**Exhibit 99.6**

 

LEE KEELING AND ASSOCIATES,INC.

 

PETROLEUM CONSULTANTS

 

First Place Tower15 East Fifth Street · Suite 3500Tulsa, Oklahoma 74103-4350(918) 587-5521 · Fax: (918)587-2881

 

August 23, 2010

 

Evolution Petroleum Corporation

2500 City West Blvd., Suite 1300

Houston, Texas 77042

 

Attn: Mr. Daryl Mazzanti

Vice President-Operations

 
|   | Re:  Estimated Reserves and Future Net Revenue Proved Developed Non-Producing and  Undeveloped Reserves |
|--------|---------------------------------------------------------------------------------------------------------|
|   | Oil and Gas Properties Owned by                                                                         |
|   | Evolution Petroleum Corporation                                                                         |
|   | Constant Prices and Expenses                                                                            |

 

Gentlemen:

 

In accordance with your request, we have prepared an estimate of netproved developed non-producing, probable and possible undeveloped reserves andthe future net revenue to be realized from the interests owned by EvolutionPetroleum Corporation (Evolution) in oil and gas properties located in WagonerCounty, Oklahoma. Our estimate includes less than five per cent of Evolution’snet reserves. The effective date of this estimate is June 30, 2010, and theresults are summarized as follows:

 
| ** **                     | ** ** | **ESTIMATED REMAINING** | ** ** |
|--------------------------------|------------|------------------------------|------------|
| ** **                     | ** ** | **NET RESERVES**        | ** ** |
| ** **                     | ** ** | ** **                   | ** ** | ** ** | ** ** | ** ** | ** ** | **Present Worth** | ** ** |
| **RESERVE**                    | ** ** | **Oil**                      | ** ** | **Gas** | ** ** | **TOTAL** | ** ** | **Disc. @ 10%** | ** ** |
| **CLASSIFICATION**             | ** ** | **(BBLS)**                   | ** ** | **(MCF)** | ** ** | **($)** | ** ** | **($)** | ** ** |
|                           |       |                         |       |   |   |   |   |   |   |
| Proved Developed Non-Producing |       |                         |       | 137.695 |   | 291,247 |   | 177,903 |   |
|                           |       |                         |       |   |   |   |   |   |   |
| Probable Undeveloped           |       |                         |       | 1,360.431 |   | 1,019,537 |   | 53,907 |   |
|                           |       |                         |       |   |   |   |   |   |   |
| Possible Undeveloped           |       |                         |       | 1,768.561 |   | 1,325,399 |   | 67,277 |   |
|                           |       |                         |       |   |   |   |   |   |   |
| Total All Reserves             |       |                         |       | 3,266.687 |   | 2,636,183 |   | 299,087 |   |

 

Note: Totals may not agree with schedules due toroundoff.

 

Future net revenue is the amount, exclusive of state and federal incometaxes, which will accrue to the subject interests from continued operation ofthe properties to depletion. It should not be construed as a fair market ortrading value.

 

WWW.LKAENGINEERS.COM

 

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No attempt has been made to determine whether the wells and facilitiesare in compliance with various governmental regulations, nor have costs beenincluded in the event they are not.

 

This report consists of various summaries. Schedule No. 1 presentssummary forecasts by reserve type of annual gross and net production, severanceand ad valorem taxes, operating income and net revenue. Schedule No. 2 is asequential listing of the forecast entities based on discounted future netrevenue. A one-line alphabetical listing of the forecast entities is presentedon Schedule No. 3. Schedule 4 includes the individual cash flows for thevarious entities. These are accompanied by the production decline curve thatshows our projection of future producing rates from the Henry No. 19-2.

 

BACKGROUND

 

This estimate is concerned with one (1) gas well which was not sellinggas on the effective date. This well is located in Wagoner County, Oklahoma.The associated ten (10) probable and thirteen (13) possible undevelopedlocations are also located in Wagoner County, Oklahoma.

 

CLASSIFICATION OF RESERVES

 

Reserves assigned to the drilled gas well have been classified as “proveddeveloped non-producing.” The undeveloped associated locations are classifiedas “probable undeveloped” and “possible undeveloped” in accordance with thedefinitions of the proved reserves as promulgated by the Securities andExchange Commission (SEC). These are as follows:

 

Proved Developed Oil and Gas Reserves are reserves that can berecovered with reasonable certainty through existing wells with existingequipment and operating methods. Additional oil and gas to be recovered throughthe application of fluid injection or other improved recovery techniques forsupplementing the natural forces and mechanisms of primary recovery should beincluded as “proved developed reserves” only after testing by a pilot projector after the operation of an installed program has confirmed through productionresponse that increased recovery will be achieved.

 

Proved Developed Oil and Gas Reserves attributed to the subjectleases have been further classified as “proved developed non-producing.”

 

Proved Developed Non-Producing Reserves are those reserves to berecovered with reasonable certainty from zones that have been completed andtested but are not yet producing due to situations including, but not limitedto, lack of market, minor completion problems that are expected to becorrected, or reserves to be recovered from future stimulation treatments withreasonable certainty based on analogy to nearby wells.

