# EDGAR Filing Document

**Accession Number:** 0001006655
**File Stem:** 0001104659-25-090442
**Filing Date:** 2025-9
**Character Count:** 53547
**Document Hash:** fe902189d1b994363ed8d71ca9758151
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-090442.hdr.sgml**: 20250916

**ACCESSION NUMBER**: 0001104659-25-090442

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250911

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250916

**DATE AS OF CHANGE**: 20250916

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EVOLUTION PETROLEUM CORP
- **CENTRAL INDEX KEY:** 0001006655
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 411781991
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32942
- **FILM NUMBER:** 251317607

**BUSINESS ADDRESS:**
- **STREET 1:** 1155 DAIRY ASHFORD ROAD
- **STREET 2:** SUITE 425
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77079
- **BUSINESS PHONE:** 713-935-0122

**MAIL ADDRESS:**
- **STREET 1:** 1155 DAIRY ASHFORD ROAD
- **STREET 2:** SUITE 425
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77079

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATURAL GAS SYSTEMS INC/NEW
- **DATE OF NAME CHANGE:** 20040817

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATURAL GAS SYSTEMS, INC.
- **DATE OF NAME CHANGE:** 20040810

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** REALITY INTERACTIVE INC
- **DATE OF NAME CHANGE:** 19960301

?xml version='1.0' encoding='ASCII'?

#### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

#### FORM 8-K

#### CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): **September 11, 2025**

**Evolution Petroleum Corporation**

(Exact name of registrant as specified in its charter)

**001-32942**

(Commission File Number)

---

| | |
|:---|:---|
| **Nevada** | **41-1781991** |
| (State or Other Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) |
| **1155 Dairy Ashford Road, Suite 425, Houston, Texas** | **77079** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(713) 935-0122**

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class**<br>| **Trading Symbol(s)**<br>| **Name of Each Exchange On Which Registered**<br>|
| Common Stock, $0.001 par value<br>| EPM<br>| NYSE American<br>|

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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#### Item 2.02 Results of Operations and Financial Condition.
On September 16, 2025, Evolution Petroleum Corporation (the "Company") issued a press release reporting its financial and operating results for the fiscal year and quarter ended June 30, 2025. A copy of the press release, dated September 16, 2025, regarding the Company's financial and operating results, is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

This information is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, unless specifically incorporated by reference in a document filed under the Securities Act of 1933, as amended, or the Exchange Act. By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by Item 2.02.

Occasionally our management discloses net income (loss) and net earnings (loss) per common share excluding selected items as well as Adjusted EBITDA. These measures are presented by our management as supplemental financial measures to allow external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. These measures are not measures of financial performance performed under GAAP and should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. These measures may not be comparable to similarly titled non-GAAP measures of another company and may not be useful in comparing our performance to the performance of other companies.

#### Item 8.01 Other Events.
On September 11, 2025, the Company approved the declaration of a $0.12 per common share dividend for the first quarter of 2026 to shareholders of record on September 22, 2025 and payable on September 30, 2025.

#### Item 9.01 Financial Statements and Exhibits.
(d) Exhibits

---

| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | [Evolution Petroleum Corporation Press Release regarding its financial and operating results, dated September 16, 2025.](epm-20250911xex99d1.htm) |
| 99.2 | [Evolution Petroleum Corporation Press Release announcing the fiscal first quarter of 2026 dividend, dated September 12, 2025](epm-20250911xex99d2.htm). |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL) |

---

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | Evolution Petroleum Corporation (Registrant) | Evolution Petroleum Corporation (Registrant) | Evolution Petroleum Corporation (Registrant) |
| Date: September 16, 2025 | By: | /s/ RYAN STASH | /s/ RYAN STASH |
|  | Name: | Name: | Ryan Stash |
|  | Title: | Title: | Senior Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Evolution Petroleum Reports Fiscal Fourth Quarter <br>and Full Year Fiscal 2025 Results**

*– Fiscal Q4 Net Income up 176% to $3.4 million; Adjusted EBITDA up 7% to $8.6 million –*

**HOUSTON, TX — September 16, 2025 (GLOBE NEWSWIRE) —** Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") today announced its financial and operating results for its fiscal fourth quarter and full year ended June 30, 2025. On September 11, 2025, Evolution declared a cash dividend of $0.12 per common share for the fiscal 2026 first quarter.

**Financial & Operational Highlights**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ in thousands) | **Q4 2025** | **Q4 2024** | **Q3 2025** | **% Change Q4/Q4** | **% Change Q4/Q3** |
| Average BOEPD | 7198 | 7209 | 6667 | —% | 8% |
| Revenues | $21108 | $21227 | $22561 | (1)% | (6)% |
| Net Income (Loss) <sup>(1)</sup> | $3412 | $1235 | $(2179) | 176% | NM |
| Adjusted Net Income (Loss)<sup>(2)</sup> | $1129 | $1093 | $806 | 3% | 40% |
| Adjusted EBITDA<sup>(3)</sup> | $8572 | $8037 | $7421 | 7% | 16% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NM" means "Not Meaningful."

