Evolution Petroleum Corp 2024年度报告

ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF1934 Securities registered pursuant to Section12(b)of the Act: Securities registered pursuant to Section12(g)of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes:☐No:☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act.Yes:☐No:☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days.Yes:☒No:☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T(§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yes:☒No:☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growthcompany. See the definition of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule12b-2 of theExchange Act. 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 revisedfinancial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act.).Yes:☐No:☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates on December31, 2024, the last business day of the registrant’s mostrecently completed second fiscal quarter, based on the closing price on that date of $5.23 on the NYSE American was $160.1million. The number of shares outstanding of the registrant’s common stock, par value $0.001, as of September12, 2025, was34,359,146. DOCUMENTS INCORPORATED BY REFERENCE Portions of the proxy statement related to the registrant’s 2025 Annual Meeting of Stockholders to be filed within 120days of the end of the fiscalyear covered by thisreport are incorporated by reference into PartIII of this report. EVOLUTION PETROLEUM CORPORATION2025 ANNUAL REPORT ON FORM10-K TABLE OF CONTENTS Forward-Looking StatementsiiGlossary of Selected Petroleum Industry TermsivPART I1Item 1.Business1Item 1A.Risk Factors16Item 1B.Unresolved Staff Comments27Item 1C.Cybersecurity27Item 2.Properties28Item 3.Legal Proceedings28Item 4.Mine Safety Disclosures28PART II29Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities29Item 6.Reserved30Item 7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations31Item 7A.Quantitative and Qualitative Disclosures About Market Risks42Item 8.Consolidated Financial Statements and Supplementary Data43Item 9.Changes In and Disagreements with Accountants on Accounting and FinancialDisclosure76Item 9A.Controls and Procedures76Item 9B.Other Information77Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections77PART III78Item 10.Directors, Executive Officers, and Corporate Governance78Item 11.Executive Compensation78Item 12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters78Item 13.Certain Relationships and Related Transactions, and Director Independence78Item 14.Principal Accounting Fees and Services78PART IV79Item 15.Exhibits and Financial Statement Schedules79Item 16.From 10-K Summary79Exhibit Index80Signatures83 FORWARD-LOOKING STATEMENTS This Form10-K and the information referenced herein contains forward-looking statementswithin the meaning of the Private Securities Litigations Reform Act of 1995, Section27A of theSecurities Act of 1933 an