Energy Capital Investment Symposium June 3, 2009 (NYSE Amex: EPM) © Evolution Petroleum Corporation 1 Evolution Petroleum Corporation This presentation contains “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. Forward- looking statements give our current expectations or forecasts of future events. They include statements regarding our future operating and financial performance. 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. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. You should understand that the following important factors, could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements relating to: (1) amount, nature and timing of capital expenditures; (2) drilling of wells and other planned exploitation activities; (3) timing and amount of future production of oil and natural gas; (4) increases in production growth and proved reserves; (5) operating costs such as lease operating expenses, administrative costs and other expenses; (6) our future operating or financial results; (7) cash flow and anticipated liquidity; (8) our business strategy, and the availability of acquisition opportunities; (9) hedging strategy; (10) exploration and exploitation activities and property acquisitions; (11) marketing of oil and natural gas; (12) governmental and environmental regulation of the oil and gas industry; (13) environmental liabilities relating to potential pollution arising from our operations; (14) our level of indebtedness; (15) timing and amount of future dividends; (16) industry competition, conditions, performance and consolidation; (17) natural events such as severe weather, hurricanes, floods, fire and earthquakes; and (18) availability of drilling rigs and other oil field equipment and services. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation or as of the date of the report or document in which they are contained, and we undertake no obligation to update such information. The filings with the SEC are hereby incorporated herein by reference and qualifies the presentation in its entirety. 2 Evolution Petroleum Corporation Cautionary Note to U.S. Investors Regarding Oil and Gas Reserve Estimates: The U S Securities and Exchange Commission permits oil and gas companies in . . , their current filings with the SEC, to disclose only “Proved” reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions The Company is currently prohibited from disclosing other categories of . reserves in its SEC filings. We use certain terms in this press release such as "Probable” or “Possible” oil and gas reserves that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our SEC filings available from us at 2500 City West Blvd Suite , , 1300, Houston, Tx 77042; Telephone: 713-935-0122. You can also obtain these filings from the SEC by calling 1-800-SEC-0330. The reserve quantities reflected above were certified by W. D. Von Gonten & Company using the 1997 definitions and standards of the Society of Petroleum Engineers and World Petroleum Congresses. These definitions and standards may result in estimates of proved reserves which are materially different from those disclosed in the Company’s filings with the SEC. 3 EPM Strategy We identify and acquire known oil and gas resources in the onshore U.S. and use our expertise and technology to develop, or redevelop, proved reserves bypassed due to low commodity prices or lack of technology to maximize share value. 