Financial Analysis

Note 10. Commitments and Contingencies The Company is subject to various claims and contingencies in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. The Company discloses such matters if it believes there is a reasonable possibility that a future event or events will confirm a material loss through impairment of an asset or the incurrence of a material liability. The Company accrues a material loss if it believes it probable that a future event or events will confirm a loss and the loss is reasonably subject to estimation. Furthermore, the Company will disclose any matter that is unasserted if it considers it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable and material in amount. The Company expenses legal defense costs as they are incurred.

CommitmentsAndContingenciesDisclosureTextBlock

Note 5. Senior Secured Credit Facility On April 11, 2016, the Company entered into a senior secured reserve-based credit facility with MidFirst Bank in an amount up to $50.0 million. On June 30, 2025, the Company entered into a syndicated amended and restated senior secured reserve-based credit facility (the Senior Secured Credit Facility) with MidFirst Bank, as administrative agent for the lenders party, thereto, in an amount up to $200.0 million with an initial borrowing base of $65.0 million, maturing on June 30, 2028. As of June 30, 2026, the borrowing base was $65.0 million. The borrowing base will be redetermined semiannually, with the lenders and the Company each having the right to one interim unscheduled redetermination between any two consecutive semi-annual redeterminations. The borrowing base takes into account the estimated value of the Companys oil and natural gas properties, proved reserves, total indebtedness, and other relevant factors consistent with customary oil and natural gas lending criteria. The Senior Secured Credit Facility carries a commitment fee of 0.25% per annum on the undrawn portion of the borrowing base. Any borrowings under the Senior Secured Credit Facility will bear interest, at the Companys option, at either (i) the Secured Overnight Financing Rate (SOFR), subject to a minimum SOFR of 3.25%, plus a credit spread adjustment of 0.05%, or (ii) the Prime Rate, as defined under the Senior Secured Credit Facility, plus 1.00%, plus, in either ca …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table disaggregates the Companys revenues by major product for the years ended June 30, 2026 and 2025 (in thousands): Years Ended June 30, 2026 2025 Revenues Crude oil $ 50,556 $ 51,102 Natural gas 25,038 23,516 Natural gas liquids 10,749 11,222 Total revenues $ 86,343 $ 85,840 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Note 8. Fair Value Measurement Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. Level 2Other inputs that are observable directly or indirectly, such as quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3Unobservable inputs for which there are little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities. Fair Value of Derivative Instruments. The Companys determination of fair value incorporates not only the credit standing of the counterparties involved in transactions with the Company resulting in receivables on the Companys consolidated balance sheets, but also the impact of the Companys nonperformance risk on its own liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 estab …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Note 6. Income Taxes The Company files a consolidated federal income tax return in the United States and various combined and separate filings in several state and local jurisdictions in a timely manner. There were no unrecognized tax benefits, nor any accrued interest or penalties associated with unrecognized tax benefits during the years ended June 30, 2026 and 2025. The Company believes that it has appropriate support for the income tax positions taken and to be taken on the Companys tax returns and that the accruals for tax liabilities are adequate for all open years based on its assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. The Companys federal and state income tax returns are open to audit under the statute of limitations for the fiscal years ended June 30, 2022 through June 30, 2025 for federal tax purposes and for the fiscal years ended June 30, 2021 through June 30, 2025 for state tax purposes. To the extent the Company utilizes net operating losses (NOLs) generated in earlier years, such earlier years may also be subject to audit. Income tax (expense) benefit for the years ended June 30, 2026 and 2025 is comprised of the following (in thousands): June 30, 2026 June 30, 2025 Current: Federal $ (4) $ (462) State (241) (402) Total current income tax (expense) benefit (245) (864) Deferred: Federal 1,053 584 State (90) (116) Total deferred income tax (expense) benefit 963 468 Total income tax (ex …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Note 13. Leases Operating leases are reflected as an operating lease right of use (ROU) asset included in Other assets, net , and as a ROU liability in Accrued liabilities and other and Operating lease liability on the Companys unaudited condensed consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. In addition to the present value of lease payments, the operating lease ROU asset would also include any lease payments made to the lessor prior to lease commencement less any lease incentives and initial direct costs incurred, if any. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term and are presented as General and administrative expenses in the unaudited condensed consolidated statements of operations. Certain leases have payment terms that vary based on the usage of the underlying assets. Variable lease payments are not included in ROU assets and lease liabilities. For all operating leases, lease and non-lease components are accounted for as a single lease component. As a non-operator and having adequate liquidity, the Company has generally not entered into lease transactions. The Companys only operating lease is for corporate office space in Houston, Texas, effective May 1, 2019 and amended most recently November 30, 2025 and set to expire June 30, 2031. The Company does not have any …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05). ASU 2025-05 permits companies to apply a practical expedient which assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing estimates for credit losses for accounts receivable and contract assets under Topic 606, Revenue from Contracts with Customers . ASU 2025-05 is effective prospectively for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating ASU 2025-05 and the impact it may have on the Companys financial position, results of operations, cash flow, or disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (ASU 2024-03). ASU 2024-03 increases the transparency of expense information presented in the statement of operations through disclosures of expanded disaggregation of relevant expense captions, including purchases of inventory, employee compensation, depletion, depreciation, and amortization. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is curre …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 2. Revenue Recognition The Companys revenues are primarily generated from its crude oil, natural gas and NGL production from the SCOOP and STACK plays in central Oklahoma; the Chaveroo Field in Chaves and Roosevelt Counties of New Mexico; the Jonah Field in Sublette County, Wyoming; the Williston Basin in North Dakota; the Barnett Shale located in North Texas; the Hamilton Dome Field in Wyoming; the Delhi Field in Northeast Louisiana; and the TexMex interests located in Lea, Eddy and Chaves Counties, New Mexico and Stephens County, Texas;. Additionally, the Company has small overriding royalty and mineral interests in Texas and Louisiana. The following table disaggregates the Companys revenues by major product for the years ended June 30, 2026 and 2025 (in thousands): Years Ended June 30, 2026 2025 Revenues Crude oil $ 50,556 $ 51,102 Natural gas 25,038 23,516 Natural gas liquids 10,749 11,222 Total revenues $ 86,343 $ 85,840 In the Jonah Field, the Company has elected to take its natural gas and NGL working interest production in-kind and markets its NGL production to Enterprise Products Partners L.P. (Enterprise) and its natural gas production to different purchasers. The Company does not take production in-kind at any of its other properties and does not negotiate contracts with customers for such production. The Company recognizes crude oil, natural gas, and NGL production revenue at the point in time when custody and title (control) of the product transfers to the c …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Note 1. Summary of Significant Events and Accounting Policies Nature of Operations. Evolution Petroleum Corporation (Evolution, and together with its consolidated subsidiaries, the Company) is an independent energy company focused on maximizing returns to shareholders through the ownership of and investment in onshore oil and natural gas properties in the United States. The Companys long-term goal is to maximize total shareholder return from a diversified portfolio of long-life oil and natural gas properties built through acquisitions and through selective development opportunities, production enhancement, and other exploitation efforts