Welcome to Noble Capital Markets October 2026 Virtual Equity Conference. My name is Richard Madison. I am a Senior Research Analyst here at Noble, and today we have CEO Kelly Loyd, CFO Ryan Stash, and Director of Operations and Engineering, Peter Pham, to present Evolution Petroleum Corporation. It trades on NYSE American under the ticker EPM. We will have some time at the end for some questions. If you have any, please submit them. With that, I will turn it over to Mr. Loyd. Thank you, Richard, and thank you everybody for joining us. I will just walk through quickly a little bit of what we think makes Evolution different and special. Most energy companies really tend to make as much oil and gas as they can, and then if they have some money left over, pay a dividend. We are a little bit different. We want to fund a dividend. That is what we have set our portfolio up to do, and that is what we are excited about. As you can see, over the last really 11 years plus, we have done $151.7 million of dividends that we have returned to shareholders, which is equivalent to about $4.77 per share over that timeframe. Our footprint, what we do, we are a non-op, meaning we do not operate wells. We have interest in wells, and that interest is either a working interest or it is a mineral and royalty interest. This is what allows us to enter into so many basins, and so many really different markets with different commodities without having to put up a full team for each one. An operator would need scale, and we lean on operators who take advantage of scale, but we do not. We have a lean team of 10 professionals, a very simple structure, which we think is a lower risk sort of investment vehicle in the energy industry. It is scalable, our model, the way we do it. It allows us to leverage our G&A to the point where we think that each acquisition we do becomes more accretive versus more expensive. A couple of ways that we own reserves. As I mentioned, we have the working interest model, and we have the mineral and royalty interest model. I think most of you will know this, but for those who do not, we have our partner operated working interest, which just means we own a percentage of a well and/or a lease. Any expenses that are there, we pay our expense and we go from there. We also have mineral and royalties, which means, we get an interest from what is actually produced in the ground, and it is not cost-bearing. You may pay a little bit for processing or transportation or production taxes, but the lifting cost, the cost of drilling, any of those sort of things, they go to the working interest and operators. We started off with a beautiful asset in Louisiana called Delhi. When we made the decision to become a dividend company back in late 2013, this was a nice producing asset that was going to be flat and go for a long time. But eventually we realized, hey, there are hurricanes in Louisiana. There is weather. Let's go ahead and diversify. So we started to diversify, again, with a lean team here. The investment committee, which I spearheaded back in the day, we put together assets, as you can see, across some of the most prolific basins, the Bakken and the Williston Basin. You have the Barnett Shale, SCOOP/STACK in Oklahoma, Permian over on the New Mexico side, as well as now with our latest acquisition, Permian in the heart of the Midland Basin. All of this was done very specifically, with a goal of accomplishing diversification of both geographically and by product. This allows us to be able to sustain our dividend through varying commodity cycles and across the board. What we have added recently, we have always had some minerals, but very specifically, we have targeted the addition of adding minerals, and the reason why, it fits so nicely with our dividend model, A. B, we were able to find mineral and royalties, frankly, at working interest kind of metrics. We started with the SCOOP/STACK in Oklahoma, where we have a working interest, and so we really knew what was going on on the ground there. So which allows us to go ahead and understand where you want to buy minerals there, that we will participate in. Again, any new drilling, zero cost for us. We then have moved into the Haynesville, which is in Louisiana, which you hear about the LNG exports and how that is growing. This is the heart of it, from an American point of view. The Haynesville Shale is really where you want to be. We have been able to put together deals, not at auction, not marketed. These are put together from scratch, that we have done through relationships. Like I said, at metrics that are very competitive with working interest. Same thing with our latest deal in the core of the Midland Basin in the Permian. It turns out that it took months of cleaning up, months of getting this thing ready to go. Had it already been polished, had it already been this beautiful, nice package, I think, we certainly believe it would have traded for significantly more than we were able to get it for. But because we were involved with the people on the ground putting this together from day one, we were able to really put together a really nice deal that we are very proud of, and my colleagues will give you more on that in a bit. I will