Here are 1-3 brief analogies for Evolution Petroleum (EPM):

1. **A mini-Occidental Petroleum**, focused on extending the life of existing oil fields through enhanced oil recovery (EOR) techniques.
2. **A specialized, smaller-scale Chevron**, concentrating on maximizing oil output from mature fields using enhanced recovery, rather than broad exploration.
3. Imagine a **Real Estate Investment Trust (REIT), but for oil fields** – focused on generating stable income from long-life, mature assets instead of new drilling projects.

• Crude Oil: Hydrocarbon liquid extracted from underground reservoirs, primarily refined into fuels and petrochemical feedstocks.
• Natural Gas: Gaseous hydrocarbon extracted from the earth, utilized for heating, power generation, and industrial processes.
• Natural Gas Liquids (NGLs): A group of valuable hydrocarbons like ethane, propane, and butane separated from natural gas, used as fuels or petrochemical feedstocks.

Evolution Petroleum (symbol: EPM) is an oil and natural gas company focused on the acquisition, exploitation, and development of oil and gas properties. As such, it sells its crude oil and natural gas production primarily to other companies, not directly to individual consumers.

Based on their public filings, Evolution Petroleum typically sells its production in the commodity market to a variety of purchasers. The company explicitly states in its 10-K reports that "the loss of any single customer would not have a material adverse effect on our financial condition or results of operations as the market for crude oil and natural gas generally includes numerous potential purchasers." This indicates that EPM does not have a material concentration of sales to any single customer, and therefore, specific "major customers" by name are not disclosed in their SEC filings.

However, the types of companies that generally purchase crude oil and natural gas from producers like Evolution Petroleum include:

• Crude Oil Purchasers:
  • Refiners: Companies that process crude oil into refined petroleum products (e.g., gasoline, diesel, jet fuel).
  • Marketers/Traders: Entities that buy and sell crude oil on the open market, often aggregating supply from various producers for onward sale to refiners or other end-users.
• Natural Gas Purchasers:
  • Gathering and Pipeline Companies (Midstream): Companies that collect, process, and transport natural gas from production sites to market via pipelines.
  • Utilities/Power Generators: Companies that use natural gas as fuel for electricity generation or distribute it to end-users.
  • Marketers/Traders: Entities that buy and sell natural gas on the open market, often aggregating supply from various producers for onward sale to utilities, industrial users, or midstream companies.

While Evolution Petroleum does not name specific major customers, examples of public companies that operate in these purchasing categories in the broader industry include:

• Refiners (Crude Oil examples):
  • ExxonMobil (symbol: XOM)
  • Chevron (symbol: CVX)
  • Valero Energy Corporation (symbol: VLO)
• Midstream/Pipeline Companies (Natural Gas examples):
  • Kinder Morgan, Inc. (symbol: KMI)
  • Energy Transfer LP (symbol: ET)

Evolution Petroleum's sales are generally made under short-term, cancelable agreements at market prices, reflecting the highly liquid and competitive nature of the commodity markets for crude oil and natural gas.

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Kelly W. Loyd, President and Chief Executive Officer

Mr. Loyd has served as President and Chief Executive Officer of Evolution Petroleum since October 2022, and as a director since 2008. He has over 20 years of experience in the energy sector, including investment banking and the buy side. Since 2004, Mr. Loyd has been associated with Petralis Energy Partners, LLC and JVL Advisors, LLC, both private energy investment vehicles, where he was involved in and oversaw numerous upstream investments in private and public energy companies, indicating a pattern of managing companies backed by private equity firms. Prior to 2001, he was a founder and controller of L.A.B. Sports and Entertainment, a Managing Partner of Tigre Leasing, L.L.P., and an analyst in Jefferies and Company, Inc.'s energy corporate finance investment banking group.

Ryan Stash, Senior Vice President, Chief Financial Officer and Treasurer

Mr. Stash has served as Senior Vice President, Chief Financial Officer, and Treasurer for Evolution Petroleum since November 2020. He brings over 20 years of experience in the oil and gas industry, with a focus on capital raising, mergers and acquisitions, and financial reporting. Before joining Evolution, Mr. Stash was Vice President and Chief Financial Officer of Harvest Oil & Gas Corp. from October 2018 to November 2020. He also served as a Managing Director at Regions Securities, specializing in the energy sector, and spent 11 years in the Energy Investment Banking Group for Wells Fargo Securities. Mr. Stash began his career as an auditor at Hewlett-Packard and Ernst & Young, LLP.

J. Mark Bunch, Chief Operating Officer

Mr. Bunch joined Evolution Petroleum in February 2023 as the Chief Operating Officer. He has more than 40 years of experience in the oil and gas industry. Prior to joining Evolution, and since 2020, Mr. Bunch was a Senior Vice President and founding partner of Alamo Resources III, LLC. He also provided independent consulting services to various upstream energy companies through his firm, Dantoria Energy, LLC, since 2016. From 2012 to 2016, he was an Asset Manager at Davis Petroleum Corp. Mr. Bunch started his oil and gas career in 1981 at Arco Oil and Gas Company.

Kelly M. Beatty, Chief Accounting Officer

Ms. Beatty serves as the Chief Accounting Officer for Evolution Petroleum.

Robert S. Herlin, Co-Founder & Non-Executive Chairman

Mr. Herlin is a Co-Founder of Evolution Petroleum and has served as Chairman of the Board of Directors since January 2009. He previously held the title of Chief Executive Officer from 2003 until December 2015 and President from 2003 through September 2014. Mr. Herlin has over 30 years of experience in engineering, energy transactions, operations, and finance. He also served on the Board of Directors of Boots and Coots, Inc., an oilfield services company, from 2003 until its sale to Halliburton Company in September 2010. Mr. Herlin is also the President and owner of AVL Resources, LLC, a privately held investment company.

