Evolution Petroleum Q4 profit hits $4.6 million

Evolution Petroleum Corporation (EPM) reported stronger fiscal Q4 2026 results, with revenue up 15% year over year to $24.2 million and a rebound to net income of $4.6 million ($0.13 per diluted share) from a Q3 loss of $8.9 million.

Rhea-AI Filing Summary

Evolution Petroleum Corporation (EPM) reported stronger fiscal Q4 2026 results, with revenue up 15% year over year to $24.2 million and a rebound to net income of $4.6 million ($0.13 per diluted share) from a Q3 loss of $8.9 million. Average realized prices rose 20% to $38.55 per BOE, offsetting a 4% decline in production to 6,901 BOEPD. Q4 Adjusted EBITDA was $6.5 million, up 110% sequentially but down 24% from the prior-year quarter, largely due to weaker derivative results.

For the year ended June 30, 2026, total revenues were $86.3 million, with net cash provided by operating activities of $23.5 million. Proved reserves were estimated at 27.2 million BOE, led by Barnett Shale at 6.7 million BOE and SCOOP/STACK at 5.0 million BOE. On August 20, 2026, Evolution completed a $16.0 million Permian mineral and royalty acquisition covering 3,420 net royalty acres and 832 producing wells, funded with equity proceeds and $3.2 million of additional credit facility borrowings; the borrowing base was temporarily increased to $73.0 million.

The board declared a $0.12 per share cash dividend for fiscal Q1 2027, payable September 30, 2026, marking the 52nd consecutive quarterly dividend and 17th consecutive at this rate. Since 2013, Evolution has returned approximately $151.7 million ($4.53 per share) in dividends. At June 30, 2026, the company held $6.1 million in cash, $56.5 million of credit facility debt, and total liquidity of $13.9 million, rising to about $19 million pro forma for the Permian acquisition and equity offering.

Positive

• Q4 2026 revenue rose 15% year over year to $24.2 million, driven primarily by a 20% increase in average realized prices per BOE.
• Net income rebounded to $4.6 million in Q4 from an $8.9 million loss in Q3, with diluted EPS improving from $(0.26) to $0.13.
• Adjusted EBITDA doubled sequentially to $6.5 million in Q4, reflecting improved pricing and the roll-off of temporary negative items from Q3.
• $16.0 million Permian mineral and royalty acquisition adds 3,420 net royalty acres, 832 producing wells, and about 1,257 identified upside locations with no development capital required to Evolution.
• Proved reserves total 27.2 million BOE as of June 30, 2026, providing a sizable long-life resource base across multiple U.S. basins.
• $0.12 per share dividend for fiscal Q1 2027 marks the 52nd consecutive quarterly dividend and 17th at this rate, with total dividends returned reaching $151.7 million.

Negative

• Adjusted EBITDA declined 24% year over year in Q4, from $8.6 million to $6.5 million, mainly due to less favorable derivative contract results.
• Adjusted net income swung to a Q4 loss of $0.6 million from adjusted net income of $1.1 million in the prior-year quarter.
• Average daily production fell 4% year over year in Q4 2026, from 7,198 BOEPD to 6,901 BOEPD, as prior-year flush volumes declined.
• Operating cash flow for fiscal 2026 decreased to $23.5 million from $33.1 million in fiscal 2025, a drop of roughly 29%.
• Debt under the Senior Secured Credit Facility increased to $56.5 million from $37.5 million year over year, while stockholders’ equity declined to $60.4 million from $71.8 million.

Filing Explained

The August offering added 4.3 million common shares, increasing the share base and creating dilution for existing holders.

The filing reports that the Permian mineral and royalty acquisition was completed on August 20, 2026, with $12.8 million of funding from a concurrent offering of 4.3 million common shares; the offering therefore increased the company’s share base.

Issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes, making this offering a dilution mechanism for existing common holders.

The company reported 35,949,843 shares outstanding at June 30, 2026, while its post-acquisition and offering pro forma figure was 40.2 million shares.

The borrowing base was temporarily increased from $65.0 million to $73.0 million from August 20, 2026 through October 20, 2026, unless redetermined earlier; this is additional borrowing capacity, not a disclosure that the full increase was borrowed.

8-K Event Classification

3 items: 2.02, 8.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Q4 2026 Revenue: $24.2 million Q4 2026 Net Income: $4.6 million Q4 2026 Adjusted EBITDA: $6.5 million +5 more

8 metrics

Q4 2026 Revenue $24.2 million Three months ended June 30, 2026; up 15% vs Q4 2025

Q4 2026 Net Income $4.6 million Three months ended June 30, 2026, vs $3.4 million in Q4 2025

Q4 2026 Adjusted EBITDA $6.5 million Three months ended June 30, 2026; 110% higher than Q3 2026, 24% lower than Q4 2025

Average Daily Production Q4 2026 6,901 BOEPD Down from 7,198 BOEPD in Q4 2025, a 4% decline

Proved Reserves 27,217 MBOE Total proved reserves as of June 30, 2026

Permian M&R Acquisition Price $16.0 million Mineral and royalty interests acquired August 20, 2026 in the Midland Basin

Senior Secured Credit Facility Debt $56.5 million Outstanding borrowings as of June 30, 2026

Quarterly Dividend $0.12 per share Fiscal Q1 2027 dividend payable September 30, 2026

Key Terms

Adjusted EBITDA, proved reserves, Senior Secured Credit Facility, two-way collar, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA More Than Doubles Sequentially to $6.5 Million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

proved reserves financial

"Our proved reserves as of June 30, 2026, were estimated"

Proved reserves are the quantities of oil or natural gas that geological and engineering data show with high confidence can be extracted under current economic and operating conditions. For investors, they act like a verified inventory: larger proved reserves usually support future production, revenue and borrowing capacity, while declines can signal falling asset value or the need for investment to replace supply.

