Epsilon Energy Ltd. Announces Quarterly Dividend and Provides Operational Update
August 29 2023 - 4:45PM
Epsilon Energy Ltd. (“
Epsilon” or the
“
Company”) (NASDAQ: EPSN) today announced that its
Board of Directors has declared a dividend of $0.0625 per share of
common stock (annualized $0.25/sh) to the stock holders of record
at the close of business on September 15th 2023, payable on
September 29th 2023. All dividends paid by the Company are
“eligible dividends” as defined in subsection 89(1) of the Income
Tax Act (Canada), unless indicated otherwise.
Jason Stabell, Epsilon’s Chief Executive
Officer, commented, “In addition to the quarterly dividend, we
would like to provide an update on our operations in Pennsylvania
and Texas. We are happy to report that the operator of our upstream
assets in the Marcellus recently notified us of near-term drilling
plans on our acreage. In late September, drilling will commence on
three gross wells (0.39 net). These wells are expected to be on
production in the second quarter of 2024. In addition, the operator
has begun remedial work on another Auburn area pad to prepare for
additional drilling in 2024. We expect this work will result in the
drilling of an additional two gross wells (est. 0.25 net but
subject to adjustment based on final well plans) in the second half
of next year. The remedial work requires the shut-in of
approximately 3 MMcf per day of our net production for an estimated
45 days (est. return to production in mid September). We expect the
shut-in to result in a small net positive adjustment to our full
year revenues due to higher forward gas prices in the fourth
quarter of this year, with a negligible impact to full year
production. However, we estimate third quarter volumes and revenues
will be down approximately 5% from our original internal
estimates.
In Texas, we have reached total measured depth
(~2 mile lateral) on our second well in Ector county. Completion
operations are scheduled to begin in September on two gross (0.5
net) wells, with first production expected in the fourth
quarter.
The expected activity will add meaningful
production volumes and cash flow in 2024. We look forward to
updating you as these plans progress further.”
About Epsilon
Epsilon Energy Ltd. is a North American onshore
natural gas and oil production and gathering company with assets in
Pennsylvania, Texas, New Mexico, and Oklahoma.
Contact Information:
281-670-0002
Jason StabellChief Executive
OfficerJason.Stabell@EpsilonEnergyLTD.com
Andrew Williamson Chief Financial Officer
Andrew.Williamson@EpsilonEnergyLTD.com
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