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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Mpa93VK/bXDdEziHlrreHhoVa5shnOEWhxl4wkpfoyYrjEXs2b8zYjmIbwJhTwMj
 edUeL8Lj7wZsl8qqac+neA==

<SEC-DOCUMENT>0000919574-08-008730.txt : 20081121
<SEC-HEADER>0000919574-08-008730.hdr.sgml : 20081121
<ACCEPTANCE-DATETIME>20081121122058
ACCESSION NUMBER:		0000919574-08-008730
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081027
FILED AS OF DATE:		20081121
DATE AS OF CHANGE:		20081121

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BEDFORD SCOTT
		CENTRAL INDEX KEY:			0001259946

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32942
		FILM NUMBER:		081206252

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		415-568-3382

	MAIL ADDRESS:	
		STREET 1:		235 PINE STREET
		STREET 2:		SUITE 1600
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EVOLUTION PETROLEUM CORP
		CENTRAL INDEX KEY:			0001006655
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				411781991
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		2500 CITYWEST BLVD
		STREET 2:		SUITE 1300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		713-935-0122

	MAIL ADDRESS:	
		STREET 1:		2500 CITYWEST BLVD
		STREET 2:		SUITE 1300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATURAL GAS SYSTEMS INC/NEW
		DATE OF NAME CHANGE:	20040817

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATURAL GAS SYSTEMS, INC.
		DATE OF NAME CHANGE:	20040810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REALITY INTERACTIVE INC
		DATE OF NAME CHANGE:	19960301

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PENINSULA CAPITAL MANAGEMENT, LP
		CENTRAL INDEX KEY:			0001386397

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32942
		FILM NUMBER:		081206253

	BUSINESS ADDRESS:	
		STREET 1:		235 PINE STREET
		STREET 2:		SUITE 1600
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		415-568-3380

	MAIL ADDRESS:	
		STREET 1:		235 PINE STREET
		STREET 2:		SUITE 1600
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PENINSULA MASTER FUND, LTD
		CENTRAL INDEX KEY:			0001391167

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32942
		FILM NUMBER:		081206254

	BUSINESS ADDRESS:	
		STREET 1:		C/O PENINSULA CAPITAL MANAGEMENT, LP
		STREET 2:		235 PINE STREET, SUITE 1600
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		415-568-3382

	MAIL ADDRESS:	
		STREET 1:		C/O PENINSULA CAPITAL MANAGEMENT, LP
		STREET 2:		235 PINE STREET, SUITE 1600
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>p940342_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2008-10-27</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001006655</issuerCik>
        <issuerName>EVOLUTION PETROLEUM CORP</issuerName>
        <issuerTradingSymbol>EVP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001391167</rptOwnerCik>
            <rptOwnerName>PENINSULA MASTER FUND, LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PENINSULA CAPITAL MANAGEMENT, LP</rptOwnerStreet1>
            <rptOwnerStreet2>235 PINE STREET, SUITE 1600</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94104</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001386397</rptOwnerCik>
            <rptOwnerName>PENINSULA CAPITAL MANAGEMENT, LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>235 PINE STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1600</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94104</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001259946</rptOwnerCik>
            <rptOwnerName>BEDFORD SCOTT</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>235 PINE STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1600</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94104</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2727400</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2727400</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Peninsula Master Fund, Ltd.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1969510</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These securities are owned by Peninsula Master Fund, Ltd., which is a Reporting Person.</footnote>
        <footnote id="F2">These securities may be deemed to be beneficially owned by Peninsula Capital Management, LP, the investment manager of
 Peninsula Master Fund, Ltd., and Scott Bedford, the President of Peninsula Capital Management LP's general partner.</footnote>
        <footnote id="F3">These securities may be deemed to be beneficially owned by Peninsula Capital Management, LP, the general partner and/or
 investment manager of certain private investment funds which own such securities.</footnote>
    </footnotes>

    <remarks>(+)  Each such Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its
 pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial
 owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other
 purpose.</remarks>

    <ownerSignature>
        <signatureName>Peninsula Master Fund, Ltd.(+), By: Peninsula Capital Management, LP, By: /s/ Scott Bedford</signatureName>
        <signatureDate>2008-11-21</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Peninsula Capital Management, LP(+), By: /s/ Scott Bedford</signatureName>
        <signatureDate>2008-11-21</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Scott Bedford</signatureName>
        <signatureDate>2008-11-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
