Epsilon Energy (EPSN) EnerCom Denver – The Energy Investment Conference summary

Portfolio and inventory

• Multi-basin portfolio offers operated and non-operated opportunities across oil and gas; 115 net priority-one locations represent over a decade of development inventory, using a 45% working-interest threshold.

• Additional lower-working-interest inventory could be advanced through trades or partnerships; Powder River Basin shale inventory could qualify as priority one with development scale.

• Late-2025 Powder River Basin acquisition added operated oil and gas assets; priority-one locations span the Marcellus, Permian and Powder River Basin.

Powder River Basin

• Position includes ~40,000 net acres, 31,000 undeveloped, with 75% held by production and no continuous drilling clauses; acreage is concentrated in southern Campbell County, with a federal unit in Converse County.

• Retained team has drilled and completed 100+ horizontal wells across five formations, enabling basin entry without a typical learning curve.

• H1 2026 completion of two Niobrara DUCs met or exceeded internal expectations; three Parkman laterals were drilled in H2 and were scheduled for completion in August 2026.

• Water-facility construction in Converse County is planned to support future development; activity is expected to increase there in 2027.

Permian and Marcellus development

• Permian Barnett position: 25% working interest in 16,500 acres, including 13,000 undeveloped acres and 30 gross locations remaining; nine wellbores to date met or exceeded pre-spud type curves.

• Firebird II took over as operator in early 2026; activity is expected to ramp and drilling and completion costs to decline. One Barnett well was participated in during 2026, with two more planned for H2 and completions in Q1 2027.

• A Woodford test well was drilled in 2026 without participation; completion was planned for H2 2026, with lease exposure if the test succeeds.

• Marcellus position includes 5,100 net acres and ~450,000 gross or 100,000 net lateral feet remaining; estimated undeveloped net reserves are 170–200 Bcf after 146 wells developed with Expand over 15 years.

• 2026 Marcellus activity: five gross wells, 0.4 net, expected online in Q4; 2027 plan calls for seven gross wells, 1.4 net.