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MARCH 2026 | NYSE AMERICAN: EPM INVESTOR PRESENTATION EVOLUTION PETROLEUM CORPORATION
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Evolution Petroleum (NYSE American: EPM) 2 This presentation is for information purposes only and does not constitute an offer to sell or issue, or the solicitation of an offer to buy, acquire or subscribe for any shares in the Company in any jurisdiction. FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements.” Forward-looking statements are based on current expectations and include any statement that is not a current or historical fact. Such statements include those relating to drilling locations and potential drilling activities; potential acquisitions; potential proved, probable and possible reserves; expected future operating or financial results; cash flow and anticipated liquidity; business strategy; future dividend policies and other matters. These forward-looking statements may generally, but not always, be identified by words such as “may”, “expected”, “estimated”, “projected”, “potential”, “anticipated”, “forecasted” or other words indicating future events or outcomes. Although we believe the expectations and forecasts reflected in forward-looking statements are reasonable, we can give no assurance they will prove to be correct. These statements are based on current plans and assumptions and are subject to a number of risks and uncertainties as further outlined in the “Risk Factors” found in our Forms 10-K and 10-Q. Therefore, actual results may differ materially from the expectations, estimates or assumptions expressed in or implied by any forward-looking statement, and we caution readers not to place undue reliance on forward looking statements, which speak only as of the date of this presentation. We undertake no obligation to update forward looking statements to reflect events or circumstances occurring after the date of this presentation. INDUSTRY & MARKETING DATA Although all information and opinions expressed in this presentation, including market data and other statistical information (including estimates and projections relating to addressable markets), were obtained from sources believed to be reliable and are included in good faith, EPM has not independently verified the information and makes no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on the good faith estimates of EPM, which are derived from its review of internal sources as well as the independent sources described above. This presentation contains preliminary information only, is subject to change at any time and, is not, and should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with EPM. While EPM is not aware of any misstatements regarding the industry and market data presented in this presentation, such data involve risks and uncertainties and are subject to change based on various factors, including those factors discussed under “Forward Looking Statements” above. EPM has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by law. NON-GAAP DISCLOSURES Certain financial information utilized by the Company are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”). Adjusted EBITDA is a non-GAAP financial measure that are used as supplemental financial measures by our management and 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. We use these measures to assess our ability to incur and service debt, and fund capital expenditures. Our Adjusted EBITDA should not be considered as 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 EBITDA may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA in the same manner. CAUTIONARY NOTE REGARDING OIL & NATURAL GAS RESERVES Current SEC rules regarding oil and natural gas reserves information allow oil and natural gas companies to disclose in filings with the SEC not only proved reserves, but also probable and possible reserves that meet the SEC’s definitions of such terms. We disclose only proved reserves in our filings with the SEC but do disclose probable and possible reserves in this presentation. Our proved reserves as of June 30, 2025, denominated in thousands of barrels of oil equivalent (“MBOE”), were estimated by our independent reservoir engineers, Cawley, Gillespie and Associates, Inc. (“CG&A”) and DeGolyer and MacNaughton (“D&M”), both worldwide petroleum consultants. Disclaimers
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Evolution Petroleum (EPM) Overview WHO WE ARE Evolution Petroleum (NYSE American: EPM) 3 10+ Year Dividend History {$143.1 }Million Dividends Returned to Shareholders {10.5}% 2 Current Dividend Yield (Annualized FQ3’26) {$}4.54 4 Capital Per Share Returned to Shareholders Since December 2013 We bring both an organic and inorganic growth strategy via a demonstrated history of highly accretive acquisitions and through participation in low-risk development drilling. Catalysts for Growth Enterprise Value: ${211.4} MM1 Dividend Yield: {10.5}%2 Revenue FQ2'26: ${20.7} MM Adj. EBITDA FQ2'26: $8.0 MM3 Consistent Return of Capital to Shareholders EPM is an independent energy company focused on maximizing returns to shareholders through the ownership of onshore oil and natural gas properties, utilizing a non- operated business model. What We Do Our Footprint Delhi Field (LA) Hamilton Dome Field (WY) Barnett Shale (North TX) Williston Basin (ND) Jonah Field (WY) Chaveroo Field (NM) SCOOP/STACK (OK) TexMex (LA, OK, TX) 1) Calculated using market cap as of {3/6/26}, shares outstanding as of 2/11/26 and net debt as of {12/31/25}. 2) Dividend yieldcalculatedby annualizingthemost recentlydeclaredquarterlydistributiondividedby thestockprice on {3/6/26}. 3) Adjusted EBITDA is a non-GAAP financial measure; refer to slide 23 for the reconciliation to the respective GAAP measure. 4) Capital per share returned includes dividends plus share buybacks.
