Evolution Petroleum Corporation Small-Cap Virtual Conference

Kelly? Thank you, Steve. I appreciate that.

Welcome, everybody. Glad you could join us. With me today, I have our Chief Financial Officer, Ryan Stash, and our Director of Operations in Engineering, Peter Pham. The disclaimers page. Do not memorize that. It is all important, though. Who is Evolution? What do we do? Where do we fit into this space of energy companies? We are a non-op working interest and mineral and royalty interest company. We are focused on returning dividends to our shareholders. A lot of companies in our space tend to make oil and gas, and then if they have anything left over, they try to pay a dividend. We are a little bit different than that. We want to make sure that we have the assets in place to be able to fund our dividend. It is a key tenet of who we are and what we do.

As you can see, we have returned nearly $152 million in dividends over the last 10 plus years, currently yielding about 13%. That same dividend amount is about $4.77 a share. What we try to bring to the table here is an organic and an inorganic growth strategy via a demonstrated history of highly accretive acquisitions. We participate in low-risk development drilling. One of the things about our model, compared to an operating company, that we think is really advantageous, it allows us to have a sort of lower-risk investment vehicle in the energy industry. Lean operations. We have a team of 10 people that are all professionals. That allows us to leverage our G&A and go into basins without having to really jump to scale because we do not need the full operations team. We do not need the size to justify that. Therefore, it is very scalable.

We own reserves in a couple of different ways. As I mentioned, our non-op working interest model, really what we focus here on, we own working interest, and we receive proportionate share of asset-level cash flow. You also pay your proportionate share on that. We have worked with established operators who really are great at executing field activity. That is why we chose to be with them. We have participation across the Barnett Shale, Jonah. In Wyoming, we have Hamilton Dome, the SCOOP/STACK in Oklahoma, as well as our TexMex field, and in the Permian Basin on the Northwest Shelf on our non-op working interest side. We also own minerals and royalties. We have a revenue interest in the lease with no lifting expenses, drilling capital, or overhead. There is no capital required for future drilling.

Operators really control the timing of development, which is why it is important to us that we get into active basins there. This is a scalable acquisition platform across multiple basins. Why it scales? Look, we have a lean team. I like to say that every deal we do becomes more accretive, not more expensive, because we can do it with the same number of engineers and folks we have in-house. It is very capital efficient, and it allows us to be diversified. When we started this company, our Chairman and Co-founder, Bob Herlin, started it with one field, the Delhi Field in Louisiana. It has been a tremendous asset for us. But over time, when we decided, very intentionally, to go into the dividend model, we realized we are going to need to add diversification.

As you can see, now we are in 10 areas, having made nine different sort of acquisitions and/or transactions. We started off, again, with the Delhi. Now, the bookend would be the Permian Minerals deal, which we just announced about a month ago. I will keep going here. But I want Ryan, our CFO, to jump in and talk about some of what we have done on the mineral and royalty side.

Yeah, thanks, Kelly. Back in August 2025, we made more of a concerted effort to actively seek out minerals and royalties, really to supplement the portfolio. We had already bought some working interest, non-op working interest in the SCOOP/STACK, and really liked that area and that deal, and we were able to acquire some minerals interest as well in August 2025 as kind of our first large minerals acquisition. Then since then, we have been able to tack on additional interest in the Haynesville, and as Kelly mentioned, most recently, the Permian. We are working with kind of a local group here in Texas to help us source these deals and on the ground, really. So we are not buying marketed deals. We are buying deals that are sourced really ground up, which has made it obviously very efficient and affordable for us to add these really highly valuable assets.

And you kind of see at the bottom, we have kind of increased, call it 150% at least of kind of our net royalty acres kind of over the last two years. On the cash flow side, back in fiscal year 2025, we had effectively no cash flows from royalties. We own a couple of smaller overrides in some of our existing working interest properties, but effectively not much at all on the cash flow side. In 2026 year-end, when you add in, as I mentioned, the SCOOP/STACK mineral acquisition and a lot of the Haynesville royalties were about 10% of our cash flow coming from minerals and royalties. Then when you pro forma in the recent Permian deal, we are now around 20% on cash flow.

We do see that going up over time as the assets we have added in the Haynesville and in the Permian are being actively developed. We expect additional production, cost-free production, I should say, to come online as operators continue to drill there. We mentioned the diversified nature of our assets, and this was obviously by design. Being a one asset, one commodity company when we started, obviously, especially on the dividend model, there are certainly risks, right, having that. We have made a concerted effort to diversify across geography and commodity, and we are now actually very well balanced among all. I mean, as you can see here, we are a little bit more weighted towards oil and liquids on a revenue basis. But on a production basis, we are really pretty evenly split between gas and oil and NGLs.

On the asset side, you can see no one asset really dominates any of our areas. I mean, the Barnett being the largest and part of that being because it is a gas asset, but really good asset diversification as well throughout the U.S. On our strategy, really, as Kelly Loyd mentioned, returning capital to shareholders and making shareholder value accret is really the biggest strategy we have, right? In order to do that, certainly, we need to continue to grow our asset base. We do have a declining asset being an oil and gas company, so we do have to replace the reserves and production, and we do that through acquisitions primarily, and more recently now with more organic growth like we have in the royalty acquisitions that we just purchased. Along lines of SCOOP/STACK, which working interest side and mineral side.

In our Chaveroo Field, we have the ability now to grow organically and not just rely on the acquisition market. Lastly, obviously, we want to manage the balance sheet as we grow the company. Our goal is to obviously minimize dilution, which will maximize shareholder value, and we want to keep our leverage and balance sheet strong so we can capitalize on opportunities we see. This shows the dividend history. There is quite a bit going on, but what I point you to, obviously, is the longevity of the dividend, right? We have paid a dividend consistently since 2013. It has varied throughout the time, and if you go back to 2013 up until about 2020, as I mentioned on being a single asset, single commodity company, we were pretty much just an oil company at that point.

You can see when oil precipitously dropped back in 2015, the OPEC shale wars back then, we did lower it to protect the balance sheet and then gradually raised it back up as prices recovered. In 2020, there was obviously COVID when it went negative. Everyone cut the dividend just to figure out what was going on with the world, and then we raised it back up. But the one thing I will note, too, is when you go from 2020 to now, being a much more diversified asset base, you can see oil and gas sort of move independently somewhat, and we can still maintain that same dividend because we have the ability to sell both products and capitalize on what product is actually doing better at the time. Before I turn it over to Peter Pham, I will talk about the acquisition itself.

We've certainly talked about using acquisitions to grow the company. We think this is important to prove how we've done as a company of buying deals. This shows all the deals up until we haven't included the recent Permian minerals deals we just announced. But up until that, the blue area there represents the actual cash that we spent on the acquisitions. The green line is just a cumulative cash flow generated. As you can see, we've definitely more than covered our acquisitions. When you take a look at what we think when you look at going forward, right now the program we think is going to deliver about a 90% rate of return. We've already gotten you about 1.3 times multiple invested cash flow. So very, very highly accretive acquisitions that are certainly well, higher than our cost capital.