Exhibit

Houston, TX, February 6, 2019 - Evolution Petroleum Corporation (NYSE American: EPM) today announced that the Board of Directors declared a quarterly cash dividend to common shareholders of $0.10 per share. The quarterly dividend, which amounts to $0.40 per share on an annual basis, will be paid on March 29, 2019 to shareholders of record on March 15, 2019.

Robert Herlin, Executive Chairman and Interim CEO, said, “I am encouraged that Evolution generated another solid quarter of performance for our shareholders despite reduced oil and NGL prices. We continue to benefit from the Louisiana Light Sweet oil premium over NYMEX for Delhi oil and our heavier NGL mix. As a result, we are pleased to declare a $0.10 cash dividend to our common shareholders, who should note

that this amount continues to reflect our core strategy to distribute approximately 40-60% of operational cash flow to shareholders over the course of the year. We are working diligently with our operational partner on opportunities to improve NGL pricing, optimize field production and continue work towards further field development. Our balance sheet is stronger and we remain engaged in the acquisition strategy described in prior quarters. We are evaluating opportunities to add predominantly producing oil and gas related assets that meet our criteria of not only location and operational fit, but most importantly appropriate risk and return profile. Our CEO search is progressing and we hope to announce something this Spring.”

Evolution reported total revenues of $11.0 million based on an average realized oil price of $64.37 per barrel and an average realized NGL price of $22.46 per barrel for the quarter compared to $71.72 and $37.28, respectively, in the prior quarter. In the year-ago quarter, total revenues were $10.9 million, based on an average oil price of $57.30 per barrel and an average realized NGL price of $28.45 per barrel. For the six month period ended December 31, 2018, total revenues increased 21% to $23.4 million from $19.3 million compared to the same period in 2017. Net production volumes for the quarter were 2,034 barrels of oil equivalent per day (“BOEPD”), an increase of 2% from 1,992 BOEPD in the prior quarter and a decrease of 8% from the year-ago quarter. The year-ago quarter benefited from flush production from additional compression capacity placed in service. Operating income was $4.7 million, down 2% from the year-ago quarter.

Net income for the quarter was $3.9 million, or $0.12 per diluted share, down from $5.8 million, or $0.17 per diluted share in the prior quarter. The decrease was due in large part to the inclusion of a $1.1 million breakup fee in the prior quarter related to the Enduro transaction, as well as lower commodity prices during the current quarter. For the six months ended December 31, 2018, income tax expense increased significantly due to the favorable impact on the same period in 2017 of a one-time, non-cash $6.0 million deferred tax credit adjustment related to a lower Federal statutory rate under the Tax Cuts and Jobs Act.

Production costs in the Delhi field were $3.5 million in the current quarter, down less than 1% from the prior quarter, but up $0.7 million, or 25%, from the year-ago quarter. This increase was primarily driven by higher CO₂ volumes and price. Purchased CO₂ volumes increased 10% compared to the previous quarter and year-ago quarter to 76.3 million cubic feet (MMcf) per day due to completion of injection wells added in the 2018 infill drilling program. Our CO₂ average price was higher due to the 12% increase in realized oil price to which CO₂ prices are linked, and the combination of higher price and increased volumes resulted in an average CO₂ cost that was 19% higher than the year-ago quarter. For the six months ended December 31, 2018, CO₂ costs increased due to a 21% increase in price, which reflected the higher realized oil price at

General and administrative (“G&A”) expenses were $1.3 million for the quarter, a 3.6% decrease compared to the prior quarter and a 24.5% decrease from the year-ago quarter. For the six months ended December 31, 2018, G&A expenses decreased 21% from the year-ago period, largely due to both lower stock compensation expenses and nonrecurring litigation expenses. The Company continues to monitor and manage G&A costs, especially in this fluctuating oil price environment, in order to maximize funds available for the company’s dividend strategy and potential growth opportunities.

