The Public/Private Two-Step
EnerVest Management Partners/EVEP
EV Energy Partners, L.P.
John B. Walker, Chairman & CEO
January 18, 2007
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Risks and Forward-Looking Statements
Some of the information in this presentation is considered to be a forward-looking statement within the meaning of federal securities laws. All statements other than statements of historical fact, that address future events or the future financial performance of EV Energy Partners, L.P., including the drilling of wells, reserve estimates, future oil and gas prices, future production of oil and gas, future cash flows, the company's financial position, business strategy, plans and objectives of management are forward looking statements. We wish to caution you that these statements are only expressions of EV Energy Partners, L.P.'s expectations at the time such statements were initially made and that actual events or results may differ materially from those expectations. We refer you to the documents that EV Energy Partners, L.P. files from time to time with the Securities and Exchange Commission. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in EV Energy Partners, L.P.'s projections or forward-looking statements. EV Energy Partners, L.P. undertakes no obligation to update any forward-looking statements, whether as a result of new or future events.
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Company Overview
Consistently Generate Superior Returns Across Cycles▼ 9 Fully Invested Funds with a Projected 32% IRR After Management
Fees, Carried Interests and Hedge Payments
Experienced Management Team
Acquired $900 Million of Oil and Gas Reserves in 2005, $251 Million in 2006; Divested $300 Million in 2005
$1 Billion Fund XI with First Close 12-8-06, Final Closing 1Q07
370 Employees
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EnerVest – Significant Operations
~ $2 billion value 800 BCFE reserves 125 MMCFDE production
■ 11,000 wells in 11 states
Current OperationsHistorical Operations
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Track Record/Performance History
Composite IRR (All Funds) 32.5%
* Returns are net to the LP investors after carried interests, management fees and commodity hedge payments.
FUND INSTITUTIONAL Year Year SIZE ACTUAL/ FUND# FUND Formed Exited ($MM) Projected IRR* STATUSI South Lake Arthur, L.P. 1994 1998 54.5 9.8% Exited1995II EnerVest Acquisition - II, L.P. 1995 1996 12.7 27.7% Exited
III EnerVest East, L.P. 1995 2003 24.6 25.8% Exited
IV EnerVest Texoma, L.P. 1996 1998 60.9 33.9% Exited
V EnerVest San Juan, L.P. 1996 2001 85.6 38.1% Exited
VI EnerVest Monroe, L.P. 1998 67.3 18.9% Preparing for Exit
VII Specified Appalachian Investments: EnerVest Appalachia, L.P. 1999 48.6 20.2% Preparing for Exit EnerVest WV, L.P. 2003 2006 9.0 35.3% Exited EnerVest Olanta, L.P. 2004 2005 14.1 29.3% Exited
VIII EnerVest Energy, L.P. 1998 2005 194.1 14.0% Exited
IX EnerVest Energy Fund IX, L.P. 2001 215.2 58.2% Developing Fields
X EnerVest Fund X, L.P. 2005 550.0 Investing Capital
1,336.6
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Target IRR 6% - 8%
Bank Loan
Wildcat Funding
Target IRR 50+%
Fund Investments
PDP Reserves
PDNP PUD Proved Reserves
Probable Possible Exploration
Target IRR 20%
EnerVest Target Return
Primarily Engineering Risk Increased Geological Risk
Oil and Gas Industry Risk Spectrum
EnerVest Actual Return
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Why Create an MLP?
Advantages▼ Complementary to EnerVest’s Institutional Business
▼ Allows EnerVest to Create Basin Dominance
▼ Access to Relatively Low-Cost Capital
▼ Early Stages of MLP’s Taking 20-25% of U.S. Upstream Market
Challenges▼ Getting Support from Institutional Investors
▼ Time and Cost to Create MLP
▼ Public Reporting and Attendant Liabilities
▼ Dealing With “Know-It-All” Investors
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Complementary Business Lines
Combined
• Ability to Maintain Large Presence in Key Basins Over the Long Term
• Economies of Scale
• Drilling Services, Marketing
• Scale to Maintain Employee Base More Effectively
• Maintain Basin Expertise
MLP Business
• Focus on Mostly Producing Reserves
• >80% PDP
• Buy and Hold
• Yield Focus
• Logical Alternative Buyer for Certain Assets from Institutional Business
Institutional Business
• Focus on Reserves with Upside
• 50% PDP/50% Upside
• Acquire/Exploit/Sell Model
• Shorter Hold Times
• More IRR Focused
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ENERVEST MANAGEMENT PARTNERS
EnerVest Structure
Institutional Business(Fund IX, Fund X
Fund XI, etc.)