Senior Secured Credit Facility financial

"borrowings under its Senior Secured Credit Facility were $56.5 million"

A senior secured credit facility is a loan or revolving line of credit where lenders have first legal claim on specific company assets (collateral) and the debt ranks above other obligations for repayment. For investors it signals where a lender sits in the repayment pecking order and how much protection creditors have if the company struggles, affecting credit costs, the company’s ability to borrow more, and potential recoveries in a default — like a mortgage taking priority over other claims on a house.

two-way collar financial

"Crude Oil Two-Way Collar 121,892"

Barnett Shale technical

"The prior-year period included a $1.9 million credit from the operator of one of our Barnett Shale properties"

Earnings Snapshot

Q4 Revenue: $24.2 million

Fiscal fourth quarter and year ended June 30, 2026

Q4 Revenue $24.2 million up 15% vs Q4 2025

Q4 Net Income $4.6 million vs $3.4 million in Q4 2025 and $(8.9) million in Q3 2026

Q4 Adjusted EBITDA $6.5 million down 24% vs Q4 2025; up 110% vs Q3 2026

Average Daily Production 6,901 BOEPD down 4% vs 7,198 BOEPD in Q4 2025

Full-Year Revenue $86.3 million vs $85.8 million in fiscal 2025

Operating Cash Flow $23.5 million down from $33.1 million in fiscal 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Evolution Petroleum (EPM) perform financially in Q4 2026?

Evolution reported Q4 2026 revenue of $24.2 million, up 15% year over year, and net income of $4.6 million ($0.13 per diluted share), compared with $3.4 million ($0.10 per share) a year earlier. Adjusted EBITDA was $6.5 million, down 24% year over year but up 110% sequentially.

What dividend did Evolution Petroleum (EPM) declare for fiscal Q1 2027?

The board declared a $0.12 per share cash dividend for fiscal Q1 2027, payable September 30, 2026, to stockholders of record on September 21, 2026. This is the 52nd consecutive quarterly dividend and 17th consecutive at this rate.

What acquisition did Evolution Petroleum (EPM) complete in August 2026?

On August 20, 2026, Evolution completed a $16.0 million acquisition of mineral and royalty interests in the Midland Basin, covering 3,420 net royalty acres, 832 producing wells, and about 1,257 upside locations. It was funded with equity offering proceeds and $3.2 million of additional credit facility borrowings.

What are Evolution Petroleum’s (EPM) proved reserves as of June 30, 2026?

As of June 30, 2026, Evolution’s total proved reserves were 27,217 MBOE, including 10,625 MBbls of oil, 74,192 MMcf of natural gas, and 4,227 MBbls of NGLs. Key contributors include the Barnett Shale with 6,705 MBOE and SCOOP/STACK with 4,950 MBOE.

What is Evolution Petroleum’s (EPM) liquidity and debt position after the Permian acquisition?

At June 30, 2026, Evolution had $6.1 million in cash, $56.5 million outstanding under its Senior Secured Credit Facility, and total liquidity of $13.9 million. Pro forma for the Permian acquisition, equity offering, and temporary borrowing base increase, liquidity was about $19 million.

How much has Evolution Petroleum (EPM) returned to shareholders in dividends?

Through the declared fiscal Q1 2027 dividend, Evolution has returned approximately $151.7 million, or $4.53 per share, to stockholders in common stock dividends since December 31, 2013.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/15/2026 - 04:44 PM Accepted by SEC EDGAR 09/15/2026 - 04:44 PM Learn about SEC filing dates

0001006655false00010066552026-09-102026-09-10

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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 10, 2026

Evolution Petroleum Corporation

(Exact name of registrant as specified in its charter)

001-32942

(Commission File Number)

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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)

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(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	​ ​	Trading Symbol(s)	​ ​	Name of Each Exchange On Which Registered
Common Stock, $0.001 par value	​	EPM	​	NYSE American

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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    ☐

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 2.02Results of Operations and Financial Condition.

On September 15, 2026, Evolution Petroleum Corporation (the “Company”) issued a press release reporting its financial and operating results for the fiscal year and quarter ended June 30, 2026. A copy of the press release, dated September 15, 2026, 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 8.01Other Events.

On September 10, 2026, the Company approved the declaration of a $0.12 per common share dividend for the first quarter of 2027 to shareholders of record on September 21, 2026 and payable on September 30, 2026.

Item 9.01Financial Statements and Exhibits.

(d)   Exhibits

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Exhibit No.	Description
99.1	Evolution Petroleum Corporation Press Release regarding its financial and operating results, dated September 15, 2026
99.2	Evolution Petroleum Corporation Press Release announcing the fiscal first quarter 2027 dividend, dated September 10, 2026.
104	Cover Page Interactive Data File (embedded within the Inline XBRL)

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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)
​	​
Date: September 15, 2026	By:	/s/ RYAN STASH
	Name:		Ryan Stash
	Title:		Senior Vice President and Chief Financial Officer

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EXHIBIT 99.1

Evolution Petroleum Reports Fiscal Fourth Quarter and Full Year Fiscal 2026 Results

– Fiscal Q4 Net Income Rebounds from Q3 to $4.6 Million –

– Adjusted EBITDA More Than Doubles Sequentially to $6.5 Million –

HOUSTON, TX — September 15, 2026 (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, 2026. On September 10, 2026, Evolution also declared its 17^th consecutive $0.12 cash dividend per common share, payable on September 30, 2026, marking its 52^nd consecutive quarterly cash dividend payment.

Financial & Operational Highlights

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
($ in thousands)	​	Q4 2026		​	Q4 2025		​	Q3 2026		​	% Change Q4/Q4		​	% Change Q4/Q3
Average BOEPD	​	​	6,901	​	​	7,198	​	​	6,700	​	(4)	%	​	3	%
Revenues	​	$	24,208	​	$	21,108	​	$	20,168	​	15	%	​	20	%
Net Income (Loss) (1)	​	$	4,614	​	$	3,412	​	$	(8,932)	​	35	%	​	NM	​
Adjusted Net Income (Loss)(2)	​	$	(587)	​	$	1,129	​	$	(2,941)	​	NM	​	​	(80)	%
Adjusted EBITDA(3)	​	$	6,522	​	$	8,572	​	$	3,107	​	(24)	%	​	110	%

(1) "NM" means "Not Meaningful."

(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.

(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.

● Fiscal Q4 production was 6,901 average barrels of oil equivalent per day ("BOEPD"), up 3% quarter-over-quarter, with oil accounting for 68% of revenue, natural gas accounting for 18%, and natural gas liquids ("NGLs") accounting for 14% of revenue during the quarter.

● Fiscal year 2026 production was 7,077 BOEPD, above 7,074 BOEPD in fiscal 2025.

● Higher realized oil and NGL prices, together with increased production, drove a 20% increase in revenue to $24.2 million from fiscal Q3 to Q4.

● Adjusted EBITDA more than doubled sequentially to $6.5 million from $3.1 million, while LOE per BOE improved approximately 5% to $20.35 from $21.49.

