EPSN on Nasdaq

Epsilon Energy Ltd.

Canadian crude petroleum and natural gas company, incorporated in Alberta. Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerEPSN on Nasdaq1
  • IndustryCrude Petroleum & Natural Gas1
  • HeadquartersHouston, Texas1
  • Incorporated inAlberta, Canada2
  • Business address500 Dallas Street, Suite 1250, Houston, Tx 770022
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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At December 31, 2025, Epsilon’s total estimated net proved reserves were 86.4 Bcf of natural gas reserves, 9.3 MMBbls of oil reserves, and 2.4 MMBbls of NGL reserves. Epsilon holds leasehold rights to approximately 101,265 gross (54,044 net) acres. The Company has natural gas production in the Appalachian Basin Pennsylvania and oil, natural gas liquids and natural gas production in the Powder River Basin in Wyoming, the Permian Basin in Texas and New Mexico, and the Western Canadian Sedimentary Basin in Alberta, Canada.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-20.4%Operating margin4
-11.2%Net margin4
63.7%Revenue growth, 20254
-4.6%Return on equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Natural Gas brought in 56% of the revenue Epsilon Energy Ltd. broke down this way in fiscal 2025.

  1. Natural Gas$29.1M456%up 170% from 2024
  2. Oil and Condensate$13.8M427%up 1% from 2024
  3. Gas Gathering And Compression$6.7M413%up 21% from 2024
  4. Natural Gas Liquids (NGL)$2.0M44%up 34% from 2024
Products and services by year
Products and services20242025
Natural Gas$10.8M$29.1M
Oil and Condensate$13.7M$13.8M
Gas Gathering And Compression$5.5M$6.7M
Natural Gas Liquids (NGL)$1.5M$2.0M

Business segments

Upstream Usa brought in 84% of the revenue Epsilon Energy Ltd. broke down this way in fiscal 2025.

  1. Upstream Usa$44.9M484%up 73% from 2024
  2. Gas Gathering$8.5M416%up 28% from 2024
Business segments by year
Business segments20242025
Upstream Usa$26.0M$44.9M
Gas Gathering$6.7M$8.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs99¢$51.2M
  • Income tax1¢$362.7K

Out of $51.6M in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$20.6M

Out of $20.6M of cash from operations.4

Financial statements

Revenue567894$51.6M in 2025+93% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $26.7M$26.7M20192020: $24.4M$24.4M2020−8%2021: $42.4M$42.4M2021+74%2022: $70.0M$70.0M2022+65%2023: $30.7M$30.7M2023−56%2024: $31.5M$31.5M2024+3%2025: $51.6M$51.6M2025+64%
Operating income567894-$10.5M in 2025
-$20.0M0$20.0M$40.0M$60.0M2019: $8.2M$8.2M20192020: -$977.7K-$977.7K20202021: $20.6M$20.6M20212022: $47.0M$47.0M2022+128%2023: $5.4M$5.4M2023−88%2024: $3.4M$3.4M2024−37%2025: -$10.5M-$10.5M2025
Net income567894-$5.8M in 2025
-$20.0M0$20.0M$40.0M2019: $8.7M$8.7M20192020: $875.2K$875.2K2020−90%2021: $11.6M$11.6M2021+1229%2022: $35.4M$35.4M2022+204%2023: $6.9M$6.9M2023−80%2024: $1.9M$1.9M2024−72%2025: -$5.8M-$5.8M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Total revenue$51.6M$31.5M
Lease operating expenses$12.5M$7.3M
Gathering system operating expenses$2.4M$2.3M
Depletion, depreciation, amortization, and accretion$12.2M$10.2M
Impairment expense$3.9M$1.5M
Loss on sale of oil and gas properties$19.3M$0
Transaction costs$2.9M$0
Stock based compensation expense$1.7M$1.2M
Other general and administrative expenses$7.2M$5.7M
Total operating costs and expenses$62.1M$28.1M
Operating (loss) income-$10.5M$3.4M
Interest income$188.4K$493.3K
Interest expense-$624.2K-$46.4K
Gain (loss) on derivative contracts, net$5.5M-$391.1K
Other income, net$16.6K$76.7K
Other income, net$5.1M$132.5K
Net (loss) income before income tax expense-$5.4M$3.6M
Income tax (benefit) expense$362.7K$1.6M
NET (LOSS) INCOME-$5.8M$1.9M
Currency translation adjustments-$136.7K$262.6K
Unrealized loss on securities$0-$1.6K
NET COMPREHENSIVE (LOSS) INCOME-$5.9M$2.2M
Net (loss) income per share, basic (in dollars per share)-$0.25$0.09
Net (loss) income per share, diluted (in dollars per share)-$0.25$0.09
Weighted average number of shares outstanding, basic (in shares)23.0M shares21.9M shares
Weighted average number of shares outstanding, diluted (in shares)23.0M shares21.9M shares

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Leadership

Who has led Epsilon Energy Ltd., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael Patrick Raleigh2019–2022
  2. Jason Stabell2022–now

Chief financial officer

  1. Andrew Williamson2022–now

Chief operating officer

  1. Henry N. Clanton2019–now
20202025
Board members and other officers (14)

Timeline

  1. Jul 8, 2022New chief executive Jason Stabell becomes CEO12
  2. Feb 25, 2019New chief executive Michael Patrick Raleigh becomes CEO13

