Epsilon Energy Ltd.

For the period ended Dec 31, 2025. Filed Mar 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 27, 2026

EPSN$5.24+0.8%Stored close · as of Nov 10, 2026

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Contents

Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a)1.		Financial Statements:
		Report of Independent Registered Public Accounting Firm (PCAOB ID 243)
		Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024.
		Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2025 and December 31, 2024.
		Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2025 and December 31, 2024.
		Consolidated Statements of Cash Flows for the years ended December 31, 2025 and December 31, 2024.
		Notes to Consolidated Financial Statements

(a)2.		Financial Statement Schedules:
		None.

(a)3.		Exhibits


3.1		Articles of Incorporation of Epsilon Energy Ltd (incorporated by reference to Exhibit 3.1 of Form 10, File No. 001-38770, filed on December 21, 2018).

3.2		Bylaws of Epsilon Energy Ltd. (incorporated by reference to Exhibit 3.2 of Form 10, File No. 001-38770, filed on December 21, 2018)

3.3		Articles of Amendment dated December 19, 2019 (incorporated by reference to Exhibit 3.3 of Form 10, File No. 001-38770, filed on December 21, 2018)

4.1		Description of Registrant’s Securities Registered Under Section 12 of the Exchange Act. (incorporated by reference to Exhibit 4.1 of Form 10-K, File No. 001-38770, filed on March 18, 2020)

10.1+		Henry Clanton Employment Agreement (incorporated by reference to Exhibit 10.2 of Form 8-K, File No. 001-38770, filed on March 12, 2024)

10.2		Anchor Shipper Gas Gathering Agreement, effective January 1, 2024, by and between Appalachia Midstream Services, L.L.C. and Epsilon Energy USA, Inc., as shipper and producer (incorporated by reference to Exhibit 10.1 of Form 8-K, File No. 001-38770, filed on May 21, 2024)

10.3+		2020 Equity Incentive Plan effective as of September 1, 2020 (incorporated by reference to Exhibit 10.1 of Form8-K, File No. 001-38770, filed on September 1, 2020)

10.4+		Share Compensation Plan (incorporated by reference to Exhibit 10.10 of Form 10, File No. 001-38770, filed on December 21, 2018)

10.5		Agreement for the Construction, Ownership, and Operation of Midstream Assets in AMI Area D of Northern Pennsylvania effective the 1st day of January, 2012, by and between Statoil Pipelines, LLC, a Delaware limited liability company formerly known as StatoilHydro Pipelines, LLC, Epsilon Midstream LLC, a Pennsylvania limited liability company, and Appalachia Midstream Services, L.L.C., an Oklahoma limited liability company (incorporated by reference to Exhibit 10.11 of Form 10, File No. 001-38770, filed on December 21, 2018)

10.6+		Jason Stabell Executive Employment Agreement (incorporated by reference to Exhibit 10.2 of Form 8-K, File No. 001-38770, filed on June 24, 2022)

10.7+		Andrew Williamson Executive Employment Agreement (incorporated by reference to Exhibit 10.4 of Form 8-K, File No. 001-38770, filed on June 24, 2022)


10.8		Credit Agreement, dated as of June 28, 2023, by and among Epsilon Energy USA Inc., Frost Bank, as agent and issuing bank, and the lenders from time to time party hereto (incorporated by reference to Exhibit 10.8 of Form 10-K, File No. 001-38770, filed on March 21, 2024)

10.9		Participation Agreement with HWN Energy, Ltd dated October 22, 2024 (incorporated by reference to Exhibit 10.1 of Form 8-K, File No. 001-38770, filed on October 28, 2024)

11.0		Membership Interest Purchase Agreement dated August 11, 2025, among the Sellers party thereto, Peak Exploration & Production, LLC, Epsilon Energy USA, Inc., Epsilon Energy Ltd., and Yorktown Energy Partners XI, L.P. (as Sellers’ Representative) (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K dated August 11, 2025)

11.1		Membership Interest Purchase Agreement dated August 11, 2025, among Yorktown Energy Partners XI, L.P., Peak BLM Lease LLC, Epsilon Energy USA, Inc., and Epsilon Energy Ltd. (incorporated by reference to Exhibit 2.2 to the Company’s Current Report on Form 8-K dated August 11, 2025)

19.1		Insider Trading Policy (incorporated by reference to Exhibit 19.1 of Form 10-K, File No. 001-38770, filed on March 19, 2025)

21.1		Subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1 of Form 10, File No. 001-38770, filed on December 21, 2018)

23.1*		Consent of DeGolyer and MacNaughton

23.2*		Consent of BDO USA, P.C.

23.3*		Consent of Cawlie, Gillespie & Associates

31.1*		Rule 13a-14(a)/15d-14(a) Certification.

31.2*		Rule 13a-14(a)/15d-14(a) Certification.

32.1**		Section 1350 Certifications.

32.2**		Section 1350 Certifications.

97.1		Epsilon Energy Ltd. Clawback Policy (incorporated by reference to Exhibit 97.1 of Form 10-K, File No. 001-38770, filed on March 21, 2024)

99.1*		Summary Reserve Report – DeGolyer and MacNaughton

99.2*		Summary Reserve Report – Cawlie, Gillespie & Associates

101.INS*		Inline XBRL Instance Document.

101.SCH*		Inline XBRL Taxonomy Extension Schema Document.

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*	Filed herewith.
**	Furnished herewith.
+	Denotes a management contract or compensatory plan or arrangement.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, on March 27, 2026.


	Epsilon Energy Ltd.

	By: /s/ J. Andrew Williamson
	J. Andrew Williamson
	Chief Financial Officer
	(duly authorized to sign on behalf of the registrant)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacity and on the dates indicated:


Signature	Title	Date
/s/ Jason Stabell	Chief Executive Officer	March 27, 2026
Jason Stabell	(Principal Executive Officer)

/s/ Andrew Williamson	Chief Financial Officer	March 27, 2026
Andrew Williamson	(Principal Financial and Accounting Officer)

/s/ John Lovoi	Chairman of the Board	March 27, 2026
John Lovoi

/s/ Jason Stankowski	Director	March 27, 2026
Jason Stankowski

/s/ Tracy Stephens	Director	March 27, 2026
Tracy Stephens

/s/ David Winn	Director	March 27, 2026
David Winn

/s/ Nicola Maddox	Director	March 27, 2026
Nicola Maddox

/s/ Jack E. Vaughn	Director	March 27, 2026
Jack E. Vaughn

/s/ Bryan H. Lawrence	Director	March 27, 2026
Bryan H. Lawrence

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