● Returned $4.3 million to shareholders in the form of cash dividends during fiscal Q4 and $16.9 million for fiscal year 2026.

● Ended the current year with total proved reserves of 27.2 MMBOE, compared with 27.1 MMBOE at June 30, 2025, replacing more than 100% of fiscal 2026 production of 2.6 MMBOE.

Permian/Midland Basin Mineral and Royalty Acquisition

Subsequent to quarter-end, on August 20, 2026, Evolution completed the acquisition of mineral and royalty interests (“M&R”) in the core Midland Basin ("Permian Minerals") for approximately $16.0 million. The acquired assets include approximately 3,420 net royalty acres across Reagan, Upton, Glasscock, Midland, and Martin Counties, Texas, and included 832 producing wells, 7 completed wells, 34 drilled but uncompleted wells ("DUCs"), 27 permitted wells, and approximately 1,257 upside locations increasing our exposure to high-

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margin current production and future operator-led activity, with no development capital required net to Evolution. The acquisition was funded with $12.8 million of net proceeds from the Company’s concurrent public offering of 4.3 million common shares and $3.2 million of borrowings under its Senior Secured Credit Facility.

Management Comments

Kelly Loyd, President and Chief Executive Officer, commented: “Fiscal 2026 was another important year for Evolution as we broadened the portfolio with strategic acquisitions, maintained $0.48 per share in dividends, and increased proved reserves over and above the roughly 2.6 MMBOE we produced during the year. Underpinning our shareholder return strategy is the durability and continued renewal of our asset base. During the year, acquisitions and drilling activity from our non-operated and royalty assets added fresh sources of production and cash flow alongside our mature, long-life properties. Just as important, we finished the year with momentum. Many of the temporary items that weighed on fiscal Q3 rolled off as expected, and fiscal Q4 revenues rose 20% and Adjusted EBITDA more than doubled quarter over quarter.

"Continuing with the year-end momentum, we begin fiscal 2027 on a high note. We added another highly accretive acquisition, with the purchase of our Permian Minerals position, adding over 1,000 near- and long-term undeveloped drilling locations. This, combined with new operations at our recently added Louisiana minerals and royalty positions and ongoing activity across our existing portfolio of non-op working and mineral and royalty interests, fiscal 2027 is poised to benefit from fresh production adds from multiple, complementary sources.

“We continue to build Evolution into a more robust energy company with long-life producing properties and significant upside development from both our non-operated working interest assets and our recently added minerals and royalty positions. We now have meaningful mineral and royalty interests with a significant number of cost-free future drilling locations as well as attractive non-operated development locations in four of the top five most active basins in the U.S., by rig count (Permian, SCOOP/STACK, Williston, and Haynesville). This strategy of adding mineral and royalty interests creates more ways to add value and provides greater flexibility for capital allocation. We believe this combination presents a stronger model for Evolution and one we intend to keep advancing that will support our dividend and compound value for shareholders over time.”

Fiscal Fourth Quarter 2026 Financial Results

Total revenues increased 15% to $24.2 million compared to $21.1 million in the year-ago quarter. The change was driven primarily by a 20% increase in average realized equivalent prices, partially offset by a 4% decrease in average daily production.

Lease operating costs (“LOE”) increased to $12.8 million compared to $11.4 million in the year-ago quarter. The prior-year period included a $1.9 million credit from the operator of one of our Barnett Shale properties due to a joint venture audit. On a per-unit basis, as adjusted for the prior-year credit, LOE was $20.35 per BOE compared to $20.25 per BOE in the year-ago quarter.

Depletion, depreciation, and accretion expense was $5.6 million compared to $5.8 million in the year-ago period. On a per-BOE basis, the Company’s current quarter depletion rate was $8.29 per BOE, compared to $8.27 per BOE in the year-ago period.

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General and administrative (“G&A”) expenses (excluding stock-based compensation) decreased to $1.8 million compared to $2.0 million in the year-ago quarter. On a per-BOE basis, G&A (excluding stock-based compensation) was $2.80 compared to $2.99 in the year-ago period.

The Company reported net income of $4.6 million, or $0.13 per diluted share, compared to $3.4 million, or $0.10 per diluted share, in the year-ago period. Higher revenues are primarily driven by increased realized pricing. Excluding the impact of selected items, which include net gains (losses) on the unrealized portion of hedges, the Company reported an adjusted net loss of $0.6 million, compared to adjusted net income of $1.1 million in the year-ago period.⁽¹⁾

Adjusted EBITDA was $6.5 million compared to $8.6 million in the year-ago quarter. The decrease was primarily due to realized losses on derivative contracts in the current-year period compared to realized gains on derivative contracts in the prior-year period.⁽²⁾

Production & Pricing

​	​	​	​	​	​	​	​	​	​
Average price per unit:		Q4 2026		​	Q4 2025		​	% Change Y/Y
Crude oil (BBL)	​	$	90.74	​	$	60.82	​	49	%
Natural gas (MCF)	​	​	2.13	​	​	2.76	​	(23)	%
Natural Gas Liquids (BBL)	​	​	32.49	​	​	25.50	​	27	%
Equivalent (BOE)	​	​	38.55	​	​	32.23	​	20	%

Total production for the fourth quarter of fiscal 2026 decreased to 6,901 net BOEPD compared to 7,198 net BOEPD in the year-ago period. Total production for the fourth quarter of fiscal 2026 included approximately 2,000 barrels per day (“BOPD”) of crude oil, 3,791 BOEPD of natural gas, and 1,110 BOEPD of NGLs. Fiscal 2025 fourth quarter benefited from flush production from new wells brought online during that quarter. The year-over-year change in production largely reflects these wells following their expected declines over fiscal 2026. Fiscal 2026 did benefit from higher production from SCOOP/STACK, driven by the August 2025 Minerals Acquisition and new-well activity, along with a contribution from M&R interests acquired in the Haynesville and Bossier shale in Louisiana.

The Company’s average realized commodity price (excluding the impact of derivative contracts) increased 20% to $38.55 per BOE in fiscal Q4, compared to $32.23 per BOE in the year-ago period.

