Epsilon Announces an Increased Borrowing Base and Permian Operations Update

About this update from Epsilon Energy Ltd.

HOUSTON , June 25, 2024 (GLOBE NEWSWIRE) -- Epsilon Energy Ltd. (“ Epsilon ” or the “ Company ”) (NASDAQ: EPSN) today reported the results of a borrowing base redetermination on the Company’s senior secured reserve-based revolving credit facility (the “ Credit Facility ”) with Frost Bank (the “ Lender ”). Effective on June 21, 2024 , the Lender redetermined the Company’s borrowing base at $45 million , which will remain until the next redetermination in the fourth quarter of 2024. The borrowing base now includes the recently acquired and developed properties in Ector County, Texas . The Lender’s total commitment is equal to the borrowing base amount. All other terms of the Credit Facility remain the same. In Ector County, Texas , the recently completed Ava well, the sixth well drilled in the Pradera Fuego project, started flow-back in mid-May. Over the last twenty-five days, the well has averaged 1,290 BOEPD (gross, 79% oil) from a ~11,000’ lateral. The well is the best performer in the project so far, outperforming pre-drill estimates. Completion operations are now underway on the Katy well (7ᵗʰ well in the project), with flow-back expected next month. This well extends into the large undeveloped Cowden leasehold, in which the Company acquired an interest in June 2023 . Epsilon holds a 25% working interest (18.75% NRI) in the Pradera Fuego project. 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 Stabell Chief Executive Officer [email protected] Andrew Williamson Chief Financial Officer [email protected] Source: Epsilon Energy Ltd.

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