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