Form 8-K

8-K — EVOLUTION PETROLEUM CORP

Accession: 0001104659-26-107957

Filed: 2026-09-15

Period: 2026-09-10

CIK: 0001006655

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — epm-20260910x8k.htm (Primary)

EX-99.1 (epm-20260910xex99d1.htm)

EX-99.2 (epm-20260910xex99d2.htm)

GRAPHIC (epm-20260910xex99d1001.jpg)

GRAPHIC (epm-20260910xex99d2001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: epm-20260910x8k.htm · Sequence: 1

Evolution Petroleum Corp_September 10, 2026

0001006655false00010066552026-09-102026-09-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 10, 2026

Evolution Petroleum Corporation

(Exact name of registrant as specified in its charter)

001-32942

(Commission File Number)

Nevada

41-1781991

(State or Other Jurisdiction of Incorporation)

(I.R.S. Employer Identification No.)

1155 Dairy Ashford Road, Suite 425, Houston, Texas

77079

(Address of Principal Executive Offices)

(Zip Code)

(713) 935-0122

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange On Which Registered

Common Stock, $0.001 par value

EPM

NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Item 2.02Results of Operations and Financial Condition.

On September 15, 2026, Evolution Petroleum Corporation (the “Company”) issued a press release reporting its financial and operating results for the fiscal year and quarter ended June 30, 2026. A copy of the press release, dated September 15, 2026, regarding the Company’s financial and operating results, is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

This information is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless specifically incorporated by reference in a document filed under the Securities Act of 1933, as amended, or the Exchange Act. By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by Item 2.02.

Occasionally our management discloses net income (loss) and net earnings (loss) per common share excluding selected items as well as Adjusted EBITDA. These measures are presented by our management as supplemental financial measures to allow external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. These measures are not measures of financial performance performed under GAAP and should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. These measures may not be comparable to similarly titled non-GAAP measures of another company and may not be useful in comparing our performance to the performance of other companies.

Item 8.01Other Events.

On September 10, 2026, the Company approved the declaration of a $0.12 per common share dividend for the first quarter of 2027 to shareholders of record on September 21, 2026 and payable on September 30, 2026.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1

Evolution Petroleum Corporation Press Release regarding its financial and operating results, dated September 15, 2026

99.2

Evolution Petroleum Corporation Press Release announcing the fiscal first quarter 2027 dividend, dated September 10, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Evolution Petroleum Corporation (Registrant)

Date: September 15, 2026

By:

/s/ RYAN STASH

Name:

Ryan Stash

Title:

Senior Vice President and Chief Financial Officer

EX-99.1

Filename: epm-20260910xex99d1.htm · Sequence: 2

EPM FQ1 2026 Earnings PR

EXHIBIT 99.1

Evolution Petroleum Reports Fiscal Fourth Quarter and Full Year Fiscal 2026 Results

– Fiscal Q4 Net Income Rebounds from Q3 to $4.6 Million –

– Adjusted EBITDA More Than Doubles Sequentially to $6.5 Million –

HOUSTON, TX — September 15, 2026 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") today announced its financial and operating results for its fiscal fourth quarter and full year ended June 30, 2026. On September 10, 2026, Evolution also declared its 17th consecutive $0.12 cash dividend per common share, payable on September 30, 2026, marking its 52nd consecutive quarterly cash dividend payment.

Financial & Operational Highlights

($ in thousands)

Q4 2026

Q4 2025

Q3 2026

% Change Q4/Q4

% Change Q4/Q3

Average BOEPD

6,901

7,198

6,700

(4)

Revenues

24,208

21,108

20,168

Net Income (Loss) (1)

4,614

3,412

(8,932)

Adjusted Net Income (Loss)(2)

(587)

1,129

(2,941)

(80)

Adjusted EBITDA(3)

6,522

8,572

3,107

(24)

110

(1) "NM" means "Not Meaningful."

(2) Adjusted Net Income is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

(3) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

● Fiscal Q4 production was 6,901 average barrels of oil equivalent per day ("BOEPD"), up 3% quarter-over-quarter, with oil accounting for 68% of revenue, natural gas accounting for 18%, and natural gas liquids ("NGLs") accounting for 14% of revenue during the quarter.

