi Operating Costs

15. 15 At June 30, 2016 Delhi Reserves Profile

16. 16 Long Project Life with Future Development NYSE MKT: EPM High Quality Reserves Reserves updated as of FYE June 30, 2016 by 3 rd party Engineering firm of DeGolyer & MacNaughton  SEC Average Realized Oil Price of $40.91 per Bbl, based off a NYMEX WTI price of $42.91  Field has Outperformed Production and Cost Expectations  With Low Operating Costs, Field Retains Significant Value  Lower SEC Oil Price Impacted Economic Life and Resulted in Less Tail Reserves and downward revisions to PUD and Probable projects  With Recovery in Oil Prices, these Projects and Tail Reserves Expected to Return

17. 17 Major Growth Catalyst  Construction of the NGL Plant is Approximately 90% Complete  Technical Completion Date Projected for November 1, 2016  Production of 2,000 +/- Gross Bbls NGL / Day projected by Jan 1  Increase CO2 Efficiency and Expected to improved Gross Oil Rate  Methane Gas Recovery to Power Plant and Existing Facilities, Replacing a Portion of Currently Purchased Power & Natural Gas  $25 MM Net Capital Expenditure Commitment  $21.4 MM incurred to date through June 2016  $3.6 MM +/- remaining to be incurred in Calendar Year 2016 NYSE MKT: EPM NGL Recovery Plant

18. 18 Construction in Progress NYSE MKT: EPM NGL Recovery Plant

19. 19 Delhi & Other Development Plans NGL Plant Start- Up, Increase Production & Improve EOR Efficiency Expand CO2 Flood to Eastern Half of Delhi Field (Price Dependent) Acquisitions, Joint Ventures, Farm-ins NYSE MKT: EPM Continuing Expansion Multiple Projects To Build Long-Term Value

20. Well-Positioned to Endure and Capitalize

21. 21 Shareholder Friendly Common Dividends $0.20 Per Common Share Preferred Dividends $674 M per Year Flexible Share Repurchase Plan ~$3.5 MM remaining CapEx 2016 ~$3.6 MM in Cap Ex remaining in 2016 for NGL Plant NYSE MKT: EPM $28 MM Returned to Common Shareholders Since FY 2014 (a) Investing in Growth NGL Recycle Plant to Capture 2,000+ BLPD Liquidity and Investment (a)Includes dividends paid on Common Stock of $9.8 MM in FY 2014 and 2015 and $6.6 MM in FY 2016 and $1.5MM stock repurchases

22. 22 Ability to Withstand the Cycle NYSE MKT: EPM Strong Balance Sheet Debt-Free Since 2006 ZERO

23. 23 Protection of Capital Program/Dividends  BOD Decision in June 2015 to Enter Into Price Risk Management Strategy  Primarily Defensive to Assure Funds for $25MM Capex on NGL Plant & our Dividend Program  Up to 70% of Production; Term Less than Twelve Months  Initially Used Collars with $55 Floor, later Swaps at $50 and $40  $3.4MM Net Realized gains through June 30, 2016  Increased Realized Oil Price from Approx $39 to $46 per Bbl  Collars in Place for Current Quarter Covering 35% of Expected Production at $45 Floor and $55 Ceiling, expiring Sept 30, 2016. NYSE MKT: EPM Hedging Program

25. 25 Recovering More, Generating Returns  Accretive Growth  Delhi Field Production Increasing From Ongoing CO2 Flood Development  Low-Cost Reserves Additions and Upgrades  Start-up of the NGL Plant in November at Delhi Field  Underlying Value  Long-Lived Cash Flow from Very Large Delhi Field Resource  Equity interest in GARP® Patented Technology  Enviable Balance Sheet  Ability to Weather the Cycle & Fund Growth Capital Expenditures  Potential to Capitalize on Cyclical New Growth Opportunities  Returning Cash to Shareholders  Competitive Common Dividend - Potential For Increases  Flexible Share Repurchase Program Available NYSE MKT: EPM Summary