$EPSN
Epsilon Energy Ltd

2023 Q1 Form 10-K Financial Statement

#000155837023004481 Filed on March 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $9.356M $15.22M $69.96M
YoY Change -31.2% 10.48% 64.99%
Cost Of Revenue $2.056M $2.068M $9.416M
YoY Change 6.52% -17.34% 9.18%
Gross Profit $7.301M $13.15M $60.55M
YoY Change -37.44% 16.66% 79.24%
Gross Profit Margin 78.03% 86.41% 86.54%
Selling, General & Admin $2.204M $1.858M $7.346M
YoY Change 67.77% 47.94% 7.53%
% of Gross Profit 30.18% 14.13% 12.13%
Research & Development $0.00 $2.390K $9.550K
YoY Change -100.0% -58.29% -76.3%
% of Gross Profit 0.0% 0.02% 0.02%
Depreciation & Amortization $1.773M $1.540M $6.439M
YoY Change 27.63% 6.09% -2.84%
% of Gross Profit 24.29% 11.71% 10.63%
Operating Expenses $3.977M $3.400M $13.79M
YoY Change 47.01% 25.33% 2.19%
Operating Profit $3.324M $9.747M $46.97M
YoY Change -62.92% 13.92% 127.89%
Interest Expense $28.44K $1.669M $50.78K
YoY Change 85.63% -12.61% -49.91%
% of Operating Profit 0.86% 17.13% 0.11%
Other Income/Expense, Net $1.533M $430.00 $538.7K
YoY Change -256.8% 16.22% -111.85%
Pretax Income $4.857M $11.42M $47.51M
YoY Change -39.2% 5.72% 195.69%
Income Tax $1.327M $2.060M $12.16M
% Of Pretax Income 27.32% 18.04% 25.59%
Net Earnings $3.530M $9.357M $35.35M
YoY Change -39.2% 17.25% 204.06%
Net Earnings / Revenue 37.73% 61.5% 50.53%
Basic Earnings Per Share $0.15 $1.52
Diluted Earnings Per Share $0.15 $0.41 $1.51
COMMON SHARES
Basic Shares Outstanding 22.93M 23.03M 23.32M
Diluted Shares Outstanding 23.03M 23.41M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.25M $45.24M $45.24M
YoY Change 63.78% 70.72% 70.72%
Cash & Equivalents $19.11M $45.24M $45.24M
Short-Term Investments $30.14M $0.00
Other Short-Term Assets $496.7K $632.2K $3.026M
YoY Change 6.66% 10.93% 430.95%
Inventory
Prepaid Expenses
Receivables $4.805M $7.201M $7.201M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $56.48M $55.46M $55.46M
YoY Change 52.62% 75.16% 75.16%
LONG-TERM ASSETS
Property, Plant & Equipment $67.24M $67.83M $67.83M
YoY Change -1.83% 0.89% 0.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $571.3K $570.4K $570.4K
YoY Change 0.43% 0.39% 0.39%
Total Long-Term Assets $68.35M $68.40M $68.40M
YoY Change -1.04% 0.89% 0.89%
TOTAL ASSETS
Total Short-Term Assets $56.48M $55.46M $55.46M
Total Long-Term Assets $68.35M $68.40M $68.40M
Total Assets $124.8M $123.9M $123.9M
YoY Change 17.68% 24.53% 24.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.901M $1.695M $1.695M
YoY Change 4.44% 42.48% 42.48%
Accrued Expenses $1.709M $2.301M $2.301M
YoY Change -28.12% -25.26% -25.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.705M $6.219M $6.219M
YoY Change -39.45% -17.57% -17.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.342M $2.780M $2.780M
YoY Change 20.46% 1.16% 1.16%
Total Long-Term Liabilities $13.95M $13.40M $2.780M
YoY Change 9.8% 5.88% 1.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.705M $6.219M $6.219M
Total Long-Term Liabilities $13.95M $13.40M $2.780M
Total Liabilities $19.65M $19.62M $19.62M
YoY Change -11.17% -2.88% -2.88%
SHAREHOLDERS EQUITY
Retained Earnings -$37.17M -$39.29M
YoY Change -42.33% -42.88%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $105.2M $104.2M $104.2M
YoY Change
Total Liabilities & Shareholders Equity $124.8M $123.9M $123.9M
YoY Change 17.68% 24.53% 24.53%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $3.530M $9.357M $35.35M
YoY Change -39.2% 17.25% 204.06%
Depreciation, Depletion And Amortization $1.773M $1.540M $6.439M
YoY Change 27.63% 6.09% -2.84%
Cash From Operating Activities $7.578M $8.590M $38.01M
YoY Change -1.63% 32.56% 89.97%
INVESTING ACTIVITIES
Capital Expenditures $782.3K $2.172M $8.070M
YoY Change -127.31% -304.36% -265.09%
Acquisitions
YoY Change
Other Investing Activities -$30.14M $0.00 $200.0K
YoY Change -834968.14% -100.0% -55.59%
Cash From Investing Activities -$30.92M -$2.172M -$7.870M
YoY Change 980.81% 254.39% 77.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.235M
YoY Change 157.32%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.780M -1.439M -11.35M
YoY Change 118.25% -3742.85% 385.52%
NET CHANGE
Cash From Operating Activities 7.578M 8.590M 38.01M
Cash From Investing Activities -30.92M -2.172M -7.870M
Cash From Financing Activities -2.780M -1.439M -11.35M
Net Change In Cash -26.13M 4.978M 18.74M
YoY Change -830.93% -15.71% 41.67%
FREE CASH FLOW
Cash From Operating Activities $7.578M $8.590M $38.01M
Capital Expenditures $782.3K $2.172M $8.070M
Free Cash Flow $6.796M $6.417M $29.94M
YoY Change -35.69% -14.92% 20.25%

Facts In Submission

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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
20006377
CY2022 epsn Payments To Acquire Unproved Oil And Gas Property
PaymentsToAcquireUnprovedOilAndGasProperty
310211
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.51
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23319633
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23705193
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23406189
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23857102
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
69019443
CY2021 us-gaap Net Income Loss
NetIncomeLoss
11627517
CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
956084
CY2021 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