● Fiscal year 2026 production was 7,077 BOEPD, above 7,074 BOEPD in fiscal 2025.

● Higher realized oil and NGL prices, together with increased production, drove a 20% increase in revenue to $24.2 million from fiscal Q3 to Q4.

● Adjusted EBITDA more than doubled sequentially to $6.5 million from $3.1 million, while LOE per BOE improved approximately 5% to $20.35 from $21.49.

● Returned $4.3 million to shareholders in the form of cash dividends during fiscal Q4 and $16.9 million for fiscal year 2026.

● Ended the current year with total proved reserves of 27.2 MMBOE, compared with 27.1 MMBOE at June 30, 2025, replacing more than 100% of fiscal 2026 production of 2.6 MMBOE.

Permian/Midland Basin Mineral and Royalty Acquisition

Subsequent to quarter-end, on August 20, 2026, Evolution completed the acquisition of mineral and royalty interests (“M&R”) in the core Midland Basin ("Permian Minerals") for approximately $16.0 million. The acquired assets include approximately 3,420 net royalty acres across Reagan, Upton, Glasscock, Midland, and Martin Counties, Texas, and included 832 producing wells, 7 completed wells, 34 drilled but uncompleted wells ("DUCs"), 27 permitted wells, and approximately 1,257 upside locations increasing our exposure to high-

margin current production and future operator-led activity, with no development capital required net to Evolution. The acquisition was funded with $12.8 million of net proceeds from the Company’s concurrent public offering of 4.3 million common shares and $3.2 million of borrowings under its Senior Secured Credit Facility.

Management Comments

Kelly Loyd, President and Chief Executive Officer, commented: “Fiscal 2026 was another important year for Evolution as we broadened the portfolio with strategic acquisitions, maintained $0.48 per share in dividends, and increased proved reserves over and above the roughly 2.6 MMBOE we produced during the year. Underpinning our shareholder return strategy is the durability and continued renewal of our asset base. During the year, acquisitions and drilling activity from our non-operated and royalty assets added fresh sources of production and cash flow alongside our mature, long-life properties. Just as important, we finished the year with momentum. Many of the temporary items that weighed on fiscal Q3 rolled off as expected, and fiscal Q4 revenues rose 20% and Adjusted EBITDA more than doubled quarter over quarter.

"Continuing with the year-end momentum, we begin fiscal 2027 on a high note. We added another highly accretive acquisition, with the purchase of our Permian Minerals position, adding over 1,000 near- and long-term undeveloped drilling locations. This, combined with new operations at our recently added Louisiana minerals and royalty positions and ongoing activity across our existing portfolio of non-op working and mineral and royalty interests, fiscal 2027 is poised to benefit from fresh production adds from multiple, complementary sources.

“We continue to build Evolution into a more robust energy company with long-life producing properties and significant upside development from both our non-operated working interest assets and our recently added minerals and royalty positions. We now have meaningful mineral and royalty interests with a significant number of cost-free future drilling locations as well as attractive non-operated development locations in four of the top five most active basins in the U.S., by rig count (Permian, SCOOP/STACK, Williston, and Haynesville). This strategy of adding mineral and royalty interests creates more ways to add value and provides greater flexibility for capital allocation. We believe this combination presents a stronger model for Evolution and one we intend to keep advancing that will support our dividend and compound value for shareholders over time.”

Fiscal Fourth Quarter 2026 Financial Results

Total revenues increased 15% to $24.2 million compared to $21.1 million in the year-ago quarter. The change was driven primarily by a 20% increase in average realized equivalent prices, partially offset by a 4% decrease in average daily production.

Lease operating costs (“LOE”) increased to $12.8 million compared to $11.4 million in the year-ago quarter. The prior-year period included a $1.9 million credit from the operator of one of our Barnett Shale properties due to a joint venture audit. On a per-unit basis, as adjusted for the prior-year credit, LOE was $20.35 per BOE compared to $20.25 per BOE in the year-ago quarter.

Depletion, depreciation, and accretion expense was $5.6 million compared to $5.8 million in the year-ago period. On a per-BOE basis, the Company’s current quarter depletion rate was $8.29 per BOE, compared to $8.27 per BOE in the year-ago period.