4 Company Overview ¾ Ticker Symbol EPM Fiscal Year End June 30 ¾ - ¾ Market Cap ~$73 million as of 5/28/09 ¾ Enterprise Value ~$66 MM (fully diluted) • 26 2 MM shares outstanding . • 32.7 MM shares fully diluted ¾ Ownership Profile (fully diluted including unvested awards): • Employees 20% • Institutions ~38% ¾ Oil & Gas Reserves at July 1, 2008: • SEC Proved = 4.0 MMBOE (increased 133% during FY08) • Probable = 3.1 MMBOE (Giddings Field) + 12.6 MMBOE (Delhi CO2-EOR) + 17,600 net acres in OK shallow Woodford Shale 5 EPM Investment Highlights ¾ Consistent annual growth in reserves & revenues ¾ Strong balance sheet with no debt and no near term funding needs - ¾ 2009 catalysts: 9 2 Giddings PUD’s averaged gross 450 BOEPD each during first 8 days 9 Completion of Denbury’s Delta CO2 pipeline to Delhi project ‰ Initiation of CO2 injection at Delhi 9 Commencement of drilling in OK gas shale project ‰ Commencement of drilling in Neptune S Tx project P d i f CO i j i D lhi ‰ ro uct on response rom 2 n ect on at e 0.15 Proved BOE (1P) 0.60 Probable BOE (2P) 1 Share (outstanding) 0.75 BOE (1P+2P), plus Gas Shale resource + S Tx oil potential + Working capital owns 6 EPM Liquidity 3/31/09 (unaudited) Selected Assets Working Capital $7,503,457 Properties & Equipment, net 28,655,188 Other Assets (primarily long term CD) 356,399 Total Assets $37,980,788 Long Term Liabilities & Equity Long Term Debt $0 Other Liabilities (primarily deferred income tax) 4,471,156 Total Long Term Liabilities 4,471,156 Equity $32,043,888 7 EPM Reserves Growth by Fiscal Year 14 10 12 4 6 8 Proved Giddings Pb Delhi Pb 0 2 • Does not include shale gas resource in Oklahoma Woodford project • FYE 06 proved reserves decreased by farm-out to Denbury 2004 2005 2006 2007 2008 8 EPM Revenues Growth by Fiscal Year • Revenues in thousands • 2007 revenues decreased by farm-out to Denbury occurring at FYE 2006 9 Initiatives to Re-develop Resources I. Enhanced oil recovery (EOR) via gas floods Delhi Field CO2 project II. Conventional redevelopment through application of horizontal drilling and other modern technology Giddings Field Neptune – small, moderately heavy oil development project in Texas that may be expandable to other fields III. Unconventional gas development Woodford gas shale – targeting substantial low cost reserve potential 10 2009 Capital Budget ¾ Focused on increasing our value per share and maintaining liquidity ‰ Converting resources into proved reserves – OK shale gas & S TX oil (Neptune) 9 Limited leasing of additional expected PUDs in Giddings 9 Giddings re-entry drilling of 2 wells to maintain revenues and operating cash flows 9 Giddings development to be limited until drilling costs drop further and/or commodity prices improve to optimize our asset value ¾ Neptune project in S Texas targets moderately heavy oil reservoir 9 Leased ~1500 net acres that we expect will add proved undeveloped reserves, subject to oil price ‰ Limited vertical drilling in shallow Woodford leases to convert a portion of proved & probable “resources” into reserves 9 Strategic & opportunistic repurchase of common shares (completed) 9 Program funded from current working capital + operations 11 Initiative I: EOR - Delhi Field CO2 Project Jackson Dome Delhi Production to date 190 MMBO Tinsley Original oil in place est. 350-400 MMBO (“OOIP”) Average depth ~3,300’ Size 13,636 acres Formations Tuscaloosa & Paluxy Reserves Basis Tinsley analog, ample subsurface control, pilot projects in same field, committed proved CO2 reserves, pipeline completed & tested, & available funding for balance of project 12 Initiative I: EOR - Delhi Field History $ $80 $100 $120 $140 160 ce midyear Farmout to DNR $- $20 $40 $60 WIT Oil Pric Discovery Unitization & CO2 pilots EPM 1940 1950 1960 1970 1980 1990 2000 2010 2020 pressure maintenance via water injection Unit sold acquires Most drilling completed 13 Delhi Field Development by EPM & DNR ~2014 – Est. deemed payout achieved based on $60 oil - 25% WI reverts to EPM 2009 – DNR spending $77MM; CO2 injection projected ~mid 09 & production response expected by early 2010; ORRI CF grows 2007 – DNR investment exceeds $70 million including right-of- 2008 – DNR spending $80+MM in 2008 – EPM earning revenues from ORRI 2006 – Sold farm-out to Denbury for $50MM + 25% BI-APO + commitment to fund and install CO2 flood. Acquired 7.4% of way, CO2 pipe acquisition and construction and field work 2003 Purchased the working interest in the Delhi Field for $2 8 million 2004 – Increased production to level of ~145 boepd through expenditures of ~ $2.5 million royalty interests for $1.5 million – . 