&nbsp;&nbsp;&nbsp;&nbsp;(2) Adjusted Net Income is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

&nbsp;&nbsp;&nbsp;&nbsp;● Fiscal Q4 production was 7,198 average barrels of oil equivalent per day ("BOEPD"), with oil accounting for 61% of revenue, natural gas accounting for 27%, and natural gas liquids ("NGLs") accounting for 12% of revenue during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;● Amid commodity price volatility in fiscal Q4, the Company benefited from its diversified energy portfolio, as reflected by a 16% increase in Adjusted EBITDA <sup>(3)</sup> versus fiscal Q3.

&nbsp;&nbsp;&nbsp;&nbsp;● Returned $4.1 million to shareholders in the form of cash dividends during fiscal Q4 and $16.3 million for fiscal year 2025. The Company also declared its 13 <sup>th</sup> consecutive dividend of $0.12 per common share, payable September 30, 2025, marking its 48 <sup>th</sup> consecutive payment of quarterly dividends.

&nbsp;&nbsp;&nbsp;&nbsp;● Amended and restated senior secured reserve-based credit facility (effective June 30, 2025), establishing an initial $65 million borrowing base under a $200 million revolver maturing June 30, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;● Generated near-record total production in fiscal 2025, averaging 7,074 BOEPD, up 4% from fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;● Natural gas revenue increased 9% to $23.5 million and NGL revenue increased 3% to $11.2 million in fiscal 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;● Closed on $9 million TexMex acquisition of non-operated oil and natural gas assets located in New Mexico, Texas, and Louisiana on April 14 <sup>th</sup> , adding ~440 net BOEPD (60% oil and 40% gas).

#### Subsequent Events
**In August 2025, Evolution closed its largest minerals-only acquisition to date in the SCOOP/STACK for approximately $17 million, with an effective date of May 1, 2025, adding ~5,500 net royalty acres and ~420 net BOE per day at the effective date; funded with cash and borrowings of $15.0 million under the Company's Senior Secured Credit Facility.**

#### Management Comments
Kelly Loyd, President and Chief Executive Officer, commented: "Fiscal 2025 was a defining year for Evolution. We approximated company records in total production and in liquids production, maintained our quarterly dividend at $0.12 per share, and returned $16.3 million to shareholders. We strengthened the balance sheet by amending and restating our credit facility to add liquidity and extend the maturity to June 30, 2028, and added another lender. We also continued to balance the portfolio—closing the largest minerals-only acquisition in our history and advancing high-return development at Chaveroo—positioning the Company to generate durable cash flow through future cycles."

"Operationally, we continued to unlock value across our assets to enhance long-term profitability. At Chaveroo, four gross wells were brought online under budget, and early production is running ahead of plan. We added highly accretive, low decline assets with development and operational upside in the TexMex acquisition and, subsequent to quarter-end, also closed on our largest-ever minerals transaction in the SCOOP/STACK, adding royalty cash flows with no lifting costs and multi-year visibility on substantial continued development.

"Looking ahead, we will remain selective and returns-focused, opportunistically acquiring cash-generating, low-decline assets during periods of while pacing development to market conditions and using hedges to provide a solid base of returns. With an expanded credit facility, a resilient, diversified portfolio, and a sustained commitment to returning cash to shareholders, Evolution is well-positioned to continue executing, supporting our dividend policy, and compounding value for many years to come."

#### Fiscal Fourth Quarter 2025 Financial Results
Total revenues decreased 1% to $21.1 million compared to $21.2 million in the year-ago quarter. The change was driven primarily by 20% and 12% lower realized oil and NGL prices, respectively, partially offset by higher realized natural gas prices.

Lease operating costs ("LOE") were $11.4 million, flat compared to the year-ago quarter. On a per-unit basis, LOE was $17.35 per BOE compared to $17.39 per BOE in the year-ago quarter. The

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fiscal fourth quarter included additional costs as a result of the TexMex acquisition, higher workover expenses at Chaveroo and Hamilton Dome, and plant maintenance costs at Delhi, offset by the benefit to LOE as a result of the Barnett joint-interest audit.

Depletion, depreciation, and accretion expense was $5.8 million compared to $5.3 million in the year-ago period. On a per-BOE basis, the Company's depletion rate was $8.27 per BOE in the fiscal fourth quarter compared to $7.51 per BOE in the year-ago period, reflecting changes in the depletable base and asset mix.

General and administrative ("G&A") expenses, excluding stock-based compensation, were $2.0 million compared to $1.6 million in the year-ago period. On a per-BOE basis, G&A (excluding stock-based compensation) was $2.99 compared to $2.38 in the year-ago period. The $0.4 million comparative increase is primarily a result of the prior year quarter having been adjusted downward for a decrease in full year accrued bonuses.