Filings

219 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 22 major events, 119 insider forms, 25 large holders, 32 other. The latest 20:

  1. Sep 21, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Sep 14, 2026144 EDGAR
  3. Aug 25, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Aug 18, 20268-K EDGAR
  5. Aug 13, 20268-K EDGAR
  6. Aug 12, 202610-Q EDGAR
  7. Jul 8, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Jul 8, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Jun 25, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Jun 18, 20268-K EDGAR
  11. Jun 18, 2026424B5 EDGAR
  12. Jun 1, 20268-K EDGAR
  13. May 29, 2026144 EDGAR
  14. May 28, 2026144 EDGAR
  15. May 20, 20268-K EDGAR
  16. May 14, 2026SCHEDULE 13G EDGAR
  17. May 13, 202610-Q EDGAR
  18. Apr 17, 2026DEF 14A EDGAR
  19. Apr 6, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Apr 6, 20264 OWNERSHIP DOCUMENT EDGAR

The 219 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

81 open-market trades by officers, directors and large owners since October 2021: 37 buys and 44 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 21, 2026Stabell JasonChief Executive OfficerBuy13,467$5.93$79.9KForm 4
Sep 18, 2026Stabell JasonChief Executive OfficerBuy1,430$5.90$8.4KForm 4
Sep 16, 2026Stabell JasonChief Executive OfficerBuy8,207$5.88$48.3KForm 4
Aug 24, 2026Stabell JasonChief Executive OfficerBuy21,413$5.63$120.6KForm 4
Aug 21, 2026Stabell JasonChief Executive OfficerBuy4,900$5.56$27.2KForm 4
Jun 24, 2026Stabell JasonChief Executive OfficerBuy22,000$5.27$115.9KForm 4
Jun 22, 2026Stabell JasonChief Executive OfficerBuy28,000$5.33$149.2KForm 4
Mar 31, 2026Stabell JasonChief Executive OfficerBuy2,000$6.17$12.3KForm 4
Mar 30, 2026FREDERICK TUCKER GOLDEN10% ownerSale26,135$6.25$163.3KForm 4
Mar 30, 2026Stabell JasonChief Executive OfficerBuy12,000$6.22$74.6KForm 4
Mar 27, 2026FREDERICK TUCKER GOLDEN10% ownerSale26,000$6.21$161.5KForm 4
Mar 27, 2026Stabell JasonChief Executive OfficerBuy6,000$6.20$37.2KForm 4
Mar 26, 2026FREDERICK TUCKER GOLDEN10% ownerSale22,290$6.17$137.5KForm 4
Dec 22, 2025FREDERICK TUCKER GOLDEN10% ownerSale9,427$4.59$43.3KForm 4
Dec 22, 2025Stabell JasonChief Executive OfficerBuy19,100$4.59$87.7KForm 4
Dec 19, 2025FREDERICK TUCKER GOLDEN10% ownerSale40,000$4.63$185.2KForm 4
Dec 19, 2025Stabell JasonChief Executive OfficerBuy9,400$4.62$43.4KForm 4
Dec 18, 2025FREDERICK TUCKER GOLDEN10% ownerSale25,000$4.73$118.2KForm 4
Nov 20, 2025Stabell JasonChief Executive OfficerBuy9,700$4.77$46.3KForm 4
Nov 19, 2025Stabell JasonChief Executive OfficerBuy11,500$4.82$55.4KForm 4

All 81 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Solas Capital Management, LLC3,470,761$18.8M10.1%No change
Yorktown Energy Partners XI, L.P.2,869,560$15.5M14.4%No change
Yorktown Energy Partners X, L.P.2,656,705$14.4M30.2%No change
Yorktown Energy Partners Ix, L.P.1,181,124$6.4M17.7%No change
BlackRock, Inc.1,014,064$5.5M0.0%−15,695
Vanguard Capital Management LLC942,166$5.1M0.0%−9,329
Ballast Asset Management, LP806,322$4.4M1.7%−8,000
Dimensional Fund Advisors LP743,139$4.0M0.0%−70,111
Geode Capital Management, LLC576,513$3.1M0.0%+11,734
Punch & Associates Investment Management, Inc.506,880$2.7M0.1%+30,000
LPL Financial LLC504,191$2.7M0.0%+47,830
Morgan Stanley458,523$2.5M0.0%+22,180
Marshall Wace, Llp419,749$2.3M0.0%+94,214
Clayton Partners LLC367,953$2.0M1.3%No change
State Street Corp338,430$1.8M0.0%+4,688
Sei Investments Co282,209$1.5M0.0%−202,456
Dalton Investments, Inc.250,000$1.4M1.2%No change
Bridgeway Capital Management, LLC241,587$1.3M0.0%−78,827
American Century Companies Inc221,895$1.2M0.0%New
Aqr Capital Management LLC219,969$1.2M0.0%+140,552
International Assets Investment Management, LLC199,981$1.1M0.1%+9,599
Credit Agricole S A183,500$992.7K0.0%No change
Mcintyre Freedman & Flynn Investment Advisers Inc174,400$943.5K0.6%+5,000
Northern Trust Corp173,240$937.2K0.0%+18,874
De Lisle Partners LLP166,411$899.5K0.1%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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