Master Limited Partnership Investor
Conference
March 8, 2007
EV Energy Partners, L.P.
Risks and Forward-Looking Statements
This presentation includes “forward-looking statements” as defined by the Securities and Exchange Commission. All
statements, other than statements of historical facts, included in this presentation that address activities, events or
developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking
statements. Words such as “anticipates,” “intends,” “plans,” “projects,” “believes,” and similar words are intended to
identify such forward-looking statements. These statements are based on certain assumptions made by the partnership
based on its experience and perception of historical trends, current conditions, expected future developments and other
factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks
and uncertainties, many of which are beyond the control of the partnership, which may cause our actual results to differ
materially from those implied or expressed by the forward-looking statements. These include risks relating to financial
performance and results, availability of sufficient cash flow to pay distributions and execute out business plan, prices and
demand for natural gas and oil, our ability to replace reserves and efficiently develop and produce our current reserves
and other important factors that could cause actual results to differ materially from those projected. These factors are
described in more detail in our reports filed with the Securities and Exchange Commission, which are available at
www.sec.gov or on our Web site, or by calling us at 713-651-1144.
We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or
future events.
2
EVEP Units
IPO
Common
Units
37%
Subordinated
Units
26%
Sponsor
Common
Units
1%
General
Partner
Interest
2%
Private
Placement
Common
Units
34%
3
Unit Price History
4
EVEP’s General Partner
GP Ownership
EnerVest 71.25%
EnCap 23.75%
Management 5%
EnerVest formed in 1992
EnCap formed in 1988
5
EnerVest Areas of Operations
15-year A&D Track Record
Operates > 10,000 Wells
in 11 States
> 850 Bcfe Reserves
Active in U.S. Market
Acquired > $1.2 billion and
divested $300 million since
January 2005
Acquired > $250 million in
2006
~ 360 Employees
> 50 technical professionals
EVEP Assets
EnerVest Operations
EnerVest Historical Operations
* Pro forma for Michigan acquisition.
6
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 - EVEP
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 more upside
50% PDP/50% Upside
Acquire/Exploit/Sell model
Shorter hold times
More IRR Focused
7
EVEP Business Strategy and Philosophy
Increase reserves and production through accretive acquisitions
Maintain conservative debt levels to reduce risk and facilitate acquisitions
Reduce exposure to commodity price risk through hedging
Keep inventory of PUD drilling locations sufficient to maintain production
Retain operational control
Focus on controlling costs
Provide Stability and Growth in Cash Distributions
Per Unit Over Time
8
Activity Since IPO
September 2006EV Energy Partners prices IPO
December 2006 Closed two acquisitions for $28 MM
Negotiated transactions with Five States
Energy
January 2007 Closed $71.6 MM Mich acquisition
Drop down acquisition from EnerVest
Fund IX
Management anticipates recommending
increase in distribution for 1Q 2007 to
$0.46/unit
9
Activity Since IPO
February 2007 Paid initial distribution of $0.40/unit
for 4Q 2006
February 2007 Completed $100 MM equity private
placement
Proceeds to repay existing debt
Significant financing capacity to
continue to capitalize on future growth
opportunities
March 2007 Announced $96 MM acquisition of
Monroe Field assets
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Attractive Acquisition Metrics
Acquisition Price Reserves Rate $/mcfe $/mcfepd
($mm) (Bcfe) (Mcfepd)
Five States 28 14.8 3,100 1.90 9,032
Michigan 72 56.3 6,850 1.27 10,453
Monroe 96 65.4 7,600 1.47 12,631
Total/Average 196 136.4 17,550 1.43 11,166
Further Diversification
All transactions are negotiated
Newly acquired assets in basins where EnerVest has expertise
Increased EVEP portfolio diversification
11
Dramatic Growth Since IPO
0
20
40
60
80
100
120
140
160
180
200
12/31/2005
12/31/06
Pro forma
Michigan
12/31/06
Pro forma
Monroe
51 bcfe
183 bcfe
118 bcfe
Proved Reserves - BCFE
0
5,000
10,000
15,000
20,000
25,000
30,000
IPO
Current
Pro forma
Michigan
Current
Pro forma
Monroe
7,700 mcfe/d
17,500 mcfe/d
25,100 mcfe/d
Production – MCFE/D
12
Asset Overview
EV Energy Partners, L.P.
