Epsilon Energy Ltd

For the period ended Mar 31, 2024. Filed May 8, 2024.

About this filing

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, 2024 · Filed May 8, 2024

EPSN$5.20+0.6%Stored close · as of Nov 9, 2026

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Contents

ITEM 1. FINANCIAL STATEMENTS

EPSILON ENERGY LTD.

Unaudited Condensed Consolidated Balance Sheets


· March 31, · December 31,
· · 2024 · · 2023
ASSETS
Current assets
Cash and cash equivalents	$2,308,633	$13,403,628
Accounts receivable	5,061,734	6,015,448
Short term investments	12,238,177	18,775,106
Fair value of derivatives	1,347,512	1,219,025
Prepaid income taxes	1,020,702	952,301
Other current assets	619,542	763,288
Total current assets	22,596,300	41,128,796
Non-current assets
Property and equipment:
Oil and gas properties, successful efforts method
Proved properties	180,452,860	160,263,511
Unproved properties	28,593,071	25,504,873
Accumulated depletion, depreciation, amortization and impairment	(115,782,946)	(113,708,210)
Total oil and gas properties, net	93,262,985	72,060,174
Gathering system	42,757,299	42,738,273
Accumulated depletion, depreciation, amortization and impairment	(35,788,907)	(35,539,996)
Total gathering system, net	6,968,392	7,198,277
Land	637,764	637,764
Buildings and other property and equipment, net	287,524	291,807
Total property and equipment, net	101,156,665	80,188,022
Other assets:
Operating lease right-of-use assets, long term	417,268	441,987
Restricted cash	900,000	470,000
Prepaid drilling costs	—	1,813,808
Total non-current assets	102,473,933	82,913,817
Total assets	$125,070,233	$124,042,613

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable trade	$3,215,137	$3,236,871
Gathering fees payable	667,014	1,136,237
Royalties payable	1,201,478	1,422,898
Accrued capital expenditures	2,706,951	696,761
Accrued compensation	212,892	636,295
Other accrued liabilities	732,593	561,537
Fair value of derivatives	836,268	118,770
Operating lease liabilities	95,170	86,473
Total current liabilities	9,667,503	7,895,842
Non-current liabilities
Asset retirement obligations	3,562,486	3,502,952
Deferred income taxes	11,530,950	11,553,943
Operating lease liabilities, long term	446,226	476,911
Total non-current liabilities	15,539,662	15,533,806
Total liabilities	25,207,165	23,429,648
Commitments and contingencies (Note 10)
Shareholders' equity
Preferred shares, no par value, unlimited shares authorized, none issued or outstanding	—	—
Common shares, no par value, unlimited shares authorized and 21,913,202 shares issued and outstanding at March 31, 2024 and 22,222,722 issued and 22,151,848 shares outstanding at December 31, 2023	116,708,531	118,272,565
Treasury shares, at cost, 0 at March 31, 2024 and 70,874 at December 31, 2023	—	(360,326)
Additional paid-in capital	11,196,060	10,874,491
Accumulated deficit	(37,809,555)	(37,946,042)
Accumulated other comprehensive income	9,768,032	9,772,277
Total shareholders' equity	99,863,068	100,612,965
Total liabilities and shareholders' equity	$125,070,233	$124,042,613

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