Epsilon Energy : ANNOUNCES AN INCREASED BORROWING BASE AND PERMIAN OPERATIONS UPDATE Form 8 K
June 25, 2024 at 09:47 pm
Share
EPSILON ANNOUNCES AN INCREASED BORROWING BASE AND PERMIAN OPERATIONS UPDATE
Houston, Texas-June 25, 2024 - Epsilon Energy Ltd. ("Epsilon" or the "Company") (NASDAQ: EPSN) today reported the results of a borrowing base redetermination on the Company's senior secured reserve-based revolving credit facility (the "Credit Facility") with Frost Bank (the "Lender").
Effective on June 21, 2024, the Lender redetermined the Company's borrowing base at $45 million, which will remain until the next redetermination in the fourth quarter of 2024. The borrowing base now includes the recently acquired and developed properties in Ector County, Texas. The Lender's total commitment is equal to the borrowing base amount. All other terms of the Credit Facility remain the same.
In Ector County, Texas, the recently completed Ava well, the sixth well drilled in the Pradera Fuego project, started flow-back in mid-May. Over the last twenty-five days, the well has averaged 1,290 BOEPD (gross, 79% oil) from a ~11,000' lateral. The well is the best performer in the project so far, outperforming pre-drill estimates. Completion operations are now underway on the Katy well (7th well in the project), with flow-back expected next month. This well extends into the large undeveloped Cowden leasehold, in which the Company acquired an interest in June 2023. Epsilon holds a 25% working interest (18.75% NRI) in the Pradera Fuego project.
About Epsilon
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.
Contact Information:
281-670-0002
Jason Stabell
Chief Executive Officer
Jason.Stabell@EpsilonEnergyLTD.com
Attachments
Original Link
Permalink
Disclaimer
Epsilon Energy Ltd. published this content on
25 June 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
25 June 2024 20:46:54 UTC.
Epsilon Energy Ltd. is an onshore focused independent natural gas and oil company. The Company is engaged in the acquisition, development, gathering and production of natural gas and oil reserves. It operates through three segments: Upstream, Gathering System, and Corporate. Upstream activities segment includes acquisition, exploration, development and production of oil and natural gas reserves on properties within the United States. Gathering System segment partner with two other companies to operate a natural gas gathering system. The Company holds leasehold rights to approximately 84,684 gross (15,463 net) acres. It has natural gas production in the Marcellus Shale in Pennsylvania and oil, natural gas liquids and natural gas production in the Permian Basin in Texas and New Mexico and in the Anadarko Basin in Oklahoma. Its subsidiaries include Epsilon Energy USA Inc., Epsilon Midstream, LLC, Altolisa Holdings, LLC, and Dewey Energy Holdings, LLC.