14 (calendar year) EOR Expands EPM’s Reserve Base ¾ Denbury’s EOR project could recover about 11% - 17% of original oil in place (OOIP) at Delhi Field (1) ‰ Recovery of ~11% - 17% equates to net reserves to EPM of 9 – 14.5 MMBOE ƒ 25% reversionary working interest and separate 7.4% royalty interest ƒ Reversion based on fixed amount of revenues less operating expense, not actual amount of capital expenditures ‰ Recovery expected to be on high end of estimate range – Denbury reports higher recoveries in other projects in region ¾ Recovery range implies PV-10 value of approximately $4.75 - $8 per fully diluted share, based on $60/bbl oil (2) ¾ Initial oil price ranging between $40-$80/bbl implies PV-10 value of $4-$10 per fully diluted share, assuming 15% recovery (1) See slide # 27 in appendix for table of effect of different recoveries on Delhi volumes (2) See slide # 28 in appendix for stock price sensitivity to Delhi recovery & oil prices 15 Impact of Delhi Production Potential Annual Revenues from Delhi per fully diluted share Potential Peak Rate Potential Initial Rate Gross Field Production = 1,000 BOPD 2,000 BOPD 5,000 BOPD 8,000 BOPD 10,000 BOPD 7 4% Overriding < Payout ~Occurs > . Royalty & Mineral Interest – before & after Payout $0.05 $0.10 $0.25 $0.40 $0.50 25% R i evers onary Working Interest after Payout $0.67 $1.07 $1.34 Pro Forma Annual Revenues Per Share $0.05 $0.10 $0.92 $1.47 $1.84 Based on NYMEX price of $60 per barrel of oil before any escalation. ORRI bears only pro rata excise taxes and no operating costs. Reversionary interest bears pro rata excise taxes and direct operating costs 16 . Initiative II: Conventional Redevelopment ¾ Acquire and develop known resources where l ti d t h l we app y our exper se an ec no ogy. ¾ Naturally fractured Austin Chalk, Georgetown & Buda formations in the Giddings Field in Central Texas (~1.25 billion BOE field historical production). ¾ The EPM team has extensive expertise in Neptune area field, and has drilled 8 wells on our leases in field to date and added 2 other producers. ¾ EPM has leased 1500 net acres in S Texas in Houston Austin new, moderately heavy oil project (Neptune) – first drilling later in 2009. Project targets infill drilling and application of already tested completion technology. Giddings Field 17 Initiative II: Giddings Field 9 Located in central Texas ƒ 100% WI, ~80% NRI in 9 producers Giddings Reserves NPV10 ƒ ~18,000 net acres leased 9 14 re-entry locations (~134 MBOE ave.) 11 grassroot locations (~296 MBOE ave) (reserve estimates are gross 1P + 2P) $3.50 $4.00 $4.50 $5.00 Share Proved Probable* 2P ¾ Wells typically produce at high initial rates (~150 BOEPD for re-entry well, ~340 BOEPD for grassroots well) followed by steep initial declines then stabilize $1 00 $1.50 $2.00 $2.50 $3.00 Fully Diluted S , ¾ Expect half of estimated reserves produce in first ~two years ¾ Reserves estimated 1/4th oil 1/3rd ngl and $- $0.50 . $- $10 $20 $30 $40 $50 $60 $70 $/BOE * $/F * $/BOE reflects mix of crude oil, NGL & gas products ~ , balance as natural gas, subject to ngl price. 