Dunno. Haven't tried it with my oximeter on. EPO signals the body to create more red blood cells (RBCs). That's all it does. It takes several weeks for those RBCs to mature and increase your blood's oxygen carrying ability. If you don't keep hitting them with EPO every few days, your body will scavenge them back out. So for sure it won't make any difference if you do it before a workout, thus absolutely no difference, noticeable or otherwise. Thus the whole thing is probably a crock.
Oh heck. It's generally accepted that your kidneys will produce EPO if blood oxygen saturation drops below 93%. So I put on my oximeter and did as suggested. My oxygen saturation stayed at 98%-99%. No movement. No, it doesn't work.