Material Agreement Form 8 K

Item 1.01 Entry into a Material Definitive Agreement.

On October 21, 2024, Evolution Petroleum Corporation (the "Company" or "we" or "our") entered into a Sales Agreement (the "Sales Agreement") with Roth Capital Partners, LLC (the "Lead Agent"), Northland Securities Inc. ("Northland"), and A.G.P./Alliance Global Partners ("AGP" and, together with the Lead Agent and Northland, the "Agents") pursuant to which the Company may issue and sell, from time to time, up to $30,000,000 of shares of common stock, par value $0.001 per share (the "Common Stock"), through or to the Lead Agent, acting as agent or principal.

The Company is not obligated to sell any shares of Common Stock under the Sales Agreement. Each time the Company wishes to issue and sell the Common Stock under the Sales Agreement, the Company will provide the Lead Agent with a placement notice describing the amount of Common Stock to be sold, the time period during which sales are requested to be made, any limitation on the amount of Common Stock that may be sold in any single day, any minimum price below which sales may not be made or any minimum price requested for sales in a given time period and any other instructions relevant to such requested sales. Subject to the terms and conditions of the Sales Agreement, the Lead Agent will use commercially reasonable efforts, consistent with its normal trading and sales practices and, applicable state and federal laws, rules and regulations and the rules of the NYSE American to sell shares of Common Stock under the terms and subject to the conditions of the placement notice and the Sales Agreement. We or the Lead Agent may suspend the offering of Common Stock pursuant to a placement notice upon notice and subject to other conditions. Generally, the Lead Agent may sell the shares of Common Stock by any method permitted by law deemed to be an "at the market offering" as defined by Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, including sales made directly on or through the NYSE American or any other existing trading market for the Common Stock, in negotiated transactions at market prices prevailing at the time of sale or at prices related to prevailing market prices, or any other method permitted by law.

The Sales Agreement provides that the Lead Agent will be entitled to compensation at a fixed commission rate of 3.00% of the gross proceeds from the sale of our Common Stock on our behalf pursuant to the Sales Agreement. We have agreed to reimburse the Agents for their reasonable and documented out-of-pocket expenses (including but not limited to the reasonable and documented fees and expenses of their legal counsel) in an amount not to exceed $75,000, in connection with entering into the Sales Agreement and for the Agents' reasonable and documented out-of-pocket expenses related to quarterly maintenance of the Sales Agreement (including but not limited to the reasonable and documented fees and expenses of its legal counsel) on a quarterly basis in an amount not to exceed $5,000. The Sales Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Agents, other obligations of the parties and termination provisions.

The shares of Common Stock will be issued pursuant to the Company's effective shelf registration statement on Form S-3 (File No. 333-265430), filed with the Securities and Exchange Commission (the "SEC") on February 10, 2023 and declared effective by the SEC on February 23, 2023, and the accompanying base prospectus included therein as supplemented by the prospectus supplement, dated October 21, 2024, filed with the SEC.

The foregoing description of the Sales Agreement is not complete and is qualified in its entirety by reference to the full text of such agreement, a copy of which is filed herewith as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.

A copy of the legal opinion and consent of Fennemore Craig, P.C. relating to the shares of Common Stock being offered and sold pursuant to the Sales Agreement is attached hereto as Exhibit 5.1.

This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy any shares under the Sales Agreement, nor shall there be any sale of such shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.