Epsilon Energy

What Epsilon Energy does

Epsilon Energy Ltd. (NASDAQ: EPSN) is a North American onshore independent natural gas and oil producer engaged in the acquisition, exploration, development, gathering, and production of hydrocarbons. The company operates across three core US basins: the Marcellus Shale in northeast Pennsylvania (~5,100 net acres in the dry gas window of Susquehanna County), the Powder River Basin in Wyoming (~39,000 net acres across Campbell, Converse, and Johnson Counties, added substantially via the November 2025 acquisition of the Peak Companies), and the Permian Basin (~4,000 net acres on the Central Basin Platform in Ector County, Texas). In Pennsylvania it additionally owns the Auburn Gas Gathering midstream system, which collects, compresses, and delivers natural gas into Tennessee Gas Pipeline. The company also lists a Calgary, Alberta office and a Canadian-incorporated parent (Epsilon Energy, Ltd.) alongside its US operating subsidiary (Epsilon Energy USA, Inc.), and employs 1–10 staff with technical work distributed across headquarters in Houston, TX.

Epsilon generates revenue primarily from the sale of produced natural gas and oil into commodity markets, supplemented by midstream gathering fees from the Auburn system. Production in FY2025 totaled 11,825 MMcfe (+54% YoY), and the company exited the period with 94,253 MMcfe of proved reserves, 86% of which were proved developed producing (PDP). The FY2025 financial profile showed $51.6 million in revenue (+64% YoY) and $30.7 million in adjusted EBITDA (+75% YoY); Q1 2026 revenue was $25.6 million (+58% YoY, +73% QoQ). Capital is sourced mainly through a senior secured reserve-based revolving credit facility led by Frost Bank (with Texas Capital Bank as co-lender), which was upsized to a $90 million borrowing base by May 2026, alongside equity issued to Yorktown Energy Partners XI, LP as consideration for the Peak acquisitions.

The go-to-market motion is commodity-and-asset driven rather than sales-and-marketing driven: the company pursues growth through strategic acquisitions (most recently Peak Companies, November 2025), organic development in core basins, and capital-markets access, while continuing a quarterly cash dividend ($0.0625 per share, $0.25 annualized) and divesting non-core assets (Dewey Energy Holdings, sold for $2.5M in December 2025). End customers are anonymous commodity off-takers (refineries, utilities, and downstream traders), and midstream volumes flow into Tennessee Gas Pipeline; there are no named enterprise customers or contractually anchored B2B relationships.

Name

Epsilon Energy

Legal name

Epsilon Energy Ltd.

Website

https://epsilonenergyltd.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

Epsilon Energy Ltd. is a North American onshore independent natural gas and oil producer with acreage in the Marcellus Shale, Powder River Basin, and Permian Basin, complemented by owned midstream gathering assets and a NASDAQ-listed common stock (EPSN).

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration & Production

NAICS

Natural Gas Extraction (211130), Natural Gas Distribution (221210), Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Unconventional Gas E&P (Shale/Tight Gas) (EUAAAAAC)

akta.pro secondary industries

Natural Gas Field Gathering Systems (TLAGAJAB), Upstream HSE, Regulatory Compliance & Emissions Management (Methane/Flare) (EUALAAAM)

Keywords

• Natural gas production
• Oil exploration
• Upstream operations
• Midstream gathering
• Onshore E&P

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Others

Revenue model

1. Natural Gas and Oil Production: Revenue generated from the sale of natural gas and oil produced from the company's upstream assets across the Marcellus Shale, Powder River Basin, and Permian Basin.
2. Midstream Gathering Services: Revenue from the Auburn Gas Gathering system which collects, processes, compresses and delivers natural gas into Tennessee Gas Pipeline.
3. Dividend Payments: Quarterly dividend of $0.0625 per share ($0.25 annualized) distributed to shareholders of record.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Epsilon Energy Ltd. is a North American onshore focused independent natural gas and oil company engaged in the acquisition, exploration, development, gathering and production of natural gas and oil reserves. The company holds acreage positions in the Marcellus Shale in northeast Pennsylvania, the Powder River Basin in Wyoming, and the Permian Basin in Texas, and owns the Auburn Gas Gathering system in Pennsylvania which collects, processes, compresses, and delivers natural gas into Tennessee Gas Pipeline.