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Evolution Petroleum (NYSE American: EPM) 4 • Efficient team of ~10 people primarily engaged in management tasks • No field operations staff needed; field work performed by operating partners • Large-scale operators concentrated in each area, providing more efficient cost structure Non-Operated Business Model Simple Structure • Lower-risk investment vehicle in the energy industry • Own working interests and royalty interests providing a proportionate share of net cash flow received from operator of the assets • Target properties that provide the ability to influence capital decisions and monitor expenses Lean Operations Leverage G&A • Substantial free cash flow generation • Lower G&A costs than an operator since many functional areas are not required • Ability to integrate new assets quickly without material incremental costs Scalable • Ability to add new assets without drastically changing staff or operating procedures • Geographic diversification easier to achieve as scale is not required in any given asset
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Evolution Petroleum (NYSE American: EPM) 5 ACCRETIVE ACQUISITIONS HAVE SIGNIFCANTLY EXPANDED OUR NETWORK Evolution’s Footprint Asset locations WY ND NM OK TX LA Hamilton Dome ~1,400 Net Acres (Acquired Nov‘19) Jonah Field ~950 Net Acres (Acquired Apr'22) Chaveroo Oilfield ~2,300 Net Acres (Entered into Sep‘23) Williston Basin ~41,300 Net Acres (Acquired Jan'22) Delhi ~3,200 Net Acres (Legacy) TexMex ~11,200 Net Acres (Acquired Apr‘25) Barnett Shale ~21,000 Net Acres (Acquired May‘21) SCOOP/STACK ~4,200 Net Acres ~5,500 Net Royalty Acres (Acquired Feb'24/Acquired Aug'25) Recent Minerals Acq. ~321 Net Royalty Acres (Acquired Dec‘25/Jan'26)
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As of fiscal quarter-ended {12/31/25} and fiscal year-ended {6/30/25}. FY'25 charts exclude SCOOP/STACK minerals acquisition (closed FQ1'26). 1) BOE with a natural gas conversion ratio of 6:1; NGL ratio of 1:1. 2) FY 2025 reserves prepared by CG&A and D&M as of 6/30/25 at SEC prices of $71.20/bbl of oil, $2.87 /MMBtu of natural gas, and $25.24 /bbl of NGLs. Evolution Petroleum (NYSE American: EPM) 6 28% 55% 17% Oil Nat Gas NGLs 7,380 BOE/d FQ2'26 Revenue 52% 36% 12% Oil Nat Gas NGLs FY‘25 Proved Reserves1,2 45% 38% 17% Oil Nat Gas NGLs 27.1 MMBOE FQ2'26 Average Daily Production 1 11% 14% 12% 12%9% 22% 7% 13% TexMex SCOOP/STACK Chaveroo Field Jonah Field Williston Basin Barnett Shale Hamilton Dome Field Delhi Field FY’25 Proved Reserves by Asset 1,2 27.1 MMBOE Diversified & Balanced Portfolio of Assets {$20.7} MM
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Business & Portfolio Investment Strategy Evolution Petroleum (NYSE American: EPM) 7 Our core pillars to maximizing shareholder return Accretive & cyclically opportunistic acquisitions Asset based growth Organic growth via new drills, workovers & recompletes Return capital to shareholders Sustainable dividends Opportunistic share buybacks Minimize debt & shareholder dilution Maintain strong balance sheet Targeting minimal net leverage moving forward
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Disciplined & Opportunistic Asset Based Growth Evolution Petroleum (NYSE American: EPM) 8 Strategy illustration: reinvesting cash flow to support dividends Future drilling program Cash flow from operations Base production Future acquisition Future acquisition Base dividend Time Focused on finding the best incremental IRR for our portfolio thatcomplements existing assets Long-life reserves with value dominated by cash flow producing wells – limits future capital requirements Highly accretive to cash flow & supportive of dividend strategy Reasonable market access locations with a favorable macro environment Supportive of continued diversification (operator, geography, commodity, & reserves category) Includes unvalued and undervalued drilling upside Efficient operations that are economic at a range of commodity prices