 

Probable Undeveloped Reserves are those additionalreserves which analysis of geoscience and engineering data indicate are lesscertain to be recovered than Proved Reserves but which, together with provedreserves, are as likely as not to be recovered.

 

Possible Undeveloped Reserves are those additionalreserves which analysis of geoscience and engineering data indicate are lesslikely to be recoverable than Probable Reserves.

 

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ESTIMATION OF RESERVES

 

The proved developed non-producing well production estimate was basedon the well’s 140-day production test.

 

Reserves anticipated from undeveloped locations were based upon analogywith nearby wells which are producing from the same horizon.

 

Our estimate of reserves used all methods and procedures considerednecessary, under the circumstances, to prepare this report.

 

FUTURE NET REVENUE

 

Oil and Gas Income

 

Income from the recovery and sale of the estimated gas reserves wasbased on the average of prices received on the first day of each month of thetwelve months prior to the effective date. This price supplied by Evolution was$4.09 per MCF and was held constant with provisions made for state severancetaxes.

 

Projected produced gas volumes from the Oklahoma well was reduced toestimated sales volumes based on shrinkage data as provided by Evolution.

 

Operating Expenses

 

Anticipated monthly expenses were based on estimated expenses assupplied by Evolution and upon analogy with nearby wells which are producingfrom the same horizon. Expenses were not escalated but held constant for thevarious recovery periods

 

Future Expenses

 

As provided by Evolution, provisions have been made for future expensesrequired for workovers, drilling, and completion of wells drilled to capturethe probable and possible undeveloped reserves. These costs have been heldconstant from current estimates.

 

GENERAL

 

The assumptions, data, methods and procedures used are appropriate forthe purpose served by the report.

 

Information upon which this estimate of net reserves and future netrevenue has been based was furnished by the staff of Evolution or was obtainedby us from outside sources we consider to be reliable. This information isassumed to be correct. No attempt has been made to verify title or ownership ofthe subject properties. The well was not inspected by a representative of thisfirm, nor was it tested under our supervision; however, its performance wasdiscussed with the employees of Evolution.

 

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This report has been prepared utilizing methods and proceduresregularly used by petroleum engineers to estimate oil and gas reserves forproperties of this type and character. The recovery of oil and gas reserves andprojection of producing rates are dependent upon many variable factorsincluding, prudent operation, compression of gas when needed, market demand,installation of lifting equipment, and remedial work when required. The reservesincluded in this report have been based upon the assumption that the wells willbe operated in a prudent manner under the same conditions existing on theeffective date. Actual production results and future well data may yieldadditional facts, not presently available to us, which may require anadjustment to our estimates.

 

You should be aware that state regulatory authorities could, in thefuture, change the allocation of reserves allowed to be produced from aparticular well in any reservoir, thereby altering the material premise uponwhich our reserve estimate may be based.

 

The projection of cash flow has been made assuming constant prices.There is no assurance that prices will not vary. For this reason and thoselisted in the previous paragraph, the future net cash from the sale ofproduction from the subject properties may vary from the estimates contained inthis report.

 

The information developed during the course of this investigation,basic data, maps and worksheets showing recovery determinations are availablefor inspection in our office.

 

We appreciate this opportunity to be of service to you.

 
|   | Very truly yours,                |
|--------|----------------------------------|
|   |                                  |
|   | LEE KEELING AND ASSOCIATES, INC. |

 

LKA7008

 

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**CERTIFICATEOF QUALIFICATION**

 

I,Gordon L. Romine, Registered Petroleum Engineer, of 15 East 5 th Street, Suite 3500, Tulsa, Oklahoma74103, U.S.A., hereby certify:

 

1.          I am anemployee of Lee Keeling and Associates, Inc., which was incorporated inthe state of Oklahoma in 1960. The firm is headquartered in Tulsa, Oklahoma.Our firm prepared a detailed analysis of Evolution Petroleum Corporation’s oiland gas properties located in Wagoner County, Oklahoma.

 

2.          Lee Keeling andAssociates, Inc. is a professional engineering firm registered in thestate of Oklahoma. Our firm’s Oklahoma Professional Engineer license number isP.E. CA 49 PE.

 

3.          This work wasperformed under my direction by the firm’s engineering and geological staff.Each of the staff has a minimum of a Bachelor’s degree from a recognized andaccredited university.

 

4.          Lee Keeling andAssociates, Inc. has prepared reserve evaluation studies and reserveaudits for public and private companies for the purpose of reservecertification filings in foreign countries, domestic regulatory filings,financial disclosures and corporate strategic planning.

 

5.          We do not have,nor do we expect to receive, any direct or indirect interest in the securitiesof Evolution Petroleum Corporation its affiliated companies.

 

6.          A personalfield inspection of the properties was not made, however, such an inspectionwas not considered necessary in view of the information available from publicinformation, records and the files of Evolution Petroleum Corporation.

 
|                                                              |   |
|--------------------------------------------------------------|--------|
| Gordon L. Romine, Oklahoma P. E. #6057                       |   |
| Lee Keeling and Associates, Inc., Oklahoma PE #CA 49 PE |   |
| Tulsa, Oklahoma U.S.A.                                       |   |
| September 1, 2010                                       |   |

 

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