9 Two re-entries drilled in Giddings Field in FY 2009 yielded average 8 day rate of 450 BOEPD 18 Giddings Field – Infill Development Lease boundary - mandatory distance lease boundary between vertical wellbore and lease boundary plug Austin Ch lk Naturally occuring fractures bearing oil and gas Existing horizontal wellbore penetrating multiple fractures that contain oil and gas New horizontal wellbore penetrating undrained fractures a 19 Initiative III: Unconventional Gas ¾ Focus on developing gas shale reserves in OK at shallow depths ƒ Utilize lower cost drilling – shallow depth yields low rig and frac day rates ƒ Expect low drilling & completion costs, < ~$0.75 - $1.33 per mcf ƒ Target 200-300 MMCF per shallow vertical well & 1-2 BCF in mid-depth horizontal well ¾ 100% WI in ~17,600 net acres in eastern OK ƒ Split between (A) 1500’ and (B) 4000’-5000’ depths in the Woodford Shale ƒ Lease terms generally extend ~5 years from lease date ƒ At 20 acre spacing, shallow project A could generate up to 465 vertical locations ƒ At 80 acre spacing, deeper project B could generate up to 100 horizontal locations ƒ Potential for further downspacing to twice the well density S b i l ddi i l i i ll b i bl h h f d li ¾ u stant a a t ona acreage s typ ca y o ta na e t roug orce poo ng 9 First well in shallow project in Wagoner County underway 20 EPM Woodford Shale Projects in Oklahoma Woodford Completions ¾ Up to 100 vertical and horizontal Woodford completions offsetting EPM Acreage Tulsa EPM acreage by three other operators ¾ Potential for conventional development Main W df d Oklahoma oo or Trend 21 EPM Net Production Potential Business Plan Current cash resources & operations fund Giddings Field and initial OK development for near term revenues; generated net cash flows, including Delhi, fund full development of OK gas shale, South Texas and other projects Pdn OK & STx EPM WC D lhi e Giddings Volumes are representative and not to scale 22 EPM Operational Summary ¾ Proven record in creating and implementing development projects ¾ Experienced management team with successful team record ¾ CO2 injection about to begin at Delhi EOR project ¾ Flexible drilling program focused on converting reserves to Proved status; Two Giddings PUDs drilled and put on production, initial drilling in OK gas shale begun, and S Texas oil project first drilling pending ¾ Asset Portfolio (includes 2009 drilling to date) • 4 MMBOE proved reserves in 9 producing wells & 25 locations • 3.1 MMBOE probable reserves in 10 locations • 12.6 MMBO probable reserves in EOR-CO2 project with Denbury • 565+ drilling locations in shale gas resource projects • Leasing completed in S Texas shallow oil project 23 EPM Financial Summary ¾ Strong balance sheet and excellent liquidity (at 3/31/09) 9 Retain substantial working capital 9 No debt and no need to raise capital for FY09 capital expenditures 9 No material near term expiring leases 9 Ability to manage capital expenditure plan as necessary ¾ 2009 catalysts: 9 Drilling results from 2 Giddings PUD’s 9 Completion of Denbury’s Delta CO2 pipeline to Delhi project ‰ Initiation of CO2 injection at Delhi 9 C f d illi i OK h l j ommencement o r ng n gas s a e pro ect to prove reserves ‰ Commencement of drilling in S Texas project to prove reserves ‰ Production response from CO2 injection at Delhi 24 (NYSE Alt: EPM) Company Contact: St li M D ld VP & CFO IR Contact: Li Elli tt / l lli tt@d er ng c ona , (713) 935-0122 smcdonald@evolutionpetroleum.com sa o e o rg-e.com Jack Lascar / jlascar@drg-e.com DRG&E / 713-529-6600 25 Exhibits Effect of different recoveries on Delhi volumes Delhi sensitivity to recovery & oil price Management team Board of Directors 26 Effect of Different Recoveries on Delhi Volumes Recovery of Swept OOIP: 11.2% 15.0% 17.0% EPM Estimated Net Probable Reserves in Delhi CO2-EOR Project (at $60 oil, escalated 3% pa) Gross bbls produced 40,000,000 53,400,000 60,350,000 EPM royalty (7.4% RI) 2,960,000 3,951,600 4,465,900 Mineral & other royalties 5 040 