General and administrative (“G&A”) expenses (excluding stock-based compensation) decreased to $1.8 million compared to $2.0 million in the year-ago quarter. On a per-BOE basis, G&A (excluding stock-based compensation) was $2.80 compared to $2.99 in the year-ago period.

The Company reported net income of $4.6 million, or $0.13 per diluted share, compared to $3.4 million, or $0.10 per diluted share, in the year-ago period. Higher revenues are primarily driven by increased realized pricing. Excluding the impact of selected items, which include net gains (losses) on the unrealized portion of hedges, the Company reported an adjusted net loss of $0.6 million, compared to adjusted net income of $1.1 million in the year-ago period.(1)

Adjusted EBITDA was $6.5 million compared to $8.6 million in the year-ago quarter. The decrease was primarily due to realized losses on derivative contracts in the current-year period compared to realized gains on derivative contracts in the prior-year period.(2)

Production & Pricing

Average price per unit:

Q4 2026

Q4 2025

% Change Y/Y

Crude oil (BBL)

90.74

60.82

Natural gas (MCF)

2.13

2.76

(23)

Natural Gas Liquids (BBL)

32.49

25.50

Equivalent (BOE)

38.55

32.23

Total production for the fourth quarter of fiscal 2026 decreased to 6,901 net BOEPD compared to 7,198 net BOEPD in the year-ago period. Total production for the fourth quarter of fiscal 2026 included approximately 2,000 barrels per day (“BOPD”) of crude oil, 3,791 BOEPD of natural gas, and 1,110 BOEPD of NGLs. Fiscal 2025 fourth quarter benefited from flush production from new wells brought online during that quarter. The year-over-year change in production largely reflects these wells following their expected declines over fiscal 2026. Fiscal 2026 did benefit from higher production from SCOOP/STACK, driven by the August 2025 Minerals Acquisition and new-well activity, along with a contribution from M&R interests acquired in the Haynesville and Bossier shale in Louisiana.

The Company’s average realized commodity price (excluding the impact of derivative contracts) increased 20% to $38.55 per BOE in fiscal Q4, compared to $32.23 per BOE in the year-ago period.

Operations Update

At SCOOP/STACK, Evolution continued to benefit from its combination of working interests and M&R interests. Production remained strong while operating costs improved, reflecting the growing contribution from the minerals and royalty portfolio. Fiscal Q4 production averaged 1,275 BOEPD, up about 14% from the prior-year quarter, while LOE declined to $10.33 per BOE from $11.05 in the prior-year quarter. Third-party operators remain active around the Company’s acreage, providing continued development visibility, with ten gross working-interest wells brought online in fiscal 2026, and approximately ten already expected to be brought online in fiscal 2027 so far. During the year, across our combined SCOOP/STACK portfolio (working interests and M&R interests), our operators brought online 31 gross wells. As of July 31st, we have an interest in 725

(1)

Adjusted net income (loss) is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

(2)

Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

gross producing wells, 36 gross wells that have either been identified as Proved Undeveloped ("PUDs") or are already in various stages of drilling and completion, and over 360 additional gross locations.

In Louisiana, operator activity across the Haynesville and Bossier positions continues to progress, with wells moving through various stages of development and into production. As of July 31st, the portfolio included approximately 90 producing gross wells, 16 wells in various stages of drilling or completion, 35 pre-permitted wells, and over 60 additional identified gross locations.

Operating performance at our TexMex assets in Louisiana, Texas and New Mexico continued to improve during the fiscal fourth quarter as workover and optimization activity progressed. The operator continues to identify opportunities to restore and enhance production from the existing well base, and the Company expects the TexMex assets to be an important contributor to the overall cash flow as those efforts continue.

At Chaveroo, production increased meaningfully during fiscal 2026, benefiting from a full year of production from the wells brought online during the fourth quarter of fiscal 2025. Average production increased to approximately 260 BOEPD from 175 BOEPD in fiscal 2025. The Company has secured six drilling permits and is in discussions with its partner regarding the timing of future drilling.

Across the Company’s legacy assets, the focus remains on maintaining base production, improving operating reliability, and pursuing selective drilling and workover opportunities. Operational issues that affected several properties earlier in fiscal 2026 improved as the year progressed.

