EV Energy Partners (EVEP) Supporting Materials for March 1, 2013 Conference Call

EV Energy Partners (EVEP) Supporting Materials for March 1, 2013 Conference Call

Forward-Looking Statement Statements made in this presentation and during the course of this call that are not historical facts are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements include information about the sale of our Utica Shale assets, our midstream investments, future plans and other statements which include words such as anticipates, plans, projects, expects, intends, believes, should, and similar expressions of forward-looking information. Forward-looking statements are inherently uncertain and necessarily involve risks that may affect the business prospects and performance of EV Energy Partners, L.P. Actual results may differ materially from those discussed in this presentation and during the call. Such risks and uncertainties include, but are not limited to, changes in commodity prices, changes in reserve estimates, requirements and actions of purchasers of properties (including the Utica Shale), changes in the metrics and procedures used to value midstream assets, exploration and development activities in the Utica Shale and elsewhere, the availability and cost of financing, the returns on our capital investments and acquisition strategies, the availability of sufficient cash flow to pay distributions and execute our business plan and general economic conditions. Additional information on risks and uncertainties that could affect our business prospects and performance are provided in the most recent reports of EV Energy Partners with the Securities and Exchange Commission. All forward-looking statements included in this presentation and call are expressly qualified in their entirety by the foregoing cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made and EVEP undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise. 2

Key Highlights The sale of the approximately 100,000 net working interest acres being offered should enable us to use the proceeds to purchase assets on a tax-free, equity-free, debt-free basis. We will have over 70,000 additional acres in Ohio and Western Pennsylvania to sell, exchange or retain. Our Utica midstream investments in Utica East Ohio Midstream and Cardinal Gas Services should generate significant incremental EBITDAX and distributable cash flow per unit subsequent to completion. The approximate 2% average override in about 880,000 acres in Ohio could generate cash flow of $50 million or more per year within 5 years. 3

2013 Guidance Full Year 2013 Net Production: Natural Gas (MMcf) 38,400-42,000 Crude Oil (MBbls) 1,040-1,150 Natural Gas Liquids (MBbls) 1,940-2,110 Total Mmcfe 56,280-61,560 Average Daily Production (Mmcfe/d) 154.2-168.7 Average Price Differential vs NYMEX Natural Gas (% of NYMEX Natural Gas) 92% - 98% Crude Oil (% of NYMEX Crude Oil) 93% - 100% Transportation Margin ($ thous) (a) 1,600-1,800 Expenses: Operating Expenses: LOE and other ($ thous) 95,000-105,000 Production Taxes (as % of revenue) 3.9% - 4.2% General and administrative expense ($ thous) (b) 21,000-24,000 Utica Shale Midstream and ORRI EBITDAX 6,000-10,000 E&P Capital Expenditures ($ thous) (c) 90,000-110,000 Midstream Investment ($ thous) 230,000-250,000 (1) Represents estimated transportation and marketing-related revenues less cost of purchased natural gas. (2) Excludes non-cash general and administrative expense, of which non-cash unit based compensation is a part. Does not include any future acquisition related due diligence or transaction costs. (3) Represents estimates for drilling and related capital expenditures. Does not include any amounts for acquisitions of oil and gas properties. 4

EVEP Utica Shale Currently Marketed Acreage County EVEP Net Acres CARROLL 10,900 GUERNSEY 4,600 HARRISON 1,700 MAHONING 4,400 MUSKINGUM 6,200 NOBLE 1,000 STARK 40,300 TRUMBULL 12,300 TUSCARAWAS 21,800 OTHER 500 Total 103,800 5 The total combined EnerVest and EVEP net acreage is 335,000.

Additional Utica Shale Acreage OH Counties EVEP Net Acres ASHTABULA 22,000 CUYAHOGA 1,200 GEAUGA 1,900 LAWRENCE 7,600 PERRY 1,300 PORTAGE 3,600 SUMMIT 1,800 TUSCARAWAS 2,500 WASHINGTON 5,100 WAYNE 2,000 22 Counties < 1,000 acres each 7,600 Total 56,600* PA Counties EVEP Net Acres CRAWFORD 1,100 ERIE 2,800 MCKEAN 2,500 MERCER 8,300 WARREN 1,600 OTHER 600 Total 16,900 6 * Includes 16,000 non-operated acres. NOTE: The total combined EnerVest and EVEP net acreage is 434,700 in Ohio and 156,600 in Pennsylvania.

EVEP ORRI Acreage ORRI acreage is mostly in wet-gas and oil product windows (~ 880,000 gross acres) Average 2.7% ORRI on ~ 415,000 operated gross acres Average 1.3% ORRI on ~ 465,000 non-operated gross acres Significant future cash flow potential as Utica acreage is developed 7

Utica Drilling Activity Expands Northwest Expansion: BP South/Southwest Expansion: CNX Northeast Expansion: Shell Halcon Rex Energy Seneca Chevron Carrizo Southern Expansion Antero Gulfport Eclipse Magnum-Hunter CNX / Hess EQT Overall Utica Activity 30 drilling rigs 530 permitted wells 247 spud wells 70 producing wells CHK Activity Over 330 permitted wells Focused on Total/EVEP/EnerVest/CHK Joint Venture 174 wells drilled or drilling 36 wells waiting on pipeline ~240 wells planned for 2013 16 rigs running Expansion of activity into PA and Southern Ohio 8

Utica East Ohio Midstream Located in the heart of the prolific Utica rich gas window Gather, process and fractionate wet gas from CHK/EV/Total JV production 800 MMcf/d of processing & 135 MBbls/d of fractionation capacity Onsite working storage of ~870 MBbls of purity components Most of CHK/EV/Total JV acres are dedicated (~660,000 acres) Additional dedicated ~290,000 acres operated by EnerVest in seven counties Ownership 30% Momentum (Operator) 49% Access Midstream Partners 21% EVEP (increased from 8% in Dec. 2012) Initial start-up mid-year Upside potential for UEO expansion Additional throughput creates incremental revenue with little capital Options to expand capacity Potential for additional acreage dedication and production Potential to divest for significant EBITDAX multiple 9

Cardinal Gas Services Low-pressure gathering and compression of wet gas from JV production into Utica East Ohio infrastructure Ownership 66% Access Midstream Partners, Operator 25% Total 9% EVEP Build-out of system continues, coordinated with JV drilling schedule JV firm drilling schedule calls for 540 wells by year end 2014 Plans for ~ 4,600 gross wells over 18 years Projected wet gas gross production over 2 bcf/day by 2028 Upside potential for CGS Additional throughput in existing gathering area Expansion of gathering area beyond JV 10

Utica Midstream Capital and EBITDAX Capital investment of $335-395 million, net to EVEP, over 5 years Stable, long-term cash flow stream UEO has fee structure defined by contract Consists of fees for gathering, compression, processing, NGL transport, fractionation CGS has cost-of-services arrangement with fixed IRR Gathering fee re-calculated annually to provide target IRR Operating costs are pass-through costs not subject to IRR calculation 11

EV Energy Partners (EVEP) Supporting Materials for March 1, 2013 Conference Call