Operations Update

At SCOOP/STACK, Evolution continued to benefit from its combination of working interests and M&R interests. Production remained strong while operating costs improved, reflecting the growing contribution from the minerals and royalty portfolio. Fiscal Q4 production averaged 1,275 BOEPD, up about 14% from the prior-year quarter, while LOE declined to $10.33 per BOE from $11.05 in the prior-year quarter. Third-party operators remain active around the Company’s acreage, providing continued development visibility, with ten gross working-interest wells brought online in fiscal 2026, and approximately ten already expected to be brought online in fiscal 2027 so far. During the year, across our combined SCOOP/STACK portfolio (working interests and M&R interests), our operators brought online 31 gross wells. As of July 31^st, we have an interest in 725

(1) Adjusted net income (loss) 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.

(2) 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.

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gross producing wells, 36 gross wells that have either been identified as Proved Undeveloped ("PUDs") or are already in various stages of drilling and completion, and over 360 additional gross locations.

In Louisiana, operator activity across the Haynesville and Bossier positions continues to progress, with wells moving through various stages of development and into production. As of July 31^st, the portfolio included approximately 90 producing gross wells, 16 wells in various stages of drilling or completion, 35 pre-permitted wells, and over 60 additional identified gross locations.

Operating performance at our TexMex assets in Louisiana, Texas and New Mexico continued to improve during the fiscal fourth quarter as workover and optimization activity progressed. The operator continues to identify opportunities to restore and enhance production from the existing well base, and the Company expects the TexMex assets to be an important contributor to the overall cash flow as those efforts continue.

At Chaveroo, production increased meaningfully during fiscal 2026, benefiting from a full year of production from the wells brought online during the fourth quarter of fiscal 2025. Average production increased to approximately 260 BOEPD from 175 BOEPD in fiscal 2025. The Company has secured six drilling permits and is in discussions with its partner regarding the timing of future drilling.

Across the Company’s legacy assets, the focus remains on maintaining base production, improving operating reliability, and pursuing selective drilling and workover opportunities. Operational issues that affected several properties earlier in fiscal 2026 improved as the year progressed.

Balance Sheet, Liquidity, and Capital Spending

On June 30, 2026, the Company had cash and cash equivalents of $6.1 million, outstanding borrowings of $56.5 million, and $0.8 million in letters of credit outstanding under its Senior Secured Credit Facility, and a weighted average interest rate of 6.69%. Availability under the facility was $7.7 million, bringing total liquidity to $13.9 million. In the fourth quarter of fiscal 2026, Evolution paid $4.3 million in common stock dividends, $1.7 million for minerals acquisitions, and incurred $1.5 million in capital expenditures. These cash outlays were partially offset by cash received of $3.1 million from its SCOOP/STACK non-core, non-producing mineral acreage divestiture. Evolution also received net proceeds of $1.0 million, net of $0.1 million of offering costs paid, from the sale of shares of common stock under its At-The-Market equity sales agreement. The Company had total net cash provided by operating activities of $6.8 million for the quarter.

On August 20, 2026, Evolution entered into a letter agreement with MidFirst Bank pursuant to which the borrowing base on the Company’s Senior Secured Credit Facility was temporarily increased from $65.0 million to $73.0 million from August 20, 2026 until October 20, 2026, unless redetermined earlier in accordance with the credit agreement. Pro forma for the Permian Minerals acquisition, after taking into account the common stock offering in August 2026, additional net borrowings of $3.2 million under our Senior Secured Credit Facility, and the temporary increase in the Company’s revolving borrowing base, Evolution had 40.2 million shares of common stock outstanding and total liquidity of approximately $19 million.

Cash Dividend on Common Stock

On September 10, 2026, Evolution's Board of Directors declared a cash dividend of $0.12 per share of common stock, payable on September 30, 2026, to common stockholders of record on September 21, 2026. This will be the 52^nd consecutive quarterly cash dividend on the Company's common stock since December 31, 2013. To

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date, Evolution has returned approximately $151.7 million, or $4.53 per share, back to stockholders in common stock dividends.

Conference Call

As previously announced, Evolution Petroleum will host a conference call on Wednesday, September 16, 2026, at 10:00 a.m. CT to review its fiscal fourth quarter 2026 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=ai980iXu 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 15, 2027, via the provided webcast link 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 working and royalty interests 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 "anticipate," "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.

Contact

Investor Relations

(713) 935-0122

ir@evolutionpetroleum.com

​

​

5

Evolution Petroleum Corporation

Proved Reserves as of June 30, 2026

​

Our proved reserves as of June 30, 2026, 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, 2026.

​	​	​	​	​	​	​	​	​
​	​	Oil	​	Natural Gas	​	NGLs	​	Total Proved Reserves
Reserve Category	​ ​ ​	(MBbls)	​ ​ ​	(MMcf)	​ ​ ​	(MBbls)	​ ​ ​	(MBOE)
Proved Developed Producing	​	7,049	​	67,400	​	3,750	​	22,032
Proved Non-Producing	​	301	​	259	​	5	​	349
Proved Undeveloped	​	3,275	​	6,533	​	472	​	4,836
Total Proved	​	10,625	​	74,192	​	4,227	​	27,217

​

​	​	​	​	​	​	​	​	​
​	​	Oil	​	Natural Gas	​	NGLs	​	Total Proved Reserves
Asset	​ ​ ​	(MBbls)	​ ​ ​	(MMcf)	​ ​ ​	(MBbls)	​ ​ ​	(MBOE)
SCOOP/STACK	​	1,325	​	15,080	​	1,112	​	4,950
Chaveroo Field	​	2,714	​	877	​	187	​	3,047
Jonah Field	​	181	​	18,484	​	238	​	3,500
Williston Basin	​	1,674	​	1,337	​	332	​	2,229
Barnett Shale	​	73	​	29,366	​	1,738	​	6,705
Hamilton Dome Field	​	1,684	​	—	​	—	​	1,684
Delhi Field	​	1,658	​	—	​	620	​	2,278
TexMex and Other	​	1,316	​	9,048	​	—	​	2,824
Total Proved	​	10,625	​	74,192	​	4,227	​	27,217