The Company reported net income of $3.4 million, or $0.10 per diluted share, up from net income of $1.2 million, or $0.04 per diluted share, in the year-ago period. Excluding the impact of selected items, adjusted net income increased to $1.1 million, or $0.03 per diluted share, compared to $0.8 million, or $0.02 per diluted share, in the prior year.

Adjusted EBITDA increased 7% to $8.6 million compared to $8.0 million in the year-ago period. The increase was due to higher realized pricing, including the cash benefit of hedges, in the current period compared to the prior year period.

#### Production & Pricing

---

| | | | |
|:---|:---|:---|:---|
| **Average price per unit:** | **Q4 2025** | **Q4 2024** | **% Change Y/Y** |
| Crude oil (BBL) | $60.82 | $76.49 | (20)% |
| Natural gas (MCF) | 2.76 | 1.66 | 66% |
| Natural Gas Liquids (BBL) | 25.50 | 29.08 | (12)% |
| Equivalent (BOE) | 32.23 | 32.36 | —% |

---

Total production for the fourth quarter of fiscal 2025 was essentially flat at 7,198 net BOEPD compared to 7,209 net BOEPD in the year-ago period. Total production for the fourth quarter of fiscal 2025 included approximately 2,319 barrels per day ("BOPD") of crude oil, 3,747 BOEPD of natural gas, and 1,132 BOEPD of NGLs. The change in total production was driven by downtime in the Delhi Field, pipeline balancing and allocation timing in the Jonah Field, as well as natural declines, partially offset by the TexMex acquisition and contributions from recently turned-in-line Chaveroo wells. Total oil and natural gas liquids production generated 73% of revenue for the quarter compared to 83% in the year-ago period.

The Company's average realized commodity price (excluding the impact of derivative contracts) decreased slightly to $32.23 per BOE, compared to $32.36 per BOE in the year-ago period. These

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changes were primarily due to lower realized oil and NGL prices year over year, partially offset by an increase of approximately 66% in realized natural gas prices year over year.

#### Operations Update
At SCOOP/STACK, drilling activity on the Company's legacy position moderated during the quarter, with five wells remaining in progress from prior periods. Production from certain recently drilled wells began contributing in the fiscal fourth quarter. Activity is continuing across the newly acquired mineral acreage.

At Chaveroo, the Company's operator completed and brought online four new gross wells in the second development block on schedule and under budget. Although early in their productive life, these wells have exceeded pre-drill expectations to date. Permitting for the next pad remains underway; however, timing for additional drilling will be paced to commodity prices.

At Delhi, operations experienced downtime related to shut-ins for facility safety upgrades and reduced CO<sub>2</sub> injections due to higher summer temperatures. The operator continues to inject only recycled CO₂.

At Jonah, operations remained steady. Reported sales volumes during the quarter were negatively impacted by pipeline balancing and allocation timing, with make-up volumes expected to benefit the fiscal first quarter of 2026.

#### Balance Sheet, Liquidity, and Capital Spending
On June 30, 2025, the Company had cash and cash equivalents of $2.5 million, $37.5 million of borrowings outstanding under its Senior Secured Credit Facility, and total liquidity of $30.0 million, including cash and availability under the facility. In the fiscal fourth quarter, Evolution paid $4.1 million in common stock dividends and invested $4.7 million in capital expenditures. In the fiscal fourth quarter, Evolution received $0.4 million in proceeds from shares of common stock sold under its At-The-Market equity sales agreement, and net cash provided by operating activities was $10.5 million for the quarter.

On June 30, 2025, the Company entered into a syndicated, amended, and restated senior secured reserve-based credit facility with MidFirst as the administrative agent, establishing a $200 million revolving credit facility with an initial borrowing base of $65 million, which matures June 30, 2028. The Company added a second lender in order to increase the borrowing base to $65 million and provide additional credit capacity for future acquisitions.

Subsequent to fiscal year end, Evolution funded a portion of the acquisition of mineral and royalty interests in the SCOOP/STACK area of Oklahoma with $15.0 million in borrowings under its Senior Secured Credit Facility and issued a $0.8 million letter of credit in connection with its gathering and processing agreements at Jonah Field in exchange for the return of the

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Company's previously provided cash collateral. After the net effect of the additional borrowings and letter of credit issuance, the Company's current remaining availability under its Senior Secured Credit Facility is $11.7 million.

#### Cash Dividend on Common Stock
On September 11, 2025, Evolution's Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on September 30, 2025, to common stockholders of record on September 22, 2025. This will be the 48<sup>th</sup> consecutive quarterly cash dividend on the Company's common stock since December 31, 2013. To date, Evolution has returned approximately $134.8 million, or $4.05 per share, back to stockholders in common stock dividends.

#### Conference Call
As previously announced, Evolution Petroleum will host a conference call on Wednesday, September 17, 2025, at 10:00 a.m. Central Time to review its fourth quarter and fiscal year-end 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=9zwNJLNF or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through September 16, 2026, via the webcast link provided and on Evolution's Investor Relations website at www.ir.evolutionpetroleum.com.

