Evolution Petroleum Reports Fiscal Third Quarter 2026 Results and Declares $0.12 per Share Cash Dividend for the Fiscal Fourth Quarter (Form 8-K)

Evolution Petroleum Reports Fiscal Third Quarter 2026 Results and Declares $0.12 per Share Cash Dividend for the Fiscal Fourth Quarter

HOUSTON, TX - May 12, 2026 (GLOBE NEWSWIRE) - Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") today announced its financial and operating results for its fiscal third quarter ended March 31, 2026. Evolution also declared its 16^th consecutive $0.12 cash dividend per common share, payable on June 30, 2026, marking its 51^st consecutive quarterly cash dividend payment.

Financial & Operational Highlights

M&A Highlights

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Management Comments

Kelly Loyd, President and Chief Executive Officer, commented: "We continued to make steady progress during the fiscal third quarter, with contributions from recent acquisitions supporting overall volumes across our diversified portfolio. The quarter included the effects of a combination of items that were either isolated, temporary, or one-time. As these have rolled off, we can already see the powerful effects of combining our long-life, low-decline legacy properties, our higher-margin portfolio additions, and our high-return, low-cost workover projects. As we look to the fiscal 4^th quarter and beyond, we expect our underlying performance to reflect the portfolio's true earnings power.

"Operationally, we made encouraging progress across our asset base, identifying impactful opportunities. For example, the TexMex assets offer meaningful near-term upside, with more than 100 net BOEPD of incremental production to be added by the end of our fiscal 4^th quarter as ongoing optimization work is completed. At Chaveroo, since quarter-end, we have completed conversion of all but one of our wells from electric submersible pumps ("ESP") to rod pumps, as water production declined as projected, which should reduce operating costs and allow for longer run-times. These are just two of the many impactful optimization projects we are working on with our operators across the portfolio.

"On the acquisition front, we continued executing on our mineral and royalty strategy. During the quarter, we expanded our Louisiana position in the Haynesville and Bossier Shales. These assets are being actively developed by operators in the area and provide capital-light exposure to substantial future development. We continue to see highly accretive bolt-on opportunities to build scale and expect contributions from these high-margin positions to grow over time as completion activity progresses with no additional development cost to the Company. We also agreed to divest non-core mineral acreage having more distant future development plans and reinvest into near-term opportunities with clearer visibility of revenue and cash flow contributions beginning in fiscal 2027.

"Looking ahead, we remain committed to our long-standing capital allocation framework and believe we are well positioned to protect the balance sheet, support a dividend that we have maintained for more than 50 consecutive quarters, which we believe is durable through cycles, deploy capital where we see compelling risk-adjusted returns, and continue compounding long-term value for our shareholders."

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Fiscal Third Quarter 2026 Financial Results

Total revenues decreased 11% to $20.2 million compared to $22.6 million in the year-ago quarter. The change was driven primarily by an 11% decrease in average realized equivalent prices, partially offset by a slight increase in average daily production. The current quarter oil revenue at Delhi Field was materially impacted by a one-time $1.2 million prior-period adjustment for transportation charges, due to a new marketing contract entered into by the operator in December 2024 and not communicated to the Company until the current quarter. The Company is reviewing responses to these actions and is evaluating alternative marketing options going forward. During the current quarter, decreases in natural gas revenues were driven by unfavorable natural gas field differentials. At Jonah Field in particular, the historically warm winter on the West Coast led to differentials declining by $1.96 per Mcf on average compared to the year-ago period. Barnett Shale also experienced more unfavorable differentials than last year, declining by $0.90 per Mcf below the year-ago period.

Lease operating costs ("LOE") improved to $13.0 million compared to $13.4 million in the year-ago quarter. The decrease was primarily driven by the cessation of CO₂ purchases at Delhi Field, partially offset by the addition of TexMex properties and initial workover and facility upgrades in the field. On a per-unit basis, LOE was $21.49 per BOE compared to $22.32 per BOE in the year-ago quarter. The addition of our recently acquired Oklahoma and Louisiana Minerals properties contributed to the lower per-unit LOE as they provide a higher-margin asset base with no lifting costs.

Depletion, depreciation, and accretion expense was $5.3 million compared to $5.0 million in the year-ago period. On a per-BOE basis, the Company's current quarter depletion rate was $8.13 per BOE, compared to $7.68 per BOE in the year-ago period.

General and administrative ("G&A") expenses (excluding stock-based compensation) remained flat at $1.9 million for each period. On a per-BOE basis, G&A (excluding stock-based compensation) was $3.11 compared to $3.22 in the year-ago period.