​

​

​

​

​

6

Evolution Petroleum Corporation

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Years Ended

​

​

June 30,

​

March 31,

​

June 30,

​

2026

​

2025

​ ​ ​

2026

​

2026

​

2025

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Crude oil

​

$

16,514

​

$

12,833

​

$

10,474

​

$

50,556

​

$

51,102

Natural gas

​

​

4,413

​

​

5,648

​

​

7,284

​

​

25,038

​

​

23,516

Natural gas liquids

​

​

3,281

​

​

2,627

​

​

2,410

​

​

10,749

​

​

11,222

Total revenues

​

​

24,208

​

​

21,108

​

​

20,168

​

​

86,343

​

​

85,840

Operating costs

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Lease operating costs

​

​

12,782

​

​

11,367

​

​

12,959

​

​

50,338

​

​

49,338

Depletion, depreciation, and accretion

​

​

5,606

​

​

5,821

​

​

5,294

​

​

22,780

​

​

21,993

General and administrative expenses

​

​

2,355

​

​

2,580

​

​

2,473

​

​

9,745

​

​

10,334

Total operating costs

​

​

20,743

​

​

19,768

​

​

20,726

​

​

82,863

​

​

81,665

Income (loss) from operations

​

​

3,465

​

​

1,340

​

​

(558)

​

​

3,480

​

​

4,175

Other income (expense)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net gain (loss) on derivative contracts

​

​

2,603

​

​

3,696

​

​

(9,869)

​

​

(2,850)

​

​

473

Interest and other income

​

​

26

​

​

27

​

​

24

​

​

72

​

​

191

Interest expense

​

​

(969)

​

​

(678)

​

​

(960)

​

​

(3,849)

​

​

(2,970)

Income (loss) before income taxes

​

​

5,125

​

​

4,385

​

​

(11,363)

​

​

(3,147)

​

​

1,869

Income tax (expense) benefit

​

​

(511)

​

​

(973)

​

​

2,431

​

​

718

​

​

(396)

Net income (loss)

​

$

4,614

​

$

3,412

​

$

(8,932)

​

$

(2,429)

​

$

1,473

Net income (loss) per common share:

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

0.13

​

$

0.10

​

$

(0.26)

​

$

(0.08)

​

$

0.03

Diluted

​

$

0.13

​

$

0.10

​

$

(0.26)

​

$

(0.08)

​

$

0.03

Weighted average number of common shares outstanding:

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

​

35,070

​

​

33,553

​

​

34,315

​

​

34,251

​

​

33,158

Diluted

​

​

35,262

​

​

33,723

​

​

34,315

​

​

34,251

​

​

33,323

​

​

​

​

7

Evolution Petroleum Corporation

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and per share amounts)

​	​	​	​	​	​	​
​	​ ​ ​	June 30, 2026		​ ​ ​	June 30, 2025
Assets	​	​		​	​
Current assets	​	​		​	​
Cash and cash equivalents	​	$	6,137	​	$	2,507
Receivables from crude oil, natural gas, and natural gas liquids revenues	​	​	10,089	​	​	10,804
Derivative contract assets	​	​	2,094	​	​	1,777
Prepaid expenses and other current assets	​	​	2,199	​	​	2,287
Total current assets	​	​	20,519	​	​	17,375
Property and equipment, net of depletion, depreciation, and impairment	​	​		​	​
Oil and natural gas properties, net — full-cost method of accounting, of which none were excluded from amortization	​	​	146,967	​	​	142,248
​	​	​	​	​	​	​
Other noncurrent assets	​	​	​	​	​	​
Derivative contract assets	​	​	478	​	​	198
Other assets, net	​	​	734	​	​	431
Total assets	​	$	168,698	​	$	160,252
Liabilities and Stockholders' Equity	​	​		​	​
Current liabilities	​	​		​	​
Accounts payable	​	$	13,817	​	$	12,901
Accrued liabilities and other	​	​	5,674	​	​	6,909
Derivative contract liabilities	​	​	2,865	​	​	1,577
Total current liabilities	​	​	22,356	​	​	21,387
Long term liabilities	​	​		​	​
Senior secured credit facility	​	​	56,500	​	​	37,500
Deferred income taxes	​	​	5,271	​	​	6,234
Asset retirement obligations	​	​	23,626	​	​	21,535
Derivative contract liabilities	​	​	190	​	​	1,783
Operating lease liability	​	​	351	​	​	—
Total liabilities	​	​	108,294	​	​	88,439
Commitments and contingencies	​	​	​	​	​	​
Stockholders' equity	​	​		​	​
Common stock; par value $0.001; 100,000,000 shares authorized: issued and	​	​	​	​	​	​
outstanding 35,949,843 and 34,337,188 shares as of June 30, 2026	​	​	​	​	​	​
and 2025, respectively	​	​	36	​	​	34
Additional paid-in capital	​	​	54,611	​	​	46,650
Retained earnings	​	​	5,757	​	​	25,129
Total stockholders' equity	​	​	60,404	​	​	71,813
Total liabilities and stockholders' equity	​	$	168,698	​	$	160,252

​

​

​

8

Evolution Petroleum Corporation

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Years Ended

​

June 30,

​

March 31,

​

June 30,

​

​

2026

​

2025

​ ​ ​

2026

​

2026

​

2025

Cash flows from operating activities:

​

​

​

​

​

​

​

​

​

​

​

Net income (loss)

​

$

4,614

​

$

3,412

​

$

(8,932)

​

$

(2,429)

​

$

1,473

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depletion, depreciation, and accretion

​

​

5,606

​

​

5,821

​

​

5,294

​

​

22,780

​

​

21,993

Stock-based compensation

​

​

599

​

​

622

​

​

595

​

​

2,344

​

​

2,482

Settlement of asset retirement obligations

​

​

(15)

​

​

(39)

​

​

(51)

​

​

(246)

​

​

(385)

Deferred income taxes

​

​

1,442

​

​

1,662

​

​

(1,106)

​

​

(963)

​

​

(468)

Unrealized (gain) loss on derivative contracts

​

​

(5,777)

​

​

(2,934)

​

​

7,621

​

​

(902)

​

​

492

Accrued settlements on derivative contracts

​

​

(47)

​

​

(137)

​

​

688

​

​

631

​

​

(251)

Amortization of debt issuance costs

​

​

39

​

​

—

​

​

39

​

​

156

​

​

—

Other

​

​

25

​

​

(1)

​

​

7

​

​

24

​

​

(8)

Changes in operating assets and liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Receivables from crude oil, natural gas, and natural gas liquids revenues

​

​

(403)

​

​

109

​

​

74

​

​

1,180

​

​

75

Prepaid expenses and other current assets

​

​

(214)

​

​

1,525

​

​

(1,120)

​

​

25

​

​

2,925

Accounts payable and accrued liabilities and other

​

​

1,355

​

​

416

​

​

1,227

​

​

918

​

​

4,798

State and federal taxes payable

​

​

(425)