hand it over to our CFO, Ryan Stash, right now. Thanks, Kelly. This slide here shows what's happened with our mineral position. As Kelly talked to you on the last slide, back in August of last year is when we really started making a concerted effort to add more minerals and royalties to our portfolio. Historically, we've had very little, almost zero, effectively, mineral and royalty cash flow. Our fiscal year is June 30. For actual fiscal year-end for 2026, we are calling about 10%. On a pro forma basis, when you include the latest Permian Midland Basin deal that we've been talking about, we're around 20% of our cash flow that's coming from mineral royalties. I think, going forward, obviously the assets that we've acquired on the mineral side are in active basins, some of the best basins in the U.S., like I said, SCOOP/ STACK, Haynesville, and Permian. Those are going to be growing over time, and so we could definitely see this 20% number growing over time. More importantly, it really helps us maintain and really increase our margins, right? I mean, the cost from the royalty side is so much less than a general working interest. You should see our EBITDA margins go up over time as well. The next slide, I think this is a good illustration to show the United States slide that Kelly showed of where our assets are, and this is the outcome of it, right? We wanted to intentionally diversify our asset base both by commodity and area, and we think we've done a really good job here. You look at it on a revenue basis, just given the way that oil trades relative to gas, we are a little bit more weighted on the oil and liquid side on a revenue basis, but on a reserve, really, and production basis, we're much more balanced, right? We're about, call it a production basis, about 55% gas, and the rest oil and liquids, and reserves look very similar. Our assets, no one asset dominates our reserves. We have a good balance of oil, gas, and geography throughout the U.S. and all of our asset base. Next one. Obviously our overall strategy is to maximize shareholder return, right? To do this, we have to continue to grow our asset base, right, both organically and inorganically, through acquisition and organic growth through the mineral and royalty platform that we have where operators are going to drill, where we don't have to pay the capital. We also have some areas where we can grow organically, where we have some control over it. In the SCOOP/STACK, we have some non-op working interest positions where operators will send us AFEs that we evaluate. In Chaveroo Field in New Mexico, we have a partnership with PEDEVCO where we jointly are developing a field, and we have much more control over when to drill it and how we want to grow that asset base. Also, obviously returning capital is a big part of our strategy, as Kelly mentioned. We do pay a dividend. We have done share buybacks in the past, and we will look to do in the future, more opportunistic, and obviously want to maintain a strong balance sheet to minimize dilution and really maximize our per share returns. On the dividend side, I think this is a good illustration of the history of the dividend. I mean, the biggest thing you can see, obviously, we've been paying one since December of 2013, so we've been paying dividend for a long time. You can see that the dividend has varied a little bit, really more with commodity prices. Back pre-2020, we were pretty much just oil assets. We had Delhi and really only got Hamilton Dome asset, which is also oil, in 2019. You can see the dividend sort of tracks with WTI when you head back in 2015 with the OPEC shale war when prices dropped. We obviously lowered the dividend a little bit, protected the balance sheet, raised it as oil went back up, and then obviously COVID was in that 2020 period, and we gradually raised the dividend as prices have recovered. But the thing I'd point you to post-2020 is, given that we're much more diversified on commodity, you'll see oil and gas move independently, but we can still maintain the dividend just given the diversified nature of the portfolio. Obviously, acquisitions are a big part of our strategy, and we think we've done a pretty good job, but we went ahead and ran the data too, just to show you guys exactly what we've been able to accomplish. This includes all of our acquisitions up until the Permian. Does not include the Permian royalties recently here. If you look at that blue area chart, that's sort of the cash that we've paid to purchase the acquisitions. The green line is a cumulative cash flow from the acquisitions. Obviously, we've more than exceeded, so what we've paid. That green line's going to continue to grow, right, as we continue to get cash flow in the future. But really, if you look at the overall program, it's about a 1.3 times multiple of invested cash flow and a 93% IRR. I'll let Peter talk a little bit more about the assets and how we grow. Yeah. Thanks, Ryan. As mentioned before, acquisitions are really the primary driver of Evolution's growth strategy. We are focused on finding the best incremental rate of return for our portfolio. Accretion to cash flow is probably our most important criteria in order to help support that dividend