Epsilon Energy Ltd. Announces the Following Headlines

Rhea-AI Summary

Epsilon Energy Ltd. (NASDAQ: EPSN) announced a quarterly dividend of $0.0625 per common share, totaling $0.25 annually, to shareholders on record by September 15, 2022, payable on September 30, 2022. Additionally, the company has repurchased 283,000 shares at an average price of $5.86 per share in its ongoing share buyback program, with 203,310 shares remaining. Epsilon's Koromlan 107HC well in Pennsylvania commenced production on August 12, 2022, exceeding performance expectations, and the company holds a 16% net revenue interest.

Positive

• Declared dividend of $0.0625 per share, indicating strong shareholder returns.
• Share buyback program effectively reduces share count, enhancing shareholder value.
• Koromlan 107HC well exceeded performance expectations, indicating successful operations.

Negative

• None.

• Board declares dividend of $0.0625 per common share
  
• Update on share buyback program (NCIB)  
• Koromlan 107HC well update in Pennsylvania
  

HOUSTON, Aug. 31, 2022 (GLOBE NEWSWIRE) -- 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 15, 2022, payable on September 30, 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.

Under our authorized NCIB, we have repurchased 283,000 shares so far in the third quarter (the latest on August 10, 2022), at an average price of $5.86 per share. We have 203,310 shares remaining in the program.

In our Auburn area of operations in Pennsylvania, the Koromlan 107HC well was completed in July and turned in line to production (TIL) on August 12, 2022. Epsilon has 16% net revenue interest in the well. The well is so far performing above our expectations. The associated volumes are gathered by the Auburn Gas Gathering System, where Epsilon has a 35% ownership interest.

About Epsilon

Epsilon Energy Ltd. is a North American onshore natural gas production and midstream company with a current focus on the Marcellus Shale of Pennsylvania.

Contact Information:

281-670-0002

Jason Stabell
Chief Executive Officer
Jason.Stabell@EpsilonEnergyLTD.com

Andrew Williamson
Chief Financial Officer
Andrew.Williamson@EpsilonEnergyLTD.com

FAQ

What is Epsilon Energy's recent dividend announcement?

Epsilon Energy announced a quarterly dividend of $0.0625 per common share, payable on September 30, 2022.

How many shares has Epsilon Energy repurchased in its buyback program?

Epsilon Energy has repurchased 283,000 shares at an average price of $5.86 per share.

What is the performance of the Koromlan 107HC well?

The Koromlan 107HC well has performed above expectations since starting production on August 12, 2022.