Balance Sheet, Liquidity, and Capital Spending

On June 30, 2026, the Company had cash and cash equivalents of $6.1 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 6.69%. Availability under the facility was $7.7 million, bringing total liquidity to $13.9 million. In the fourth quarter of fiscal 2026, Evolution paid $4.3 million in common stock dividends, $1.7 million for minerals acquisitions, and incurred $1.5 million in capital expenditures. These cash outlays were partially offset by cash received of $3.1 million from its SCOOP/STACK non-core, non-producing mineral acreage divestiture. Evolution also received net proceeds of $1.0 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 $6.8 million for the quarter.

On August 20, 2026, Evolution entered into a letter agreement with MidFirst Bank pursuant to which the borrowing base on the Company’s 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 earlier in accordance with the credit agreement. Pro forma for the Permian Minerals acquisition, after taking into account the common stock offering in August 2026, additional net borrowings of $3.2 million under our Senior Secured Credit Facility, and the temporary increase in the Company’s revolving borrowing base, Evolution had 40.2 million shares of common stock outstanding and total liquidity of approximately $19 million.

Cash Dividend on Common Stock

On September 10, 2026, Evolution's Board of Directors declared a cash dividend of $0.12 per share of common stock, payable on September 30, 2026, to common stockholders of record on September 21, 2026. This will be the 52nd consecutive quarterly cash dividend on the Company's common stock since December 31, 2013. To

date, Evolution has returned approximately $151.7 million, or $4.53 per share, back to stockholders in common stock dividends.

Conference Call

As previously announced, Evolution Petroleum will host a conference call on Wednesday, September 16, 2026, at 10:00 a.m. CT to review its fiscal fourth quarter 2026 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=ai980iXu or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through September 15, 2027, via the provided webcast link and on Evolution's Investor Relations website at www.ir.evolutionpetroleum.com.

About Evolution Petroleum

Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in working and royalty interests in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information.

Cautionary Statement

All forward-looking statements contained in this press release regarding the Company's current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as "anticipate," "believe," "expect," "may," "plans," "outlook," "should," "will," and words of similar meaning are forward-looking statements. Although the Company's expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading "Risk Factors" and elsewhere in our periodic reports filed with the Securities and Exchange Commission ("SEC"). The Company undertakes no obligation to update any forward-looking statement.

Contact

Investor Relations

(713) 935-0122

ir@evolutionpetroleum.com

Evolution Petroleum Corporation

Proved Reserves as of June 30, 2026

Our proved reserves as of June 30, 2026, were estimated by our independent reservoir engineers, Cawley, Gillespie and Associates, Inc. and DeGolyer and MacNaughton, both worldwide petroleum consultants.

The SEC sets rules related to reserve estimation and disclosure requirements for oil and natural gas companies. These rules require disclosure of oil and natural gas proved reserves by significant geographic area, using the trailing 12-month average price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, rather than year-end prices, and allows the use of new technologies in the determination of proved reserves if those technologies have been demonstrated empirically to lead to reliable conclusions about reserve volumes. Subject to limited exceptions, the rules also require that proved undeveloped reserves may only be classified as such if a development plan has been adopted indicating that they are scheduled to be drilled within five years.

For more information on the Company's reserves, see our Supplemental Disclosure about Oil and Natural Gas Properties included on Form 10-K filed with the SEC for the year ended June 30, 2026.

Oil

Natural Gas

NGLs

Total Proved Reserves

Reserve Category

(MBbls)

(MMcf)

(MBbls)

(MBOE)

Proved Developed Producing

7,049

67,400

3,750

22,032

Proved Non-Producing

301

259

349

Proved Undeveloped

3,275

6,533

472

4,836

Total Proved

10,625

74,192

4,227

27,217

Oil

Natural Gas

NGLs

Total Proved Reserves

Asset

(MBbls)

(MMcf)

(MBbls)

(MBOE)

SCOOP/STACK

1,325

15,080

1,112

4,950

Chaveroo Field

2,714

877

187

3,047

Jonah Field

181

18,484

238

3,500

Williston Basin

1,674

1,337

332

2,229

Barnett Shale

29,366

1,738

6,705

Hamilton Dome Field

1,684

—

1,684

Delhi Field

1,658

—

620

2,278

TexMex and Other

1,316

9,048

—

2,824

Total Proved

10,625

74,192

4,227

27,217

Evolution Petroleum Corporation

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)