#### About Evolution Petroleum
Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information.

#### Cautionary Statement
All forward-looking statements contained in this press release regarding the Company's current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as "believe," "expect," "may," "plans," "outlook," "should," "will," and words of similar meaning are forward-looking statements. Although the Company's expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading "Risk Factors" and elsewhere in our periodic reports filed with the Securities and Exchange Commission ("SEC"). The Company undertakes no obligation to update any forward-looking statement.

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#### Contact
Investor Relations

(713) 935-0122

ir@evolutionpetroleum.com

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Evolution Petroleum Corporation

Proved Reserves as of June 30, 2025

Our proved reserves as of June 30, 2025, were estimated by our independent reservoir engineers, Cawley, Gillespie and Associates, Inc. and DeGolyer and MacNaughton, both worldwide petroleum consultants.

The SEC sets rules related to reserve estimation and disclosure requirements for oil and natural gas companies. These rules require disclosure of oil and natural gas proved reserves by significant geographic area, using the trailing 12-month average price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, rather than year-end prices, and allows the use of new technologies in the determination of proved reserves if those technologies have been demonstrated empirically to lead to reliable conclusions about reserve volumes. Subject to limited exceptions, the rules also require that proved undeveloped reserves may only be classified as such if a development plan has been adopted indicating that they are scheduled to be drilled within five years.

For more information on the Company's reserves, see our Supplemental Disclosure about Oil and Natural Gas Properties included on Form 10-K filed with the SEC for the year ended June 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Reserve Category** | **Oil**<br>**(MBbls)** | **Natural Gas**<br>**(MMcf)** | **NGLs**<br>**(MBbls)** | **Total Proved Reserves**<br>**(MBOE)** |
| Proved Developed Producing | 8349 | 57149 | 4311 | 22185 |
| Proved Non-Producing | 378 | 757 | 5 | 509 |
| Proved Undeveloped | 3401 | 3599 | 412 | 4413 |
| **Total Proved** | 12128 | 61505 | 4728 | 27107 |

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Asset** | **Oil**<br>**(MBbls)** | **Natural Gas**<br>**(MMcf)** | **NGLs**<br>**(MBbls)** | **Total Proved Reserves**<br>**(MBOE)** |
| TexMex | 1925 | 6429 |  | 2997 |
| SCOOP/STACK | 1268 | 11498 | 716 | 3900 |
| Chaveroo Field | 2889 | 841 | 179 | 3208 |
| Jonah Field | 167 | 16915 | 228 | 3214 |
| Williston Basin | 1841 | 1120 | 275 | 2303 |
| Barnett Shale | 74 | 24702 | 1903 | 6094 |
| Hamilton Dome Field | 1831 |  |  | 1831 |
| Delhi Field | 2133 |  | 1427 | 3560 |
| **Total Proved** | 12128 | 61505 | 4728 | 27107 |

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Evolution Petroleum Corporation

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Years Ended** | **Years Ended** |
|  | **June 30,**  | **June 30,**  | **March 31,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
| Revenues |  |  |  |  |  |
| &nbsp;&nbsp;Crude oil | $12833 | $14533 | $11769 | $51102 | $53446 |
| &nbsp;&nbsp;Natural gas | 5648 | 3582 | 7790 | 23516 | 21525 |
| &nbsp;&nbsp;Natural gas liquids | 2627 | 3112 | 3002 | 11222 | 10906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 21108 | 21227 | 22561 | 85840 | 85877 |
| Operating costs |  |  |  |  |  |
| &nbsp;&nbsp;Lease operating costs | 11367 | 11408 | 13388 | 49338 | 48273 |
| &nbsp;&nbsp;Depletion, depreciation, and accretion | 5821 | 5302 | 5014 | 21993 | 20062 |
| &nbsp;&nbsp;General and administrative expenses | 2580 | 2114 | 2573 | 10334 | 9636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs | 19768 | 18824 | 20975 | 81665 | 77971 |
| Income (loss) from operations | 1340 | 2403 | 1586 | 4175 | 7906 |
| Other income (expense) |  |  |  |  |  |
| &nbsp;&nbsp;Net gain (loss) on derivative contracts | 3696 | (109) | (3802) | 473 | (1292) |
| &nbsp;&nbsp;Interest and other income | 27 | 59 | 55 | 191 | 342 |
| &nbsp;&nbsp;Interest expense | (678) | (875) | (705) | (2970) | (1459) |
| Income (loss) before income taxes | 4385 | 1478 | (2866) | 1869 | 5497 |
| Income tax (expense) benefit | (973) | (243) | 687 | (396) | (1417) |
| Net income (loss)  | $3412 | $1235 | $(2179) | $1473 | $4080 |
| Net income (loss) per common share: |  |  |  |  |  |
| &nbsp;&nbsp;Basic | $0.10 | $0.04 | $(0.07) | $0.03 | $0.12 |
| &nbsp;&nbsp;Diluted | $0.10 | $0.04 | $(0.07) | $0.03 | $0.12 |
| Weighted average number of common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;Basic | 33553 | 32679 | 33433 | 33158 | 32691 |
| &nbsp;&nbsp;Diluted | 33723 | 32835 | 33433 | 33323 | 32901 |