2423007
CY2021 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
85338
CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2042
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
79263333
CY2022 us-gaap Net Income Loss
NetIncomeLoss
35354679
CY2022 us-gaap Dividends
Dividends
5862012
CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1021026
CY2022 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
6234879
CY2022 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
747112
CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-44054
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
104245205
CY2022 us-gaap Profit Loss
ProfitLoss
35354679
CY2021 us-gaap Profit Loss
ProfitLoss
11627517
CY2022 us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
6438511
CY2021 us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
6627016
CY2022 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0
CY2021 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
153058
CY2022 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
236077
CY2021 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-4482909
CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
221642
CY2021 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
484902
CY2022 epsn Proceeds From Payments For Settlements Of Derivative Contracts Operating Activities
ProceedsFromPaymentsForSettlementsOfDerivativeContractsOperatingActivities
-1225837
CY2021 epsn Proceeds From Payments For Settlements Of Derivative Contracts Operating Activities
ProceedsFromPaymentsForSettlementsOfDerivativeContractsOperatingActivities
-4243085
CY2022 us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
118260
CY2021 us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
0
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
1021026
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
956084
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
711954
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-197412
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2604455
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
679643
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
58368
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-20000
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1182348
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
646410
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-2238519
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
1098425
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
38005360
CY2021 epsn Payments To Acquire Unproved Oil And Gas Property
PaymentsToAcquireUnprovedOilAndGasProperty
148862
CY2022 epsn Payments To Acquire Proved Oil And Gas Property
PaymentsToAcquireProvedOilAndGasProperty
7562502
CY2021 epsn Payments To Acquire Proved Oil And Gas Property
PaymentsToAcquireProvedOilAndGasProperty
4435945
CY2022 us-gaap Payments To Acquire Oil And Gas Equipment
PaymentsToAcquireOilAndGasEquipment
184032
CY2021 us-gaap Payments To Acquire Oil And Gas Equipment
PaymentsToAcquireOilAndGasEquipment
297841
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
568118
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45806947
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27065423
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
2000000
CY2022 epsn Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Market Price Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageMarketPriceGrantDateFairValue
6.28
CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
42403992
CY2022 epsn Payments To Acquire Land Buildings And Other Property Plant And Equipment
PaymentsToAcquireLandBuildingsAndOtherPropertyPlantAndEquipment
13258
CY2021 epsn Payments To Acquire Land Buildings And Other Property Plant And Equipment
PaymentsToAcquireLandBuildingsAndOtherPropertyPlantAndEquipment
5745
CY2022 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
200000
CY2021 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
450000
CY2022 epsn Prepaid Drilling Costs
PrepaidDrillingCosts
0
CY2021 epsn Prepaid Drilling Costs
PrepaidDrillingCosts
379
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7870003
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4438014
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
6234879
CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2423007
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
747112
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
85338
CY2022 us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
5862012
CY2021 us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
0
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-11349779
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2337669
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-44054
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-2042
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
18741524
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
13228652
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27065423
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13836771
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45806947
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27065423
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
13669000
