Solas Capital (NASDAQ: EPSN) accounts sell 74,425 Epsilon Energy shares, hold 3.47M

Rhea-AI Filing Summary

Epsilon Energy Ltd. disclosed that investment accounts managed by Solas Capital Management, LLC, for which Frederick Tucker Golden serves as portfolio manager, executed open-market sales of Epsilon common shares over three days. The accounts sold 22,290 shares at $6.17 on March 26, 26,000 shares at $6.21 on March 27, and 26,135 shares at $6.25 on March 30, for total reported sales of 74,425 shares. After these transactions, the accounts associated with the reporting persons indirectly held 3,470,761 Epsilon common shares. The reporting persons disclaim beneficial ownership beyond any pecuniary interest.

Insider Trade Summary

Net Seller: 74,425 shares ($462,333)

Net Sell 3 txns

Insider Solas Capital Management, LLC, FREDERICK TUCKER GOLDEN

Role 10% Owner | 10% Owner

Sold 74,425 shs ($462K)

Type	Security	Shares	Price	Value
Sale	Common Shares, no par value	26,135	$6.25	$163K
Sale	Common Shares, no par value	26,000	$6.21	$161K
Sale	Common Shares, no par value	22,290	$6.17	$138K

Holdings After Transaction: Common Shares, no par value — 3,470,761 shares (Indirect, See Footnote)

Footnotes (1)

1. [object Object]

Key Figures

Shares sold March 26: 22,290 shares at $6.17 Shares sold March 27: 26,000 shares at $6.21 Shares sold March 30: 26,135 shares at $6.25 +2 more

5 metrics

Shares sold March 26 22,290 shares at $6.17 Open-market sale of common shares

Shares sold March 27 26,000 shares at $6.21 Open-market sale of common shares

Shares sold March 30 26,135 shares at $6.25 Open-market sale of common shares

Total shares sold 74,425 shares Net selling across three transactions

Shares held after transactions 3,470,761 shares Indirect holdings following March 30 sale

Key Terms

beneficial owner, pecuniary interest, Section 16, portfolio manager

4 terms

beneficial owner financial

"may be deemed to be a beneficial owner of such securities by virtue of its role"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

pecuniary interest financial

"disclaims beneficial ownership in the securities reported ... except to the extent of its or his pecuniary interest"

Section 16 regulatory

"beneficial owner of such securities for purposes of Section 16 or for any other purpose"

Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.

portfolio manager financial

"by virtue of his role as the portfolio manager of Solas Capital Management, LLC"

A portfolio manager is the professional who picks and oversees a collection of investments—such as stocks, bonds, and cash—on behalf of individuals or institutions. They make decisions about which assets to buy, hold or sell and how much risk to take, like a ship captain steering through changing weather; their choices shape an investor’s potential returns, losses and the steadiness of the investment experience.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Solas Capital Management, LLC

(Last) (First) (Middle)

1063 POST ROAD

2ND FLOOR

(Street)

DARIEN CONNECTICUT 06820

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Epsilon Energy Ltd. [ EPSN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/26/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares, no par value	03/26/2026		S		22,290	D	$6.17	3,522,896	I	See Footnote(1)
Common Shares, no par value	03/27/2026		S		26,000	D	$6.21	3,496,896	I	See Footnote(1)
Common Shares, no par value	03/30/2026		S		26,135	D	$6.25	3,470,761	I	See Footnote(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Solas Capital Management, LLC

(Last) (First) (Middle)

1063 POST ROAD

2ND FLOOR

(Street)

DARIEN CONNECTICUT 06820

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

FREDERICK TUCKER GOLDEN

(Last) (First) (Middle)

C/O SOLAS CAPITAL MANAGEMENT, LLC

1063 POST ROAD, 2ND FLOOR

(Street)

DARIEN CONNECTICUT 06820

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The securities reported herein are held in multiple accounts. Solas Capital Management, LLC may be deemed to be a beneficial owner of such securities by virtue of its role as the investment manager of such accounts. Frederick Tucker Golden may be deemed to be a beneficial owner of such securities by virtue of his role as the portfolio manager of Solas Capital Management, LLC. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

	SOLAS CAPITAL MANAGEMENT, LLC, By: /s/ Frederick Tucker Golden, General Partner, Solas Capital Holdings, LP, its Member	03/30/2026
	Frederick Tucker Golden, /s/ Frederick Tucker Golden	03/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider activity did Epsilon Energy (EPSN) report in this Form 4?

Epsilon Energy reported that accounts managed by Solas Capital Management sold 74,425 common shares in three open-market transactions. These trades occurred at prices between $6.17 and $6.25 per share over March 26–30, while the accounts continued to hold over 3.4 million shares.

Who is responsible for the Epsilon Energy (EPSN) share sales disclosed?

The sales are attributed to multiple accounts managed by Solas Capital Management, LLC, with Frederick Tucker Golden as portfolio manager. Both reporting persons may be deemed beneficial owners through their roles, but they formally disclaim beneficial ownership beyond any pecuniary interest described in the filing.

How many Epsilon Energy (EPSN) shares were sold and at what prices?

The managed accounts sold 22,290 shares at $6.17, 26,000 shares at $6.21, and 26,135 shares at $6.25. In total, 74,425 common shares were sold in open-market transactions, reflecting modest price differences across the three consecutive trading days disclosed.

How many Epsilon Energy (EPSN) shares remain held after these insider sales?

After the reported transactions, the accounts associated with the reporting persons held 3,470,761 Epsilon common shares indirectly. This remaining position shows the managed accounts still retain a substantial exposure to the company following the disclosed open-market sales activity.

Do Solas Capital and Frederick Tucker Golden claim full beneficial ownership of the EPSN shares?

No. The filing states that each reporting person may be deemed a beneficial owner through management roles, but both disclaim beneficial ownership except to the extent of any pecuniary interest. This limits the ownership they acknowledge for regulatory and legal purposes under Section 16.