on its oil and natural gas properties. The Companys oil and natural gas properties consist of non-operated working and mineral interests in the following areas: the SCOOP and STACK plays of the Anadarko Basin located in central Oklahoma; the Chaveroo Field in Chaves and Roosevelt Counties of New Mexico; the Jonah Field in Sublette County, Wyoming; the Williston Basin in North Dakota; the Barnett Shale located in North Texas; the Hamilton Dome Field located in Hot Springs County, Wyoming, a secondary oil recovery field utilizing water injection wells to pressurize the reservoir; the Delhi Holt-Bryant Unit in the Delhi Field in Northeast Louisiana, a CO 2 enhanced oil recovery project; the TexMex interests located in Lea, Eddy and Chaves Counties, New Mexico and Stephens County, Texas; as well as small overriding royalty and mineral interests in …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Note 11. Stockholders Equity Common Stock As of June 30, 2026, the Company had 35,949,843 shares of common stock outstanding. The Company began paying quarterly cash dividends on common stock in December 2013. As of June 30, 2026, the Company has cumulatively paid over $151.7 million in cash dividends. The Company paid dividends of $16.9 million and $16.3 million to its common stockholders during the years ended June 30, 2026 and 2025, respectively. The following table reflects the dividends paid per share within the respective quarterly periods: Fiscal Year 2026 2025 Fourth fiscal quarter $ 0.12 $ 0.12 Third fiscal quarter 0.12 0.12 Second fiscal quarter 0.12 0.12 First fiscal quarter 0.12 0.12 On September 10, 2026, Evolutions Board of Directors approved and declared a quarterly dividend of $0.12 per common share payable September 30, 2026 . Refer to Note 15, Subsequent Events, for a further discussion. On August 20, 2026, the Company completed a public offering issuing an aggregate of 4.3 million shares of its common stock. See Note 15, Subsequent Events, for further details. On October 21, 2024, the Company entered into an At-the-Market (ATM) equity Sales Agreement with Roth Capital Partners, LLC (the Lead Agent), Northland Securities Inc., and A.G.P./Alliance Global Partners pursuant to which the Company may issue and sell, from time to time, up to $30.0 million of shares of common stock through or to the Lead Agent, acting as agent or principal to facilitate acquisition …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Note 15. Subsequent Events Senior Secured Credit Facility On August 20, 2026, the Company entered into a letter agreement with MidFirst Bank pursuant to which the borrowing base on its 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 early in accordance with the terms of the credit agreement. The Company currently expects to being its semi-annual Fall redetermination on or about October 1, 2026. Common Stock Offering On August 20, 2026, the Company completed a public offering of 4.3 million shares of its common stock, at an offering price of $3.25 per share (the Offering). The Company received net proceeds of approximately $12.8 million from the Offering, after deducting underwriting discounts and commissions and estimated offering expenses. Net proceeds from the Offering, together with borrowings under its Senior Secured Credit Facility and cash on hand, were used to fund the Permian Minerals Acquisition (defined below). Purchase of Permian Minerals On August 20, 2026, the Company completed the acquisition of mineral and royalty interests in the core Midland Basin of the Permian Basin from a non-affiliated private seller for a total purchase price of $16.0 million (the Permian Minerals Acquisition), subject to customary post-closing adjustments. The Permian Minerals Acquisition has an effective date of August 1, 2026. The Company funded the purchase price for the Perm …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Note 10. Commitments and Contingencies The Company is subject to various claims and contingencies in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. The Company discloses such matters if it believes there is a reasonable possibility that a future event or events will confirm a material loss through impairment of an asset or the incurrence of a material liability. The Company accrues a material loss if it believes it probable that a future event or events will confirm a loss and the loss is reasonably subject to estimation. Furthermore, the Company will disclose any matter that is unasserted if it considers it probable that a claim will be asserted and there is a reasonable possibility that the outcome will be unfavorable and material in amount. The Company expenses legal defense costs as they are incurred.

