{"id":962547,"date":"2026-05-13T23:34:14","date_gmt":"2026-05-14T03:34:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/epsilon-announces-first-quarter-2026-results\/"},"modified":"2026-05-13T23:34:14","modified_gmt":"2026-05-14T03:34:14","slug":"epsilon-announces-first-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/epsilon-announces-first-quarter-2026-results\/","title":{"rendered":"Epsilon Announces First Quarter 2026 Results"},"content":{"rendered":"
\n

HOUSTON, May 13, 2026 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (\u201cEpsilon<\/strong>\u201d or the \u201cCompany<\/strong>\u201d) (NASDAQ: EPSN) today reported first quarter 2026 financial and operating results.<\/p>\n

\n
\n Q1 2026 Highlights:<\/u>
\n <\/strong>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Epsilon – Q1 2026<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Q1 2026<\/b>\n <\/td>\n\n Q4 2025<\/b>\n <\/td>\n\n Q1 2025<\/b>\n <\/td>\n\n QoQ%<\/b>\n <\/td>\n\n YoY%<\/b>\n <\/td>\n<\/tr>\n
NRI Production\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gas<\/td>\nMMcf<\/td>\n2,482<\/td>\n2,373<\/td>\n2,740<\/td>\n\n 5%<\/i>\n <\/td>\n\n -9%<\/i>\n <\/td>\n<\/tr>\n
Oil<\/td>\nMBbl<\/td>\n136<\/td>\n94<\/td>\n46<\/td>\n\n 45%<\/i>\n <\/td>\n\n 199%<\/i>\n <\/td>\n<\/tr>\n
NGL<\/td>\nMBbl<\/td>\n42<\/td>\n43<\/td>\n16<\/td>\n\n -2%<\/i>\n <\/td>\n\n 168%<\/i>\n <\/td>\n<\/tr>\n
Total<\/td>\nMMcfe<\/td>\n3,554<\/td>\n3,196<\/td>\n3,108<\/td>\n\n 11%<\/i>\n <\/td>\n\n 14%<\/i>\n <\/td>\n<\/tr>\n
Daily Total<\/td>\nMMcfe\/d<\/td>\n39.5<\/td>\n34.7<\/td>\n34.5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Daily Oil<\/i>\n <\/td>\n\n Bbl\/d<\/i>\n <\/td>\n\n 1,515<\/i>\n <\/td>\n\n 1,021<\/i>\n <\/td>\n\n 506<\/i>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenues\u00a0<\/td>\n$M<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gas\u00a0<\/td>\n\u00a0<\/td>\n13,403<\/td>\n6,839<\/td>\n10,614<\/td>\n\n 96%<\/i>\n <\/td>\n\n 26%<\/i>\n <\/td>\n<\/tr>\n
Oil<\/td>\n\u00a0<\/td>\n9,462<\/td>\n5,299<\/td>\n3,270<\/td>\n\n 79%<\/i>\n <\/td>\n\n 189%<\/i>\n <\/td>\n<\/tr>\n
NGL<\/td>\n\u00a0<\/td>\n1,073<\/td>\n1,180<\/td>\n387<\/td>\n\n -9%<\/i>\n <\/td>\n\n 177%<\/i>\n <\/td>\n<\/tr>\n
Midstream1<\/sup>\u00a0<\/td>\n\u00a0<\/td>\n1,658<\/td>\n1,501<\/td>\n1,892<\/td>\n\n 10%<\/i>\n <\/td>\n\n -12%<\/i>\n <\/td>\n<\/tr>\n
Total\u00a0<\/td>\n\u00a0<\/td>\n25,596<\/td>\n14,818<\/td>\n16,163<\/td>\n\n 73%<\/i>\n <\/td>\n\n 58%<\/i>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Realized Prices2<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gas\u00a0<\/td>\n$\/Mcf<\/td>\n5.40<\/td>\n2.88<\/td>\n3.87<\/td>\n\n 87%<\/i>\n <\/td>\n\n 39%<\/i>\n <\/td>\n<\/tr>\n
Oil\u00a0<\/td>\n$\/Bbl<\/td>\n69.39<\/td>\n56.44<\/td>\n71.76<\/td>\n\n 23%<\/i>\n <\/td>\n\n -3%<\/i>\n <\/td>\n<\/tr>\n
NGL<\/td>\n$\/Bbl<\/td>\n25.32<\/td>\n27.17<\/td>\n24.52<\/td>\n\n -7%<\/i>\n <\/td>\n\n 3%<\/i>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adj. EBITDA<\/td>\n$M<\/td>\n13,395<\/td>\n7,553<\/td>\n10,609<\/td>\n\n 77%<\/i>\n <\/td>\n\n 26%<\/i>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash + STI3<\/sup><\/td>\n$M<\/td>\n8,466<\/td>\n9,513<\/td>\n7,363<\/td>\n\n -11%<\/i>\n <\/td>\n\n 15%<\/i>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Capex4<\/sup>\u00a0<\/td>\n$M<\/td>\n4,885<\/td>\n1,641<\/td>\n8,035<\/td>\n\n 198%<\/i>\n <\/td>\n\n -39%<\/i>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Debt\u00a0<\/td>\n$M<\/td>\n45,500<\/td>\n50,500<\/td>\n0<\/td>\n\n -10%<\/i>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Dividend<\/td>\n$M<\/td>\n1,884<\/td>\n1,868<\/td>\n1,376<\/td>\n\n 1%<\/i>\n <\/td>\n\n 37%<\/i>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adj Net Income5<\/sup><\/td>\n$M<\/td>\n801<\/td>\n11,103<\/td>\n4,023<\/td>\n\n -93%<\/i>\n <\/td>\n\n -80%<\/i>\n <\/td>\n<\/tr>\n
\n p\/share<\/i>
\n
\n 6<\/i>
\n <\/sup>\n <\/td>\n		$<\/td>\n0.03<\/td>\n0.43<\/td>\n0.18<\/td>\n\n -94%<\/i>\n <\/td>\n\n -85%<\/i>\n <\/td>\n<\/tr>\n
\n Excl. Q126 Hedge Loss\u00a0<\/i>\n <\/td>\n$M<\/td>\n8,683<\/td>\n11,103<\/td>\n4,023<\/td>\n\n -22%<\/i>\n <\/td>\n\n 116%<\/i>\n <\/td>\n<\/tr>\n
\n p\/share<\/i>
\n
\n 6<\/i>
\n <\/sup>\n <\/td>\n		$<\/td>\n0.29<\/td>\n0.43<\/td>\n0.18<\/td>\n\n -34%<\/i>\n <\/td>\n\n 58%<\/i>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n 1) Net of elimination entry for fees paid by Epsilon\u00a0<\/i>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n 2) Excludes impact of hedge realizations\u00a0<\/i>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n 3) Includes restricted cash balance<\/i>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n 4) Excludes acquisitions\u00a0<\/i>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n 5) Excludes one-time \/ non-recurring expenses for transaction costs, impairments, and loss on asset sale\u00a0\u00a0<\/i>\n <\/td>\n<\/tr>\n
\n 6) Calculated on weighted average shares outstanding for the period<\/i>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
Jason Stabell, Epsilon\u2019s Chief Executive Officer, commented, \u201cSo far in 2026, we are executing on the initial stages of our development program outlined in the 2025 year-end release and are expecting to bring meaningful production online starting in the second quarter. In the Permian, three gross 3-mile Barnett wells are expected to come online this year, with the first in the second quarter. In the Powder River Basin, two gross Niobrara DUCs are scheduled for completion and are expected to be online early in the third quarter. We have also begun facilities work on the three gross Parkman wells scheduled for development this summer. We are currently working to secure a rig and expect first production in the fourth quarter. <\/em><\/p>\n

