Evolution Petroleum Corp (EPM) SEC Filing 10-K Annual Report for the fiscal year ending Friday, June 30, 2023

EXHIBIT 99.1

Evolution Petroleum Reports Full Year and Fourth Quarter Fiscal 2023 Results and Declares Quarterly Cash Dividend for the Fiscal 2024 First Quarter

HOUSTON, TX — September 12, 2023 (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, 2023. Evolution also declared a quarterly cash dividend of $0.12 per common share for the fiscal 2024 first quarter.

Key Highlights

Kelly Loyd, President and Chief Executive Officer, commented, "Despite a challenging fiscal fourth quarter that was impacted by much lower quarter over quarter price realizations and extended downtime and maintenance across multiple fields, we are pleased to announce our 2023 fiscal full-year results, in which we recorded our highest ever levels of revenue, production and net income.  It was a year of transition that saw EPM strengthen its team of highly valued professionals, fully integrate and absorb previous acquisitions, and focus on process, setting the Company and our shareholders up for future success.”

Mr. Loyd concluded, “Our commitment to providing long-term total returns to our shareholders is underscored by our consistent dividend history and share repurchases. We paid our 39^th consecutive quarterly dividend in June, totaling $0.48 per common share for the current fiscal year, representing a remarkable 37% increase from the dividends paid in fiscal 2022 and demonstrating the Board’s confidence in sustaining the increased payout. Our strong cash flow generation from low-decline reserves, zero outstanding debt, and significant liquidity highlight our disciplined approach to maximizing total shareholder returns as we continue to evaluate accretive opportunities to prudently grow the business for the long-term benefit of our shareholders."

Cash Dividend on Common Stock

On September 11, 2023, Evolution’s Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on September 29, 2023, to common stockholders of record on September 22, 2023. This will be the 40^th consecutive quarterly cash dividend on the Company’s common stock since December 31, 2013. To date,

(1) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the “Non-GAAP Reconciliation” tables later in this release for more information on the most comparable GAAP measures.