Epsilon Energy Ltd (NASDAQ: EPSN) is an oil and natural gas exploration and production company that produces and sells natural gas, natural gas liquids, and oil from properties in Pennsylvania and the Permian Basin. Revenue comes from the sale of hydrocarbons at market prices, supplemented by midstream gathering fees collected from third-party producers through its Pennsylvania gathering system. Pennsylvania natural gas and gathering revenues totaled $34.7M in FY2025, up from $15.8M in FY2024, driven by volume growth to 9,402 MMcf at an average price of $2.98/Mcf. Permian Basin operations contributed natural gas liquids revenue of $706K and natural gas revenue of $113K in FY2025. The company acquired Wyoming reserves through the Peak acquisition in FY2025 and divested all Oklahoma interests in the same period. Yorktown Energy Partners holds 21.88% of common shares and Solas Capital Management holds 11.72% as of the 10-K filed March 27, 2026. CEO Jason Stabell leads the company. Epsilon uses commodity derivatives including NYMEX Henry Hub swaps and options to hedge natural gas price exposure.

Revenue model

Transactional revenue from natural gas, natural gas liquids, and oil sales at market prices, plus fee-based gathering system revenue collected from third-party natural gas producers in Pennsylvania.

Products and services

Natural gas production and sales (Pennsylvania, Permian Basin, Wyoming post-Peak acquisition); natural gas liquids production and sales (Permian Basin); midstream gas gathering services (Pennsylvania gathering system).

Customers and end markets

Natural gas producers and commodity purchasers, generally rated investment grade or required to prepay or post security. End markets are natural gas and natural gas liquids commodity markets. Customer creditworthiness is exposed to commodity price cycles.

Value-chain role

Upstream exploration and production operator; midstream gathering system owner and operator in Pennsylvania serving third-party producers.

Geographic exposure

Pennsylvania (Appalachian Basin, primary revenue contributor); Permian Basin; Wyoming (acquired via Peak acquisition in FY2025). Oklahoma interests divested in FY2025.

Source: SEC 10-K, filed 2026-03-27

Industry: Crude Petroleum & Natural Gas Peers: TRULEUM, INC. Battalion Oil Corp ConocoPhillips Cross Timbers Royalty Trust Permianville Royalty Trust MV Oil Trust North European Oil Royalty Trust PermRock Royalty Trust Primeenergy Resources Corp