August 18, 2015
2
NYSE MKT: EPM
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, 2015
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.
3
Company Profile
NYSE MKT: EPM
Vital Statistics
Texas/Gulf Coast Focus
Overview (FiscalYear End June 30)
Shares Outstanding (3/31/2015) (a)
32.9 MM
Dilutive Securities (3/31/2015)
0.1 MM
Fully Diluted Shares
33.0 MM
Share Price
Delhi Field
Houston Headquarters

Evolution Petroleum Founded 2003

Delhi Field Acquired in 2003,
Operated By Denbury Resources
(3/31/2015)
(8/14/2015)
$5.03
Market Capitalization (8/7/2015)
$166 MM
Common Dividend (Annualized)
$0.20 Per Share
Debt (3/31/2015)
None
Proved Reserves – 6/30/2015
12.4 MMBOE
Proved PV-10 – 6/30/2015
$219 MM
% Oil
80% (0% gas)
% PDP
59%
Avg Production (Gross/Net) 6/30/15
6,328 / 1,677 BOPD
Net Working Capital (3/31/2015)
$18.4 MM
Borrowing Capacity (b)
$5 MM
(a) Does not reflect shares repurchased by company post 3/31/2015.
(b) Unsecured revolver, undrawn.
4
RECOVERING MORE OIL
NYSE MKT: EPM
Generating Returns for Shareholders
How We Allocate Capital
Applying
Innovative
Engineering
To Generate
Cash Flow to
Fund Growth
and
Dividends
Recovering
More
By People
Aligned
with
Shareholders
• The engineering must be
understandable and
economics make sense
Into Known
Oil & Gas
Assets
• 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
Investment Considerations
NYSE MKT: EPM
Financially Strong and Shareholder Friendly

High Quality Asset Base

Extremely Long-Lived Production (~40 Years for Delhi)

Solid, Debt-Free Balance Sheet

Competitive Dividend Yield (4.0%, as of 8/14/2015)

Every Employee Aligned with Shareholders
through Significant Stock Ownership

Well-Positioned for Opportunities in the Cycle

Near-Term Growth Catalysts
Long-Lived Foundation Oil Resource
7
Delhi Field
NYSE MKT: EPM

CO2 Enhanced Oil Recovery Asset
Huge Resource


418 MMBO of Gross Original Oil In Place
192 MMBO Production Prior
to EOR Project, 5+ MMBO Since

Current Production
1,677 Net (6,328 gross) BOPD

Growth Catalysts




NGL Recovery Plant Expected Online ~Summer
of 2016, Targeting 2,000+ BLPD of Higher Valued
NGLs and Improved Oil Rate
Planned Expansion of CO2 Flood
To Remaining Eastern Area Expected
To Materially Increase Oil Rate
Expected Expansion of CO2 Flood
To Thinner Reservoirs
Other


Delhi Field EOR Project Development
No LA Severance Tax (12.5%)
Into Next Decade
Delhi Crude Sells at LLS Price With Low
Transportation Cost
(Typically at a Premium to WTI)
24.7 MMBOE Net
3P to Recover
100
10-Mar
10-Jul
10-Nov
11-Mar
11-Jul
11-Nov
12-Mar
12-Jul
12-Nov
13-Mar
13-Jul
13-Nov
14-Mar
14-Jul
14-Nov
15-Mar
15-Jul
15-Nov
15-Mar
7/15/206
15-Nov
3/15/2017
7/15/2017
11/15/2017
3/15/2018
7/15/2018
11/15/2018
3/15/2019
7/15/2019
11/15/2019
3/15/2020
7/15/2020
11/15/2020
Barrels Per Day
8
Delhi EOR Production Profile
NYSE MKT: EPM
Reversionary WI Effective Nov-2014
Delhi Field Oil and NGL Production
10,000
1,000
Reversion of Working Interest (Nov-2014)
Gross Barrels
EPM Net
Peak Proved Pdn in 2020
Peak 2P Pdn in 2026
10
9
High Value Interests
NYSE MKT: EPM
7.4%
Royalty
Interest
Delhi Field Interest Profile
• 7.4% of gross
revenues
• No CapEx
or OpEx…ever
26.4%
Net Revenue Interest
23.9%
Working
Interest &
19% NRI
• Reversion
occurred
Nov-2014
• Bears 23.9% of
CapEx and OpEx
10
Delhi Reserves Profile
At June 30, 2015
12.4 MMBOE Proved Reserves
24.7 MMBOE 3P Reserves
Poss.
12%
NGL
20%
Oil
80%
Prob.
38%
Proved
50%
11
High-Quality Reserves
NYSE MKT: EPM
High Developed Content & Low Cost Development
$7.07 Per BOE Remaining 2P Development Cost
Developed Reserves as Percent of Total by Classification
100%
90%
80%
70%
60%
50%
40%
30%
59%
43%
20%
55%
10%
0%
Proved
Probable
Developed
Undeveloped
Possible
12
NGL Recovery Plant
NYSE MKT: EPM
Major Growth Catalyst