Evolution Petroleum (EPM) primarily operates in the acquisition, exploitation, and development of onshore properties for crude oil and natural gas production within the United States. The company generates revenue through the sale of crude oil, natural gas, and natural gas liquids (NGLs), and is also a leader in Enhanced Oil Recovery (EOR) techniques, specifically CO2 flooding.

Addressable Market Sizes (U.S. Region):

• U.S. Onshore Oil and Gas Production: The U.S. oil and gas market was valued at approximately USD 453.2 billion in 2024, with projections to reach USD 665.5 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 4.7% from 2024 to 2033. The upstream sector, which includes exploration and production, accounted for 58.5% of this market in 2024. Onshore operations, where Evolution Petroleum focuses, represented 73.9% of the U.S. oil and gas market share in 2024.

• U.S. CO2 Enhanced Oil Recovery (EOR): The U.S. enhanced oil recovery market was valued at USD 22 billion in 2024 and is projected to reach approximately USD 44.25 billion by 2034, with a CAGR of 7.24% from 2025 to 2034. Specifically, the CO2 EOR market in the U.S. was estimated at USD 45.39 billion in 2024 and is projected to grow to USD 61.38 billion by 2035, exhibiting a CAGR of 2.78% from 2025 to 2035. North America, a region where the U.S. is dominant in EOR, was valued at USD 20.0 billion in 2023 and is projected to rise to USD 27.0 billion by 2032.

• U.S. Natural Gas Liquids (NGL) Market: The North America Natural Gas Liquids market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033, demonstrating a CAGR of 5.57%. The United States held the largest share of the North American NGL market, accounting for 92.8% in 2024. Another report indicated the natural gas liquids market was valued at USD 16.9 billion in 2020 and is estimated to reach USD 28.5 billion by 2030, with a CAGR of 5.4% from 2021 to 2030.

Evolution Petroleum (EPM) is expected to drive future revenue growth over the next two to three years through a combination of strategic acquisitions, development of existing assets, favorable commodity price realization, and optimization of enhanced oil recovery (EOR) projects.

Here are the key drivers:

1. Strategic Acquisitions: Evolution Petroleum has a consistent strategy of acquiring non-operated, cash-flowing oil and natural gas assets, often targeting mature, long-life, low-decline properties with identifiable upside potential. This disciplined acquisition approach is a core part of their growth strategy. Recent examples include the SCOOP/STACK acquisitions, which contributed to Q3 2024 revenue, and the TexMex acquisition, closed in April 2025, which added approximately 440 net barrels of oil equivalent per day (BOEPD) and is expected to enhance cash flows in fiscal Q4 2025 and beyond. Management has indicated a continued focus on growth through such acquisitions.

2. Development of Existing Assets: The company is actively engaged in drilling and development programs within its current portfolio to increase production volumes. This includes the Chaveroo drilling program, with three initial wells completed in Q3 2024, four planned for 2025, and six for 2026. Additionally, there is ongoing development in the SCOOP/STACK assets, with 13 gross wells brought online in the fiscal year-to-date as of Q3 2025 and another five in progress. These development activities directly contribute to increased oil and gas output.

3. Commodity Price Realization: Evolution Petroleum's revenue is directly influenced by the realized prices of crude oil, natural gas, and natural gas liquids (NGLs). While commodity prices are subject to market fluctuations, favorable trends or stability in these prices will positively impact revenue. The company has noted the positive impact of stronger oil and NGL prices, which can partially offset weaknesses in natural gas prices, and management monitors the market for potential hedging opportunities.

4. Enhanced Oil Recovery (EOR) Optimization and Carbon Capture Initiatives: The Delhi field, a significant asset for Evolution Petroleum, utilizes CO2 enhanced oil recovery. The recent certification of the Delhi field as a carbon capture, utilization, and storage site for EOR is anticipated to bring further benefits to the company. This could involve improved recovery rates, potential new revenue streams, or operational efficiencies related to carbon management.

Share Repurchases

• Evolution Petroleum made share repurchases totaling approximately $3.88 million in the quarter ending March 31, 2023.
• The company repurchased approximately $813,350 in shares during the quarter ending March 31, 2024.
• Total share repurchases between September 2020 and June 2025 amounted to roughly $6.3 million.

Share Issuance

• In October 2024, Evolution Petroleum announced a sales agreement to issue and sell up to $30,000,000 of shares of common stock.
• The number of shares outstanding remained relatively stable, with a slight increase of 1.28% year-over-year and 0.87% quarter-over-quarter as of recent reporting.

Outbound Investments

• On August 4, 2025, Evolution Petroleum completed the acquisition of mineral and royalty interests in the SCOOP/STACK area of Oklahoma for approximately $17 million.
• In March 2025, the company announced the acquisition of non-operated oil and natural gas assets in New Mexico, Texas, and Louisiana for $9.0 million, expected to close by the end of fiscal Q3 2025.
• In January 2024 (fiscal year 2024), Evolution Petroleum acquired non-operated assets in the SCOOP and STACK plays in Oklahoma Central for $43.5 million.

Capital Expenditures

• In the last 12 months, Evolution Petroleum's capital expenditures were reported as -$21.64 million and also as -$8.25 million by different sources, indicating significant investment in its properties.
• The company's capital expenditures are primarily focused on developing production through existing fields, including new well development in SCOOP/STACK and the Chaveroo project, and upgrades to the Delhi CO2 project.
• Planned capital expenditures include the drilling of 13 new wells in SCOOP/STACK until the end of the fiscal year, and 4 new wells in 2025 and 6 in 2026 for the Chaveroo project.