Epsilon Reports on Recent Well Results
HOUSTON, Oct. 22, 2019 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (“Epsilon” or the “Company”) (NASDAQ: EPSN) today reported recent well completion results.
Michael Raleigh, CEO, commented, “As previously announced by the Company, the operator has completed all four lower Marcellus wells which began drilling on June 26th,, 2019. These wells are currently in the flow-back testing phase with gross aggregate production ranging from 45 to 50 MMcf/d. This represents approximately 13 MMcf/d net to Epsilon’s working interests and when added to our existing production should provide for 35-36 MMcf/d of total working interest gas deliverability in November. This is a very welcome incremental 56% production increase heading into the usually constructive NE winter demand period. We originally planned to have this production turn in line in December. We will schedule a meeting to discuss our 2020 capital budget with our operating partner prior to year-end to plan next year’s development program.At the current strip, we anticipate achieving high single digit yr/yr production growth at an attractive rate of return within our forecast cash flow. We continue to buy-back our stock under the previously announced program and have acquired 395,487 shares to date which reduces the total shares available to the public to 26.985 MM shares.”About Epsilon