Three Months Ended

Years Ended

June 30,

March 31,

June 30,

2026

2025

2026

2025

Revenues

Crude oil

16,514

12,833

10,474

50,556

51,102

Natural gas

4,413

5,648

7,284

25,038

23,516

Natural gas liquids

3,281

2,627

2,410

10,749

11,222

Total revenues

24,208

21,108

20,168

86,343

85,840

Operating costs

Lease operating costs

12,782

11,367

12,959

50,338

49,338

Depletion, depreciation, and accretion

5,606

5,821

5,294

22,780

21,993

General and administrative expenses

2,355

2,580

2,473

9,745

10,334

Total operating costs

20,743

19,768

20,726

82,863

81,665

Income (loss) from operations

3,465

1,340

(558)

3,480

4,175

Other income (expense)

Net gain (loss) on derivative contracts

2,603

3,696

(9,869)

(2,850)

473

Interest and other income

191

Interest expense

(969)

(678)

(960)

(3,849)

(2,970)

Income (loss) before income taxes

5,125

4,385

(11,363)

(3,147)

1,869

Income tax (expense) benefit

(511)

(973)

2,431

718

(396)

Net income (loss)

4,614

3,412

(8,932)

(2,429)

1,473

Net income (loss) per common share:

Basic

0.13

0.10

(0.26)

(0.08)

0.03

Diluted

0.13

0.10

(0.26)

(0.08)

0.03

Weighted average number of common shares outstanding:

Basic

35,070

33,553

34,315

34,251

33,158

Diluted

35,262

33,723

34,315

34,251

33,323

Evolution Petroleum Corporation

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and per share amounts)

June 30, 2026

June 30, 2025

Assets

Current assets

Cash and cash equivalents

6,137

2,507

Receivables from crude oil, natural gas, and natural gas liquids revenues

10,089

10,804

Derivative contract assets

2,094

1,777

Prepaid expenses and other current assets

2,199

2,287

Total current assets

20,519

17,375

Property and equipment, net of depletion, depreciation, and impairment

Oil and natural gas properties, net — full-cost method of accounting, of which none were excluded from amortization

146,967

142,248

Other noncurrent assets

Derivative contract assets

478

198

Other assets, net

734

431

Total assets

168,698

160,252

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable

13,817

12,901

Accrued liabilities and other

5,674

6,909

Derivative contract liabilities

2,865

1,577

Total current liabilities

22,356

21,387

Long term liabilities

Senior secured credit facility

56,500

37,500

Deferred income taxes

5,271

6,234

Asset retirement obligations

23,626

21,535

Derivative contract liabilities

190

1,783

Operating lease liability

351

—

Total liabilities

108,294

88,439

Commitments and contingencies

Stockholders' equity

Common stock; par value $0.001; 100,000,000 shares authorized: issued and

outstanding 35,949,843 and 34,337,188 shares as of June 30, 2026

and 2025, respectively

Additional paid-in capital

54,611

46,650

Retained earnings

5,757

25,129

Total stockholders' equity

60,404

71,813

Total liabilities and stockholders' equity

168,698

160,252

Evolution Petroleum Corporation

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Three Months Ended

Years Ended

June 30,

March 31,

June 30,

2026

2025

2026

2025

Cash flows from operating activities:

Net income (loss)

4,614

3,412

(8,932)

(2,429)

1,473

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depletion, depreciation, and accretion

5,606

5,821

5,294

22,780

21,993

Stock-based compensation

599

622

595

2,344

2,482

Settlement of asset retirement obligations

(15)

(39)

(51)

(246)

(385)

Deferred income taxes

1,442

1,662

(1,106)

(963)

(468)

Unrealized (gain) loss on derivative contracts

(5,777)

(2,934)

7,621

(902)

492

Accrued settlements on derivative contracts

(47)

(137)

688

631

(251)

Amortization of debt issuance costs

—

156

—

Other

(1)

(8)

Changes in operating assets and liabilities:

Receivables from crude oil, natural gas, and natural gas liquids revenues

(403)

109

1,180

Prepaid expenses and other current assets

(214)

1,525

(1,120)

2,925

Accounts payable and accrued liabilities and other

1,355

416

1,227

918

4,798

State and federal taxes payable

(425)