\n We have also made recent efforts to monetize non-core assets in the portfolio with the sale of a Marcellus override package and the pending sale of the office building we acquired in the Peak transaction. Together, these are expected to raise $6.7 million in the second quarter, without a material impact on results going forward. <\/em>\n <\/p>\n

\n Strong natural gas pricing in the Marcellus in the first few months of the year and a full quarter of contribution from the acquired PRB production drove quarter-over-quarter gains in revenue and cash flow. Importantly, a significant portion of our expected new volumes this year are oil-weighted and will come online into what is currently a strong oil price environment in the second half of the year. The planned development which is underway and attractive oil pricing should allow the Company to deliver strong operational and financial performance as the year progresses<\/em>.”<\/p>\n

\n
\n Quarter Details:<\/u>
\n <\/strong>\n <\/p>\n

Epsilon\u2019s capital expenditures were $4.9 million for the quarter ended March 31, 2026.<\/p>\n

The Company participated in the drilling of 1 gross (0.25 net) well in Texas, the ninth well in the project and the first 3-mile Barnett well. Completion operations on that well are currently underway.<\/p>\n

The Company also began constructing facilities in preparation for Parkman drilling activity this summer, where the plan is to a drill a three well Parkman pad in Campbell County, Wyoming, with production expected online in the fourth quarter.<\/p>\n

The Company also repaired and cased the 2 gross (0.7 net) Niobrara DUCs acquired in the Peak acquisition. The completion of those wells is scheduled for June, with production expected online early in the third quarter.<\/p>\n