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$- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 Acquisition Cash Outflow Cumulative Operating Cashflow FYE'26 + Future cashflow potential from prior acquisitions’ production (PDP) and upside from undeveloped locations across EPM’s portfolio of assets Barnett Shale Hamilton Dome Williston Basin Jonah Field SCOOP/STACK TexMex SCOOP/STACK Minerals Recent Royalties Acq. Proven Track Record of Value-Driven Producing Acquisitions DISCIPLINED GROWTH WITH INCREMENTAL IRR: COMPLEMENTING AND ENHANCING PORTFOLIO ASSETS Source: Company data. Note: Historical cashflows and acquisitions exclude Delhi (occurred prior to 2019) and Chaveroo (considered a development project/transaction vs an acquisition). 1) Internal Rate of Return (IRR) and Multiple of Invested Cashflow (MOIC) based on historical cashflows and 6/30/25 reserve report run at flat prices of $70 crude oil and $3.75 natural gas. 9Evolution Petroleum (NYSE American: EPM) Acquisition Program Currently Delivering ~98% IRR and ~1.8x MOIC1
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Business & Portfolio Investment Strategy Evolution Petroleum (NYSE American: EPM) 10 Our core pillars to maximizing shareholder return Accretive & cyclically opportunistic acquisitions Asset based growth Organic growth via new drills, workovers & recompletes Return capital to shareholders Sustainable dividends Opportunistic share buybacks Minimize debt & shareholder dilution Maintain strong balance sheet Targeting minimal net leverage moving forward
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12+ Year History of Issuing Dividends Evolution Petroleum (NYSE American: EPM) 11 CONSISTENTLY RETURNING CAPITAL TO SHAREHOLDERS THROUGH COMMODITY CYCLES Source: Company Data, FactSet Data & Analytics. Note: Dividend Yield calculated by annualizing the quarterly distribution amount divided by the closing stock price on the respective dividend payment date. March 2026 dividendyieldcalculatedby annualizing themost recentlydeclaredquarterlydistributiondivided by the stockprice on {3/6/26}. $0.12 $0.12 $0.12 $0.12 $0.12 $0.12 $0.12 $0.12 $0.12 $0.12 $0.12 $0.12 $0.12 $0.12 $0.12 $0.10 $0.10 $0.08 $0.08 $0.05 $0.03 $0.03 $0.03 $0.03 $0.10 $0.10 $0.10 $0.10 $0.10 $0.10 $0.10 $0.10 $0.10 $0.08 $0.08 $0.07 $0.07 $0.07 $0.05 $0.05 $0.05 $0.05 $0.05 $0.05 $0.05 $0.10 $0.10 $0.10 $0.10 $0.10 10.4% 13.6% 10.0%10.2% 9.3%9.2%9.0%9.1% 7.8%8.3% 7.0% 5.9% 7.6% 6.4% 6.9%7.3% 5.9%5.9% 5.3% 4.0% 3.6%3.5% 4.5% 3.6% 15.3% 7.3% 6.8% 5.6%5.9%5.9% 3.6%4.1% 5.0% 4.4%4.2% 3.5%3.5% 2.6% 3.2% 3.7% 4.1%4.2% 3.6% 3.0%3.4% 5.4% 4.4% 3.7% 3.2%3.2% Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Dec-23 Sep-23 Jun-23 Mar-23 Dec-22 Sep-22 Jun-22 Mar-22 Dec-21 Sep-21 Jun-21 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Dec-19 Sep-19 Jun-19 Mar-19 Dec-18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Jun-17 Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Common Stock Dividends ($) Annualized Dividend Yield (%) $0 $20 $40 $60 $80 $100 $120 WTI
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Business & Portfolio Investment Strategy Evolution Petroleum (NYSE American: EPM) 12 Our core pillars to maximizing shareholder return Accretive & cyclically opportunistic acquisitions Asset based growth Organic growth via new drills, workovers & recompletes Return capital to shareholders Sustainable dividends Opportunistic share buybacks Minimize debt & shareholder dilution Maintain strong balance sheet Targeting minimal net leverage moving forward
