Epsilon Energy Ltd.
For the period ended Mar 31, 2026. Filed May 13, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 13, 2026
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Net Operating Revenues
For the three months ended March 31, 2026, revenues increased $9.4 million, or 58%, to $25.6 million from $16.2 million during the same period of 2025.
Revenue and volume statistics for the three months ended March 31, 2026 and 2025 were as follows:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Three months ended | ||||||
| · · March 31, | ||||||
| · · 2026 · · 2025 | ||||||
| Revenues | | | | | | |
| Pennsylvania | | | | | | |
| Natural gas revenue | | $12,312,568 | | $10,327,894 | ||
| Volume (MMcf) | | 2,133 | | 2,637 | ||
| Avg. Price ($/Mcf) | | $5.77 | | $3.92 | ||
| Gathering system revenue (net of elimination) | | $1,657,777 | | $1,892,350 | ||
| Total PA Revenues | | $13,970,345 | | $12,220,244 | ||
| Permian Basin | | | | | | |
| Natural gas revenue | | $(19,619) | | $78,339 | ||
| Volume (MMcf) | | 47 | | 50 | ||
| Avg. Price ($/Mcf) | | $(0.41) | | $1.57 | ||
| Natural gas liquids revenue | | $185,332 | | $284,961 | ||
| Volume (MBoe) | | 10.8 | | 12.1 | ||
| Avg. Price ($/Bbl) | | $17.22 | | $23.56 | ||
| Oil and condensate revenue | | $2,332,637 | | $3,019,495 | ||
| Volume (MBbl) | | 33.1 | | 41.5 | ||
| Avg. Price ($/Bbl) | | $70.54 | | $72.72 | ||
| Total Permian Basin Revenues | | $2,498,350 | | $3,382,795 | ||
| Oklahoma | | | | | | |
| Natural gas revenue | | $10,075 | | $207,340 | ||
| Volume (MMcf) | | 1 | | 53 | ||
| Avg. Price ($/Mcf) | | $10.41 | | $3.94 | ||
| Natural gas liquids revenue | | $2,754 | | $102,289 | ||
| Volume (MBoe) | | 0.1 | | 3.7 | ||
| Avg. Price ($/Bbl) | | $32.60 | | $27.68 | ||
| Oil and condensate revenue | | $384 | | $157,937 | ||
| Volume (MBbl) | | (0.5) | | 2.2 | ||
| Avg. Price ($/Bbl) | | $(0.82) | | $70.35 | ||
| Total OK Revenues | | $13,213 | | $467,566 | ||
| Wyoming | | | | | | |
| Natural gas revenue | | $1,068,303 | | $— | ||
| Volume (MMcf) | | 283 | | — | ||
| Avg. Price ($/Mcf) | | $3.77 | | $— | ||
| Natural gas liquids revenue | | $859,968 | | $— | ||
| Volume (MBoe) | | 30 | | — | ||
| Avg. Price ($/Bbl) | | $28.32 | | $— | ||
| Oil and condensate revenue | | $7,025,297 | | $— | ||
| Volume (MBbl) | | 102.1 | | — | ||
| Avg. Price ($/Bbl) | | $68.81 | | $— | ||
| Total WY Revenues | | $8,953,568 | | $— | ||
| Canada | | | | | | |
| Natural gas revenue | | $31,195 | | $— | ||
| Volume (MMcf) | | 17 | | — | ||
| Avg. Price ($/Mcf) | | $1.79 | | $— | ||
| Natural gas liquids revenue | | $25,247 | | $— | ||
| Volume (MBoe) | | 1.2 | | — | ||
| Avg. Price ($/Bbl) | | $21.37 | | $— | ||
| Oil and condensate revenue | | $103,869 | | $92,535 | ||
| Volume (MBbl) | | 1.6 | | 1.8 | ||
| Avg. Price ($/Bbl) | | $62.99 | | $51.27 | ||
| Total Canada Revenues | | $160,311 | | $92,535 | ||
| Total Revenues | | $25,595,787 | | $16,163,140 | ||
Upstream natural gas revenue for the three months ended March 31, 2026 increased by $2.8 million, or 26%, over the same period in 2025. An increase of $3.8 million was due to higher natural gas prices and a decrease of $1.0 million was a result of decrease in volume due to the natural decline in the producing wells partially offset due to increased volumes as a result of the Peak acquisition..
Upstream natural gas liquids revenue for the three months ended March 31, 2026 increased by $0.7 million, or 177%, over the same period in 2025. This increase was primarily due to increased volumes as a result of the Peak acquisition.
Upstream oil and condensate revenue for the three months ended March 31, 2026 increased by $6.2 million, or 189% over the same period in 2025. An increase of $6.5 million was due to higher volumes as a result of the Peak acquisition and a decrease of $0.3 million was due to a decrease in prices for oil in the Permian Basin.
Gathering system revenue for the three months ended March 31, 2026 decreased by $0.2 million, or 12%, compared with the same period in 2025 due to lower thoughput volumes partially offset due to higher contractual rates for gathering and compression. Revenues derived from transporting and compressing our production, which have been eliminated from gathering system revenues amounted to $0.4 million and $0.6 million, respectively, for the three months ended March 31, 2026 and 2025.
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