The Auburn Gas Gathering System (Epsilon is a 35% owner) gathered and delivered 9.6 Bcf gross of natural gas volumes during the quarter, or 107 MMcf\/d. As of January 2026, the gathering and compression rates increased contractually to $0.50 $ \/ MMBTU and $0.11 $ \/ MMBTU, respectively.<\/p>\n

Unit operating costs were up meaningfully quarter over quarter, driven by a full quarter contribution from the PRB production ($4.4 million in total operating cost for the quarter, which is higher cost per unit than the other assets \/ basins, driven by a higher fixed component; unit operating costs will decline there as new development volumes are added in the basin), workover activity in the Marcellus ($0.2 million), and a one-time Ad Valorem tax expense in the Permian ($0.7 million, which will not impact the remainder of the year).<\/p>\n

The quarter also included $0.5 million of G&A cost associated with former Peak employees who are on transition services contracts. The full year cost will be approximately $1.5 million. These costs will not be carried into 2027 and are thus not part of run-rate G&A.<\/p>\n

Net income for the quarter was impacted materially by the unrealized loss on the hedge book of $7.9 million. The unrealized loss was driven by the sharp increase in crude prices during the quarter. Adjusting for the impact of the unrealized loss, net income per share for the quarter was $0.29. The positive revenue impact of higher oil prices will materialize primarily in subsequent quarters. Approximately 60% of the Company\u2019s currently online oil production is hedged in the mid $60s for WTI for the remainder of the year. All incremental development volumes brought on will have full exposure to prevailing oil prices.<\/p>\n

In March, the Company made a $5 million repayment on the outstanding balance on the credit facility.<\/p>\n

\n
\n Q2 2026 Update <\/u>
\n <\/strong>\n <\/p>\n

The Company participated in the drilling of 5 gross (0.4 net) wells in the Marcellus during April. The completion of those wells is expected over the next 30 days, with production online in the fourth quarter. Four of these wells will be gathered by the Auburn system.<\/p>\n

On May 4, 2026, the Company closed the sale of certain overriding royalty interests (ORRIs) in Susquehanna Co, Pennsylvania to an undisclosed private buyer for $3.9 million. The assets covered 940 gross acres and 90 producing Marcellus wells with an average net revenue interest of 0.25% per well. The effective date of the transaction was April 1, 2026, and the consideration represented approximately 6X expected cash flow from the assets over the next twelve months. The assets represented approximately 1.5% of the Company\u2019s trailing twelve months upstream revenue and 2% of the Company\u2019s year-end 2025 Proved Developed Producing (PDP) reserves.<\/p>\n

The Company is expected to close the sale of its Durango, Colorado office building (acquired last year in the Peak acquisition) in June, for gross proceeds of $3 million.<\/p>\n

In April, the Company made an additional $5 million repayment on the outstanding balance on the credit facility. The current balance is $40.5 million (down from $50.5 million at year-end 2025).<\/p>\n

\n
\n Current Hedge Book:<\/u>
\n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nDate<\/td>\n\n Natural Gas<\/strong>\n <\/td>\n\n Crude Oil<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Swaps<\/strong>\n <\/td>\n\n Costless Collars<\/strong>\n <\/td>\n\n Swaps<\/strong>\n <\/td>\n\n Costless Collars<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nVolume
(MMcf)<\/td>\n		Price
($\/MMBtu)<\/td>\n		Volume
(MMcf)<\/td>\n		Bought
Put
($\/MMBtu)<\/td>\n		Sold
Call
($\/MMBtu)<\/td>\n		Volume
(MBbl)<\/td>\n		Price
($\/Bbl)<\/td>\n		Volume
(MBbl)<\/td>\n		Bought
Put
($\/Bbl)<\/td>\n		Sold
Call
($\/Bbl)<\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n2Q 2026<\/td>\n302<\/td>\n3.88<\/td>\n387<\/td>\n3.34<\/td>\n4.94<\/td>\n79<\/td>\n62.83<\/td>\n3<\/td>\n59.78<\/td>\n70.01<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n3Q 2026<\/td>\n451<\/td>\n3.93<\/td>\n551<\/td>\n3.35<\/td>\n4.95<\/td>\n80<\/td>\n65.16<\/td>\n0<\/td>\n60.00<\/td>\n70.10<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n4Q 2026<\/td>\n178<\/td>\n3.87<\/td>\n783<\/td>\n3.35<\/td>\n5.10<\/td>\n39<\/td>\n62.71<\/td>\n28<\/td>\n59.00<\/td>\n69.00<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n FY 2026<\/strong>\n <\/td>\n\n 931<\/strong>\n <\/td>\n\n $<\/strong>
\n 3.91<\/strong>\n <\/td>\n		\n 1,722<\/strong>\n <\/td>\n\n $<\/strong>
\n 3.35<\/strong>\n <\/td>\n		\n $<\/strong>
\n 5.01<\/strong>\n <\/td>\n		\n 198<\/strong>\n <\/td>\n\n $<\/strong>
\n 63.75<\/strong>\n <\/td>\n		\n 32<\/strong>\n <\/td>\n\n $<\/strong>
\n 59.10<\/strong>\n <\/td>\n		\n $<\/strong>
\n 69.12<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n1Q 2027<\/td>\n87<\/td>\n4.12<\/td>\n818<\/td>\n3.41<\/td>\n5.23<\/td>\n27<\/td>\n61.45<\/td>\n34<\/td>\n59.23<\/td>\n69.47<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n2Q 2027<\/td>\n91<\/td>\n3.49<\/td>\n793<\/td>\n3.21<\/td>\n4.81<\/td>\n36<\/td>\n64.05<\/td>\n22<\/td>\n55.94<\/td>\n66.02<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n3Q 2027<\/td>\n90<\/td>\n3.58<\/td>\n773<\/td>\n3.11<\/td>\n4.31<\/td>\n28<\/td>\n66.36<\/td>\n26<\/td>\n57.32<\/td>\n67.60<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n4Q 2027<\/td>\n44<\/td>\n3.95<\/td>\n352<\/td>\n3.15<\/td>\n4.26<\/td>\n14<\/td>\n62.32<\/td>\n36<\/td>\n57.30<\/td>\n67.55<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n FY 2027<\/strong>\n <\/td>\n\n 312<\/strong>\n <\/td>\n\n $<\/strong>
\n 3.76<\/strong>\n <\/td>\n		\n 2,736<\/strong>\n <\/td>\n\n $<\/strong>
\n 3.23<\/strong>\n <\/td>\n		\n $<\/strong>
\n 4.72<\/strong>\n <\/td>\n		\n 106<\/strong>\n <\/td>\n\n $<\/strong>
\n 63.76<\/strong>\n <\/td>\n		\n 118<\/strong>\n <\/td>\n\n $<\/strong>
\n 57.60<\/strong>\n <\/td>\n		\n $<\/strong>
\n 67.82<\/strong>\n <\/td>\n		\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n1Q 2028<\/td>\n28<\/td>\n4.46<\/td>\n28<\/td>\n3.65<\/td>\n4.70<\/td>\n8<\/td>\n62.97<\/td>\n8<\/td>\n57.58<\/td>\n67.96<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n Earnings Call:<\/u>
\n <\/strong>\n <\/p>\n

The Company will host a conference call to discuss its results on Thursday, May 14, 2026, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).<\/p>\n

Interested parties in the United States and Canada may participate toll-free by dialing (833) 816-1385. International parties may participate by dialing (412) 317-0478. Participants should ask to be joined to the \u201cEpsilon Energy First Quarter 2026 Earnings Conference Call.\u201d<\/p>\n

A webcast can be viewed at: https:\/\/event.choruscall.com\/mediaframe\/webcast.html?webcastid=vCctDJ0X<\/a>. A webcast replay will be available on the Company\u2019s website (www.epsilonenergyltd.com<\/a>) following the call.<\/p>\n

\n About Epsilon<\/strong>\n <\/p>\n

\n Epsilon Energy Ltd. is a North American onshore natural gas and oil production and gathering company with assets across the Appalachian, Powder River, Permian, and Western Canadian Sedimentary basins.<\/em>\n <\/p>\n

\n
\n Forward-Looking Statements<\/u>
\n <\/strong>\n <\/p>\n

Certain statements contained in this news release constitute forward looking statements. The use of any of the words \u201canticipate\u201d, \u201ccontinue\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u2018may\u201d, \u201cwill\u201d, \u201cproject\u201d, \u201cshould\u201d, \u2018believe\u201d, and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated. Forward-looking statements are based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.<\/p>\n

\n
\n Contact Information: <\/u>
\n <\/strong>\n <\/p>\n

281-670-0002<\/p>\n

Jason Stabell
Chief Executive Officer
Jason.Stabell@EpsilonEnergyLTD.com<\/a><\/p>\n

Andrew Williamson
Chief Financial Officer
Andrew.Williamson@EpsilonEnergyLTD.com<\/a><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n EPSILON ENERGY LTD.<\/strong>
\n
\n Unaudited Consolidated Statements of Operations<\/strong>
\n
\n
\n (All amounts stated in US$)<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three months ended March\u00a031,\u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 2026<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 2025<\/strong>\n <\/td>\n<\/tr>\n
\n Revenues from contracts with customers:\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gas, oil, NGL, and condensate revenue<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23,938,010<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,270,790<\/td>\n<\/tr>\n
Gas gathering and compression revenue\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,657,777<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,892,350<\/td>\n<\/tr>\n
Total revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25,595,787<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,163,140<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating costs and expenses:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Lease operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,195,313<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,755,898<\/td>\n<\/tr>\n
Gathering system operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 594,446<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 552,651<\/td>\n<\/tr>\n
Depletion, depreciation, amortization, and accretion<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,002,339<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,475,857<\/td>\n<\/tr>\n
Impairment expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,669<\/td>\n<\/tr>\n
Transaction costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 71,420<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<\/tr>\n
General and administrative expenses:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock based compensation expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 547,527<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 385,838<\/td>\n<\/tr>\n
Other general and administrative expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,378,142<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,818,418<\/td>\n<\/tr>\n
Total operating costs and expenses\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,789,187<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,995,331<\/td>\n<\/tr>\n
\n Operating income<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,806,600<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,167,809<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Other income (expense):<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 45,543<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15,299<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (941,581)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (12,211)<\/td>\n<\/tr>\n
Loss on derivative contracts, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (8,929,829)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,462,170)<\/td>\n<\/tr>\n
Other income (expense), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,428<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (22,499)<\/td>\n<\/tr>\n
Other expense, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (9,809,439)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,481,581)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net income before income tax expense<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 997,161<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,686,228<\/td>\n<\/tr>\n
Income tax expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 267,736<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,670,194<\/td>\n<\/tr>\n
\n NET INCOME<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 729,425<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,016,034<\/td>\n<\/tr>\n
Currency translation adjustments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,319)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (50,116)<\/td>\n<\/tr>\n
\n NET COMPREHENSIVE INCOME<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 727,106<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,965,918<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net income per share, basic<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.02<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.18<\/td>\n<\/tr>\n
\n Net income per share, diluted<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.02<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.18<\/td>\n<\/tr>\n
\n Weighted average number of shares outstanding, basic<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30,239,980<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,008,766<\/td>\n<\/tr>\n
\n Weighted average number of shares outstanding, diluted<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30,262,466<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,109,819<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n EPSILON ENERGY LTD.
Unaudited Consolidated Balance Sheets
(All amounts stated in US$)<\/em><\/strong>
\n \n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/b>\n <\/td>\n\n March\u00a031,\u00a0<\/b>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/b>\n <\/td>\n\n December\u00a031,\u00a0<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2026<\/b>\n <\/td>\n\u00a0<\/td>\n\n 2025<\/b>\n <\/td>\n<\/tr>\n
\n ASSETS<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current assets<\/i>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,912,858<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,959,954<\/td>\n<\/tr>\n
Accounts receivable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,794,429<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,132,501<\/td>\n<\/tr>\n
Short term investments<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<\/tr>\n
Fair value of derivatives<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 426,255<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,694,340<\/td>\n<\/tr>\n
Prepaid income taxes<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,959,475<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,949,311<\/td>\n<\/tr>\n
Other current assets<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,688,563<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,847,672<\/td>\n<\/tr>\n
Total current assets<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,781,580<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 32,583,778<\/td>\n<\/tr>\n
\n Non-current assets<\/i>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Property and equipment:<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Oil and gas properties, successful efforts method<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Proved properties<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 237,783,115<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0 233,334,212<\/td>\n<\/tr>\n
Unproved properties<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 79,690,561<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 79,307,169<\/td>\n<\/tr>\n
Accumulated depletion, depreciation, amortization and impairment<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0 (134,196,469)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 (131,636,141)<\/td>\n<\/tr>\n
Total oil and gas properties, net<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0 183,277,207<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 181,005,240<\/td>\n<\/tr>\n
Gathering system<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 43,593,370<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 43,540,389<\/td>\n<\/tr>\n
Accumulated depletion, depreciation, amortization and impairment<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0 (37,680,704)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0 (37,472,139)<\/td>\n<\/tr>\n
Total gathering system, net<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,912,666<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,068,250<\/td>\n<\/tr>\n
Land<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,231,965<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,231,965<\/td>\n<\/tr>\n
Buildings and other property and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,077,163<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,132,732<\/td>\n<\/tr>\n
Total property and equipment, net<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 194,499,001<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 192,438,187<\/td>\n<\/tr>\n
\n Other assets:<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating lease right-of-use assets, long term<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 429,923<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 488,949<\/td>\n<\/tr>\n
Restricted cash<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 553,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 553,000<\/td>\n<\/tr>\n
Fair value of derivatives, long term<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 185,056<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,154,936<\/td>\n<\/tr>\n
Deferred financing costs<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 724,263<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 774,347<\/td>\n<\/tr>\n
Prepaid drilling costs<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 246,220<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 246,220<\/td>\n<\/tr>\n
Total non-current assets<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0 196,637,463<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0 195,655,639<\/td>\n<\/tr>\n
\n Total assets<\/b>\n <\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0 226,419,043<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0 228,239,417<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LIABILITIES AND SHAREHOLDERS’ EQUITY<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Current liabilities<\/i>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable trade<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,159,934<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,148,050<\/td>\n<\/tr>\n
Gathering fees payable<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,047,841<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,076,143<\/td>\n<\/tr>\n
Royalties payable<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,071,572<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,702,526<\/td>\n<\/tr>\n
Income taxes payable<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<\/tr>\n
Accrued capital expenditures<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 577,154<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,888<\/td>\n<\/tr>\n
Accrued compensation<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 739,649<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,056,304<\/td>\n<\/tr>\n
Other accrued liabilities<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,927,196<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,682,090<\/td>\n<\/tr>\n
Fair value of derivatives\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,833,399<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<\/tr>\n
Operating lease liabilities<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 271,790<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 271,494<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 27,628,535<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,961,495<\/td>\n<\/tr>\n
\n Non-current liabilities<\/i>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Credit facility payable<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 45,500,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 50,500,000<\/td>\n<\/tr>\n
Ad valorem taxes, long term<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,411,971<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,411,971<\/td>\n<\/tr>\n
Asset retirement obligations<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,553,458<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,437,960<\/td>\n<\/tr>\n
Fair value of derivatives, long term\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 810,629<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,120,790<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,855,585<\/td>\n<\/tr>\n
Operating lease liabilities, long term<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 271,046<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 340,052<\/td>\n<\/tr>\n
Total non-current liabilities<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 74,667,894<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 78,545,568<\/td>\n<\/tr>\n
\n Total liabilities<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0 102,296,429<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0 103,507,063<\/td>\n<\/tr>\n
\n Commitments and contingencies (Note 10)<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Shareholders’ equity<\/i>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred shares, no par value, unlimited shares authorized, none issued or outstanding<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<\/tr>\n
Common shares, no par value, unlimited shares authorized and 30,239,980 shares issued and outstanding at March 31, 2026 and\u00a0 December 31, 2025<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 154,274,125<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 154,274,125<\/td>\n<\/tr>\n
Treasury shares, at cost, 0 shares at March 31, 2026 and 0 shares at December 31, 2025<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<\/tr>\n
Additional paid-in capital<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,411,351<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,863,824<\/td>\n<\/tr>\n
Accumulated deficit<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 (54,457,110)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0 (53,302,162)<\/td>\n<\/tr>\n
Accumulated other comprehensive income<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,894,248<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,896,567<\/td>\n<\/tr>\n
Total shareholders’ equity<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 124,122,614<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0 124,732,354<\/td>\n<\/tr>\n
\n Total liabilities and shareholders’ equity<\/b>\n <\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0 226,419,043<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0 228,239,417<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n EPSILON ENERGY LTD.<\/strong>
\n
\n Unaudited Consolidated Statements of Cash Flows<\/b>
\n
\n
\n \u00a0(All amounts stated in US$)<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three months ended March\u00a031,\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 2026<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash flows from operating activities:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 729,425<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,016,034<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depletion, depreciation, amortization, and accretion<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,002,339<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,475,857<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,669<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization on deferred financing costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 50,084<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss on derivative contracts<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,929,829<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,462,170<\/td>\n\u00a0<\/td>\n<\/tr>\n
Settlement paid on derivative contracts<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,047,836)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (415,043)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Settlement of asset retirement obligation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,600)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock-based compensation expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 547,527<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 385,838<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income tax expense (benefit)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 265,205<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (321,452)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Changes in assets and liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (661,928)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,159,795)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Prepaid income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (10,164)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 978,542<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets and liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 112,036<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 141,640<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable, royalties payable, gathering fees payable, and other accrued liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,813,998)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 91,390<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income taxes payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 922,326<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash provided by operating activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,102,519<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,582,576<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash flows from investing activities:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additions to unproved oil and gas properties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (383,391)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5,060,901)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additions to proved oil and gas properties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,830,774)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,578,866)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Additions to gathering system properties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (50,583)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (104,275)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deductions to land, buildings and property and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,825<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Prepaid drilling costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 960,136<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash used in investing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (4,262,923)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (6,783,906)<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash flows from financing activities:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Payment on credit facility<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5,000,000)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Dividends paid<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,884,373)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,375,612)<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net cash used in financing activities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (6,884,373)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,375,612)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Effect of currency rates on cash, cash equivalents, and restricted cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,319)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (50,116)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Increase (decrease) in cash, cash equivalents, and restricted cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,047,096)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 372,942<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash, cash equivalents, and restricted cash, beginning of period<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,512,954<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,989,793<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Cash, cash equivalents, and restricted cash, end of period<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,465,858<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,362,735<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Supplemental cash flow disclosures:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax paid – federal<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 80,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax paid – state (PA)<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,933<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,138<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax paid – state (other)<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest paid<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 42,347<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 657<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Non-cash investing activities:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in proved properties accrued in accounts payable<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 618,129<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 341,974<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in gathering system accrued in accounts payable<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,398<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (44,228)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Asset retirement obligation asset additions and adjustments<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,235<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three months ended March 31,\u00a0<\/strong>
\n
\n
\n <\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0\u00a0<\/b>\n <\/td>\n\n 2026<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n 2025<\/b>\n <\/td>\n<\/tr>\n
\n Net income<\/b>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 729,425<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,016,034<\/td>\n<\/tr>\n
Add Back:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense (income), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 896,038<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,088)<\/td>\n<\/tr>\n
Income tax (benefit) expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 267,736<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,670,194<\/td>\n<\/tr>\n
Depreciation, depletion, amortization, and accretion<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,002,339<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,475,857<\/td>\n<\/tr>\n
Impairment expense<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,669<\/td>\n<\/tr>\n
Stock based compensation expense\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 547,527<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 385,838<\/td>\n<\/tr>\n
Transaction costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 71,420<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<\/tr>\n
Loss on derivative contracts net of cash received or paid on settlement<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,881,993<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,047,127<\/td>\n<\/tr>\n
Foreign currency translation loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,875)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,289<\/td>\n<\/tr>\n
\n Adjusted EBITDA<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n \u00a0\u00a0\u00a0 13,394,603<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n $<\/b>\n <\/td>\n\n \u00a0\u00a0\u00a0 10,608,920<\/b>\n <\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

Epsilon defines Adjusted EBITDA as earnings before (1) net interest expense, (2) taxes, (3) depreciation, depletion, amortization and accretion expense, (4) impairments of natural gas and oil properties, (5) non-cash stock compensation expense, (6) transaction costs, (7) gain or loss on derivative contracts net of cash received or paid on settlement, (8) gain or loss on foreign currency translation. Adjusted EBITDA is not a measure of financial performance as determined under U.S. GAAP and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with U.S. GAAP or as a measure of profitability or liquidity.<\/p>\n

Additionally, Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Epsilon has included Adjusted EBITDA as a supplemental disclosure because its management believes that EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures. It further provides investors with a helpful measure for comparing operating performance on a “normalized” or recurring basis with the performance of other companies, without giving effect to certain non-cash expenses and other items. This provides management, investors and analysts with comparative information for evaluating the Company in relation to other natural gas and oil companies providing corresponding non-U.S. GAAP financial measures or that have different financing and capital structures or tax rates. These non-U.S. GAAP financial measures should be considered in addition to, but not as a substitute for, measures for financial performance prepared in accordance with U.S. GAAP.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n $M<\/b>\n <\/td>\n\n Q125<\/b>\n <\/td>\n\n Q425<\/b>\n <\/td>\n\n Q126<\/b>\n <\/td>\n<\/tr>\n
GAAP Net Income (Loss)<\/td>\n4,016<\/td>\n(12,439)<\/td>\n729<\/td>\n<\/tr>\n
One-time adjustments\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Transaction Costs\u00a0<\/td>\n\u00a0<\/td>\n2,073<\/td>\n71<\/td>\n<\/tr>\n
Impairment – NM\u00a0<\/td>\n\u00a0<\/td>\n700<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment – Canada<\/td>\n7<\/td>\n559<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss – Oklahoma Sale\u00a0<\/td>\n\u00a0<\/td>\n19,257<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adj. Net Income\u00a0<\/td>\n4,023<\/td>\n10,150<\/td>\n801<\/td>\n<\/tr>\n
WA Shares O\/S<\/td>\n22,110<\/td>\n25,966<\/td>\n30,262<\/td>\n<\/tr>\n
P\/Share\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.18<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.39<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.03<\/td>\n<\/tr>\n<\/table>\n

\n
Epsilon defines Adjusted Net Income as reported U.S. GAAP Net Income adding back expenses related to (1) transaction expenses related to the Peak companies\u2019 acquisition, (2) impairments of natural gas and oil properties, and (3) gain or loss on sale of assets. Adjusted Net Income is not a measure of financial performance as determined under U.S. GAAP and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with U.S. GAAP or as a measure of profitability or liquidity.<\/p>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

HOUSTON, May 13, 2026 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (\u201cEpsilon\u201d or the \u201cCompany\u201d) (NASDAQ: EPSN) today reported first quarter 2026 financial and operating results. Q1 2026 Highlights: Epsilon – Q1 2026 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Q1 2026 Q4 2025 Q1 2025 QoQ% YoY% NRI Production\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Gas MMcf 2,482 2,373 2,740 5% -9% Oil MBbl 136 94 46 45% 199% NGL MBbl 42 43 16 -2% 168% Total MMcfe 3,554 3,196 3,108 11% 14% Daily Total MMcfe\/d 39.5 34.7 34.5 \u00a0 \u00a0 Daily Oil Bbl\/d 1,515 1,021 506 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Revenues\u00a0 $M \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Gas\u00a0 \u00a0 13,403 6,839 10,614 96% … <\/p>\n

Continue reading “Epsilon Announces First Quarter 2026 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-962547","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nEpsilon Announces First Quarter 2026 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/epsilon-announces-first-quarter-2026-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Epsilon Announces First Quarter 2026 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"HOUSTON, May 13, 2026 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (\u201cEpsilon\u201d or the \u201cCompany\u201d) (NASDAQ: EPSN) today reported first quarter 2026 financial and operating results. Q1 2026 Highlights: Epsilon – Q1 2026 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Q1 2026 Q4 2025 Q1 2025 QoQ% YoY% NRI Production\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Gas MMcf 2,482 2,373 2,740 5% -9% Oil MBbl 136 94 46 45% 199% NGL MBbl 42 43 16 -2% 168% Total MMcfe 3,554 3,196 3,108 11% 14% Daily Total MMcfe\/d 39.5 34.7 34.5 \u00a0 \u00a0 Daily Oil Bbl\/d 1,515 1,021 506 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Revenues\u00a0 $M \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Gas\u00a0 \u00a0 13,403 6,839 10,614 96% … Continue reading "Epsilon Announces First Quarter 2026 Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/epsilon-announces-first-quarter-2026-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-14T03:34:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcxOTg3NiM3NjAyMTIwIzIyMjE1ODk=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/epsilon-announces-first-quarter-2026-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/epsilon-announces-first-quarter-2026-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Epsilon Announces First Quarter 2026 Results\",\"datePublished\":\"2026-05-14T03:34:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/epsilon-announces-first-quarter-2026-results\\\/\"},\"wordCount\":2354,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/epsilon-announces-first-quarter-2026-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=OTcxOTg3NiM3NjAyMTIwIzIyMjE1ODk=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/epsilon-announces-first-quarter-2026-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/epsilon-announces-first-quarter-2026-results\\\/\",\"name\":\"Epsilon Announces First Quarter 2026 Results - 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(\u201cEpsilon\u201d or the \u201cCompany\u201d) (NASDAQ: EPSN) today reported first quarter 2026 financial and operating results. Q1 2026 Highlights: Epsilon – Q1 2026 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Q1 2026 Q4 2025 Q1 2025 QoQ% YoY% NRI Production\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Gas MMcf 2,482 2,373 2,740 5% -9% Oil MBbl 136 94 46 45% 199% NGL MBbl 42 43 16 -2% 168% Total MMcfe 3,554 3,196 3,108 11% 14% Daily Total MMcfe\/d 39.5 34.7 34.5 \u00a0 \u00a0 Daily Oil Bbl\/d 1,515 1,021 506 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Revenues\u00a0 $M \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Gas\u00a0 \u00a0 13,403 6,839 10,614 96% … Continue reading \"Epsilon Announces First Quarter 2026 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/epsilon-announces-first-quarter-2026-results\/","og_site_name":"Market Newsdesk","article_published_time":"2026-05-14T03:34:14+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcxOTg3NiM3NjAyMTIwIzIyMjE1ODk=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/epsilon-announces-first-quarter-2026-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/epsilon-announces-first-quarter-2026-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Epsilon Announces First Quarter 2026 Results","datePublished":"2026-05-14T03:34:14+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/epsilon-announces-first-quarter-2026-results\/"},"wordCount":2354,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/epsilon-announces-first-quarter-2026-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcxOTg3NiM3NjAyMTIwIzIyMjE1ODk=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/epsilon-announces-first-quarter-2026-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/epsilon-announces-first-quarter-2026-results\/","name":"Epsilon Announces First Quarter 2026 Results - 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