CommitmentsAndContingenciesDisclosureTextBlock

"Note 5. Senior Secured Credit Facility On April 11, 2016, the Company entered into a senior secured reserve-based credit facility with MidFirst Bank in an amount up to $50.0 million. On June 30, 2025, the Company entered into a syndicated amended and restated senior secured reserve-based credit facility (the Senior Secured Credit Facility) with MidFirst Bank, as administrative agent for the lenders party, thereto, in an amount up to $200.0 million with an initial and current borrowing base of $65.0 million, maturing on June 30, 2028 . The borrowing base will be redetermined semiannually, with the lenders and the Company each having the right to one interim unscheduled redetermination between any two consecutive semi-annual redeterminations. The borrowing base takes into account the estimated value of the Companys oil and natural gas properties, proved reserves, total indebtedness, and other relevant factors consistent with customary oil and natural gas lending criteria. The Senior Secured Credit Facility carries a commitment fee of 0.25% per annum on the undrawn portion of the borrowing base. Any borrowings under the Senior Secured Credit Facility will bear interest, at the Companys option, at either (i) the Secured Overnight Financing Rate (SOFR), subject to a minimum SOFR of 3.25%, plus a credit spread adjustment of 0.05%, or (ii) the Prime Rate, as defined under the Senior Secured Credit Facility, plus 1.00%, plus, in either case of (i) or (ii), an applicable margin of 2. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

. The following table disaggregates the Companys revenues by major product for the three and six months ended December 31, 2025 and 2024 (in thousands): Three Months Ended Six Months Ended December 31, December 31, 2025 2024 2025 2024 Revenues Crude oil $ 10,696 $ 11,763 $ 23,568 $ 26,500 Natural gas 7,441 5,793 13,341 10,078 Natural gas liquids 2,542 2,719 5,058 5,593 Total revenues $ 20,679 $ 20,275 $ 41,967 $ 42,171 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Note 8. Fair Value Measurement Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. Level 2Other inputs that are observable directly or indirectly, such as quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3Unobservable inputs for which there are little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities. Fair Value of Derivative Instruments. The Companys determination of fair value incorporates not only the credit standing of the counterparties involved in transactions with the Company resulting in receivables on the Companys unaudited condensed consolidated balance sheets, but also the impact of the Companys nonperformance risk on its own liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"Note 6. Income Taxes The Company files a consolidated federal income tax return in the United States and various combined and separate filings in several state and local jurisdictions. There were no unrecognized tax benefits, nor any accrued interest or penalties associated with unrecognized tax benefits during the periods presented in the unaudited condensed consolidated financial statements. The Company believes that it has appropriate support for the income tax positions taken and to be taken on the Companys tax returns and that the accruals for tax liabilities are adequate for all open years based on its assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. The Companys federal and state income tax returns are open to audit under the statute of limitations for the fiscal years ended June 30, 2021 through June 30, 2024 for federal tax purposes and for the fiscal years ended June 30, 2020 through June 30, 2024 for state tax purposes. To the extent the Company utilizes net operating losses (NOLs) generated in earlier years, such earlier years may also be subject to audit. On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (""OBBBA""). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation and the business interest expense limitation, as well as other provisions. The Companys consolidated financial statements for the six mont …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Note 13. Leases Operating leases are reflected as an operating lease right of use (ROU) asset included in Other assets , and as a ROU liability in Accrued liabilities and other and Operating lease liability on the Companys unaudited condensed consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. In addition to the present value of lease payments, the operating lease ROU asset would also include any lease payments made to the lessor prior to lease commencement less any lease incentives and initial direct costs incurred, if any. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term and are presented as General and administrative expenses in the unaudited condensed consolidated statements of operations. Certain leases have payment terms that vary based on the usage of the underlying assets. Variable lease payments are not included in ROU assets and lease liabilities. For all operating leases, lease and non-lease components are accounted for as a single lease component. As a non-operator and having adequate liquidity, the Company has generally not entered into lease transactions. The Companys only operating lease is for corporate office space in Houston, Texas, effective May 1, 2019 and amended most recently November 30, 2025 and set to expire June 30, 2031. The Company does not have any lease …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05). ASU 2025-05 permits companies to apply a practical expedient which assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing estimates for credit losses for accounts receivable and contract assets under Topic 606, Revenue from Contracts with Customers . ASU 2025-05 is effective prospectively for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating ASU 2025-05 and the impact it may have on the Companys financial position, results of operations, cash flow, or disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (ASU 2024-03). ASU 2024-03 increases the transparency of expense information presented in the statement of operations through disclosures of expanded disaggregation of relevant expense captions, including purchases of inventory, employee compensation, depletion, depreciation, and amortization. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is curre …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 2. Revenue Recognition The Companys revenues are primarily generated from its crude oil, natural gas and NGL production from the SCOOP and STACK plays in central Oklahoma; t he Chaveroo Field in Chaves and Roosevelt Counties of New Mexico; the Jonah Field in Sublette County, Wyoming; the Williston Basin in North Dakota; the Barnett Shale located in North Texas; the Hamilton Dome Field in Wyoming; the Delhi Field in Northeast Louisiana; and the TexMex interests located in Lea, Eddy and Chaves Counties, New Mexico and Stephens County, Texas. Additionally, an overriding royalty interest retained in a past divestiture of Texas properties provides de minimis revenue. The following table disaggregates the Companys revenues by major product for the three and six months ended December 31, 2025 and 2024 (in thousands): Three Months Ended Six Months Ended December 31, December 31, 2025 2024 2025 2024 Revenues Crude oil $ 10,696 $ 11,763 $ 23,568 $ 26,500 Natural gas 7,441 5,793 13,341 10,078 Natural gas liquids 2,542 2,719 5,058 5,593 Total revenues $ 20,679 $ 20,275 $ 41,967 $ 42,171 In the Jonah Field, the Company has elected to take its natural gas and NGL working interest production in-kind and markets its NGL production to Enterprise Products Partners L.P. (Enterprise) and its natural gas production to different purchasers. The Company does not take production in-kind at any of its other properties and does not negotiate contracts with customers for such production. The Compa …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Note 1. Financial Statement Presentation Nature of Operations. Evolution Petroleum Corporation (Evolution, and together with its consolidated subsidiaries, the Company) is an independent energy company focused on maximizing returns to shareholders through the ownership of and investment in onshore oil and natural gas properties in the United States. The Companys long-term goal is to maximize total shareholder return from a diversified portfolio of long-life oil and natural gas properties, built through acquisitions and through selective development opportunities, production enhancement, and other exploitation efforts on its oil and natural gas properties. The Companys oil and natural gas properties consist of non-operated working and mineral interests in the following areas: the SCOOP and STACK plays of the Anadarko Basin located in central Oklahoma; the Chaveroo Field in Chaves and Roosevelt Counties of New Mexico; the Jonah Field in Sublette County, Wyoming; the Williston Basin in North Dakota; the Barnett Shale located in North Texas; the Hamilton Dome Field located in Hot Springs County, Wyoming, a secondary oil recovery field utilizing water injection wells to pressurize the reservoir; the Delhi Holt-Bryant Unit in the Delhi Field in Northeast Louisiana, a CO 2 enhanced oil recovery project; the TexMex interests located in Lea, Eddy and Chaves Counties, New Mexico and Stephens County, Texas; as well as small overriding royalty interests in four onshore Texas wells. Inter …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Note 11. Stockholders Equity Common Stock As of December 31, 2025, the Company had 35,003,844 shares of common stock outstanding. The Company began paying quarterly cash dividends on common stock in December 2013. As of December 31, 2025, the Company has cumulatively paid over $143.1 million in cash dividends. The Company paid dividends of $8.4 million and $8.1 million to its common stockholders during the six months ended December 31, 2025 and 2024, respectively. The following table reflects the dividends paid per share within the respective three-month periods: Fiscal Year 2026 2025 Second fiscal quarter $ 0.120 $ 0.120 First fiscal quarter 0.120 0.120 On October 21, 2024, the Company entered into an At-the-Market (ATM) equity Sales Agreement (the ATM Sales Agreement) with Roth Capital Partners, LLC (the Lead Agent), Northland Securities Inc., and A.G.P./Alliance Global Partners pursuant to which the Company may issue and sell, from time to time, up to $30.0 million of shares of common stock through or to the Lead Agent, acting as agent or principal to facilitate acquisitions and other general corporate purposes. During the six months ended December 31, 2025, the Company sold a total of approximately 0.3 million shares of its common stock under the ATM Sales Agreement for net proceeds of approximately $1.2 million, net of $46 thousand of offering costs. The Company intends to use the net proceeds from sales of common stock for general corporate purposes, including to repay …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Note 15. Subsequent Events Dividend Declaration On February 9, 2026, the Company declared a quarterly cash dividend of $0.120 per share of common stock to shareholders of record on March 16, 2026 and payable on March 31, 2026.

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