Epsilon Energy Ltd. Announces the Following Headlines
May 31 2022 - 5:05PM
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 June 15th 2022, payable on June 30th
2022. All dividends paid by the Company are “eligible dividends” as
defined in subsection 89(1) of the Income Tax Act (Canada), unless
indicated otherwise. In addition the Company repurchased 259,300
shares for $1.8 MM (approximately $7/share) during the quarter
(through May 27, 2022). The company is authorized to purchase an
additional 900,000 shares under its current program and continues
to regard current trading levels as attractive from a valuation
perspective.
Michael Raleigh, CEO, commented, “After 30 days
of production on each of the two (0.55 Net to EPSN) recently
completed wells in our Oklahoma project we are excited to report
that the average performance of the wells exceeded our expected
type curve, and, at current commodity prices, will achieve payout
in less than six months. To date the Company has participated in
four wells (1.15 Net) in the region and the average performance has
exceeded the expected type curve performance. The team is currently
evaluating other locations within our existing inventory to drill
and complete this year.
In the Marcellus, we expect the operator to
complete the previously drilled well (0.18 Net to EPSN) in the
third quarter of 2022.
Based on current strip prices, the company
anticipates building significant incremental cash for the balance
of the year. The current cash balance is approximately $31 million
and the company has no outstanding debt.”
About Epsilon
Epsilon Energy Ltd. is a North American on-shore
focused independent exploration and production company engaged in
the acquisition, development, gathering and production of oil and
gas reserves. Our primary area of operation is the Marcellus basin
in northeast Pennsylvania. Our assets are concentrated in areas
with known hydrocarbon resources, which are conducive to
multi-well, repeatable drilling programs. For more information,
please visit www.epsilonenergyltd.com, where we routinely post
announcements, updates, events, investor information, presentations
and recent news releases.
Contact Information:
281-670-0002
Michael RaleighChief Executive
OfficerMichael.Raleigh@EpsilonEnergyLTD.com
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