Epsilon Energy Ltd
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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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.
Sep 30, 2024 · Filed Nov 6, 2024
EPSN$5.20+0.6%Stored close · as of Nov 9, 2026
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Operational Highlights
Marcellus Shale – Pennsylvania
| ● | During the three months ended September 30, 2024, Epsilon's realized natural gas price was $1.54 per Mcf, a 44% increase over the three months ended September 30, 2023. During the nine months ended September 30, 2024, Epsilon's realized natural gas price was $1.60 per Mcf, an 8% decrease over the nine months ended September 30, 2023. |
| ● | During the three months ended September 30, 2024, Epsilon’s net revenue interest natural gas production was 1.2 Bcf compared to 1.7 Bcf during the same period in 2023, a 32% decrease. During the nine months ended September 30, 2024, Epsilon’s net revenue interest natural gas production was 4.0 Bcf compared to 6.0 Bcf during the same period in 2023, a 33% decrease. |
| ● | Gathered and delivered 7.0 Bcf gross (2.5 net to Epsilon's interest) during the three months ended September 30, 2024, or 76 MMcf/d through the Auburn Gas Gathering System. Gathered and delivered 30.2 Bcf gross (10.6 net to Epsilon's interest) during the nine months ended September 30, 2024, or 111 MMcf/d through the Auburn Gas Gathering System. |
| ● | On May 17, 2024, Epsilon Energy USA, Inc. ("Epsilon”) executed a new Anchor Shipper Gas Gathering Agreement for Northern Pennsylvania (the "ASGGA”) with operator Appalachia Midstream Services, LLC for a primary term of ten years and an effective date of January 1, 2024. Epsilon simultaneously terminated the prior agreement. The new ASGGA establishes fixed gathering, compression and cross-flow rates for all shippers on each system into which Epsilon produces natural gas. These rates will be adjusted annually by the Consumer Price Index for All Urban Consumers ("CPI-U”) commencing January 2025. Notably, the gathering rates in Auburn GGS, Rome GGS & Overfield GGS will no longer be subject to a cost-of-service redetermination annually; however, acreage dedications, service priority levels, required shipper approvals and shipper voting procedures are all substantially similar to the prior agreement. The new fixed rate for gathering services in Auburn GGS for 2024 is $0.475 per MMBtu. |
| ● | At September 30, 2024, the Company had seven gross (.7 net) drilled and completed wells waiting to be turned in line. |
Permian Basin – Texas and New Mexico
| ● | During the three months ended September 30, 2024, Epsilon's realized price for all Permian Basin production was $54.19 per Boe (90% liquids), a 16% increase over the three months ended September 30, 2023. During the nine months ended September 30, 2024, Epsilon's realized price for all Permian Basin production was $53.82 per Boe (86% liquids), a 14% increase over the nine months ended September 30, 2023. |
| ● | Total net revenue interest production for the three months ended September 30, 2024, which included oil, natural gas liquids, and natural gas, was 73.3 Mboe compared to 13.9 Mboe during the same period in 2023, a 428% increase. Total net revenue interest production for the nine months ended September 30, 2024, which included oil, natural gas liquids, and natural gas, was 191.4 Mboe compared to 28.8 Mboe during the same period in 2023, a 565% increase. |
Anadarko, NW Stack Trend – Oklahoma
| ● | During the three months ended September 30, 2024, Epsilon's realized price for all Oklahoma production was $4.12 per Mcfe (58% natural gas), a 16% decline from the three months ended September 30, 2023. During the nine months ended September 30, 2024, Epsilon's realized price for all Oklahoma production was $4.31 per Mcfe (59% natural gas), a 20% decline from the nine months ended September 30, 2023. |
| ● | Total net revenue interest production for the three months ended September 30, 2024 included natural gas, oil and other liquids and was 0.10 Bcfe, a 34% decrease from the same period in 2023. Total net revenue interest production for the nine months ended September 30, 2024 included natural gas, oil and other liquids and was 0.32 Bcfe, a 36% decrease from the same period in 2023. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.