EVOLUTION PETROLEUM Business Summary

Evolution Petroleum Corporation (EPM) is an independent energy company that generates revenue through the sale of crude oil, natural gas, and natural gas liquids (NGLs) produced from its diversified portfolio of non-operated working interests. The company’s business model is centered on a capital-efficient, "non-operator" strategy, where it acquires interests in mature, long-life producing assets without the high overhead of direct field operations. As of early 2026, its primary business segments include core assets in the Delhi Field (Louisiana), Hamilton Dome (Wyoming), Barnett Shale (Texas), and the Williston Basin, alongside recent high-growth expansions into the SCOOP/STACK plays of Oklahoma and the Haynesville Shale. EPM competes in the small-cap E&P space against firms like Riley Exploration Permian (REPX), Ring Energy (REI), and Granite Ridge Resources (GRNT), distinguishing itself by maintaining a low-risk, high-yield profile that prioritizes consistent quarterly dividends over aggressive exploratory drilling. The company was co-founded by Robert S. Herlin, who continues to serve as Chairman of the Board, providing strategic continuity since its inception in 2003. The current executive leadership team is led by President and CEO Kelly W. Loyd, an industry veteran with over 20 years of experience in energy investment banking and buy-side asset management. Supporting him are Ryan Stash, Senior Vice President and CFO, who previously held senior roles at Harvest Oil & Gas and Wells Fargo Securities, and Mark Bunch, Chief Operating Officer, who brings over 40 years of operational expertise to the firm. The leadership is complemented by a board of directors featuring notable figures such as Marjorie A. Hargrave and William E. Dozier, whose backgrounds in energy finance and reservoir engineering support EPM’s disciplined approach to capital allocation and accretive asset acquisitions.