Gross oil production at Delhi averaged 6,772 barrels per day during the quarter, a 2.8% increase from the prior quarter. Gross NGL production for the quarter was 983 barrels per day, down 2.9% from the prior quarter. Oil production improved quarter over quarter as Evolution saw production from six of the new infill wells as compared to five in the prior quarter. The Company anticipates that a seventh infill well will be put on production early, and the remaining two infill wells to be put on production late, in the quarter ending March 31, 2019. In addition, the operator added a third workover rig in the fiscal second quarter with positive results. Two of the infill injection wells commenced injecting CO₂, contributing to an overall increase in field injection volumes from the prior quarter. Evolution expects to see future improvement in offset wells as a result of this strategic work. The operator continues to take steps to improve plant efficiency and minimize potential unplanned downtimes. Evolution expects to see improved NGL rates this year as a result of this work.

During the quarter, Evolution incurred approximately $1.3 million on capital projects at Delhi, the majority of which, or $0.7 million, was spent completing the drilling of a water injection well, completing a water source well and completing the water facilities in preparation for new drilling in the previously discussed Phase V expansion. Additionally, $0.3 million was expended on workovers and conformance projects, $0.2 million on NGL plant improvements and $0.1 million for the infill drilling program.

Evolution ended the quarter with $30.8 million in working capital, an increase of 12% from the year-ago quarter. The Company’s cash balance continues to accumulate each quarter, with $30 million of cash on hand at period end with no debt outstanding. The Company also has an untapped credit facility for an elected borrowing base of $40 million for potential acquisition of primarily producing properties. The Company believes its financial resources are more than sufficient to fund continuing development of the

Evolution will host a conference call on Thursday, February 7, 2019 at 10:00 a.m. Eastern (9:00 a.m. Central) to discuss results. To access the call, dial 1-866-682-6100 (toll-free US and Canada) or 1-862-298-0702 (toll international). To listen to live or hear a rebroadcast, click on the following event link https://www.investornetwork.com/event/presentation/42412 which is also located on our website at www.EvolutionPetroleum.com. A replay will be available two hours after the end of the conference call through March 6, 2019, and will be accessible by calling 1-877-481-4010 (toll-free US & Canada) or 1-919-882-2331 (toll International) with the replay pin number of 42412.

Evolution Petroleum Corporation develops and produces petroleum reserves within known oil and gas reservoirs in the U.S., with a focus on maximizing value per share. Our principal asset is our interest in a CO₂ enhanced oil recovery project in Louisiana's Delhi Field. Additional information, including the Company's most recent annual report on Form 10-K and its quarterly reports on Form 10-Q, is available on its website at www.EvolutionPetroleum.com.

All forward-looking statements contained in this press release regarding potential results and future plans and objectives of the Company involve a wide range risks and uncertainties. Statements herein using words such as "believe," "expect," "plans," “outlook” and words of similar meaning are forward-looking statements. Although our expectations are based on engineering, geological, financial and operating assumptions that we believe to be reasonable, many factors could cause actual results to differ materially from our expectations and we can give no assurance that our goals will be achieved. These factors and others are detailed under the heading "Risk Factors" and elsewhere in our periodic documents filed with the SEC. The Company undertakes no obligation to update any forward-looking statement.



	Three Months Ended									Six Months Ended
	December 31,						Sept. 30,			December 31,
	2018			2017			2018			2018			2017
Revenues
Crude oil	$	10,515,875		$	10,185,635		$	11,397,452		$	21,913,327		$	18,014,890
Natural gas liquids	532,243			740,585			909,627			1,441,870			1,313,297
Total revenues	11,048,118			10,926,220			12,307,079			23,355,197			19,328,187
Operating costs
Production costs	3,452,168			2,773,821			3,458,430			6,910,598			5,529,503
Depreciation, depletion and amortization	1,603,633			1,656,891			1,548,460			3,152,093			3,197,013
General and administrative expenses *	1,258,570			1,666,256			1,305,262			2,563,832			3,235,960
Total operating costs	6,314,371			6,096,968			6,312,152			12,626,523			11,962,476
Income from operations	4,733,747			4,829,252			5,994,927			10,728,674			7,365,711
Other
Enduro transaction breakup fee	—			—			1,100,000			1,100,000			—
Interest and other income	59,858			15,841			46,571			106,429			30,691
Interest expense	(29,345		)	(20,456		)	(29,345		)	(58,690		)	(40,911		)
Income before income taxes	4,764,260			4,824,637			7,112,153			11,876,413			7,355,491
Income tax provision (benefit)	859,695			(5,052,211		)	1,316,352			2,176,047			(4,661,889		)
Net income available to common stockholders	$	3,904,565		$	9,876,848		$	5,795,801		$	9,700,366		$	12,017,380
Earnings per common share
Basic	$	0.12		$	0.30		$	0.18		$	0.29		$	0.36
Diluted	$	0.12		$	0.30		$	0.17		$	0.29		$	0.36
Weighted average number of common shares
Basic	33,167,159			33,109,448			33,102,292			33,134,726			33,099,546
Diluted	33,176,503			33,140,278			33,119,057			33,147,775			33,140,257