​

​

—

​

​

(847)

​

​

—

​

​

(74)

Net cash provided by operating activities

​

​

6,799

​

​

10,456

​

​

3,489

​

​

23,518

​

​

33,052

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Acquisitions of oil and natural gas properties

​

​

(1,680)

​

​

(6,868)

​

​

(4,662)

​

​

(22,988)

​

​

(9,019)

Proceeds from the sale of unproved oil and natural gas properties

​

​

3,093

​

​

—

​

​

—

​

​

3,093

​

​

—

Capital expenditures for oil and natural gas properties

​

​

(1,360)

​

​

(4,721)

​

​

(1,263)

​

​

(7,280)

​

​

(12,623)

Net cash used in investing activities

​

​

53

​

​

(11,589)

​

​

(5,925)

​

​

(27,175)

​

​

(21,642)

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Common stock dividends paid

​

​

(4,330)

​

​

(4,123)

​

​

(4,261)

​

​

(16,943)

​

​

(16,347)

Common stock repurchases, including stock surrendered for tax withholding

​

​

—

​

​

(180)

​

​

(43)

​

​

(225)

​

​

(442)

Borrowings under senior secured credit facility

​

​

—

​

​

2,000

​

​

2,000

​

​

22,000

​

​

2,000

Repayments of senior secured credit facility

​

​

—

​

​

—

​

​

—

​

​

(3,000)

​

​

(4,000)

Debt issuance costs

​

​

—

​

​

(90)

​

​

—

​

​

(379)

​

​

(90)

Issuance of common stock

​

​

1,126

​

​

436

​

​

3,672

​

​

6,070

​

​

3,840

Offering costs

​

​

(127)

​

​

(4)

​

​

(78)

​

​

(236)

​

​

(310)

Net cash provided by (used in) financing activities

​

​

(3,331)

​

​

(1,961)

​

​

1,290

​

​

7,287

​

​

(15,349)

Net increase (decrease) in cash and cash equivalents

​

​

3,521

​

​

(3,094)

​

​

(1,146)

​

​

3,630

​

​

(3,939)

Cash and cash equivalents, beginning of period

​

​

2,616

​

​

5,601

​

​

3,762

​

​

2,507

​

​

6,446

Cash and cash equivalents, end of period

​

$

6,137

​

$

2,507

​

$

2,616

​

$

6,137

​

$

2,507

​

​

​

9

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

​

Years Ended

​

​

June 30,

​

March 31,

​

June 30,

​

2026

​

2025

​ ​ ​

2026

​

2026

​

2025

Net income (loss)

​

$

4,614

​

$

3,412

​

$

(8,932)

​

$

(2,429)

​

$

1,473

Adjusted by:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

​

969

​

​

678

​

​

960

​

​

3,849

​

​

2,970

Income tax expense (benefit)

​

​

511

​

​

973

​

​

(2,431)

​

​

(718)

​

​

396

Depletion, depreciation, and accretion

​

​

5,606

​

​

5,821

​

​

5,294

​

​

22,780

​

​

21,993

Stock-based compensation

​

​

599

​

​

622

​

​

595

​

​

2,344

​

​

2,482

Unrealized loss (gain) on derivative contracts

​

​

(5,777)

​

​

(2,934)

​

​

7,621

​

​

(902)

​

​

492

Adjusted EBITDA

​

$

6,522

​

$

8,572

​

$

3,107

​

$

24,924

​

$

29,806

​

​

​

10

Evolution Petroleum Corporation

Non-GAAP Reconciliation – Adjusted Net Income (Unaudited)

(In thousands, except per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Years Ended

​

June 30,

​

March 31,

​

June 30,

​

​

2026

​

2025

​ ​ ​

2026

​

2026

​

2025

As Reported:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income (loss), as reported

​

$

4,614

​

$

3,412

​

$

(8,932)

​

$

(2,429)

​

$

1,473

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Impact of Selected Items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unrealized loss (gain) on commodity contracts

​

​

(5,777)

​

​

(2,934)

​

​

7,621

​

​

(902)

​

​

492

Selected items, before income taxes

​

$

(5,777)

​

$

(2,934)

​

$

7,621

​

$

(902)

​

$

492

Income tax effect of selected items(1)

​

​

(576)

​

​

(651)

​

​

1,630

​

​

(206)

​

​

104

Selected items, net of tax

​

$

(5,201)

​

$

(2,283)

​

$

5,991

​

$

(696)

​

$

388

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As Adjusted:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income (loss), excluding selected items(2)

​

$

(587)

​

$

1,129

​

$

(2,941)

​

$

(3,125)

​

$

1,861

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Undistributed earnings allocated to unvested restricted stock

​

​

(103)

​

​

(93)

​

​

(105)

​

​

(393)

​

​

(367)

Net income (loss), excluding selected items for earnings per share calculation

​

$

(690)

​

$

1,036

​

$

(3,046)

​

$

(3,518)

​

$

1,494

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income (loss) per common share — Basic, as reported

​

$

0.13

​

$

0.10

​

$

(0.26)

​

$

(0.08)

​

$

0.03

Impact of selected items

​

​

(0.15)

​

​

(0.07)

​

​

0.17

​

​

(0.02)

​

​

0.02

Net income (loss) per common share — Basic, excluding selected items(2)

​

$

(0.02)

​

$

0.03

​

$

(0.09)

​

$

(0.10)

​

$

0.05

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income (loss) per common share — Diluted, as reported

​

$

0.13

​

$

0.10

​

$

(0.26)

​

$

(0.08)

​

$

0.03

Impact of selected items

​

​

(0.15)

​

​

(0.07)

​

​

0.17

​

​

(0.02)

​

​

0.01

Net income (loss) per common share — Diluted, excluding selected items(2)(3)

​

$

(0.02)

​

$

0.03

​

$

(0.09)

​

$

(0.10)

​

$

0.04

(1) The tax impact for the three months ended June 30, 2026 and 2025, is represented using estimated tax rates of 10.0% and 22.2%, respectively. The tax impact for the three months ended March 31, 2026, is represented using estimated tax rates of 21.4%. The tax impact for the years ended June 30, 2026 and 2025, is represented using estimated tax rates of 22.8% and 21.2%, respectively.  

(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.

