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Evolution Petroleum Announces Public Offering Of 8.5% Series "A" Preferred Stock

HOUSTON, June 23, 2011 /PRNewswire/ -- Evolution Petroleum Corporation (NYSE Amex: EPM) today reported that it is commencing, subject to market conditions, an underwritten public offering of up to 400,000 shares of its perpetual non-convertible 8.5% Series A Cumulative Preferred Stock (liquidation preference of $25.00 per share). The offering is being made on a "best efforts" basis pursuant to an effective shelf registration statement that the Company previously filed with the Securities and Exchange Commission. Upon issuance, the Company anticipates that the 8.5% Series A Cumulative Preferred Stock will be listed for trading on the NYSE Amex under the ticker symbol "EPM.PR.A."

McNicoll, Lewis & Vlak LLC is acting as book running manager for the offering.

The Company intends to use net proceeds from the offering for general corporate purposes, which may include without limitation, capital expenditures on oil and gas properties. Pending any specific application, the Company may initially invest funds in short-term marketable securities.

Copies of the currently effective shelf registration statement and base prospectus, the preliminary prospectus supplement and final prospectus supplement (when available) can be obtained at the Securities and Exchange Commission's website, http://www.sec.gov, or by written request to Evolution Petroleum Corporation, 2500 CityWest Blvd, Suite 1300, Houston, Texas 77042, Attention: Chief Financial Officer.  Alternatively, you may obtain these documents by contacting the book-running manager as follows:

McNicoll, Lewis & Vlak LLC Randy Billhardt212-542-5882/ rbillhardt@mlvco.com

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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