1. Corporate Presentation - April 2017
Evolution Petroleum Corporation
Corporate Presentation – April 2017

2. Corporate Presentation - April 2017
Forward Looking Statements
This presentation contains “forward-looking statements.” 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 and potential property acquisitions. 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 as further outlined in our most recent Forms 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 and we undertake no obligation to update these estimates for events after this presentation.
Cautionary Note regarding Oil and Gas Reserves – SEC 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 and this presentation. Estimates of Probable and Possible reserves 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. Our reserves as of June 30, 2016 were estimated by DeGolyer & MacNaughton (“D&M”), an independent petroleum engineering firm.

3. Corporate Presentation - April 2017
Evolution Petroleum Founded in 2003
Delhi Field Acquired in 2003; Operated by Denbury Resources, Inc. (DNR)
Texas / Gulf Coast Focus
Overview (Quarter Ended December 31, 2016)
New York Stock Exchange
EPM
Shares Outstanding (12/31/2016)
33.1 MM
Fully Diluted Shares (12/31/2016)
33.2 MM
Share Price (3/31/2017)
$8.00
Total Equity Value (3/31/2017)
$265 MM
Common Stock Dividend (Annual Rate)
$0.28 per share
EPM Avg Net Production (12/31/2016)
1,987 BOPD
Delhi Gross Production (12/31/2016)
7,580 BOPD
Proved Reserves – (6/30/2016)
10.8 MMBOE
Net Working Capital (12/31/2016)
$18.6 MM
Debt ($10 MM Avail Capacity)
None
Delhi Field
Houston
Headquarters

4. Corporate Presentation - April 2017
Summary Financial Statements
December 31, 2016
Amounts in $000’s, except EPS
Balance Sheet
Cash
$ 19,156
Other current assets
3,720
Property and equipment
63,881
Other assets
330
Total assets
$ 87,087
Current liabilities
$ 4,271
Long-term debt -
Deferred taxes and ARO
14,229
Stockholders’ equity
68,587
Total liabilities and equity
Income Statement – December Quarter
Delhi field oil revenues
$ 8,530
Lease operating expenses
2,292
DD&A and accretion
1,321
G&A expenses and other
1,248
Income before income taxes
$ 3,669
Income tax provision
1,361
Net income
$ 2,308
Earnings per share (fully diluted) $

5. Corporate Presentation - April 2017
Recent Developments
Dividend Increased 40% to $0.28 per Year
NGL Plant Complete and Online
$27.5MM Litigation Settlement Proceeds
Greatly Improves Financial Strength
Removes Uncertainty and Continuing Legal Costs
Redemption of all Preferred Stock

6. Corporate Presentation - April 2017
Investment Considerations
High Quality Asset Base w/ Near-Term Growth Catalysts
Extremely Long-Lived Production (25 Year Life; Much Longer with Higher Oil Prices)
Debt-Free Balance Sheet with Solid Working Capital Position
Positive Net Income reported in the last Five Fiscal Years
Attractive Dividend Yield (~3.5%)
Directors and Employees Aligned with Shareholders through Significant Stock Ownership – Insiders own ~9%
Well-Positioned for New Opportunities

7. Corporate Presentation - April 2017
Delhi Field
Recycle Facility and NGL Plant
Foundation Cash Flow Asset for Evolution Petroleum

8. Corporate Presentation - April 2017
Delhi Field EOR Project Development
Exceptional resource:
418 MMBO of gross original oil in place
323 MMBO OOIP in proved flood area
195 MMBO production prior to EOR
13.2 MMBO since CO2 flood began
Other advantages:
No LA severance taxes (12.5%) until financial payout of the project
Oil transported by pipeline
Delhi crude sells at LLS pricing

9. Corporate Presentation - April 2017
Delhi Field Daily Oil Production
Gross and Net BOPD
Gross BOPD
Net BOPD

10. Corporate Presentation - April 2017
21% Production Increase
1,987
1,640

11. Corporate Presentation - April 2017
EPM Interests in the Delhi Field
Costs
Revenues
Working Interest (a)
23.9%
19.0%
Royalty Interests
None
7.2%
Combined Interests
26.2%
Field Payout and Reversion of Working Interest to EPM Occurred Effective November 1, 2014
(Working Interest in the Mengel Sand also 23.9%)

