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Evolution Petroleum Corporation (NYSE MKT: EPM) (“Evolution” or the “Company”) announced today that its Board of Directors approved a share repurchase program covering up to $5,000,000 of the Company’s common stock.  Under the program’s terms, shares may be repurchased only on the open market and in accordance with the requirements of the Securities and Exchange Commission. The timing and amount of repurchases will depend upon several factors, including financial resources and market and business conditions. There is no fixed termination date for this repurchase program, and the repurchase program may be suspended or discontinued at any time. Payment for shares repurchased under the program will be funded using the Company’s working capital. The Company intends to retire the repurchased shares.

Robert Herlin, Chief Executive Officer, said: “This share repurchase program underscores our confidence in the quality of our assets and ability to generate cash flow across business cycles. Our cash flow forecast through fiscal 2016 and current liquidity exceed our expected financial needs, including projected capital expenditures in the Delhi field, continued commercialization of our artificial lift technology and our current rate of common dividends. At recent market price levels, we consider our common stock to be undervalued and believe that repurchasing shares is a responsible way to return excess cash back to shareholders.

“It is notable that we are not leveraging the balance sheet with debt and increasing our financial risk in this historically cyclical industry to fund the program, and we retain the full flexibility of our undrawn credit facility. We considered the option of increasing our regular common stock dividend, but determined that the current uncertainty of oil prices and our capital commitments for the NGL plant in the Delhi field made this option less attractive than the repurchase program.  We look forward to a possible increase in the common stock dividend during calendar 2016 when increased cash flow from the NGL plant should give us greater financial resources and better long-term visibility with respect to our financial performance.”

Randy Keys, President and CFO, added: “We do not believe our current stock price adequately reflects the exceptionally long life and quality of our reserves and the predictability of our production profile, nor does it reasonably account for the near term catalysts for growth from the NGL plant and the expansion of the CO2 flood in the eastern part of the field. In addition, we have a strong balance sheet with no debt. Based on our most recent reserves report, production from the Delhi field is forecast to increase and, as a result, so is the expected PV-10* value of the field over the next several years while simultaneously generating significant free cash flow.

“The Delhi field is approximately 70% developed with substantially all the major infrastructure, including the CO2 pipeline, compression facilities and the majority of the CO2 injection and production wells, already in place.  Based on the same reserves report, the incremental cost to complete the NGL plant and expand the CO2 flood to the eastern part of the field is estimated to be approximately $8.50 per barrel for remaining development of the proved reserves.  The incremental capital cost associated with our probable reserves is only $3.30 per barrel since approximately 45% of our probable reserves are already developed, and there is no incremental capital cost associated with our possible reserves as they are incremental to previous capital expenditures. It is notable that the probable and possible reserves are associated largely with recovering more oil already in place in and around the existing wellbores.”

About Evolution Petroleum

Evolution Petroleum Corporation develops incremental petroleum reserves and shareholder value by applying conventional and specialized technology to known oil and gas resources, onshore in the United States. Principal assets include interests in a CO2-EOR project in Louisiana’s Delhi field and a patented technology designed to extend the life and increase ultimate recoveries of depletion drive oil and gas wells. Additional information, including the Company’s annual report on Form 10-K and its quarterly reports on Form 10-Q, is available on its website atwww.evolutionpetroleum.com. Additional information regarding GARP® is available on thewww.garplift.com website.