HOUSTON, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Epsilon Energy Ltd. ("Epsilon" or the "Company") (NASDAQ: EPSN) today announced that its Board of Directors has declared a dividend of $0.0625 per share of common stock (annualized $0.25/sh) to the stock holders of record at the close of business on December 15th 2023, payable on December 29th 2023. All dividends paid by the Company are "eligible dividends" as defined in subsection 89(1) of the Income Tax Act (Canada), unless indicated otherwise.
In Ector County, Texas, the two recently completed wells have now been flowing for over 40 days. To date, the wells have produced approximately 71,000 BOE (80% crude) combined. Currently, the wells are flowing over 2,500 BOEPD (80% crude) combined. Epsilon holds a 25% WI and 18.75% NRI.
Jason Stabell, Epsilon's Chief Executive Officer, commented, "Although still early days, these results exceed our pre-drill estimates and confirm the potential of the nearby large 11,000 acre (approx. 3,600 acres net) position where we hold the same interest. We estimate 20-30 gross remaining undeveloped locations there. We are very excited about our plans to drill up to four gross wells (1 net) in Ector County in 2024.
In Pennsylvania, the first three (gross) wells (of the seven total well proposals received in the third quarter) are now drilled, and drilling is underway on the remaining four. All seven wells are expected to be completed in the first half of 2024. We expect this activity to add meaningfully to NRI production from the Auburn area."
Epsilon Energy Ltd. is a North American onshore natural gas and oil production and gathering company with assets in Pennsylvania, Texas, New Mexico, and Oklahoma.
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