12. Corporate Presentation - April 2017
Delhi Operating Costs per BOE

13. Corporate Presentation - April 2017
10,823
15,320
13.8%
18.0%
20.5%
18,034
Proved Reserves assume 13.8% Incremental CO2 Recovery (Up from 13.0% in 2015)
(a) 2P Combined Proved plus Incremental Probable assumes 18.0% incremental CO2 recovery
(b) 3P Combined Proved, Probable and Possible assumes 20.5% incremental CO2 recovery
Undeveloped Reserves:
PUD Reserves for NGL Plant are now Developed and Producing
Future Dev Costs for Test Site 5 are approx $11.5MM - $8.12 per Bbl

14. Corporate Presentation - April 2017
Net present value, discounted at:
10% % %
Note: The amounts in the chart above are not intended to represent the fair market value of EPM or its assets. They do not conform to GAAP and are presented solely to illustrate the effects of varying assumptions about oil prices, ultimate reserve recoveries and discount rates on the discounted future net revenues of the Company. There is no comparable GAAP measure for comparison of these amounts, which are presented on a pre-tax basis.

15. Corporate Presentation - April 2017
Litigation with Delhi Operator Settled in 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
Expected to ultimately expand the Delhi project
Quantified attractive long-term cost for purchased CO2
Purchased CO2 is the largest part of Delhi LOE
Agreement for technical cooperation – Relationship improved
In turn, Evolution resolved a long-standing dispute by transferring a small 0.2% (.002) net revenue interest to the Operator

16. Corporate Presentation - April 2017
Delhi NGL Plant
Photo Taken in October 2016

17. Corporate Presentation - April 2017
Delhi NGL Storage Tanks
2,000 Bbl+ Capacity Each

18. Corporate Presentation - April 2017
Inside General Electric LM-2500 Turbine
Approx 25 Megawatt Max Capacity

19. Corporate Presentation - April 2017
Multiple Projects
To Build Long-Term Value
Start-up NGL Plant, Increase Production & Improve EOR Efficiency
Expand CO2 Flood to Eastern Part of Delhi Field
(Price Dependent)
Expand CO2 Flood to Mengel Sand and Additional Thinner Intervals

20. Corporate Presentation - April 2017
Key
Financial Matters

21. Corporate Presentation - April 2017
Forecast
Cum Capex – Dec 2016
NGL Plant - $26.0MM
Conformance - $5.3MM
(Post Mar 2015)

22. Corporate Presentation - April 2017
New Credit Agreement
Strengthens Financial Flexibility
$50MM Reserve-Based Credit Agreement with MidFirst Bank – Financially Strong Private Bank
Initially Elected Borrowing Base of $10MM
Attractive Rate Structure: Mid-3% Range All-in
25 Basis Points on Undrawn Borrowing Base
Standard 3X EBITDA and Other Covenants
Significant Improvement Over Prior Facility
Provides Additional Capacity for Future Growth

23. Corporate Presentation - April 2017
Defensive Hedging Strategy
Goals for Hedging Program:
Protect Dividends and Capex Obligations
Retain Long-term Commodity Price Upside
Policy allows Hedging of Maximum 70% of Estimated Production not to exceed one year forward
Started Program in 2H 2015 – Realized gains of $3.4MM
Added $5 per barrel to FY 2016 net realized oil price ($40)
Company is Cautious on Short-term Oil Prices
Current Collars:
41% of March-May Est Prod with $50 WTI Floor and $58 Ceiling

24. Corporate Presentation - April 2017
EPM Dividend History vs WTI Oil Prices
Cumulative Payout Dec 2013 thru Mar 2017: $32.2 MM ($0.985 per share)
$0.07
Quarterly Dividend
Rate per
Share
WTI Avg
Oil Prices
(Bloomberg)

25. Corporate Presentation - April 2017
Opportunities for EPM
We see an Improving Market for Acquisitions
Price and Value Expectations more Reasonable
Over time, we expect to see a continuing rationalization of mature conventional cash flow properties by large entities
We are patiently seeking opportunities which are:
Accretive to Value and Cash Flow; and
Support Increasing Long-term Returns to Shareholders

26. Corporate Presentation - April 2017
Value Proposition Summary
Accretive Growth
Delhi Field Production Increasing from CO2 Flood Enhancements
Low-Cost Reserves Additions and Upgrades
Start up of the NGL Plant at Delhi Field
Underlying Value
Long-Lived Cash Flow from Very Large Delhi Field Resource
Solid Balance Sheet
Ability to Weather the Cycle & Fund Growth Capital Expenditures
Well-Positioned to Capitalize on New Growth Opportunities
Returning Cash to Shareholders
Attractive Common Dividend - Potential For Future Increases
Flexible Share Repurchase Program Available