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Evolution Petroleum Corporation

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and per share amounts)

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $2507 | $6446 |
| &nbsp;&nbsp;Receivables from crude oil, natural gas, and natural gas liquids revenues | 10804 | 10826 |
| &nbsp;&nbsp;Derivative contract assets | 1777 | 596 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 2287 | 3855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 17375 | 21723 |
| Property and equipment, net of depletion, depreciation, and impairment |  |  |
| &nbsp;&nbsp;Oil and natural gas properties, net—full-cost method of accounting, of which none were excluded from amortization | 142248 | 139685 |
| Other noncurrent assets |  |  |
| &nbsp;&nbsp;Derivative contract assets | 198 | 171 |
| &nbsp;&nbsp;Other assets | 431 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $160252 | $162877 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;Accounts payable | $12901 | $8308 |
| &nbsp;&nbsp;Accrued liabilities and other | 6909 | 6239 |
| &nbsp;&nbsp;Derivative contract liabilities | 1577 | 1192 |
| &nbsp;&nbsp;State and federal taxes payable |  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 21387 | 15813 |
| Long term liabilities |  |  |
| &nbsp;&nbsp;Senior secured credit facility | 37500 | 39500 |
| &nbsp;&nbsp;Deferred income taxes | 6234 | 6702 |
| &nbsp;&nbsp;Asset retirement obligations | 21535 | 19209 |
| &nbsp;&nbsp;Derivative contract liabilities | 1783 | 468 |
| &nbsp;&nbsp;Operating lease liability |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 88439 | 81750 |
| Commitments and contingencies |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;Common stock; par value $0.001; 100,000,000 shares authorized: issued and |  |  |
| &nbsp;&nbsp;outstanding 34,337,188 and 33,339,535 shares as of June 30, 2025 |  |  |
| &nbsp;&nbsp; and 2024, respectively | 34 | 33 |
| &nbsp;&nbsp;Additional paid-in capital | 46650 | 41091 |
| &nbsp;&nbsp;Retained earnings | 25129 | 40003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 71813 | 81127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $160252 | $162877 |

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Evolution Petroleum Corporation

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Years Ended** | **Years Ended** |
|  | **June 30,**  | **June 30,**  | **March 31,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
| Cash flows from operating activities: |  |  |  |  |  |
| &nbsp;&nbsp;Net income (loss)  | $3412 | $1235 | $(2179) | $1473 | $4080 |
| &nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depletion, depreciation, and accretion | 5821 | 5302 | 5014 | 21993 | 20062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 622 | 552 | 642 | 2482 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement of asset retirement obligations | (39) | (1) | (66) | (385) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 1662 | (225) | (2101) | (468) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivative contracts | (2934) | (170) | 3926 | 492 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued settlements on derivative contracts | (137) | (27) | (57) | (251) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (1) |  | (4) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from crude oil, natural gas, and natural gas liquids revenues | 109 | 1824 | (26) | 75 | (2910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1525 | (137) | 965 | 2925 | (1562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities and other | 416 | (440) | 1149 | 4798 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and federal taxes payable |  | 74 |  | (74) | (291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 10456 | 7987 | 7263 | 33052 | 22729 |
| Cash flows from investing activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition deposits |  |  | (1800) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of oil and natural gas properties | (6868) | 5054 | (20) | (9019) | (38734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures for oil and natural gas properties | (4721) | (2546) | (4404) | (12623) | (10899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (11589) | 2508 | (6224) | (21642) | (49633) |
| Cash flows from financing activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock dividends paid | (4123) | (4003) | (4109) | (16347) | (16040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock repurchases, including stock surrendered for tax withholding | (180) | (113) | (71) | (442) | (1144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under senior secured credit facility | 2000 |  |  | 2000 | 42500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of senior secured credit facility |  | (3000) | (4000) | (4000) | (3000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (90) |  |  | (90) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock | 436 |  | 1145 | 3840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs | (4) |  | (70) | (310) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (1961) | (7116) | (7105) | (15349) | 22316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash and cash equivalents | (3094) | 3379 | (6066) | (3939) | (4588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, beginning of period | 5601 | 3067 | 11667 | 6446 | 11034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, end of period | $2507 | $6446 | $5601 | $2507 | $6446 |

---

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Evolution Petroleum Corporation

Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited)

(In thousands)

Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner.