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2,042 2,025 2,034 2,430 5,953 7,104 6,790 7,074 7,380 33.1 33.2 33.0 33.5 33.5 33.2 33.3 34.3 35.0 0.0x 0.0x 0.0x 0.0x 0.2x 0.0x 1.1x 1.2x 1.6x FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26 Daily Production (BOEPD) Shares Outstanding (MM) Net Debt/ Adjusted EBITDA Consistently Minimizing Debt & Equity Dilution Despite Material Growth EVOLUTION’S GROWTH STORY Evolution Petroleum (NYSE American: EPM) 13 1 2,3 Note: See Non-GAAP disclosures on slide 2 and Non-GAAP Adjusted EBITDA Reconciliation table on slide 23. 1) BOE with natural gas conversion ratio of 6:1; NGL ratio of 1:1. 2) Net Debt is borrowings outstanding on our Senior Secured Credit Facility less cash on hand. 3) TTM Adj. EBITDA as of fiscal quarter ended {12/31/25}. (4) Daily Barrels have increased >3.5x since 2019 via accretive acquisitions
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14Evolution Petroleum (NYSE American: EPM)1) Free cash flow is cash from operations less development capital expenditures. 2) As of most recently declared quarterly distribution for FQ3'26. Key Takeaways Financial Flexibility to Maximize Total Shareholder Return • Dividends • Share buybacks • Drilling • Acquisitions/Mergers • Debt Repayment Primed for Continued Execution • Ample available liquidity with cash on hand and unused borrowing base • Preferred non-op buyer with proven ability to close • Attractive inventory of drilling locations in the Williston, SCOOP/STACK and Chaveroo add organic growth Driving and Returning Long-Term Shareholder Value • Quarterly dividend: $0.12 per share(2) • Track record of returning capital across cycles High Quality Assets Provide Years of Dividend Coverage • Long-life, low decline, 15+ year reserve life • Positive free cash flow throughout commodity cycle(1)
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Contact Information Evolution Petroleum (NYSE American: EPM) 15 Thank you for your interest in Evolution Petroleum Corporation; NYSE American: EPM 713.935.0122ir@evolutionpetroleum.com 1155 Dairy Ashford Rd, Suite 425 Houston, TX 77079 www.evolutionpetroleum.com
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Evolution Petroleum (NYSE American: EPM) 16 APPENDIX
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Source: EIA; company data. • As power plants are competing for fuel sources, natural gas prices have significant potential to grow • Natural gas currently provides more annual share of US electricity generation than any other source • Rapid expansion of data centers, EV/Crypto, Industrial demand and Coal retirements expected to add ~10-15 Bcf/d of NG demand • Coming U.S. LNG exports on track to add an incremental 12-15 Bcf/d of NG demand • 20-30 Bcf/d of incremental NG demand by 2030, ~23% increase (current US production base ~110 Bcf/d) 150 200 250 300 350 400 450 500 550 15 20 25 30 35 40 45 50 55 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Base High Load Growth (GW) Natural Gas Demand (Bcf/d) Data Center Coal Retirement EV/Crypto Industrial Load 2030E Projections Evolution Petroleum (NYSE American: EPM) 17 Material U.S. LNG Power Demand and Load Growth Material natural gas power demand gains without load growth Data centers/AI, continued coal-to-gas switching and electric vehicles driving significant demand & load growth U.S. LNG Export Build Out Bcf/d 0 5 10 15 20 25 30 35 2016 2017 2018 2019 2020 2022 2022 2025 2027 2028 2029 2030 Wave 1 LNG Buildout complete Wave 2 LNG Buildout Underway Market Trends: Growing Demand in both the U.S. and Abroad Natural Gas Bull Case Driven by Incremental Demand
