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Epsilon Energy Ltd
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December 2023 Investor Presentation
| Jason Stabell | Page 3 of 11 |
April 29, 2024
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"December 2023 Investor Presentation"
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Epsilon Overview 3 High Quality Asset Base Investment Highlights Statistics • Core NE PA Marcellus working interest position – majority operated by CHK • Some of the lowest cost natural gas reserves in the L48 • NE PA midstream (gas gathering) ownership – provides steady cash-flows • New growth area with Barnett development in the Permian Basin (CBP – Ector Co.) Strong Balance Sheet / Liquidity Position ($67mm at 9/30) • $32 million cash and short-term investments (9/30) • Debt free, with $35 million of capacity on undrawn revolver • Allows for a flexible and opportunistic approach to capital allocation • Well positioned for organic / inorganic growth investments Commitment to Shareholder Returns • $0.25 per share regular annual dividend (paid quarterly, 4.5% current yield) • Approved buyback program for up to 2.9 million shares (1.4 million share remaining) • Repurchased 5.6 million shares since 12/31/19 (18% reduction to 12/31/19 shares o/s) Growth Runway • Near-term activity in the Marcellus (7 gross wells expected online in 2024) • Substantial Marcellus undeveloped inventory: ~575K ft. CLL gross (140K ft. CLL net) • Near-term oil – focused activity in the Permian Basin (2 wells online, 2-4 additional wells online in 2024) • Substantial Permian undeveloped inventory: 20-30 locations (Barnett) Q3 2023 Production: 21.5 MMcfe/d 1 2022 YE Proved Reserves: 94.3 Bcfe 2 2022 YE 2P Reserves: 383.2 Bcfe 2 Net Acreage: 15,419 acres Ticker: EPSN (Nasdaq) Dividend: $0.25 per share 90 Day ADTV: 58,500 shares / d 1. Impacted by temporary shut-in of the Koromlan pad in PA (52 days) 2. Does not include impact of 2023 Permian transactions