—

(847)

—

(74)

Net cash provided by operating activities

6,799

10,456

3,489

23,518

33,052

Cash flows from investing activities:

Acquisitions of oil and natural gas properties

(1,680)

(6,868)

(4,662)

(22,988)

(9,019)

Proceeds from the sale of unproved oil and natural gas properties

3,093

—

3,093

—

Capital expenditures for oil and natural gas properties

(1,360)

(4,721)

(1,263)

(7,280)

(12,623)

Net cash used in investing activities

(11,589)

(5,925)

(27,175)

(21,642)

Cash flows from financing activities:

Common stock dividends paid

(4,330)

(4,123)

(4,261)

(16,943)

(16,347)

Common stock repurchases, including stock surrendered for tax withholding

—

(180)

(43)

(225)

(442)

Borrowings under senior secured credit facility

—

2,000

22,000

2,000

Repayments of senior secured credit facility

—

(3,000)

(4,000)

Debt issuance costs

—

(90)

—

(379)

(90)

Issuance of common stock

1,126

436

3,672

6,070

3,840

Offering costs

(127)

(4)

(78)

(236)

(310)

Net cash provided by (used in) financing activities

(3,331)

(1,961)

1,290

7,287

(15,349)

Net increase (decrease) in cash and cash equivalents

3,521

(3,094)

(1,146)

3,630

(3,939)

Cash and cash equivalents, beginning of period

2,616

5,601

3,762

2,507

6,446

Cash and cash equivalents, end of period

6,137

2,507

2,616

6,137

2,507

Evolution Petroleum Corporation

Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited)

(In thousands)

Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner.

We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.

Three Months Ended

Years Ended

June 30,

March 31,

June 30,

2026

2025

2026

2025

Net income (loss)

4,614

3,412

(8,932)

(2,429)

1,473

Adjusted by:

Interest expense

969

678

960

3,849

2,970

Income tax expense (benefit)

511

973

(2,431)

(718)

396

Depletion, depreciation, and accretion

5,606

5,821

5,294

22,780

21,993

Stock-based compensation

599

622

595

2,344

2,482

Unrealized loss (gain) on derivative contracts

(5,777)

(2,934)

7,621

(902)

492

Adjusted EBITDA

6,522

8,572

3,107

24,924

29,806

Evolution Petroleum Corporation

Non-GAAP Reconciliation – Adjusted Net Income (Unaudited)

(In thousands, except per share amounts)

Three Months Ended

Years Ended

June 30,

March 31,

June 30,

2026

2025

2026

2025

As Reported:

Net income (loss), as reported

4,614

3,412

(8,932)

(2,429)

1,473

Impact of Selected Items:

Unrealized loss (gain) on commodity contracts

(5,777)

(2,934)

7,621

(902)

492

Selected items, before income taxes

(5,777)

(2,934)

7,621

(902)

492

Income tax effect of selected items(1)

(576)

(651)

1,630

(206)

104

Selected items, net of tax

(5,201)

(2,283)

5,991

(696)

388

As Adjusted:

Net income (loss), excluding selected items(2)

(587)

1,129

(2,941)

(3,125)

1,861

Undistributed earnings allocated to unvested restricted stock

(103)

(93)

(105)

(393)

(367)

Net income (loss), excluding selected items for earnings per share calculation

(690)

1,036

(3,046)

(3,518)

1,494

Net income (loss) per common share — Basic, as reported

0.13

0.10

(0.26)

(0.08)

0.03

Impact of selected items

(0.15)

(0.07)

0.17

(0.02)

0.02

Net income (loss) per common share — Basic, excluding selected items(2)

(0.02)

0.03

(0.09)

(0.10)

0.05

Net income (loss) per common share — Diluted, as reported

0.13

0.10

(0.26)

(0.08)

0.03

Impact of selected items

(0.15)

(0.07)

0.17

(0.02)

0.01

Net income (loss) per common share — Diluted, excluding selected items(2)(3)

(0.02)

0.03

(0.09)

(0.10)

0.04

(1) The tax impact for the three months ended June 30, 2026 and 2025, is represented using estimated tax rates of 10.0% and 22.2%, respectively. The tax impact for the three months ended March 31, 2026, is represented using estimated tax rates of 21.4%. The tax impact for the years ended June 30, 2026 and 2025, is represented using estimated tax rates of 22.8% and 21.2%, respectively.