strategy. Because of this, most of our acquisitions usually consist of a large component of long-life producing assets that provide us with that immediate, sustainable cash flow, along with development opportunities to help sustain and even grow that cash flow over time. We look at acquisitions and how they complement the entire portfolio, and we continue to diversify the asset base, both geographically and by commodity. We also take into consideration the market access and the regulatory environments, as those can potentially impact the future cash flows. Next, we'll go into our recent Midland Basin mineral and royalty acquisition that we completed last month and how those really hit on a lot of what we look for in an acquisition. We purchased about 3,400 net royalty acres for $16 million in the core of the Midland Basin, which is a premier oil basin due to its exceptional rock qualities, multiple productive benches, and high levels of activity and economics. The position is operated by some of the top-tier operators such as ExxonMobil, Diamondback, Crescent, and several other very active operators in the basin. This acquisition was our entry into the Permian Basin and provides us with more of that geographic diversity for our portfolio, and it expands on the mineral and royalty position that we're building. We acquired 830 producing wells here that provide us with that immediate high-margin cash flow, along with over 1,200 undeveloped locations that provide us with the cost-free upside. That development has actually been extremely active here. We actually, as of today, have about nine rigs running across the acreage position footprint. In the past four years, between 2021 and 2025, we averaged 241 completions per year. With that level of activity, we're confident that even with the assumption of 125 wells per year, that we can not only just sustain the production, but substantially grow the production up to two times over the next coming years. This was a very attractive acquisition for us, and Kelly hit a little bit about it earlier, but it really becomes evident when you compare it to some of the recent disclosed Permian royalty transactions. Our price per royalty acre here, about 4,700, is a fraction of what those deals transacted at. How were we able to get this type of valuation? A lot of it was just due to the scale. This was a negotiated transaction that we had purchased an option period on before, and it required a significant amount of land work and title work to clean it up, that took about five months. With the size of the deal and the amount of work that it required, it was really not marketable. Those factors really helped us to achieve that valuation, which is really comparable to a working interest type of valuation, but for minerals and royalties here, which provide us with the higher margin cash flow and the cost-free development. Now I'll turn it back over to Kelly to wrap up the presentation. Perfect. Thanks, Peter. One of the things I'll point out, there is a reason why you'll see mineral and royalty peers. They trade at a significant premium to your typical non-op or your normal E&P company. The reason is, again, these are very high margin. If you produce a barrel of oil and it sells for $100, your working interest cost may be, I'm just picking a number, $30/bbl. If you have a mineral interest, that cost can be more like $2/bbl or $3/bbl. As you can imagine, those kind of barrels are much more valuable, and therefore they trade at a premium in the market. I think right now what Evolution combines is a discounted valuation with a premium dividend yield. Each acquisition that we do, on the royalty side, shifts a larger share of our revenue and cash flow towards the type of asset that has traded at a premium across the board on every metric you want to look at. So again, key takeaways here. Really high-quality assets providing years of dividend coverage. We're driving and returning long-term shareholder value. Again, the dividend is not an accident for us. It's something we strive to do. We're primed for continued execution. We've got liquidity with our borrowing base and our cash on hand. We're in the deal flow. We're seeing a number of deals that are really looking attractive a nd primed for continued execution. We can expand on the mineral and royalties position. Additionally, on the working interest side, we're starting to see some potentially really attractive stuff there as well. Really have the financial flexibility to maintain what we've got going on and grow beyond with our organic growth. Again, a decent chunk of that is completely zero CapEx to Evolution. With that, we'll open it to questions. Okay. So, thinking of minerals as a second growth engine, I think you've at least previously described it as a second engine for Evolution. And you, I think, again indicated that you believe that they could represent roughly 20% of asset level cash flow versus an 8% previously. So over time, where would you like that percentage to go a nd should investors expect future acquisitions to tilt increasingly towards the minerals rather than working interest? That's a great question, and I'll say this. We will focus on what is the most accretive to