We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Years Ended** | **Years Ended** |
|  | **June 30,**  | **June 30,**  | **March 31,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
| **Net income (loss)** | $3412 | $1235 | $(2179) | $1473 | $4080 |
| Adjusted by: |  |  |  |  |  |
| Interest expense | 678 | 875 | 705 | 2970 | 1459 |
| Income tax expense (benefit) | 973 | 243 | (687) | 396 | 1417 |
| Depletion, depreciation, and accretion | 5821 | 5302 | 5014 | 21993 | 20062 |
| Stock-based compensation | 622 | 552 | 642 | 2482 | 2137 |
| Unrealized loss (gain) on derivative contracts | (2934) | (170) | 3926 | 492 | 893 |
| **Adjusted EBITDA** | $8572 | $8037 | $7421 | $29806 | $30048 |

---

------

 

Evolution Petroleum Corporation

Non-GAAP Reconciliation – Adjusted Net Income (Unaudited)

(In thousands, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Years Ended** | **Years Ended** |
|  | **June 30,**  | **June 30,**  | **March 31,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
| **As Reported:** |  |  |  |  |  |
| Net income (loss), as reported | $3412 | $1235 | $(2179) | $1473 | $4080 |
| **Impact of Selected Items:** |  |  |  |  |  |
| Unrealized loss (gain) on commodity contracts | (2934) | (170) | 3926 | 492 | 893 |
| Selected items, before income taxes | $(2934) | $(170) | $3926 | $492 | $893 |
| Income tax effect of selected items<sup>(1)</sup> | (651) | (28) | 941 | 104 | 230 |
| Selected items, net of tax | $(2283) | $(142) | $2985 | $388 | $663 |
| As Adjusted: |  |  |  |  |  |
| Net income (loss), excluding selected items<sup>(2)</sup> | $1129 | $1093 | $806 | $1861 | $4743 |
| Undistributed earnings allocated to unvested restricted stock | (93) | (22) | (96) | (367) | (96) |
| Net income (loss), excluding selected items for earnings per share calculation | $1036 | $1071 | $710 | $1494 | $4647 |
| Net income (loss) per common share — Basic, as reported | $0.10 | $0.04 | $(0.07) | $0.03 | $0.12 |
| Impact of selected items | (0.07) | (0.01) | 0.09 | 0.02 | 0.02 |
| Net income (loss) per common share — Basic, excluding selected items<sup>(2)</sup> | $0.03 | $0.03 | $0.02 | $0.05 | $0.14 |
| Net income (loss) per common share — Diluted, as reported | $0.10 | $0.04 | $(0.07) | $0.03 | $0.12 |
| Impact of selected items | (0.07) | (0.01) | 0.09 | 0.01 | 0.02 |
| Net income (loss) per common share — Diluted, excluding selected items<sup>(2)(3)</sup> | $0.03 | $0.03 | $0.02 | $0.04 | $0.14 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) The tax impact for the three months ended June 30, 2025, and 2024, is represented using estimated tax rates of 22.2% and 16.4% , respectively. The tax impact for the three months ended March 31, 2025, is represented using estimated tax rates of 24.0%. The tax impact for the years ended June 30, 2025, and 2024, is represented using estimated tax rates of 21.2 % and 25.8%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The impact of selected items for the three months ended June 30, 2025, and 2024, were each calculated based upon weighted average diluted shares of 33.7 million and 32.8 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended March 31, 2025, was calculated based upon weighted average diluted shares of 33.6 million due to the net income (loss), excluding selected items. The impact of selected items for the years ended June 30, 2025, and 2024, was each calculated based upon weighted average diluted shares of 33.3 million and 32.9 million, respectively, due to the net income (loss), excluding selected items.

------

 

Evolution Petroleum Corporation

Supplemental Information on Oil and Natural Gas Operations (Unaudited)

(In thousands, except per unit and per BOE amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Years Ended** | **Years Ended** |
|  | **June 30,**  | **June 30,**  | **March 31,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |  |
| Crude oil | $12833 | $14533 | $11769 | $51102 | $53446 |
| Natural gas | 5648 | 3582 | 7790 | 23516 | 21525 |
| Natural gas liquids | 2627 | 3112 | 3002 | 11222 | 10906 |
| Total revenues | $21108 | $21227 | $22561 | $85840 | $85877 |
| **Lease operating costs:**  |  |  |  |  |  |
| Ad valorem and production taxes | $1381 | $1276 | $1473 | $5709 | $5285 |
| Gathering, transportation, and other costs | 2765 | 2730 | 2913 | 11357 | 9656 |
| Other lease operating costs | 7221 | 7402 | 9002 | 32272 | 33332 |
| Total lease operating costs | $11367 | $11408 | $13388 | $49338 | $48273 |
| Depletion of full cost proved oil and natural gas properties | $5418 | $4925 | $4607 | $20374 | $18605 |
| **Production:**  |  |  |  |  |  |
| Crude oil (MBBL) | 211 | 190 | 172 | 766 | 709 |
| Natural gas (MMCF) | 2045 | 2152 | 2011 | 8409 | 8243 |
| Natural gas liquids (MBBL) | 103 | 107 | 93 | 414 | 402 |
| Equivalent (MBOE)<sup>(1)</sup> | 655 | 656 | 600 | 2582 | 2485 |
| Average daily production (BOEPD)<sup>(1)</sup> | 7198 | 7209 | 6667 | 7074 | 6790 |
| **Average price per unit**<sup>(2)</sup>**:** |  |  |  |  |  |
| Crude oil (BBL) | $60.82 | $76.49 | $68.42 | $66.71 | $75.38 |
| Natural gas (MCF) | 2.76 | 1.66 | 3.87 | 2.80 | 2.61 |
| Natural Gas Liquids (BBL) | 25.50 | 29.08 | 32.28 | 27.11 | 27.13 |
| Equivalent (BOE)<sup>(1)</sup> | $32.23 | $32.36 | $37.60 | $33.25 | $34.56 |
| **Average cost per unit:** |  |  |  |  |  |
| Ad valorem and production taxes | $2.11 | $1.95 | $2.46 | $2.21 | $2.13 |
| Gathering, transportation, and other costs | 4.22 | 4.16 | 4.86 | 4.40 | 3.89 |
| Other lease operating costs | 11.02 | 11.28 | 15.00 | 12.50 | 13.41 |
| Total lease operating costs | $17.35 | $17.39 | $22.32 | $19.11 | $19.43 |
| Depletion of full cost proved oil and natural gas properties | $8.27 | $7.51 | $7.68 | $7.89 | $7.49 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting .

------

 

Evolution Petroleum Corporation

Summary of Production Volumes and Average Sales Price (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  | **March 31,**  | **March 31,**  |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** |
|  | **Volume** | **Price** | **Volume** | **Price** | **Volume** | **Price** |
| **Production:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crude oil (MBBL) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TexMex | 17 | $63.68 |  | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCOOP/STACK | 32 | 64.15 | 41 | 80.55 | 28 | 71.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaveroo Field | 30 | 58.47 | 12 | 79.82 | 8 | 56.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonah Field | 6 | 59.83 | 8 | 72.14 | 7 | 67.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williston Basin | 33 | 56.39 | 35 | 74.20 | 34 | 64.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barnett Shale | 2 | 59.14 | 2 | 75.70 | 3 | 68.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Dome Field | 34 | 52.99 | 35 | 67.85 | 34 | 58.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delhi Field | 56 | 67.03 | 57 | 80.46 | 58 | 76.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1 | 61.70 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 211 | $60.82 | 190 | $76.49 | 172 | $68.42 |
| Natural gas (MMCF) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TexMex | 71 | $2.64 |  | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCOOP/STACK | 312 | 3.20 | 319 | 2.70 | 317 | 4.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaveroo Field |  |  | 5 | 2.02 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonah Field | 691 | 2.49 | 818 | 1.59 | 758 | 4.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williston Basin | 26 | 2.17 | 31 | 1.65 | 32 | 3.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barnett Shale | 945 | 2.84 | 979 | 1.39 | 904 | 3.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 2045 | $2.76 | 2152 | $1.66 | 2011 | $3.87 |
| Natural gas liquids (MBBL) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TexMex |  | $— |  | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCOOP/STACK | 18 | 23.27 | 20 | 22.16 | 13 | 27.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaveroo Field |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonah Field | 8 | 26.84 | 8 | 30.35 | 8 | 32.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williston Basin | 7 | 18.34 | 8 | 23.94 | 8 | 23.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barnett Shale | 53 | 26.77 | 54 | 31.29 | 49 | 33.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delhi Field | 17 | 25.66 | 17 | 31.83 | 15 | 37.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 103 | $25.50 | 107 | $29.08 | 93 | $32.28 |
| Equivalent (MBOE)<sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TexMex | 29 | $44.02 |  | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCOOP/STACK | 102 | 34.10 | 115 | 40.29 | 94 | 41.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaveroo Field | 30 | 58.47 | 13 | 77.49 | 8 | 56.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonah Field | 129 | 17.91 | 152 | 13.98 | 141 | 26.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williston Basin | 44 | 46.33 | 48 | 59.33 | 47 | 53.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barnett Shale | 213 | 19.95 | 219 | 14.86 | 203 | 24.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Dome Field | 34 | 52.99 | 35 | 67.85 | 34 | 58.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delhi Field | 73 | 57.27 | 74 | 69.34 | 73 | 68.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1 | 61.70 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 655 | $32.23 | 656 | $32.36 | 600 | $37.60 |
| **Average daily production (BOEPD)**<sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TexMex | 319 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCOOP/STACK | 1121 |  | 1264 |  | 1044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaveroo Field | 330 |  | 143 |  | 89 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonah Field | 1418 |  | 1670 |  | 1567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williston Basin | 484 |  | 527 |  | 522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barnett Shale | 2341 |  | 2407 |  | 2256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Dome Field | 374 |  | 385 |  | 378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delhi Field | 802 |  | 813 |  | 811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 9 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 7198 |  | 7209 |  | 6667 |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.