(2) Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.

(3) The impact of selected items for the three months ended June 30, 2026 and 2025, were each calculated based upon weighted average diluted shares of 35.1 million and 33.7 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended March 31, 2026, was calculated based upon weighted average diluted shares of 34.3 million due to the net income (loss), excluding selected items. The impact of selected items for the years ended June 30, 2026 and 2025, were each calculated based upon weighted average diluted shares of 34.3 million and 33.3 million, respectively, due to the net income (loss), excluding selected items.

Evolution Petroleum Corporation

Supplemental Information on Oil and Natural Gas Operations (Unaudited)

(In thousands, except per unit and per BOE amounts)

Three Months Ended

Years Ended

June 30,

March 31,

June 30,

2026

2025

2026

2025

Revenues:

Crude oil

16,514

12,833

10,474

50,556

51,102

Natural gas

4,413

5,648

7,284

25,038

23,516

Natural gas liquids

3,281

2,627

2,410

10,749

11,222

Total revenues

24,208

21,108

20,168

86,343

85,840

Lease operating costs:

Ad valorem and production taxes

1,438

1,381

1,317

4,763

5,709

Gathering, transportation, and other costs

2,746

2,765

2,834

11,139

11,357

Other lease operating costs

8,598

7,221

8,808

34,436

32,272

Total lease operating costs

12,782

11,367

12,959

50,338

49,338

Depletion of full cost proved oil and natural gas properties

5,205

5,418

4,900

21,197

20,374

Production:

Crude oil (MBBL)

182

211

177

759

766

Natural gas (MMCF)

2,069

2,045

1,968

8,428

8,409

Natural gas liquids (MBBL)

101

103

419

414

Equivalent (MBOE)(1)

628

655

603

2,583

2,582

Average daily production (BOEPD)(1)

6,901

7,198

6,700

7,077

7,074

Average price per unit(2):

Crude oil (BBL)

90.74

60.82

59.18

66.61

66.71

Natural gas (MCF)

2.13

2.76

3.70

2.97

2.80

Natural Gas Liquids (BBL)

32.49

25.50

24.59

25.65

27.11

Equivalent (BOE)(1)

38.55

32.23

33.45

33.43

33.25

Average cost per unit:

Ad valorem and production taxes

2.29

2.11

2.18

1.84

2.21

Gathering, transportation, and other costs

4.37

4.22

4.70

4.31

4.40

Other lease operating costs

13.69

11.02

14.61

13.33

12.50

Total lease operating costs

20.35

17.35

21.49

19.48

19.11

Depletion of full cost proved oil and natural gas properties

8.29

8.27

8.13

8.21

7.89

(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.

(2) Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting.

Evolution Petroleum Corporation

Summary of Production Volumes and Average Sales Price (Unaudited)

Three Months Ended

June 30,

March 31,

2026

2025

2026

Volume

Price

Volume

Price

Volume

Price

Production:

Crude oil (MBBL)

SCOOP/STACK

98.33

64.15

69.24

Chaveroo Field

92.98

58.47

63.87

Jonah Field

86.28

59.83

63.70

Williston Basin

93.70

56.39

64.57

Barnett Shale

91.58

59.14

66.12

Hamilton Dome Field

77.51

52.99

57.23

Delhi Field

91.82

67.03

43.24

Other

94.28

63.66

70.28

Total

182

90.74

211

60.82

177

59.18

Natural gas (MMCF)

SCOOP/STACK

358

3.23

312

3.20

389

4.13

Jonah Field

688

1.23

691

2.49

675

3.45

Williston Basin

3.22

2.17

3.28

Barnett Shale

853

2.33

945

2.84

801

3.87

TexMex and Other

145

2.36

2.64

2.19

Total

2,069

2.13

2,045

2.76

1,968

3.70

Natural gas liquids (MBBL)

SCOOP/STACK

29.33

23.27

19.01

Jonah Field

33.15

26.84

25.50

Williston Basin

22.96

18.34

18.47

Barnett Shale

32.59

26.77

28.49

Delhi Field

47.56

25.66

23.36

Total

101

32.49

103

25.50

24.59

Equivalent (MBOE)(1)