Captures C3+ NGL Production By Projected 2,000+ BLPD

Improve CO2 Flood Efficiency and Expected Oil Rate

Methane Gas Recovery to Power Plant and Existing Facilities,
Replacing Much or All of Currently Purchased Power &
Natural Gas

$24.6 MM Net CapEx Commitment
 $14-15 MM in Calendar Year 2015
 $10-11 MM in Calendar Year 2016

Expected Startup in Summer 2016
13
Building Momentum
NYSE MKT: EPM
Delhi Field Development Plan
Multiple
Projects
To Build
Long-Term
Value
Install NGL
Recovery Plant,
Increase
Production
~2,000 BLPD
Expand CO2
Flood to
Eastern Half of
Delhi Field
(Price Dependent)
Expand CO2
Flood to
Additional
Thinner
Intervals
Patented Technology for Recovering More
15
GARP® Recovers More Oil
NYSE MKT: EPM
Patented Solution
PROBLEM:

Industry losing economic value and large quantities of
reserves and production as horizontal and vertical wells
are impacted by liquid loading and increased down hole
gas/liquid separation problems
SOLUTION:

GARP® installation to accelerate production
and recover tail reserves
HOW IT WORKS:

Supplements and enhances the existing rod pump while
protecting from solids and reducing gas locking

Mobilizes remaining fluid to rod pump inlet to unload
liquids and insulate rod pump from gas locking
PROOF OF CONCEPT:

Five commercial installations currently producing

Recently installed on 4 wells in Giddings Field and 1 well in
Permian

Three newly signed MSA’s to install for major and two
large independent oil companies in Barnett and Permian
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GARP® Recovers More
NYSE MKT: EPM
Development Path

Path to
Commercialization
Established
Analyze Results
Pilot
Patent
Secured
Programs
Established
& Adapt to Meet
Industry Needs in
Small Casing and
Deviated Holes
Early
Adoption
Industry
Accepted
Solution
Well-Positioned to Endure and Capitalize
18
Liquidity and Investment
NYSE MKT: EPM
$23.4 MM Liquidity
(March 31, 2015)
Shareholder Friendly
Common
Dividends
• $0.20 Per
Common Share
Preferred
Dividends
Unsecured
Revolver,
$5.0
3/31/15
Working
Capital,
$18.4
Flexible
Share
Repurchase
Plan
CapEx
2015/2016
• $674K per Year
$21.6 MM
Returned
to Shareholders
Since FY 2013(a)
• Up to $5 MM Total
• Est $14-15 MM in
Cal 2015 for NGL
Plant
(a) (1) Includes dividends on Common Stock of $$9.8 MM in FY 2014 and $9.8 MM paid FY 2015
and (2) dividends on Preferred Stock of $0.674 M in each of FY 2013, 2014 and 2015
Investing in
Growth
NGL Recycle Plant to
Capture 2,000+ BLPD
7.0x
1.0x
0.0x
ZERO
8.0x
XCO
WTI
EXXI
SFY
SN
HK
LGCY
REN
WRES
TPLM
MHR
PVA
CWEI
CRK
REXX
SGY
SM
GST
EPE
OAS
EOX
CRZO
RRC
BBEP
BCEI
APC
JONE
LPI
BBG
WLL
NFX
NFG
CPE
RICE
DNR
AR
ERN
CXO
AXAS
PHX
QEP
APA
DVN
EQT
MTDR
WPX
PDCE
UNT
EOG
XEC
EGN
RSPP
MUR
PXD
FANG
ECR
AREX
SYRG
MCF
EGY
USEG
EPM
19
Strong Balance Sheet
NYSE MKT: EPM
Ability to Withstand the Cycle
Debt to Equity (as of March 31, 2015)
9.0x
Debt-Free
At March 31, 2015
6.0x
5.0x
4.0x
3.0x
2.0x
20
Hedging Program
NYSE MKT: EPM
Capital Budget Protection
Two-Thirds Estimated Production Covered
Volume (BOPD)
Floor
($/BBL)
Ceiling
($/BBL)
July – Dec 2015
550
$54.00
$66.50
July – Dec 2015
550
$56.00
$61.60
Time Period
Total
1,100
Note:
1. Over 500 BOPD unhedged.
2. Hedges are for WTI exposure only; LLS spread to WTI remains unhedged.
3. No hedges in place for sales after Dec 2015.
22
Summary
NYSE MKT: EPM

Recovering More, Generating Returns
Accretive Growth
 Delhi Field Production Increasing From Ongoing CO2 Flood Development
 Low-Cost Reserves Additions and Upgrades
 Installation of NGL Recovery Plant at Delhi Field – Summer 2016

Underlying Value
 Long-Lived (40+ Years) Cash Flow from Huge Delhi Field Resource
 GARP® Patented Technology

Enviable Balance Sheet
 Ability to Weather the Cycle & Fund Growth Capital Expenditures
 Potential to Capitalize on Cyclical Opportunities

Returning Cash to Shareholders
 Competitive Common Dividend - Potential For Increases
 Flexible $5 MM Share Repurchase Program