OPERATIONS(“OPCO”)
MLP Business(EV Energy Partners)
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U.S. Oil and Gas Wells
0
100,000
200,000
300,000
400,000
500,000
600,000
Total
Stripper
74 % of U.S. wells are stripper wells
Oil wells Gas wells
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Offering SummaryTicker/Exchange: EVEP/NASDAQ
Securities Offered: 3,900,000 common units(4,335,000 with over-allotment)
Price: $20.00 per unit
Quarterly Distribution: $0.40 ($1.60 annualized)
Yield: 8.00%
9/30/07 EBITDA to Distribution Coverage: 1.7x total units (2.8x common units)
Sole Bookrunner: A.G. Edwards Joint Lead Manager: Raymond James
Co-Managers: Wachovia SecuritiesOppenheimer & Co.
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Benefits of the EVEP MLP Structure Provides an Attractive, Tax-Deferred Yield to Investors
Tax-Efficient Vehicle for Owning Long-Life, Mature Assets with Significant “Free” Cash Flow
Yield-Based Valuation Results in a Cost of Capital Advantage Over Traditional E&P Companies in Making Acquisitions
EVEP Will Have No Debt Pro Forma the IPO and the Financial Flexibility to Pursue Accretive Acquisitions
Subordinated Units Provide Distribution Priority to Common Unitholders
GP Incentive Distribution Rights Have Been Highly Successful in MLPs
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Business Strategy
Increase Reserves and Production Over Long Term Through Accretive Acquisitions
Maintain Low Debt Levels to Reduce Risk and Facilitate Acquisitions
Reduce Exposure to Commodity Price Risk Through Hedging
Keep Inventory of Proved Undeveloped Drilling Locations Sufficient to Maintain Production
Retain Operational Control
Focus on Controlling Costs
Provide Stability and Growth in Cash DistributionsPer Unit Over Time
Provide Stability and Growth in Cash DistributionsPer Unit Over Time
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Post-IPO Ownership
GeneralPartnerInterest
2%
SubordinatedUnits40%
PublicCommon
Units56%
SponsorCommon
Units2%
Common UnitsPublicSponsors
Total Common Units
Subordinated Units
Implied G.P. Units
MLP Total
Units
4,335,000160,000
4,495,000
3,100,000
155,000
7,750,000
%
56%2%
58%
40%
2%
100%
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EVEP Areas of Operations
Pro-forma with MichiganEstimated Reserves ~ 121.7 Bcfe
Production: ~17.4 mmcfdeNatural Gas: 90%
PDP: 90%136 Booked PUDS
EVEP AssetsCurrent OperationsHistorical Operations
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Profile of EVEP Today
30%
12% 14%44%
Appalachia
Monroe
N. LA-Mid-Con*
Michigan**
*Acquired 12-15-06**Closing on 1-31-07
Total Proved Reserves 121.7 BCFE
0
20
40
60
80
100
120
140
Oct-06 Dec-06 Jan-07
Proved Reserves
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Distributable Cash vs. MQD at Offering
SubordinatedUnits
$0
$5,000
$10,000
$15,000
$20,000
$25,000
1
(in
th
ou
san
ds)
$1.60 per Unit
$1.96 per Unit
$2.65 per Unit
MQD
EBITDA
EstimatedMaintenance
Capital
Excess "Cushion"
CommonUnits
The Public/Private Two-Step
EnerVest Management Partners/EVEP
EV Energy Partners, L.P.
John B. Walker, Chairman & CEO
January 18, 2007