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3444025
CY2022 us-gaap Interest Paid Net
InterestPaidNet
68328
CY2021 us-gaap Interest Paid Net
InterestPaidNet
95942
CY2022 epsn Change In Unproved Properties Accrued In Accounts Payable And Accrued Liabilities
ChangeInUnprovedPropertiesAccruedInAccountsPayableAndAccruedLiabilities
0
CY2021 epsn Change In Unproved Properties Accrued In Accounts Payable And Accrued Liabilities
ChangeInUnprovedPropertiesAccruedInAccountsPayableAndAccruedLiabilities
-65000
CY2022 epsn Change In Proved Properties Accrued In Accounts Payable And Accrued Liabilities
ChangeInProvedPropertiesAccruedInAccountsPayableAndAccruedLiabilities
-1100041
CY2021 epsn Change In Proved Properties Accrued In Accounts Payable And Accrued Liabilities
ChangeInProvedPropertiesAccruedInAccountsPayableAndAccruedLiabilities
-1097257
CY2022 epsn Change In Gathering System Accrued In Accounts Payable And Accrued Liabilities
ChangeInGatheringSystemAccruedInAccountsPayableAndAccruedLiabilities
-20118
CY2021 epsn Change In Gathering System Accrued In Accounts Payable And Accrued Liabilities
ChangeInGatheringSystemAccruedInAccountsPayableAndAccruedLiabilities
-25399
CY2022 epsn Asset Retirement Obligation Asset Additions
AssetRetirementObligationAssetAdditions
12053
CY2021 epsn Asset Retirement Obligation Asset Additions
AssetRetirementObligationAssetAdditions
33234
CY2022 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">1. Description of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Epsilon Energy Ltd. (the “Company” or “Epsilon” or “we”) was incorporated under the laws of the Province of Alberta, Canada on March 14, 2005. On October 24, 2007, the Company became a publicly traded entity trading on the Toronto Stock Exchange (“TSX”) in Canada. On February 14, 2019, Epsilon’s registration statement on Form 10 was declared effective by the United States Securities and Exchange Commission and on February 19, 2019, we began trading in the United States on the NASDAQ Global Market under the trading symbol “EPSN.” Effective as of the close of trading on March 15, 2019, Epsilon voluntarily delisted its common shares from the TSX. Epsilon is a North American on-shore focused independent natural gas and oil company engaged in the acquisition, development, gathering and production of natural gas and oil reserves.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p>
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
45236584
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
26497305
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
570363
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates pertain to proved natural gas reserves and related cash flow estimates used in impairment tests of oil and natural gas and gathering system properties, asset retirement obligations, accrued natural gas and oil revenues and operating expenses, accrued gathering system revenues and operating expenses, as well as the valuation of commodity derivative instruments. Actual results could differ from those estimates.</p>
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reclassification</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The consolidated financial statements for the prior periods include certain reclassifications that were made to conform to the current period presentation. Such reclassifications have no impact on previously reported consolidated financial position, results of operations or cash flows.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:line-through;text-decoration-style:solid;visibility:hidden;">​</span></p>
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2022 epsn Asset Development Costs Capitalization Percentage
AssetDevelopmentCostsCapitalizationPercentage
0.35
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable and derivative contracts. Exposure to credit risk associated with these instruments is controlled by (i) placing assets and other financial interests with credit-worthy financial institutions, (ii) maintaining policies over credit extension that include the evaluation of customers’ financial condition and monitoring paying history, although the Company does not have collateral requirements and (iii) netting derivative assets and liabilities for counterparties with a legal right of offset. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">At December 31, 2022 and 2021, the cash and cash equivalents were primarily concentrated in one financial institution the U.S. We currently have $7.2 million in excess of the federally insured limits. The Company periodically assesses the financial condition of these institutions and believe that any possible credit risk is minimal. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">For the years ended December 31, 2022 and 2021, the Company had three customers that accounted for 95.7% and 85.9%, respectively, of the total trade accounts receivable.</p>
CY2021Q4 epsn Number Of Financial Institutions
NumberOfFinancialInstitutions
1
CY2022Q4 epsn Number Of Financial Institutions
NumberOfFinancialInstitutions
1
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
7200000
CY2022 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
982500
CY2022Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1183410
CY2022 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6234879
