EVOLUTION PETROLEUM CORP — Director's Dealing 2018

May 23, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EVOLUTION PETROLEUM CORP (EPM)
CIK: 0001006655
Period of Report: 2018-05-18

Reporting Person: JVL Advisors, L.L.C. (10% Owner)
Reporting Person: LOVOI JOHN (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-18	Common Stock	S	11289	$9.3195	Disposed	1237696	Indirect
2018-05-18	Common Stock	S	6198	$9.3195	Disposed	798179	Indirect
2018-05-18	Common Stock	S	2213	$9.3195	Disposed	131148	Indirect
2018-05-18	Common Stock	S	885	$9.3195	Disposed	188239	Indirect
2018-05-18	Common Stock	S	1550	$9.3195	Disposed	156814	Indirect
2018-05-21	Common Stock	S	23500	$9.4875	Disposed	1214196	Indirect
2018-05-21	Common Stock	S	14000	$9.4875	Disposed	784179	Indirect
2018-05-21	Common Stock	S	5000	$9.4875	Disposed	126148	Indirect
2018-05-21	Common Stock	S	2000	$9.4875	Disposed	81603	Indirect
2018-05-21	Common Stock	S	2000	$9.4875	Disposed	186239	Indirect
2018-05-21	Common Stock	S	3500	$9.4875	Disposed	153314	Indirect
2018-05-22	Common Stock	S	11750	$9.5240	Disposed	1202446	Indirect
2018-05-22	Common Stock	S	7000	$9.5240	Disposed	777179	Indirect
2018-05-22	Common Stock	S	2500	$9.5240	Disposed	123648	Indirect
2018-05-22	Common Stock	S	1000	$9.5240	Disposed	80603	Indirect
2018-05-22	Common Stock	S	1000	$9.5240	Disposed	185239	Indirect
2018-05-22	Common Stock	S	1750	$9.5240	Disposed	151564	Indirect

Footnotes

F1: John V. Lovoi ("Lovoi") is (i) the sole member and manager of JVL Advisors, LLC ("JVL Advisors"), which is the ultimate controlling entity of Asklepios Energy Fund, LP, a Texas limited partnership ("Asklepios"), Hephaestus Energy Fund, LP, a Delaware limited partnership ("Hephaestus"), Children's Energy Fund, LP, a Delaware limited partnership ("Children's Fund"), LVPU, LP, a Delaware limited partnership ("LVPU"), and Panakeia Energy Fund, LP, a Delaware limited partnership ("Panakeia"), and (ii) managing member of Lobo Baya, LLC, which is the ultimate controlling entity of Luxiver, LP, a Delaware limited partnership ("Luxiver", and collectively with Asklepios, Hephaestus, Children's Fund, LVPU, and Panakeia, the "Partnerships"). JVL Advisors is party to an investment management agreement with Luxiver that gives JVL Advisors voting and dispositive power over the securities owned by Luxiver; thus, JVL Advisors may be deemed an ultimate controlling entity of Luxiver.

F2: Because of their control over, and investment management relationship with, the Partnerships, JVL Advisors and Lovoi may be deemed to have voting and dispositive power over the securities owned by the Partnerships; thus, each may also be deemed to be the beneficial owner of these securities. JVL Advisors and Lovoi disclaim any beneficial ownership of the reported securities beneficially owned by the Partnerships in excess of their respective pecuniary interest in such securities.

F3: Represents Luxiver's sale of shares of common stock.

F4: Represents shares of common stock held by Luxiver.

F5: Represents Hephaestus' sale of shares of common stock.

F6: Represents shares of common stock held by Hephaestus.

F7: Represents Children's Fund's sale of shares of common stock.

F8: Represents shares of common stock held by Children's Fund.

F9: Represents Asklepios' sale of shares of common stock.

F10: Represents shares of common stock held by Asklepios.

F11: Represents Panakeia's sale of shares of common stock.

F12: Represents shares of common stock held by Panakeia.

F13: Represents LVPU's sale of shares of common stock.

F14: Represents shares of common stock held by LVPU.

F15: Represents a weighted average sale price for the shares of common stock - the high price was $9.35 and the low price was $9.30. The holder undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F16: Represents a weighted average sale price for the shares of common stock - the high price was $9.75 and the low price was $9.20. The holder undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F17: Represents a weighted average sale price for the shares of common stock - the high price was $9.80 and the low price was $9.30. The holder undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon written request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.