SCOOP/STACK

116

40.64

102

34.10

119

33.66

Chaveroo Field

92.98

58.47

63.87

Jonah Field

128

12.85

129

17.91

127

23.12

Williston Basin

75.77

46.33

52.02

Barnett Shale

194

19.54

213

19.95

183

25.09

Hamilton Dome Field

77.51

52.99

57.23

Delhi Field

84.55

57.27

39.44

TexMex and Other

44.39

43.95

45.49

Total

628

38.55

655

32.23

603

33.45

Average daily production (BOEPD)(1)

SCOOP/STACK

1,275

1,121

1,322

Chaveroo Field

220

330

222

Jonah Field

1,407

1,418

1,411

Williston Basin

429

484

433

Barnett Shale

2,132

2,341

2,033

Hamilton Dome Field

363

374

356

Delhi Field

648

802

578

TexMex and Other

427

328

345

Total

6,901

7,198

6,700

Evolution Petroleum Corporation

Summary of Average Production Costs (Unaudited)

Three Months Ended

June 30,

March 31,

Production costs (in thousands, except per BOE):

2026

2025

2026

Total lease operating costs(1)

Amount

per BOE

Amount

per BOE

Amount

per BOE

SCOOP/STACK

1,196

10.33

1,130

11.05

1,064

8.96

Chaveroo Field

338

16.90

501

16.65

320

15.92

Jonah Field

1,737

13.53

1,928

14.91

2,047

16.21

Williston Basin

1,249

31.88

1,159

26.48

1,162

30.09

Barnett Shale(2)

3,512

18.11

1,850

8.67

3,747

20.49

Hamilton Dome Field

1,422

43.12

1,523

44.36

1,226

37.73

Delhi Field

1,710

29.18

2,087

28.73

1,836

34.13

TexMex and Other

1,618

41.57

1,189

41.47

1,557

57.61

Total

12,782

20.35

11,367

17.35

12,959

21.49

(1) Total lease operating costs includes lifting costs; workover expenses; and gathering, transportation, processing and other expenses.

(2) Barnett Shale lease operating costs for the three months ended June 30, 2025 contain a $1.9 million credit from one of our operators due to a joint venture audit.

Evolution Petroleum Corporation

Summary of Open Derivative Contracts (Unaudited)

For more information on the Company's hedging practices, see Note 7 to its financial statements included on Form 10-K filed with the SEC for the year ended June 30, 2026.

The Company has the following open crude oil and natural gas derivative contracts:

Volumes in

Weighted Average Price per MMBTU/BBL

Period

Commodity

Instrument

MMBTU/BBL

Swap

Sub Floor

Floor

Ceiling

July 2026 - September 2026

Crude Oil

Fixed-Price Swap

43,870

60.77

January 2027 - December 2027

Crude Oil

Fixed-Price Swap

199,662

68.43

July 2026 - December 2026

Crude Oil

Two-Way Collar

121,892

63.28

73.26

January 2027 - December 2027

Crude Oil

Two-Way Collar

273,839

62.28

74.57

September 2026 - December 2026

Crude Oil

Three-Way Collar

67,002

50.00

58.83

70.36

July 2026 - December 2026

Natural Gas

Fixed-Price Swap

1,745,693

3.63

January 2027 - December 2027

Natural Gas

Fixed-Price Swap

1,946,285

3.41

July 2026 - December 2026

Natural Gas

Two-Way Collar

1,177,472

3.57

4.71

January 2027 - June 2027

Natural Gas

Two-Way Collar

1,235,604

3.27

4.92

EX-99.2

Filename: epm-20260910xex99d2.htm · Sequence: 3

EXHIBIT 99.2

Evolution Petroleum Declares $0.12 per Share Cash Dividend for Fiscal Q1 2027

HOUSTON, TX — September 10, 2026 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") today announced that its Board of Directors declared a cash dividend of $0.12 per share of common stock for its fiscal 2027 first quarter, payable on September 30, 2026, to stockholders of record as of September 21, 2026. This will be the 52nd consecutive quarterly cash dividend on the Company's common stock since December 31, 2013.

About Evolution Petroleum

Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information.

Contact

Investor Relations

(713) 935-0122

ir@evolutionpetroleum.com

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration