ADDED
There were 30,239,980 Common Shares (no par value) outstanding as of March 26, 2026.
Mcfe One thousand cubic feet equivalent, used in reference to natural gas.
One Mcf of natural gas equivalent, converting one Bbl of oil or natural gas liquids at the ratio of one Bbl of oil or natural gas liquids to 6 Mcf of natural gas.
SOFR The Secured Overnight Financing Rate that is generally published by the Federal Reserve Bank of New York.
At December 31, 2025, Epsilon s total estimated net proved reserves were 86.4 Bcf of natural gas reserves, 9.3 MMBbls of oil reserves, and 2.4 MMBbls of NGL reserves.
Epsilon holds leasehold rights to approximately 101,265 gross (54,044 net) acres.
The Company has natural gas production in the Appalachian Basin Pennsylvania and oil, natural gas liquids and natural gas production in the Powder River Basin in Wyoming, the Permian Basin in Texas and New Mexico, and the Western Canadian Sedimentary Basin in Alberta, Canada.
On November 14, 2025, Epsilon acquired Peak Exploration Production LLC and Peak BLM Lease LLC and their subsidiaries (together, Peak ) for total consideration of $88.5 million consisting of 1) issuance of 5,681,489 common shares valued at $27.6 million, 2) contingent consideration of up to 2,500,000 common shares valued at $10.6 million, and the settlement of $50.3 million of debt.
The contingent consideration was settled on November 19, 2025, through the issuance of 2,234,847 common shares for $10.6 million.
The acquired assets primarily include operated and non-operated production and leasehold interests in the core of the Powder River Basin in Wyoming.
REMOVED
There were 22,008,766 Common Shares (no par value) outstanding as of March 18, 2025.
Net production The total production attributable to the fractional working interest owned.
At December 31, 2024, Epsilon s total estimated net proved reserves were 69,401 million cubic feet of natural gas reserves, 876,808 barrels of NGL reserves, and 1,572,465 barrels of oil and other liquids.
Epsilon holds leasehold rights to approximately 102,506 gross (23,602 net) acres.
The Company has natural gas production in the Marcellus Shale in Pennsylvania; oil, natural gas liquids and natural gas production in the Permian Basin in Texas and New Mexico, the NW Anadarko Basin in Oklahoma; and oil production in the Western Canadian Sedimentary Basin in Alberta, Canada.
We conduct operations in the United States through our wholly owned subsidiaries Epsilon Energy USA Inc., an Ohio corporation, or Epsilon Energy USA; Epsilon Midstream, LLC, a Pennsylvania limited liability company, or Epsilon Midstream; Epsilon Operating, LLC, a Delaware limited liability company; Dewey Energy GP LLC, a Delaware limited liability company; Dewey Energy Holdings LLC, a Delaware limited liability company; and Altolisa Holdings, LLC, a Delaware limited liability company.
In 2024, we paid $2.4 million (after elimination) to the Auburn GGS to gather and treat our 5.7 Bcf of natural gas production in Pennsylvania ($2.5 million after elimination was paid to the Auburn GGS to gather and treat our 7.9 Bcf in 2023), including the fees paid to our subsidiary, Epsilon Midstream.
Business highlights of 2024 Operational Highlights Marcellus Shale Pennsylvania During the year ended December 31, 2024, Epsilon s realized natural gas price was $1.80 per Mcf, excluding the impact of hedges, a 4% increase from $1.74 for the year ended December 31, 2023.
Total natural gas sales for the year ended December 31, 2024 were 5.7 Bcf, a 28% decrease from the 7.9 Bcf for the year ended December 31, 2023, driven by curtailed production volumes.
Gathered and delivered 36.9 Bcf gross (12.9 Bcf net to Epsilon s interest) during the year, or 101 MMcf/d through the Auburn GGS.