cash flow per share for our shareholders. And right now, we're seeing momentum with the relationships and the partners that we work with on the mineral side, which are allowing us to go find deals that are not marketed, and built from scratch. Where you go out and you send letters to people who may not even know their grandfather had this interest in Louisiana or in the SCOOP/STACK. And you send them a letter and maybe they'll sell it to you, maybe they won't. So the guys we're partnering with and working with to put this together have been terrific, and we're seeing some real momentum there, b ut that could change. Who knows? Tomorrow we may see an unbelievably accretive deal on the working interest side, so we would certainly never rule that out. I would say currently the way things sit with the momentum, in addition to the fact that we have so many wells that are being completed on the mineral and royalty side, I would expect that portion of our cash flow to grow. Okay. You mentioned the SCOOP/STACK, so this is about the outlook for that. The SCOOP/STACK was one of the stronger areas in fiscal 2026, I think with Q4 production of about 14% year-over-year, and the lease operating expenses declining to $10.33/bbl oil equivalent. With more than 360 additional locations identified, what does the operator activity you're seeing today suggest about the growth runway for this asset? It's an interesting question because on the working interest side, we're typically 2%-4% working interest. We will get a heads up when we see an actual authorization for expenditure, an AFE, come in, and we can respond to that. We don't get a lot of heads up ahead of that. Being such a small working interest, Continental's not going to call Evolution and say, "Hey, we're going to drill four wells." On the royalty side, you almost get none. Sometimes you monitor your acreage daily and you say, "Oh, there's a permit here," and, "Oh, now they've moved a rig." Again, a lot of our acreage does overlap with our working interest, so they'll be sort of cross-comparable. The one thing I can say is, yes, there's not a ton of visibility. However, the overall rig count in the SCOOP/STACK this year versus last year is about 12% higher. There is more activity going. These are pretty quick to drill, pretty quick to complete, and get online. When you see elevated oil pricing, I think it'll be one of the basins where you'll see an increase in response activity. We're excited. We've turned on, frankly, compared to our acquisition schedule, both on the mineral side and on the working interest side, it has proceeded faster than what we underwrote it for, which is very positive in our opinion. Great. Someone did send in a question here that they state they've been a shareholder for about a year, and they're curious as to why the share price has not appreciated along with the underlying commodity. Understood. What I would point that, in large part out to, is our fiscal third quarter. We had a number of things happen. First quarter, calendar quarter of this year, our fiscal third quarter, we had some weather issues that affected some of our production, which during the fiscal fourth quarter, we were able to work out. You saw the assets begin to perform more like they should. However, again, this work was ongoing during the fourth quarter, so beyond the fourth quarter, now that a lot of those winter storm issues, and one field got struck by lightning, we had another compressor go down. Beginning, now that they've all been cleaned up, you should see more what I would call demonstrable performance from the assets which you had a little bit of a hiccup in. In addition to that, one of our operators had been apparently, not charging something that, in our fiscal third quarter, they decided to back charge us 14 months worth of in one quarter. That was over $1 million hit to EBITDA. Obviously, that's a one-time event. That's beyond us. I would say the assets are going to start, have already, you could see what happened in the fourth quarter, significantly better than the third quarter and where we are in a run rate now, even better. Throw on top of that, this acquisition that we've made, with over 210 BOE of very, very high margin stuff in the Permian. With that expected to grow throughout the year, as completions are done. I think we're sort of through the hiccups, through the problems, and on to where the assets are performing like they should be. So excited about where we go from here. Yeah. The only other thing I'd point out is I think a lot of folks see the headline oil prices and assume that everyone is going to benefit from it. As we showed before, we're like 55% gas, right? And gas has been pretty weak over the last 12 months. One point a couple of years ago, gas was $5, even $8, even $9 an Mcf, right? So when gas has dropped more than 50% since those highs, our EBITDA has been relatively flat as we've had to replace some production from legacy assets, plus deal with low gas prices. That would argue that you can't ignore the gas side of the business either. That's a fair statement. Okay. There's another question here from someone. They're asking, is there any documentation I could, I guess to help them understand