The Company reported net loss of $8.9 million, or ($0.26) per diluted share, compared to net loss of $2.2 million, or $(0.07) per diluted share, in the year-ago period, primarily driven by unrealized losses on future period hedges extending into calendar 2027. Excluding the impact of selected items, which include losses on the unrealized portion of hedges, the Company reported adjusted net loss of $2.9 million, compared to adjusted net income of $0.8 million in the year-ago period.⁽¹⁾

Adjusted EBITDA was $3.1 million compared to $7.4 million in the year-ago quarter. The decrease was primarily due to historically high unfavorable natural gas field differentials, the aforementioned prior-period adjustments at Delhi, and realized losses on derivative contracts, compared to the prior-year period.⁽²⁾

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Production & Pricing

Total production for the third quarter of fiscal 2026 increased slightly to 6,700 net BOEPD compared to 6,667 net BOEPD in the year-ago period. Total production for the third quarter of fiscal 2026 included approximately 1,967 barrels per day ("BOPD") of crude oil, 3,644 BOEPD of natural gas, and 1,089 BOEPD of NGLs. The change in total production was primarily driven by production adds from the Company's SCOOP/STACK Minerals Acquisition in August 2025 and TexMex Acquisition in April 2025, partially offset by downtime at other fields. In January 2026, multiple fields were impacted by heavy ice storms and power outages, resulting in production shutdowns for multiple days.

The Company's average realized commodity price (excluding the impact of derivative contracts) decreased to $33.45 per BOE in fiscal Q3, compared to $37.60 per BOE in the year-ago period. The aforementioned Delhi prior-period adjustments reduced the Company's average realized equivalent price for the quarter by approximately $1.90 per BOE. Compared with the prior-year period, unfavorable gas differentials at Jonah and Barnett reduced the Company's average realized equivalent price for the quarter by approximately $3.39 per BOE.

Operations Update

The Company continued to expand its mineral and royalty position, completing two mineral acreage acquisitions in the Haynesville and Bossier Shales in Louisiana during fiscal Q3, following two similar acquisitions completed in fiscal Q2. The Company's mineral acquisitions prioritize placing value on wells that are either currently producing or are expected to be producing within one year of purchase. We expect 23 wells to be brought online and meaningfully contribute to revenue and cash flow in the fiscal fourth quarter.

At SCOOP/STACK, quarterly production was impacted by 64 BOEPD due to the winter storm in January. Additionally, there are 7 gross wells in progress and 12 gross wells on production that we are still waiting for first production data and revenue. Production from mineral and royalty interests acquired in August 2025 continued to contribute to overall volumes during the quarter, leading to a material increase of 27% in production and 24% decrease in LOE per BOE during the current fiscal quarter compared to the prior-year quarter.

At Chaveroo, the January winter storm and gas interference on an ESP affected production by 30 net BOEPD for the quarter. Subsequent to quarter-end, we converted that well from ESP to a rod pump, and all but one of our 7 wells have now been converted to rod pumps. The Company expects to secure permits for its next drilling block, comprising six gross wells, before the end of the 4^th fiscal quarter.

At TexMex, oil production increased quarter over quarter due to a successful workover program at the end of the prior quarter. However, January winter storms not only impacted production but also caused

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power outages and surface equipment damage that required repairs. This led to higher expenses in the quarter. We expect TexMex to continue to improve substantially. Subsequent to quarter-end, we began a new workover program, which we expect will increase production by an additional 100 net BOEPD by the end of fiscal Q4.

At the Williston Basin, production was down 32 BOEPD, due to downtime caused by the January winter storm and delays in crude oil trucking. Operations were quickly restored, and the field runtimes remain strong.

At Barnett, quarterly production was heavily impacted by the winter storm, resulting in a decline of approximately 160 BOEPD. The impacts carried into February and were restored by March.

At Delhi, the January winter storm outages impacted production for 6 days during the quarter. The CO₂ recycle compressor, which was down for most of the prior quarter, remained down for 40 days during fiscal Q3, negatively affecting production. These issues were resolved during the quarter, and we expect to see the benefits of a return to normal run times and restoring full CO₂ recycle capacity moving forward.

Balance Sheet, Liquidity, and Capital Spending

On March 31, 2026, the Company had cash and cash equivalents of $2.6 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 6.78%. Availability under the facility was $7.7 million, bringing total liquidity to $10.4 million. In the third quarter of fiscal 2026, Evolution paid $4.3 million in common stock dividends and incurred $1.6 million in capital expenditures. Evolution also deployed capital on royalty and minerals acquisitions in Louisiana. These cash outlays were partially offset by cash received from its SCOOP/STACK Minerals Acquisition due to purchase price adjustments associated with net cash flows between the effective date and closing date. Evolution also received net proceeds of $3.6 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 $3.5 million for the quarter.

Cash Dividend on Common Stock

On May 11, 2026, Evolution's Board of Directors declared a cash dividend of $0.12 per share of common stock, payable on June 30, 2026, to common stockholders of record on June 15, 2026. This will be the 51^st consecutive quarterly cash dividend on the Company's common stock since December 31, 2013. To date, Evolution has returned approximately $147.4 million, or $4.41 per share, back to stockholders in common stock dividends.

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