Epsilon Energy Ltd

For the period ended Jun 30, 2024. Filed Aug 13, 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.

Jun 30, 2024 · Filed Aug 13, 2024

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

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Contents

Unaudited Condensed Consolidated Statements of Cash Flows


· · Six months ended June 30,
	2024		2023
Cash flows from operating activities:
Net income		$2,322,556		$3,960,416
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion		4,428,829		3,388,734
Accretion of discount on available for sale securities		(297,637)		(343,328)
Gain on available for sale securities		—		(47,659)
Loss on sale of oil and gas properties		—		1,449,871
Loss (gain) on derivative contracts		195,617		(1,696,838)
Settlement received on derivative contracts		760,542		1,632,858
Settlement of asset retirement obligation		(87,284)		—
Stock-based compensation expense		635,158		359,496
Deferred income tax (benefit) expense		(54,736)		230,327
Changes in assets and liabilities:
Accounts receivable		1,070,784		2,846,310
Prepaid income taxes		319,770		—
Other assets and liabilities		354,014		425,789
Accounts payable, royalties payable and other accrued liabilities		(572,099)		(1,910,674)
Income taxes payable		—		(93,575)
Net cash provided by operating activities		9,075,514		10,201,727
Cash flows from investing activities:
Additions to unproved oil and gas properties		(2,993,155)		(7,821,248)
Additions to proved oil and gas properties		(26,425,017)		(5,653,284)
Additions to gathering system properties		(70,236)		(30,264)
Additions to land, buildings and property and equipment		(13,912)		(47,933)
Purchases of short term investments - held to maturity		—		(32,812,974)
Purchases of short term investments - available for sale		(4,045,785)		—
Proceeds from sales and maturities of short term investments		23,116,930		6,352,473
Proceeds from sale of oil and gas properties		—		12,498
Prepaid drilling costs		886,981		—
Net cash used in investing activities		(9,544,194)		(40,000,732)
Cash flows from financing activities:
Buyback of common shares		(1,203,708)		(3,054,775)
Dividends paid		(2,742,349)		(2,828,602)
Debt issuance costs		—		(140,000)
Net cash used in financing activities		(3,946,057)		(6,023,377)
Effect of currency rates on cash, cash equivalents, and restricted cash		22,593		(1,471)
Decrease in cash, cash equivalents, and restricted cash		(4,392,144)		(35,823,853)
Cash, cash equivalents, and restricted cash, beginning of period		13,873,628		45,806,947
Cash, cash equivalents, and restricted cash, end of period		$9,481,484		$9,983,094

Supplemental cash flow disclosures:
Income taxes paid		$131,392		$1,432,000
Interest paid		$—		$80,075

Non-cash investing activities:
Change in proved properties accrued in accounts payable and accrued liabilities		$(1,471,985)		$72,999
Change in gathering system accrued in accounts payable and accrued liabilities		$45,862		$4,240
Asset retirement obligation asset additions and adjustments		$21,831		$4,640

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.