CY2022 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
6.32
CY2022 epsn Geographic Locations Of Operations Policy Policy Text Bock
GeographicLocationsOfOperationsPolicyPolicyTextBock
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Geographic Locations of Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Approximately 91% and 93% of our production during fiscal 2022 and 2021, respectively was derived from natural gas production and gathering system revenues in the state of Pennsylvania. As a result of this geographic concentration, we may be disproportionately exposed to the effect of regional supply and demand factors, delays or interruptions of production from wells in this area caused by governmental regulation, processing or transportation capacity constraints, market limitations, weather events or interruption of the processing or transportation of crude oil or natural gas.</p>
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2023 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
190700
CY2023 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
5.82
CY2021 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
534015
CY2021Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1193000
CY2021 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2423007
CY2021 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
4.51
CY2022Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
ProvedOilAndGasPropertySuccessfulEffortMethod
148326265
CY2021Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
ProvedOilAndGasPropertySuccessfulEffortMethod
138032413
CY2022Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
18169157
CY2021Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
21700926
CY2022Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
107729293
CY2021Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
102480972
CY2022Q4 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
58766129
CY2021Q4 us-gaap Oil And Gas Property Successful Effort Method Net
OilAndGasPropertySuccessfulEffortMethodNet
57252367
CY2022Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
42639001
CY2021Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
42475086
CY2022Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities
34500740
CY2021Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities
33443949
CY2022Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
8138261
CY2021Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
9031137
CY2022Q4 us-gaap Land
Land
637764
CY2021Q4 us-gaap Land
Land
637764
CY2022Q4 epsn Property Plant And Equipment Excluding Land
PropertyPlantAndEquipmentExcludingLand
286035
CY2021Q4 epsn Property Plant And Equipment Excluding Land
PropertyPlantAndEquipmentExcludingLand
309102
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
67828189
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
67230370
CY2022 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0
CY2021 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
150000
CY2022Q4 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2022Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
69962709
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
7201386
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
4596931
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-700255
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-571646
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
48212421
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
16639671
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
47512166
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
16068025
CY2022 epsn Effective Income Tax Rate Reconciliation State Valuation Allowance
EffectiveIncomeTaxRateReconciliationStateValuationAllowance
-107030
CY2022 epsn Effective Income Tax Reconciliation State Valuation Allowance Percent
EffectiveIncomeTaxReconciliationStateValuationAllowancePercent
-0.0023
CY2021 epsn Effective Income Tax Rate Reconciliation State Valuation Allowance
EffectiveIncomeTaxRateReconciliationStateValuationAllowance
-107545
CY2021 epsn Effective Income Tax Reconciliation State Valuation Allowance Percent
EffectiveIncomeTaxReconciliationStateValuationAllowancePercent
-0.0067
CY2022 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-159772
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.0034
CY2021 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-7550
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.0005
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
7788302
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
3152866
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3657231
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1485054
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
11445533
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
4637920
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
1587935
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Asset Retirement Obligation Liabilities Incurred
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CY2022 us-gaap Asset Retirement Obligation Revision Of Estimate
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CY2022 dei Auditor Firm
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Files In Submission

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