(3) The impact of selected items for the three months ended June 30, 2026 and 2025, were each calculated based upon weighted average diluted shares of 35.1 million and 33.7 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended March 31, 2026, was calculated based upon weighted average diluted shares of 34.3 million due to the net income (loss), excluding selected items. The impact of selected items for the years ended June 30, 2026 and 2025, were each calculated based upon weighted average diluted shares of 34.3 million and 33.3 million, respectively, due to the net income (loss), excluding selected items.

11

​

Evolution Petroleum Corporation

Supplemental Information on Oil and Natural Gas Operations (Unaudited)

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Years Ended

​

​

June 30,

​

March 31,

​

June 30,

​

2026

​

2025

​ ​ ​

2026

​

2026

​

2025

Revenues:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Crude oil

​

$

16,514

​

$

12,833

​

$

10,474

​

$

50,556

​

$

51,102

Natural gas

​

​

4,413

​

​

5,648

​

​

7,284

​

​

25,038

​

​

23,516

Natural gas liquids

​

​

3,281

​

​

2,627

​

​

2,410

​

​

10,749

​

​

11,222

Total revenues

​

$

24,208

​

$

21,108

​

$

20,168

​

$

86,343

​

$

85,840

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Lease operating costs:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ad valorem and production taxes

​

$

1,438

​

$

1,381

​

$

1,317

​

$

4,763

​

$

5,709

Gathering, transportation, and other costs

​

​

2,746

​

​

2,765

​

​

2,834

​

​

11,139

​

​

11,357

Other lease operating costs

​

​

8,598

​

​

7,221

​

​

8,808

​

​

34,436

​

​

32,272

Total lease operating costs

​

$

12,782

​

$

11,367

​

$

12,959

​

$

50,338

​

$

49,338

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depletion of full cost proved oil and natural gas properties

​

$

5,205

​

$

5,418

​

$

4,900

​

$

21,197

​

$

20,374

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Production:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Crude oil (MBBL)

​

​

182

​

​

211

​

​

177

​

​

759

​

​

766

Natural gas (MMCF)

​

​

2,069

​

​

2,045

​

​

1,968

​

​

8,428

​

​

8,409

Natural gas liquids (MBBL)

​

​

101

​

​

103

​

​

98

​

​

419

​

​

414

Equivalent (MBOE)(1)

​

​

628

​

​

655

​

​

603

​

​

2,583

​

​

2,582

Average daily production (BOEPD)(1)

​

​

6,901

​

​

7,198

​

​

6,700

​

​

7,077

​

​

7,074

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average price per unit(2):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Crude oil (BBL)

​

$

90.74

​

$

60.82

​

$

59.18

​

$

66.61

​

$

66.71

Natural gas (MCF)

​

​

2.13

​

​

2.76

​

​

3.70

​

​

2.97

​

​

2.80

Natural Gas Liquids (BBL)

​

​

32.49

​

​

25.50

​

​

24.59

​

​

25.65

​

​

27.11

Equivalent (BOE)(1)

​

$

38.55

​

$

32.23

​

$

33.45

​

$

33.43

​

$

33.25

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average cost per unit:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ad valorem and production taxes

​

$

2.29

​

$

2.11

​

$

2.18

​

$

1.84

​

$

2.21

Gathering, transportation, and other costs

​

​

4.37

​

​

4.22

​

​

4.70

​

​

4.31

​

​

4.40

Other lease operating costs

​

​

13.69

​

​

11.02

​

​

14.61

​

​

13.33

​

​

12.50

Total lease operating costs

​

$

20.35

​

$

17.35

​

$

21.49

​

$

19.48

​

$

19.11

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Depletion of full cost proved oil and natural gas properties

​

$

8.29

​

$

8.27

​

$

8.13

​

$

8.21

​

$

7.89

(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.

(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.

​

12

Evolution Petroleum Corporation

Summary of Production Volumes and Average Sales Price (Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

June 30,

​

March 31,

​

​

2026

​

2025

​

2026

​

​ ​ ​

Volume

​ ​ ​

Price

​ ​ ​

Volume

​ ​ ​

Price

​ ​ ​

Volume

​ ​ ​

Price

Production:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Crude oil (MBBL)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SCOOP/STACK

​

​

28

​

$

98.33

​

​

32

​

$

64.15

​

​

27

​

$

69.24

Chaveroo Field

​

​

20

​

​

92.98

​

​

30

​

​

58.47

​

​

20

​

​

63.87

Jonah Field

​

​

6

​

​

86.28

​

​

6

​

​

59.83

​

​

6

​

​

63.70

Williston Basin

​

​

29

​

​

93.70

​

​

33

​

​

56.39

​

​

28

​

​

64.57

Barnett Shale

​

​

2

​

​

91.58

​

​

2

​

​

59.14

​

​

2

​

​

66.12

Hamilton Dome Field

​

​

33

​

​

77.51

​

​

34

​

​

52.99

​

​

32

​

​

57.23

Delhi Field

​

​

49

​

​

91.82

​

​

56

​

​

67.03

​

​

43

​

​

43.24

Other

​

​

15

​

​

94.28

​

​

18

​

​

63.66

​

​

19

​

​

70.28

Total

​

​

182

​

$

90.74

​

​

211

​

$

60.82

​

​

177

​

$

59.18

Natural gas (MMCF)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SCOOP/STACK

​

​

358

​

$

3.23

​

​

312

​

$

3.20

​

​

389

​

$

4.13

Jonah Field

​

​

688

​

​

1.23

​

​

691

​

​

2.49

​

​

675

​

​

3.45

Williston Basin

​

​

25

​

​

3.22

​

​

26

​

​

2.17

​

​

24

​

​

3.28

Barnett Shale

​

​

853

​

​

2.33

​

​

945

​

​

2.84

​

​

801

​

​

3.87

TexMex and Other

​

​

145

​

​

2.36

​

​

71

​

​

2.64

​

​

79

​

​

2.19

Total

​

​

2,069

​

$

2.13

​

​

2,045

​

$

2.76

​

​

1,968

​

$

3.70

Natural gas liquids (MBBL)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SCOOP/STACK

​

​

28

​

$

29.33

​

​

18

​

$

23.27

​

​

27

​

$

19.01

Jonah Field

​

​

7

​

​

33.15

​

​

8

​

​

26.84

​

​

8

​

​

25.50

Williston Basin

​

​

6

​

​

22.96

​

​

7

​

​

18.34

​

​

7

​

​

18.47

Barnett Shale

​

​

50

​

​

32.59

​

​

53

​

​

26.77

​

​

47

​

​

28.49

Delhi Field

​

​

10

​

​

47.56

​

​

17

​

​

25.66

​

​

9

​

​

23.36

Total

​

​

101

​

$

32.49

​

​

103

​

$

25.50

​

​

98

​

$

24.59

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equivalent (MBOE)(1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SCOOP/STACK