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Source: EIA; Baker Hughes Permian Basin Rig Count.; Snapper Creek Energy. Evolution Petroleum (NYSE American: EPM) 18 Monthly U.S. Tight Oil Production by Formation Permian DUCs vs Well Completions Market Trends: Oil Demand and Growth Oil Bull Case Driven by Persistent Incremental Demand and Dwindling DUCs Permian Oil Rig Count 2021 2023 2025 255 302 250 0 1 2 3 4 5 6 7 8 9 10 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Mbbls/d Rest of U.S. L48 Woodford Mississippian Austin Chalk Niobrara-Codell Eagle Ford Bakken Permian • Lower 48 domestic crude oil production has grown from < 5mm bopd to > 13mm bopd since 2009 • Permian Basin accounts for ~ 6 M bopd of the ~ 8 M bopd increase • This has been done with a declining rig count by using Drilled Uncompleted (“DUC”) inventory • With Permian DUC inventory waning and demand increasing by ~ 1.5 M bopd/yr, where will the next 5 years of incremental supply come from? • We expect only pricing >$70/bbl will drive enough new drilling to meet incremental demand Avg. WTI Price 2021 2023 2025 68.33 77.58 65.00
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Company Leadership Evolution Petroleum (NYSE American: EPM) 19 Kelly Beatty Chief Accounting Officer Halcon Resources | Petrohawk Energy Corporation | QuarterNorth Energy Mark Bunch Chief Operating Officer Alamo Resources III, LLC | Davis Petroleum | Mecom Oil, LLC Ryan Stash Senior Vice President & Chief Financial Officer Harvest Oil & Gas | Wells Fargo Securities | Ernst & Young Kelly Loyd President & Chief Executive Officer Petralis Energy Partners, LLC | JVL Advisors, LLC | RBC CM | Jefferies Management Team Kelly Loyd Director Petralis Energy Partners, LLC | JVL Advisors, LLC | RBC CM | Jefferies Edward DiPaolo Director Halliburton | Duff & Phelps Myra Bierria Director Southern Company | Brobeck, Phleger & Harrison LLP Marjorie Hargrave Director Hallador Energy | Enservco | High Sierra Energy | Merrill Lynch Robert Herlin Chairman of the Board of Directors Co-founder of Evolution Petroleum William Dozier Director Vintage Petroleum | Santa Fe Minerals | Amoco Board of Directors
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Highlights of Recent Royalties Acquisitions Evolution Petroleum (NYSE American: EPM) 20 13 gross producing wells, 24 gross wells in progress, & 20 gross drilling locations, all providing ~3 years of projected drilling inventory Adds ~2.1 BCF of net proved reserves at current strip pricing 1 ~321 Net Royalty Acres Provides ownership in high margin, long-life assets without any lifting costs typically associated with working interest ownership or associated future capital expenditures Expected to pay back in under three years and enhance both near-and long-term cash flow, dividend coverage, and portfolio diversification 1) Strip pricing as of 1/14/26. Strategic proximity to LA's Gulf Coast LNG export terminals providing mineral owners with access to global energy markets and gas prices
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Company Overview Evolution Petroleum (NYSE American: EPM) 21 Shares Outstanding {35.0} MM Share Price {$4.59} 52 Week Range {$3.19 - $4.59} Market Cap ${160.7} MM Annual Common Dividend1 {$0.48}/share Net Debt (FQE {12/31/25}) $50.7 MM Average Production (FQE 12/31/25) 7,380 BOEPD Revenue (FQE 12/31/25) ${20.7} MM Adj. EBITDA (FQE {12/31/25})2 $8.0 MM Source: Company data; FactSet Data & Analytics as of {3/6/26} unless otherwise noted. 1) Annualized based upon the most recently declared quarterly distribution ({$0.12}). 2) Adj. EBITDA is a non-GAAP financial measure; refer to slide 23 for the reconciliation to its respective GAAP measure.