EVEP Areas of Operations
* Pro forma for Michigan and Monroe acquisitions
EVEP Total Assets *
Proved Reserves: 183.4 Bcfe
Current Net Prod.: 25.1 mmcfe/d
Natural Gas: 93%
PDP: 94%
PDP Decline Rate (2007-2008): 7.1%
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Appalachia/Michigan Assets
EnerVest
Proved Reserves
395 BCFE
69 MMCFE/D
Attractive Characteristics
Long-lived reserves, predictable decline rates
Premium pricing
High drilling success rates, low maintenance capital requirements
Significant consolidation opportunities
EVEP
Proved Reserves
88.7 BCFE
12.2 MMCFE/D
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EVEP Appalachia Assets
Proved Reserves (12/31/06):
32.4 Bcfe
81% Gas
87% PDP
Average working interest >90%
Premium Pricing
Average premium to NYMEX of over
$1.00
Drilling targets: 1,000 to 6,000 feet
Current Net Rate ~ 5,300 Mcfed
R/P ratio 17 years
16
Michigan Acquisition
Antrim Play Area
Proved Reserves (12/31/06):
56.3 Bcfe
100% Gas
89% PDP
100% operated, 91% average
working interest
Otsego & Montmorency Counties,
Michigan, 341 producing wells
Reservoir: Antrim Shale
Current Net Rate ~ 6,850 Mcfed
R/P ratio >20 years
Note: Michigan acquisition closed 1/31/07.
17
Mid-Continent Acquisitions
Proved Reserves (12/31/06)
14.7 Bcfe
60% gas
97% PDP
~9% Average working interest
100% Outside Operated
Current Net Rate ~ 3,100 Mcfed
R/P Ratio 13 Years
18
Monroe Field Acquisition
Substantially increases
presence in field
65.4 Bcfe increase in
reserves to 80.2 Bcfe
7,600 mcfed increase in
current production rate to
9,850 mcfed
Significant increase in
transportation and
marketing
Discovered in 1916
Produced > 7 Tcf
Covers 460 miles in 3 parishes
EnerVest has operated since
1988
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Monroe Field Acquisition
EVEP -
Jacobs
EVEP -
Primos
Approximate
field limits
EnerVest
Monroe, LP
Six
miles
Ouachita
river
Pro forma Proved Reserves
(12/31/06)
80.2 Bcfe
100% gas
99% PDP
100% working interest
160,000 gross acres
Gas transportation and marketing
~ $2.1 MM per year
Additional unbooked potential from
shallow zones
Current Net Rate ~ 9,850 Mcfe/d
R/P ratio 22 years
Field Dominance
20
Financial Overview
EV Energy Partners, L.P.
Commodity Price Hedging
22
Commodity Price Hedging
23
Commodity Price Hedging
24
Attractive Distribution Yield (a)
(a)
Source: Company filings and announcements. Distribution Yield calculated based on 1) closing unit prices at 02/27/07 and 2) recent
announcements regarding expected distribution rates for EVEP ($1.84 annualized beginning 1Q 2007) and Linn Energy ($2.28
annualized beginning 2Q 2007), initial quarterly distribution rates from recent prospectus’ for ATN, CEP and LGCY; and recent analyst
estimate ($1.70 annualized) for BBEP pro forma for acquisition announced on 1/22/07.
EVEP has an attractive distribution yield, as well as a significant estimated
cushion over distributions.
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Significant Cushion Over Distributions
Note: At IPO based on forecasted operating surplus in prospectus dated 9/26/06. Pro Forma is based on midpoint
of 2007 Guidance estimates, assumed 2007 NYMEX prices of $7.50 for natural gas and $60.00 for crude oil,
$100 million equity issuance in February, 2007 and inclusion of the Monroe acquisition (financed 100% with bank
debt) beginning 2Q 2007.
Estimated
Excess “Cushion”
Distribution
Excess “Cushion”
Maintenance Capital
Estimated
Maintenance Capital
MQD $1.60
@ $1.84
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Summary Highlights
Proved Reserves - BCFE
0
20
40
60
80
100
120
140
160
180
200
12/31/2005
12/31/06
Pro forma
Michigan
12/31/06
Pro forma
Monroe
51
bcfe
183
bcfe
118
bcfe
0
5,000
10,000
15,000
20,000
25,000
30,000
IPO
Current
Pro forma
Michigan
Current
Pro forma
Monroe
7,700
mcfe/d
17,500
mcfe/d
25,100
mcfe/d
Production – MCFE/D
Long reserve life with low
annual decline rates
Low-risk PUD locations
Experienced management
team
Strong financial position
Relationship with EnerVest
and EnCap
Attractive yield with strong
cash distribution coverage
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Master Limited Partnership Investor
Conference
EV Energy Partners, L.P.