​

​

116

​

$

40.64

​

​

102

​

$

34.10

​

​

119

​

$

33.66

Chaveroo Field

​

​

20

​

​

92.98

​

​

30

​

​

58.47

​

​

20

​

​

63.87

Jonah Field

​

​

128

​

​

12.85

​

​

129

​

​

17.91

​

​

127

​

​

23.12

Williston Basin

​

​

39

​

​

75.77

​

​

44

​

​

46.33

​

​

39

​

​

52.02

Barnett Shale

​

​

194

​

​

19.54

​

​

213

​

​

19.95

​

​

183

​

​

25.09

Hamilton Dome Field

​

​

33

​

​

77.51

​

​

34

​

​

52.99

​

​

32

​

​

57.23

Delhi Field

​

​

59

​

​

84.55

​

​

73

​

​

57.27

​

​

52

​

​

39.44

TexMex and Other

​

​

39

​

​

44.39

​

​

30

​

​

43.95

​

​

31

​

​

45.49

Total

​

​

628

​

$

38.55

​

​

655

​

$

32.23

​

​

603

​

$

33.45

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average daily production (BOEPD)(1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SCOOP/STACK

​

​

1,275

​

​

​

​

​

1,121

​

​

​

​

​

1,322

​

​

​

Chaveroo Field

​

​

220

​

​

​

​

​

330

​

​

​

​

​

222

​

​

​

Jonah Field

​

​

1,407

​

​

​

​

​

1,418

​

​

​

​

​

1,411

​

​

​

Williston Basin

​

​

429

​

​

​

​

​

484

​

​

​

​

​

433

​

​

​

Barnett Shale

​

​

2,132

​

​

​

​

​

2,341

​

​

​

​

​

2,033

​

​

​

Hamilton Dome Field

​

​

363

​

​

​

​

​

374

​

​

​

​

​

356

​

​

​

Delhi Field

​

​

648

​

​

​

​

​

802

​

​

​

​

​

578

​

​

​

TexMex and Other

​

​

427

​

​

​

​

​

328

​

​

​

​

​

345

​

​

​

Total

​

​

6,901

​

​

​

​

​

7,198

​

​

​

​

​

6,700

​

​

​

(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.

​

​

13

Evolution Petroleum Corporation

Summary of Average Production Costs (Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

June 30,

​

March 31,

Production costs (in thousands, except per BOE):

​

2026

​

2025

​

2026

Total lease operating costs(1)

​

Amount

​

per BOE

​

Amount

​

per BOE

​

Amount

​

per BOE

SCOOP/STACK

​

$

1,196

​

$

10.33

​

$

1,130

​

$

11.05

​

$

1,064

​

$

8.96

Chaveroo Field

​

​

338

​

​

16.90

​

​

501

​

​

16.65

​

​

320

​

​

15.92

Jonah Field

​

​

1,737

​

​

13.53

​

​

1,928

​

​

14.91

​

​

2,047

​

​

16.21

Williston Basin

​

​

1,249

​

​

31.88

​

​

1,159

​

​

26.48

​

​

1,162

​

​

30.09

Barnett Shale(2)

​

​

3,512

​

​

18.11

​

​

1,850

​

​

8.67

​

​

3,747

​

​

20.49

Hamilton Dome Field

​

​

1,422

​

​

43.12

​

​

1,523

​

​

44.36

​

​

1,226

​

​

37.73

Delhi Field

​

​

1,710

​

​

29.18

​

​

2,087

​

​

28.73

​

​

1,836

​

​

34.13

TexMex and Other

​

​

1,618

​

​

41.57

​

​

1,189

​

​

41.47

​

​

1,557

​

​

57.61

Total

​

$

12,782

​

$

20.35

​

$

11,367

​

$

17.35

​

$

12,959

​

$

21.49

​

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

(2) Barnett Shale lease operating costs for the three months ended June 30, 2025 contain a $1.9 million credit from one of our operators due to a joint venture audit.

​

​

​

14

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, 2026.

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Volumes in

​

Weighted Average Price per MMBTU/BBL

Period

​ ​ ​

Commodity

​ ​ ​

Instrument

​ ​ ​

MMBTU/BBL

​

Swap

​ ​ ​

Sub Floor

​ ​ ​

Floor

​

Ceiling

July 2026 - September 2026

​

Crude Oil

​

Fixed-Price Swap

​

43,870

​

$

60.77

​

​

​

​

​

​

​

​

​

January 2027 - December 2027

​

Crude Oil

​

Fixed-Price Swap

​

199,662

​

​

68.43

​

​

​

​

​

​

​

​

​

July 2026 - December 2026

​

Crude Oil

​

Two-Way Collar

​

121,892

​

​

​

​

​

​

​

$

63.28

​

$

73.26

January 2027 - December 2027

​

Crude Oil

​

Two-Way Collar

​

273,839

​

​

​

​

​

​

​

​

62.28

​

​

74.57

September 2026 - December 2026

​

Crude Oil

​

Three-Way Collar

​

67,002

​

​

​

​

$

50.00

​

​

58.83

​

​

70.36

July 2026 - December 2026

​

Natural Gas

​

Fixed-Price Swap

​

1,745,693

​

​

3.63

​

​

​

​

​

​

​

​

​

January 2027 - December 2027

​

Natural Gas

​

Fixed-Price Swap

​

1,946,285

​

​

3.41

​

​

​

​

​

​

​

​

​

July 2026 - December 2026

​

Natural Gas

​

Two-Way Collar

​

1,177,472

​

​

​

​

​

​

​

​

3.57

​

​

4.71

January 2027 - June 2027

​

Natural Gas

​

Two-Way Collar

​

1,235,604

​

​

​

​

​

​

​

​

3.27

​

​

4.92

​

15

EXHIBIT 99.2

Evolution Petroleum Declares $0.12 per Share Cash Dividend for Fiscal Q1 2027

HOUSTON, TX — September 10, 2026 (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 2027 first quarter, payable on September 30, 2026, to stockholders of record as of September 21, 2026. This will be the 52^nd consecutive quarterly cash dividend on the Company's common stock since December 31, 2013.

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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