000 6 728 400 7 604 100 , , , , , , Total Royalties (20% of RI) 8,000,000 10,680,000 12,070,000 100% WI reserves (80% of RI) 32,000,000 42,720,000 48,280,000 WI bbls to reach PO 8,000,000 8,000,000 8,000,000 WI bbls - remaining after PO 24,000,000 34,720,000 40,280,000 EPM 25% WI after PO 6,000,000 8,680,000 10,070,000 EPM 7.4% Royalty (from above) 2,960,000 3,951,600 4,465,900 Total Net EPM bbls at Delhi 8,960,000 12,631,600 14,535,900 RI = revenue interest = share of gross production WI = working interest = cost-bearing interest, earns gross production less royalties PO = deemed payout = $200 MM of 100% WI revenues less field operating expense Royalty = revenue interest bearing no capital or operating costs 27 Swept OOIP = original oil in place in portion of reservoir swept by CO2 Delhi Sensitivity to Recovery & Oil Price PV-10 as at 1/09 of EPM’s Delhi CO2 - EOR (2P reserves)* Project Gross Recovery, % OOIP at $60 oil (3% pa escalation) Initial NYMEX Oil Price Per Bbl At 15% Recovery (3% pa escalation) Swept OOIP $/bbl 15% 20% $100 5% 10% $50 0% $- $2 $4 $6 $8 $10 $12 NPV10 per diluted share $- $- $4 $8 $12 NPV-10 per fully diluted share * Internal estimate - does not include any other assets or projects of EPM 28 Our Management Team Robert Herlin, CEO & Chairman $ ™ Co-founded EPM in 2003 and built company using 8.3 million of equity capital ™ 26 years of leadership experience in M&A, development, operations and finance in public and private sectors ™ $800 million in transactions completed ™ Originated and led horizontal drilling team in early years of horizontal drilling adoption ™ B.S. and M.E. in chemical engineering (Rice University) and MBA (Harvard) S C O terling McDonald, F ™ CFO since 2003 ™ Former CFO for PetroAmerican Services, PetroStar Energy and Treasurer for Reading & Bates Corporation ™ Responsible for raising ~$4 billion in capital ™ B.S. and MBA (University of Tulsa) 29 Our Management Team Daryl Mazzanti, VP-Operations ™ Joined team in mid-2005; 21 years of experience in oil & gas industry ™ Former Manager of US Business Development for Anadarko ™ Former Production Manager, Austin Chalk for Anadarko/UPRC responsible for 1200 wells, staff of 65 and 25,000 BOEPD of production ™ Responsible for numerous innovations in horizontal drilling, completions and tifi i l lift ar c a ™ B.S. in Petroleum Engineering (University of Oklahoma) Edward Schell, General Manager for Drilling and Unconventional Development ™ Joined team in late 2006; 25 years of experience in oil and gas industry ™ Various management positions in drilling, operations and business development at Anadarko Petroleum ™ Particular expertise in horizontal drilling and tight gas reservoirs ™ Drilled ~800 wells, 200 being horizontal and 2/3rds being in unconventional reservoirs ™ B S in Petroleum Engineering (University of Texas) . . 30 Our Board of Directors Robert Herlin, CEO, Chairman & Co-founder Laird Cagan, Director & Co-founder M i Di t C M Af C it l P t anag ng rec or – agan c ee ap a ar ners Formerly with Goldman Sachs and Drexel Burnham Lambert E.J. DiPaolo, Director Energy Partner with Growth Capital Partners, L.P. G S f G Former Halliburton roup enior Vice President o lobal Business Development Gene Stoever, Director Retired Partner with KPMG Peat Marwick Former SEC Reviewing Partner for KPMG CPA in the State of Texas and member of the AICPA Bill Dozier, Director Former SVP-Business Development for Vintage Petroleum Former SVP-Operations for Vintage Petroleum Formerly in operations for Santa Fe Minerals and Amoco Kelly W. Loyd, Director Director with JVL Advisors, LLC, a private energy investment company Formerly Associate with RBC Capital markets Formerly Founder of L.A.B. sports and Entertainment and Managing Partner of Tigre Leasing, LLP 31