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Evolution Petroleum Corporation

Summary of Average Production Costs (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  | **March 31,**  | **March 31,**  |
| **Production costs (in thousands, except per BOE):** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** |
| Total lease operating costs<sup>(1)</sup> | **Amount** | **per BOE** | **Amount** | **per BOE** | **Amount** | **per BOE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TexMex | $1189 | $41.47 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCOOP/STACK | 1130 | 11.05 | 1028 | 9.06 | 1106 | 11.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaveroo Field | 501 | 16.65 | 301 | 24.42 | 128 | 15.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonah Field | 1928 | 14.91 | 1834 | 11.99 | 2184 | 15.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williston Basin | 1159 | 26.48 | 1227 | 25.53 | 1476 | 31.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barnett Shale<sup>(2)</sup> | 1850 | 8.67 | 3853 | 17.47 | 3739 | 18.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Dome Field | 1523 | 44.36 | 1415 | 40.40 | 1237 | 36.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delhi Field | 2087 | 28.73 | 1750 | 23.96 | 3518 | 48.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $11367 | $17.35 | $11408 | $17.39 | $13388 | $22.32 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Total lease operating costs including lifting costs; workover expenses; and gathering, transportation, processing and other expenses.

------

 

Evolution Petroleum Corporation

Summary of Open Derivative Contracts (Unaudited)

For more information on the Company's hedging practices, see Note 7 to its financial statements included on Form 10-K filed with the SEC for the year ended June 30, 2025.

The Company has the following open crude oil and natural gas derivative contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Period** | <br>**Commodity** | <br>**Instrument** | **Volumes in**<br>**MMBTU/BBL** | **Swap Price per**<br>**MMBTU/BBL** | **Sub Floor Price per**<br>**MMBTU/BBL** | **Floor Price per**<br>**MMBTU/BBL** | **Ceiling Price per**<br>**MMBTU/BBL** |
| July 2025 - September 2025 | Crude Oil | Fixed-Price Swap | 9591 | $60.50 |  |  |  |
| July 2025 - December 2025 | Crude Oil | Fixed-Price Swap | 11880 | 72.00 |  |  |  |
| July 2025 - December 2025 | Crude Oil | Fixed-Price Swap | 81335 | 71.40 |  |  |  |
| July 2025 - December 2025 | Crude Oil | Fixed-Price Swap | 18748 | 61.02 |  |  |  |
| August 2025 - August 2026 | Crude Oil | Two-Way Collar | 83458 |  |  | $60.00 | $65.55 |
| September 2025 - December 2025 | Crude Oil | Two-Way Collar | 13742 |  |  | 60.00 | 63.00 |
| September 2025 - December 2025 | Crude Oil | Two-Way Collar | 3798 |  |  | 60.00 | 63.50 |
| September 2026 - December 2026 | Crude Oil | Three-Way Collar | 40872 |  | $50.00 | 60.00 | 70.45 |
| October 2025 - June 2026 | Crude Oil | Fixed-Price Swap | 43656 | 61.00 |  |  |  |
| January 2026 - March 2026 | Crude Oil | Two-Way Collar | 43493 |  |  | 60.00 | 75.80 |
| April 2026 - June 2026 | Crude Oil | Fixed-Price Swap | 17106 | 60.40 |  |  |  |
| April 2026 - September 2026 | Crude Oil | Fixed-Price Swap | 25412 | 62.00 |  |  |  |
| July 2025 - December 2025 | Natural Gas | Two-Way Collar | 450550 |  |  | 4.00 | 4.95 |
| July 2025 - December 2026 | Natural Gas | Fixed-Price Swap | 2546138 | 3.60 |  |  |  |
| July 2025 - December 2027 | Natural Gas | Fixed-Price Swap | 3323035 | 3.57 |  |  |  |
| September 2025 - December 2025 | Natural Gas | Two-Way Collar | 34224 |  |  | 2.90 | 3.50 |
| January 2026 - March 2026 | Natural Gas | Two-Way Collar | 76177 |  |  | 3.50 | 4.66 |
| January 2026 - March 2026 | Natural Gas | Two-Way Collar | 213251 |  |  | 4.00 | 5.39 |
| January 2026 - March 2026 | Natural Gas | Two-Way Collar | 375481 |  |  | 3.60 | 5.00 |
| April 2026 - October 2026 | Natural Gas | Two-Way Collar | 952588 |  |  | 3.50 | 4.55 |
| July 2026 - December 2026 | Natural Gas | Fixed-Price Swap | 207366 | 3.98 |  |  |  |
| September 2026 - December 2026 | Natural Gas | Two-Way Collar | 318964 |  |  | 3.75 | 4.94 |

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## Exhibit 99.2

#### EXHIBIT 99.2
Evolution Petroleum Declares 48<sup>th</sup> Consecutive Quarterly Cash Dividend of $0.12

**HOUSTON, TX — September 12, 2025 (GLOBE NEWSWIRE) —** Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") today announced that its Board of Directors declared a cash dividend of $0.12 per share of common stock for its fiscal 2026 first quarter, payable on September 30, 2025, to stockholders of record as of September 22, 2025.

**About Evolution Petroleum**

Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information.

**Contact**

Investor Relations

(713) 935-0122

ir@evolutionpetroleum.com

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