Evolution Petroleum and PEDEVCO Enter into Strategic Partnership to Jointly Develop PEDEVCO’s Chaveroo Field in the Permian Basin - Seite 2

Mr. Loyd concluded, "There will be times when the most accretive acquisitions are in the ground and times when they are in the market; today's announcement puts us in a position to thrive in either environment. This view remains critical as we continue to evaluate and execute opportunities that prudently grow the business on a risk-adjusted basis and provide superior through-cycle returns. In the past, we have primarily grown our business through PDP acquisitions, and we expect this trend will continue. However, with our new strategic partnership with PEDEVCO, we can now more easily provide superior returns to our shareholders when the acquisition environment is out of favor. In short, we view today's announcement as another important step in our continued corporate evolution, and we appreciate the ongoing support of our shareholders and business partners."

Mr. Schick, President of PEDEVCO added, "We believe this strategic partnership allows PEDEVCO to accelerate the development and, importantly, value of our Chaveroo field. With our increasing activity in the DJ Basin of Colorado and Wyoming, this strategic partnership with Evolution provides us with a solid and experienced partner to aggressively move the development of this high-quality asset forward. We believe our work over the past five years has de-risked in-fill horizontal development of this asset and provided valuable data to continue to enhance results in the field. We look forward to working with Evolution as our partner on this exciting project."

Advisors

Greathouse Hollway McFadden Trachtenberg acted as legal counsel for Evolution. Roth Capital Partners acted as financial advisor for PEDEVCO.

Evolution Petroleum Conference Call
As previously announced, Evolution Petroleum will host a conference call on Wednesday, September 13, 2023, at 2:00 p.m. Eastern (1:00 p.m. Central) to discuss its fiscal year-end 2023 financial and operating results and outlook. To access the call, please dial 1-844-481-2813 (Toll-free) or 1-412-317-0677. Participants should ask to join the Evolution Petroleum Corporation call. To listen live via webcast, click the link EPM FY'23 Earnings Call or go to the Company's website at www.evolutionpetroleum.com. A webcast replay will be available through September 13, 2024, via the webcast link above and on Evolution's website at www.ir.evolutionpetroleum.com.