* General and administrative expenses for the three months ended December 31, 2018, December 31, 2017 and September 30, 2018 included non-cash stock-based compensation of $254,111, $484,326 and $215,373, respectively. For the six months ended December 31, 2018 and 2017, non-cash stock-based compensation expenses were $469,484 and, $971,810, respectively.



	December 31, 2018		June 30, 2018
Assets
Current assets
Cash and cash equivalents	$	30,000,801	$	24,929,844
Restricted cash	—		2,751,289
Receivables	3,434,227		3,941,916
Prepaid expenses and other current assets	594,555		524,507
Total current assets	34,029,583		32,147,556
Oil and natural gas property and equipment, net (full-cost method of accounting)	62,137,689		61,239,746
Other property and equipment, net	24,187		30,407
Total property and equipment	62,161,876		61,270,153
Other assets	228,405		244,835
Total assets	$	96,419,864	$	93,662,544
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	2,705,359	$	3,432,568
Accrued liabilities and other	363,208		874,886
State and federal income taxes payable	136,124		122,760
Total current liabilities	3,204,691		4,430,214
Long term liabilities
Senior secured credit facility (Note 13)	—		—
Deferred income taxes	11,061,732		10,555,435
Asset retirement obligations	1,467,646		1,387,416
Total liabilities	15,734,069		16,373,065
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized; 33,186,665 and 33,080,543 shares issued and outstanding as of December 31, 2018 and June 30, 2018, respectively	33,186		33,080
Additional paid-in capital	42,088,385		41,757,645
Retained earnings	38,564,224		35,498,754
Total stockholders’ equity	80,685,795		77,289,479
Total liabilities and stockholders’ equity	$	96,419,864	$	93,662,544



	Six Months Ended December 31,
	2018			2017
Cash flows from operating activities
Net income attributable to the Company	$	9,700,366		$	12,017,380
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	3,159,671			3,225,147
Stock-based compensation	469,484			971,810
Deferred income tax expense (benefit)	506,297			(5,245,910		)
Changes in operating assets and liabilities:
Receivables	507,689			(1,351,451		)
Prepaid expenses and other current assets	(70,048		)	(436,376		)
Accounts payable and accrued expenses	(142,568		)	(83,013		)
Income taxes payable	13,364			—
Net cash provided by operating activities	14,144,255			9,097,587
Cash flows from investing activities
Capital expenditures for oil and natural gas properties	(5,048,987		)	(1,017,358		)
Capital expenditures for other property and equipment	(2,066		)	—
Net cash used in investing activities	(5,051,053		)	(1,017,358		)
Cash flows from financing activities
Cash dividends to common stockholders	(6,634,896		)	(4,969,335		)
Common share repurchases, including shares surrendered for tax withholding	(138,638		)	(395,550		)
Net cash used in financing activities	(6,773,534		)	(5,364,885		)
Net increase in cash, cash equivalents and restricted cash	2,319,668			2,715,344
Cash, cash equivalents and restricted cash, beginning of period	27,681,133			23,028,153
Cash, cash equivalents and restricted cash, end of period	$	30,000,801		$	25,743,497



Supplemental disclosures of cash flow information:	Six Months Ended December 31,
	2018			2017
Income taxes paid	$	1,862,919		$	1,136,754
Non-cash transactions:
Change in accounts payable used to acquire property and equipment	(1,094,249		)	424,365
Oil and natural gas property costs incurred through recognition of asset retirement obligations	31,268			(779		)