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22Evolution Petroleum (NYSE American: EPM)Note: Fiscal year end is June 30. 1) Adjusted EBITDA is a non-GAAP financial measure; refer to slide 23 for the reconciliation to its respective GAAP measure. $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 FY2021 FY2022 FY2023 FY2024 FY2025 $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 FY2021 FY2022 FY2023 FY2024 FY2025 Total Revenue ($000s) Adjusted EBITDA1 ($000s) Financial Highlights
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Adjusted EBITDAis a non-GAAP financialmeasurethat is used as a supplementalfinancial measureby our management and by externalusersof our financial statements,such as investors,commercial banks,and others,to assessour 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 this measureto assessour ability to incur and servicedebt and fund capital expenditures. Our Adjusted EBITDAshould 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 presentedin accordancewith U.S. GAAP. Our Adjusted EBITDAmay not be comparable to similarlytitled measuresof another company becauseall companies may not calculateAdjusted EBITDAin the samemanner. 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. Adjusted EBITDA Reconciliation NON-GAAP RECONCILIATIONS Evolution Petroleum (NYSE American: EPM) 23 Fiscal Year Ended June 30, Adjusted EBITDA Calculation 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Net Income (Loss) $ 19,618 $ 15,377 $ 5,937 $ (16,438) $ 32,628 $ 35,217 $ 4,080 $ 1,473 $ 1,889 + Fixed Charges [Interest Expense] 111 117 111 91 572 458 1,459 2,970 1,920 + Income Tax Expense (Benefit) (3,432) 3,482 (2,181) (4,984) 8,513 10,072 1,417 396 1,202 + DD&A 6,012 6,253 5,761 5,167 8,053 14,273 20,062 21,993 11,880 + Stock-Based Compensation [Noncash] 1,367 888 1,286 1,258 125 1,639 2,137 2,482 1,150 + Other Amortization and Accretion 90 - 25 10 - - - - - + Provision for Impairment [Noncash] - - - 24,938 - - - - - - Unrealized (Gain) Loss on Derivatives - - 1,911 (1,911) 1,994 (1,994) 893 492 (2,746) + Severance - - - - 325 74 - - - - Other Non-Cash Income - - - - 562 345 - - - +/- Other Transaction Costs - - - (12) - - - - - Adjusted EBITDA $ 23,766 $ 26,117 $ 12,850 $ 8,119 $ 52,772 $ 60,084 $ 30,048 $ 29,806 $ 15,295 (1) 1) Fiscal 2026 year-to-date as of quarter-ended {12/31/25}.
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Evolution Petroleum (NYSE American: EPM) 24 FY 2025 Reserve Summary Reserve Category Oil (MBbls) Natural Gas (MMcf) NGLs (MBbls) Total Proved Reserves (MBOE) Proved Developed Producing 8,349 57,149 4,311 22,185 Proved Developed Non-Producing 378 757 5 509 Proved Undeveloped 3,401 3,599 412 4,413 Total Proved Reserves 12,128 61,505 4,728 27,107 Reserve Category Oil (MBbls) Natural Gas (MMcf) NGLs (MBbls) Total Proved Reserves (MBOE) TexMex 1,925 6,429 — 2,997 SCOOP/STACK 1,268 11,498 716 3,900 Chaveroo Field 2,889 841 179 3,208 Jonah Field 167 16,915 228 3,214 Williston Basin 1,841 1,120 275 2,303 Barnett Shale 74 24,702 1,903 6,094 Hamilton Dome Field 1,831 — — 1,831 Delhi Field 2,133 — 1,427 3,560 Total Proved Reserves 12,128 61,505 4,728 27,107 Total Proved Reserves by Asset1Total Reserves by Commodity1 1) As of fiscal-year ended {6/30/25}; excludes recent SCOOP/STACK minerals acquisition (closed FQ1'26). FYE 2025 reserves prepared by CG&A and D&M at SEC prices of $71.20/bbl of crude oil, and $2.87/MMBTU for natural gas, and $25.24/bbl for NGLs.