Slide 1: Enercom Presentation August 2025
Enercom Presentation August 2025
Slide 2: Disclaimers
Disclaimers Certain statements contained in this presentation constitute forward looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, ‘may”, “will”, “project”, “should”, ‘believe”, and similar expressions are intended to identify forward-looking statements.
Slide 3: Epsilon Overview
Epsilon Overview Company Highlights Statistics NEPA Marcellus position Q2 2025 Gas Sales Volumes: • Core NE PA Marcellus working interest position – majority operated by Expand Energy 30.2 MMcf/d • Q225 gas production was flat sequentially and increased 107% relative to Q224. Q2 2025 Liquids Sales V
Slide 4: Assets
Assets Overview and Locations 1 Marcellus Basin (Susquehanna Co, PA) | Auburn • 11,600 gross acres (5,100 net acres) • Operated by Expand Energy • 29.2 MMcf/d NRI production (127 producing wells) in Q2 2025 • 198.7 Bcf net Proved + Probable1 reserves (12/31/24) • Undeveloped inventory of ~400-500K g
Slide 5: NE PA Marcellus – Upstream Overview
NE PA Marcellus – Upstream Overview Summary Material Interest in Core NE PA Marcellus • 5,100 net acres in Susquehanna County, PA » Majority operated by Expand Energy • 127 gross (26.1 net) working interest producing wells • 20% average WI / 87% average NRI per well • Estimated 400K-500K gross ( CLL
Slide 6: NE PA Marcellus – Midstream Overview
NE PA Marcellus – Midstream Overview Summary Auburn Compression Facility: Susquehanna Co., PA • 35% interest in the Auburn Gas Gathering System (GGS) • Partners: Williams Companies (operator) & Equinor • 45 miles of gathering pipelines • Compression facility capacity of 220,000 MMcf/d (at current su
Slide 7: Permian Basin Overview
Permian Basin Overview Summary Ector Co. (CBP) Position • Ector Co. TX working interest » Scaled position in one of the hottest emerging plays in the basin » 25% working interest in 16,500 gross acres » Barnett 2-mile type curve: EUR 112 BOE/ft (86% Oil); 12 mos: 200,000 BOE » All 7 wells drilled to
Slide 8: Peak Companies Acquisition August 2025
Peak Companies Acquisition August 2025
Slide 9: Adding a New Basin and Operating Capabilities Through Acquisition of Peak Companies
Adding a New Basin and Operating Capabilities Through Acquisition of Peak Companies Transaction Overview Powder River Basin Asset Map • Acquisition of Peak Exploration & Production LLC and Peak BLM Lease LLC from funds of Yorktown Energy Partners and minority shareholders • Transaction expected to c
Slide 10: Acquisition of Peak Companies Unlocks A New Chapter of Growth For Epsilon
Acquisition of Peak Companies Unlocks A New Chapter of Growth For Epsilon • ACCRETIVE TO KEY METRICS Drives improvement to key measures: YE24 proved reserves per share, 2025E EBITDA per share, 2026E EBITDA per share and inventory per share Powder River Basin Acquisition WCSB • TRANSFORMATIVE ADDITIO
Slide 11: Accretive Acquisition Creates New Growth Platform in Powder River Basin (“PRB”)
Accretive Acquisition Creates New Growth Platform in Powder River Basin (“PRB”) Transformational acquisition that increases Epsilon’s net asset value by ~75% in exchange for only 21 - 28% of pro forma ownership1, establishes core PRB position, and enhances capital control through operatorship while
Slide 12: Preliminary Capital Program
Preliminary Capital Program Powder River Basin • Reflects major shift to opportunistic development of attractive oil-weighted stacked-pay reserves • Base case Parkman development program intended to grow PBR production >20% YoY has 2026 allocated capital forecasted at ~$22 MM Marcellus • Expect mate
Slide 13: Appendix
Appendix EPSILON Energy
Slide 14: Transformational Impact Across Key Metrics
Transformational Impact Across Key Metrics Proved Reserves1 2Q 2025 Daily Net Production2 0.6 209% Increase 1.8 MBopd MBopd 14.0 154% Increase 35.5 MMBoe MMBoe 30.2 19% Increase 36.3 MMcfpd MMcfpd Net Acreage Net Priority Locations 3 ~24,300 ~64,800 ~18 Net Loc. ~129 Net Loc. 167% Increase 625% Incr
Slide 15: Pro Forma Combination Key Metrics
Pro Forma Combination Key Metrics 2Q 2025 Daily Net Production1 Pro Forma % Increase Oil Production (MBopd) 0.5 9% 1.2 56% 1.7 22% 247% NGL Production (MBopd) 0.1 2% 0.0 0% 0.1 1% 0% Natural Gas Production (MMcfpd) 30.2 89% 5.7 44% 35.9 77% 19% Total Production (MBoepd) 5.7 100% 2.2 100% 7.8 100% 38
Slide 16: Powder River Undeveloped Inventory Summary
Powder River Undeveloped Inventory Summary Powder River Basin Reservoirs Horizonal Inventory Teapot Total Locations1 Priority Locations2 Tight sandstone reservoir being developed in other parts of the basin Formation Gross Net Gross Net Teapot Parkm an Teapot 12 3 0 0 Tight sandstone reservoir targe
Slide 17: Key Powder River Basin Well Results
Key Powder River Basin Well Results Recent offset well results indicative of strong economics of the remaining inventory across key target intervals Parkman Niobrara Mowry / Turner 1 6 11 HUDSON 3526-20H HUDSON 3526-48H TIBURON 296-2436H Lateral Length: 11,034’ Lateral Length: 10,442’ Lateral Length
Slide 18: Reducing Risk and Protecting Returns Through Hedge Program
Reducing Risk and Protecting Returns Through Hedge Program Epsilon Hedges as of 7/31/2025 Natural Gas Crude Oil Swaps Basis Swaps Costless Collars Swaps Costless Collars Bought Sold Bought Sold Volume Price Volume Basis Volume Put Call Volume Price Volume Put Call Date (MMcf) ($/MMBtu) (MMcf) ($/MMB
Slide 19: Reducing Risk and Protecting Returns Through Hedge Program
Reducing Risk and Protecting Returns Through Hedge Program Peak Companies Hedges as of 7/31/2025 Natural Gas Crude Oil Swaps Basis Swaps Costless Collars Swaps Costless Collars Bought Sold Bought Sold Volume Price Volume Basis Volume Put Call Volume Price Volume Put Call Date (MMcf) ($/MMBtu) (MMcf)
Slide 20: Reducing Risk and Protecting Returns Through Hedge Program
Reducing Risk and Protecting Returns Through Hedge Program Pro Forma Hedges as of 7/31/2025 Natural Gas Crude Oil Swaps Basis Swaps Costless Collars Swaps Costless Collars Bought Sold Bought Sold Volume Price Volume Basis Volume Put Call Volume Price Volume Put Call Date (MMcf) ($/MMBtu) (MMcf) ($/M
Slide 21: Disclosures
Disclosures Non-GAAP Financial Measures Epsilon defines Adjusted EBITDA as earnings before (1) net interest expense, (2) taxes, (3) depreciation, depletion, amortization and accretion expense, (4) impairments of natural gas and oil properties, (5) non-cash stock compensation expense, (6) gain or los
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures Epsilon defines Adjusted EBITDA as earnings before (1) net interest expense, (2) taxes, (3) depreciation, depletion, amortization and accretion expense, (4) impairments of natural gas and oil properties, (5) non-cash stock compensation expense, (6) gain or loss on derivat