your hedging structure? They understand that it's related to a borrowing facility, so it might be confidential. I don't know what you can say about that. Yeah, nothing's confidential in being a public company with that. So everything is actually filed. So in our 10-Ks, we have all of our hedging positions. The last one had all the hedging positions. In the credit facility, you can find our covenants. So basically our covenant is, it's a rolling covenant, depends on where you draw on. Right now we have to hedge 75% on a rolling 12-month basis of oil and gas. We don't have to hedge NGLs, which we have a decent amount of NGL, so that gives us upside there. And we have the flexibility to hedge, to move hedges between oil or gas, as long as we're 75% on a BOE basis. So all that's public and documented. And what we've tried to do is use more, we certainly want to protect downside risk, but we're also trying to retain upside, right? We use more collars than we do swaps typically, to allow for more participation on the upside. Clearly, some of our ceilings here in the recent months obviously have been below where the spot price is for oil. On the gas side, we have been doing really well. The hedges we put in are above where the spot price is for natural gas. Then going forward, we put on some new hedges here more recently. When you look at 2027, we have got higher hedges there, like swaps in the call it low to mid 70s and collars with a sometimes a $75- $80 ceiling. Certainly more participation next year. Okay. There is someone here who is asking about the dividend. They want to know, is the dividend a straight dividend or a return of capital or other? It is a qualified dividend. Just qualified. Okay. Yeah, not return of capital. It's a qualified dividend. Someone's asking, "Please explain the reasoning behind the recent offering before ex-dividend to complete the acquisition. You could have waited a week and saved $0.12 on the additional shares. I'm not 100% sure on the timing that they're referring to exactly, but I will say when we went through this and put the option period out and when we did this, we closed when we had to. Yeah. I agree, it'd be nice if we could've waited longer. The last thing when you're in a busy period between fiscal year-end and filing your 1,000 and a million things going on, nobody wants to throw an acquisition in there. It's a lot to do. But, when it's this accretive and it's de-levering all at the same time with tremendous upside, it made a whole lot of sense. It was certainly worth the effort. I just think, specifically to answer the question, we really wouldn't have had a choice. Okay. There's a question here about the Tex-Mex. "You indicated that the extensive Tex-Mex workover program was completed in July, and that you expect production to increase and operating expenses to normalize. So what magnitude of improvement do you expect from Tex-Mex during fiscal 2027? When should investors be able to see more representative run rate for production and cash flow from those assets? I will give a quick intro, then I will let Peter get into it. Our Tex-Mex acquisition, listen, we bought it. There were some issues, a lot of them regulatory with the state of New Mexico, which prevented us from getting onto it and getting the workover program and honestly just doing some tender loving care so you would forestall some expenses that occur if you don't take care of the wells as quickly as you would like. It ended up taking longer to get to free cash flow positive than we wanted. The thing about that is you don't lose any of the reserves. The reserves are still there. The returns are still there. It just took longer to get to them and more of, again, it was supposed to immediately start being here, and turns out it ended up costing us money before it turned the corner. We have turned the corner now, and we do expect it to start being a meaningful contributor to free cash flow going forward. If Peter wants to give just broader details around that, you are welcome. Yes. With the Tex-Mex asset, we had two major workover programs in our fiscal 2026. The first one occurred in that November-December timeframe, and then the second one we started in that April timeframe. A lot of that work were impacts of the winter storm and things like that knocked down and a lightning strike that knocked down some other areas. A lot of that work that started in April didn't get finished until the end of July. The impacts for this upcoming or that we had for fourth quarter were better than what we had for third quarter. But it didn't show the full impact of the workover program. Some of the numbers that we talked about in our third quarter of where we are getting those increases, I would probably say that would be a good number to look back to try to get the impacts of those. Yeah. Also, the cost per barrel, right? The numerator and the denominator are both getting better there as we go forward. All right. Well, thank you. I think we're just about out of time, and I would like to remind everyone that this has been recorded. They should be able to find it on channelchek@noblecapitalmarkets.com. Thank you very much. Thank you, Richard, and everybody for joining us. Thank you all.