Epsilon Energy Ltd.

For the period ended Mar 31, 2025. Filed May 14, 2025.

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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, 2025 · Filed May 14, 2025

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,
· · 2025 · · 2024
ASSETS
Current assets
Cash and cash equivalents	$6,892,735	$6,519,793
Accounts receivable	8,003,517	5,843,722
Prepaid income taxes	—	975,963
Other current assets	647,295	792,041
Total current assets	15,543,547	14,131,519
Non-current assets
Property and equipment:
Oil and gas properties, successful efforts method
Proved properties	194,811,616	191,879,210
Unproved properties	33,425,087	28,364,186
Accumulated depletion, depreciation, amortization and impairment	(126,370,072)	(123,281,395)
Total oil and gas properties, net	101,866,631	96,962,001
Gathering system	43,176,418	43,116,371
Accumulated depletion, depreciation, amortization and impairment	(36,777,152)	(36,449,511)
Total gathering system, net	6,399,266	6,666,860
Land	637,764	637,764
Buildings and other property and equipment, net	246,894	259,335
Total property and equipment, net	109,150,555	104,525,960
Other assets:
Operating lease right-of-use assets, long term	318,604	344,589
Restricted cash	470,000	470,000
Prepaid drilling costs	22,581	982,717
Total non-current assets	109,961,740	106,323,266
Total assets	$125,505,287	$120,454,785

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable trade	$2,013,172	$2,334,732
Gathering fees payable	1,651,164	997,016
Royalties payable	2,019,819	1,400,976
Income taxes payable	924,905	—
Accrued capital expenditures	309,630	572,079
Accrued compensation	284,905	695,018
Other accrued liabilities	481,770	371,503
Fair value of derivatives	1,534,675	487,548
Operating lease liabilities	121,293	121,135
Total current liabilities	9,341,333	6,980,007
Non-current liabilities
Asset retirement obligations	3,716,029	3,652,296
Deferred income taxes	12,417,125	12,738,577
Operating lease liabilities, long term	326,527	355,776
Total non-current liabilities	16,459,681	16,746,649
Total liabilities	25,801,014	23,726,656
Commitments and contingencies (Note 11)
Shareholders' equity
Preferred shares, no par value, unlimited shares authorized, none issued or outstanding	—	—
Common shares, no par value, unlimited shares authorized and 22,008,766 shares issued and outstanding at March 31, 2025 and December 31, 2024	116,081,031	116,081,031
Additional paid-in capital	12,504,745	12,118,907
Accumulated deficit	(38,864,654)	(41,505,076)
Accumulated other comprehensive income	9,983,151	10,033,267
Total shareholders' equity	99,704,273	96,728,129
Total liabilities and shareholders' equity	$125,505,287	$120,454,785

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.