Product overview

Epsilon Energy Ltd. is a North American onshore focused independent natural gas and oil company engaged in the acquisition, exploration, development, gathering, and production of natural gas and oil reserves. The company operates across multiple basins including the Marcellus Shale in the Appalachian Basin in northeast Pennsylvania, the Powder River Basin in Wyoming, and the Permian Basin in Texas. The company also owns the Auburn Gas Gathering midstream system. The company completed acquisitions of Peak Exploration and Production LLC and Peak BLM Lease LLC in November 2025, expanding its asset base with over 100 net high-rate-of-return drilling locations in the Powder River Basin.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas and Oil Production
• Auburn Gas Gathering System

Quantifiable outcome

• Revenue increased 64% to $51.6M in FY2025
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• BDO USA, LLPcoreOthers · 20 May 2026BDO USA, LLP serves as the company's independent auditors, reappointed at the 2026 Annual General Meeting for fiscal year ending December 31, 2026.
• Chesapeake Energy, Inc.coreTechnology or IntegrationChesapeake Energy operates the Marcellus Shale field in southwest Susquehanna County, Pennsylvania where Epsilon holds approximately 4,000 net acres within the high-quality gas in place window.

Scale indicators16 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Range Resources Corporation: Range Resources is one of the original Marcellus operators in southwest Pennsylvania and a long-standing Appalachian dry-gas producer. Operates in the same Susquehanna-area county-adjacent region as Epsilon's acreage, with a similar gas-weighted production mix.
• Comstock Resources, Inc. Comstock is a Haynesville Shale-focused natural gas producer with a similar small/mid-cap capital structure and pure-play dry-gas strategy. Highly comparable business model to Epsilon's gas-weighted, multi-basin approach at similar company scale.
• CNX Resources Corporation: CNX Resources is an Appalachian/Marcellus-focused independent natural gas producer operating roughly in the same southwest Pennsylvania core window where Epsilon holds its ~5,100 Marcellus acres. Both are pure-play dry-gas upstream operators with comparable basin positioning.
• Antero Resources Corporation: Antero is a leading Appalachian dry-gas and NGL producer, with core operations in the Marcellus and Utica shales of West Virginia and Pennsylvania. Highly comparable in commodity mix (dry gas) and operating geography to Epsilon's Appalachian position.
• Coterra Energy Inc. Coterra (formerly Cabot Oil & Gas + Cimarex) is a multi-basin independent with significant Marcellus exposure plus Permian and Anadarko operations. Its three-basin diversification directly parallels Epsilon's Marcellus/Powder River/Permian footprint and both companies are gas-weighted producers.

Broad incumbents

• EQT Corporation: EQT is the largest U.S. natural gas producer and the dominant Marcellus operator with extensive gathering/midstream assets. As a much larger incumbent in the same primary basin where Epsilon operates, EQT serves as the broad benchmark for Appalachian dry gas economics and gatherer economics.
• Expand Energy Corporation (formerly Southwestern/Chesapeake): Expand Energy is the largest U.S. natural gas producer post Chesapeake/Southwestern merger and operates the Marcellus field in southwest Susquehanna County where Epsilon's core PA acreage is located. Serves as both an operator-counterparty to Epsilon and a broad incumbent gas benchmark.
• Devon Energy Corporation: Devon is a major multi-basin U.S. independent with Permian, Eagle Ford, Anadarko and Powder River Basin exposure. Its Powder River position makes it a particularly relevant broad incumbent comparable for Epsilon's newest basin entry.

Emerging players

• Magnolia Oil & Gas Corporation: Magnolia is a small/mid-cap independent focused on the Permian/Delaware Basin and Eagle Ford with a similar lean-headcount operating model. Comparable as a small-scale multi-basin operator with focused production growth strategy.
• Northern Oil and Gas, Inc. Northern Oil and Gas is a small-cap non-operated working-interest acquirer across U.S. basins, including the Powder River Basin. Its non-op, acquisition-driven model is structurally analogous to Epsilon's strategy of building positions through targeted deals like the Peak acquisition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/epsilon-energy-usa-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Epsilon Energy