	Three Months Ended
	Dec. 31, 2018		Sept 30, 2018		Variance			Variance %
Oil and gas production:
Crude oil revenues	$	10,515,875	$	11,397,452	$	(881,577	)	(7.7	)%
NGL revenues	532,243		909,627		(377,384		)	(41.5	)%
Total revenues	$	11,048,118	$	12,307,079	$	(1,258,961	)	(10.2	)%

Crude oil volumes (Bbl)	163,361		158,906		4,455			2.8	%
NGL volumes (Bbl)	23,701		24,401		(700		)	(2.9	)%
Equivalent volumes (BOE)	187,062		183,307		3,755			2.0	%

Crude oil (BOPD, net)	1,776		1,727		49			2.8	%
NGLs (BOEPD, net)	258		265		(7		)	(2.6	)%
Equivalent volumes (BOEPD, net)	2,034		1,992		42			2.1	%

Crude oil price per Bbl	$	64.37	$	71.72	$	(7.35	)	(10.2	)%
NGL price per Bbl	22.46		37.28		(14.82		)	(39.8	)%
Equivalent price per BOE	$	59.06	$	67.14	$	(8.08	)	(12.0	)%

CO₂ costs	$	1,504,930	$	1,483,852	$	21,078		1.4	%
Other production costs	1,947,238		1,974,578		(27,340		)	(1.4	)%
Total production costs	$	3,452,168	$	3,458,430	$	(6,262	)	(0.2	)%

CO₂ costs per BOE	$	8.05	$	8.09	$	(0.04	)	(0.5	)%
All other production costs per BOE	10.40		10.78		(0.38		)	(3.5	)%
Production costs per BOE	$	18.45	$	18.87	$	(0.42	)	(2.2	)%

CO₂ volumes (Mcf, gross)	7,016,703		6,404,282		612,421			9.6	%
CO₂ volumes (MMcf per day, gross)	76.3		69.6		6.7			9.6	%

DD&A of proved oil and gas properties	$	1,571,321	$	1,516,742	$	54,579		3.6	%
Depreciation of other property and equipment	4,143		4,143		—			—	%
Amortization of intangibles	3,391		3,391		—			—	%
Accretion of asset retirement obligations	24,778		24,184		594			2.5	%
Total DD&A	$	1,603,633	$	1,548,460	$	55,173		3.6	%

Oil and gas DD&A rate per BOE	$	8.40	$	8.27	$	0.13		1.6	%



	Three Months Ended December 31,
	2018		2017		Variance			Variance %
Oil and gas production:
Crude oil revenues	$	10,515,875	$	10,185,635	$	330,240		3.2	%
NGL revenues	532,243		740,585		(208,342		)	(28.1	)%
Total revenues	$	11,048,118	$	10,926,220	$	121,898		1.1	%

Crude oil volumes (Bbl)	163,361		177,767		(14,406		)	(8.1	)%
NGL volumes (Bbl)	23,701		26,033		(2,332		)	(9.0	)%
Equivalent volumes (BOE)	187,062		203,800		(16,738		)	(8.2	)%

Crude oil (BOPD, net)	1,776		1,932		(156		)	(8.1	)%
NGLs (BOEPD, net)	258		283		(25		)	(8.8	)%
Equivalent volumes (BOEPD, net)	2,034		2,215		(181		)	(8.2	)%

Crude oil price per Bbl	$	64.37	$	57.30	$	7.07		12.3	%
NGL price per Bbl	22.46		28.45		(5.99		)	(21.1	)%
Equivalent price per BOE	$	59.06	$	53.61	$	5.45		10.2	%

CO₂ costs	$	1,504,930	$	1,265,582	$	239,348		18.9	%
Other production costs	1,947,238		1,508,239		438,999			29.1	%
Total production costs	$	3,452,168	$	2,773,821	$	678,347		24.5	%

CO₂ costs per BOE	$	8.05	$	6.21	$	1.84		29.6	%
All other production costs per BOE	10.40		7.40		3.00			40.5	%
Production costs per BOE	$	18.45	$	13.61	$	4.84		35.6	%

CO₂ volumes (Mcf, gross)	7,016,703		6,408,909		607,794			9.5	%
CO₂ volumes (MMcf per day, gross)	76.3		69.7		6.6			9.5	%

DD&A of proved oil and gas properties	$	1,571,321	$	1,626,324	$	(55,003	)	(3.4	)%
Depreciation of other property and equipment	4,143		4,153		(10		)	—
Amortization of intangibles	3,391		3,391		—			—	%
Accretion of asset retirement obligations	24,778		23,023		1,755			7.6	%
Total DD&A	$	1,603,633	$	1,656,891	$	(53,258	)	(3.2	)%

Oil and gas DD&A rate per BOE	$	8.40	$	7.98	$	0.42		5.3	%



	Six Months Ended December 31,
	2018		2017		Variance			Variance %
Oil and gas production:
Crude oil revenues	$	21,913,327	$	18,014,890	$	3,898,437		21.6	%
NGL revenues	1,441,870		1,313,297		128,573			9.8	%
Total revenues	$	23,355,197	$	19,328,187	$	4,027,010		20.8	%

Crude oil volumes (Bbl)	322,267		344,504		(22,237		)	(6.5	)%
NGL volumes (Bbl)	48,102		51,279		(3,177		)	(6.2	)%
Equivalent volumes (BOE)	370,369		395,783		(25,414		)	(6.4	)%

Crude oil (BOPD, net)	1,751		1,872		(121		)	(6.5	)%
NGLs (BOEPD, net)	261		279		(18		)	(6.5	)%
Equivalent volumes (BOEPD, net)	2,012		2,151		(139		)	(6.5	)%

Crude oil price per Bbl	$	68.00	$	52.29	$	15.71		30.0	%
NGL price per Bbl	29.98		25.61		4.37			17.1	%
Equivalent price per BOE	$	63.06	$	48.84	$	14.22		29.1	%

CO₂ costs	$	2,988,782	$	2,353,843	$	634,939		27.0	%
Other production costs	3,921,816		3,175,660		746,156			23.5	%
Total production costs	$	6,910,598	$	5,529,503	$	1,381,095		25.0	%

CO₂ costs per BOE	$	8.07	$	5.95	$	2.12		35.6	%
All other production costs per BOE	10.59		8.02		2.57			32.0	%
Production costs per BOE	$	18.66	$	13.97	$	4.69		33.6	%

CO₂ volumes (Mcf, gross)	13,420,985		12,782,665		638,320			5.0	%
CO₂ volumes (MMcf per day, gross)	72.9		69.5		3.4			4.9	%

DD&A of proved oil and gas properties	$	3,088,063	$	3,137,205	$	(49,142	)	(1.6	)%
Depreciation of other property and equipment	8,286		8,424		(138		)	(1.6	)%
Amortization of intangibles	6,782		6,782		—			—	%
Accretion of asset retirement obligations	48,962		44,602		4,360			9.8	%
Total DD&A	$	3,152,093	$	3,197,013	$	(44,920	)	(1.4	)%

Oil and gas DD&A rate per BOE	$	8.34	$	7.93	$	0.41		5.2	%


•	Paid 21^st consecutive quarterly cash dividend in the amount of $0.10 per share and declared our next cash dividend of $0.10 per share for the quarter ending March 31, 2019.


•	Net income was $3.9 million, or $0.12 per share, a decrease of 60% from the year-ago quarter that included a one-time $6.0 million non-cash tax benefit related to the Tax Cuts and Jobs Act.


•	Revenues were $11 million, a decrease of 10% over the prior quarter due primarily to a 10% decline in realized oil price and a 40% decline in realized NGL price compared to the prior quarter. The Louisiana Light Sweet (“LLS”) oil price premium at Delhi increased to $5.03 per barrel, resulting in a higher realized oil price premium over NYMEX oil price.


•	Total production (BOE’s) grew 2% compared to the prior quarter.


•	Working capital increased 12% to $30.8 million, compared to the year-ago quarter, and the company remained debt free.


•	Roth Capital Conference in Dana Point, California, March 18-19, 2019


•	Scotia Howard Weil Conference in New Orleans, Louisiana, March 25-26, 2019


•	IPAA OGIS Conference in New York, New York, April 8-9, 2019