Epsilon Energy Ltd

NASDAQ:EPSNUnited States

May 8, 2024

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• -- Earnings Flash (EPSN) EPSILON ENERGY Reports Q1 Revenue $8M, from 5:03PM ET on Wednesday May 08, 2024 by MT Newswires

  5:03PM ET on Wednesday May 08, 2024 by MT Newswires
  Companies Mentioned: EPSN
  05:03 PM EDT, 05/08/2024 (MT Newswires) -- ...

• Epsilon Reports First Quarter 2024 Results, from 5:00PM ET on Wednesday May 08, 2024 by GlobeNewswire

  5:00PM ET on Wednesday May 08, 2024 by GlobeNewswire
  Companies Mentioned: EPSN

• Epsilon Reports First Quarter 2024 Results, from 4:59PM ET on Wednesday May 08, 2024 by Dow Jones

  4:59PM ET on Wednesday May 08, 2024 by Dow Jones
  Companies Mentioned: EPSN
  Net income $ 1,506,896 $ 3,529,827 Adjustments to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 2,380,426 1,773,006 Accretion of discount on available for sale securities (216,180) -- Loss (gain) on derivative contracts 100,726 (1,068,660) Settlement received on derivative contracts 488,285 363,300 Settlement of asset retirement obligation (1,653) -- Stock-based compensation expense 321,569 179,748 Deferred income tax expense (benefit) (22,993) (12,108) Changes in assets and liabilities: Accounts receivable 953,714 2,396,066 Prepaid income taxes (68,401) -- Other assets and liabilities 146,477 143,646 Accounts payable, royalties payable and other accrued liabilities (1,897,438) (1,062,898) Income taxes payable -- 1,336,225 ------------- ------------ Net cash provided by operating activities 3,691,428 7,578,152 ------------- ------------ Cash flows from investing activities: Additions to unproved oil and gas properties (3,088,198) (106,069) Additions to proved oil and gas properties (17,226,449) (621,132) Additions to gathering system properties (22,650) (12,423) Additions to land, buildings and property and equipment (7,681) (42,703) Purchases of short term investments - available for sale (4,045,785) (30,138,743) Proceeds from sales and maturities of short term investments 10,794,285 -- Prepaid drilling costs 1,813,808 -- ------------- ------------ Net cash used in investing activities (11,782,670) (30,921,070) ------------- ------------ Cash flows from financing activities: Buyback of common shares (1,203,708) (1,367,425) Dividends paid (1,370,409) (1,412,455) Net cash used in financing activities (2,574,117) (2,779,880) ------------- ------------ Effect of currency rates on cash, cash equivalents, and restricted cash 364 (2,600) ------------- ------------ (Decrease) increase in cash, cash equivalents, and restricted cash (10,664,995) (26,125,398) Cash, cash equivalents, and restricted cash, beginning of period 13,873,628 45,806,947 Cash, cash equivalents, and restricted cash, end of period $ 3,208,633 $ 19,681,549 ============= ============ Supplemental cash flow disclosures: Interest paid $ -- $ 17,216 Non-cash investing activities: Change in proved properties accrued in accounts payable and accrued liabilities $ 2,946,528 $ 375,242 Change in gathering system accrued in accounts payable and accrued liabilities $ (3,624) $ 9,201 Asset retirement obligation asset additions and adjustments $ 16,372 $ 736 Three months ended March 31, ---------------------------------- 2024 2023 ---------------- ---------------- Net income $ 1,506,896 $ 3,529,827 Add Back: Interest (income) expense, net (257,512) (462,325) Income tax expense 54,050 1,326,922 Depreciation, depletion, amortization, and accretion 2,380,426 1,773,006 Stock based compensation expense 321,569 179,748 Gain (loss) on sale of assets -- -- Loss (gain) on derivative contracts net of cash received or paid on settlement 589,011 (705,360) Foreign currency translation loss 570 (983) Adjusted EBITDA $ 4,595,010 $ 5,640,835 =============== ===============
  

• *DJ Epsilon Energy 1Q EPS 7c >EPSN, from 4:59PM ET on Wednesday May 08, 2024 by Dow Jones

  4:59PM ET on Wednesday May 08, 2024 by Dow Jones
  Companies Mentioned: EPSN
  Net income $ 1,506,896 $ 3,529,827 Adjustments to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 2,380,426 1,773,006 Accretion of discount on available for sale securities (216,180) -- Loss (gain) on derivative contracts 100,726 (1,068,660) Settlement received on derivative contracts 488,285 363,300 Settlement of asset retirement obligation (1,653) -- Stock-based compensation expense 321,569 179,748 Deferred income tax expense (benefit) (22,993) (12,108) Changes in assets and liabilities: Accounts receivable 953,714 2,396,066 Prepaid income taxes (68,401) -- Other assets and liabilities 146,477 143,646 Accounts payable, royalties payable and other accrued liabilities (1,897,438) (1,062,898) Income taxes payable -- 1,336,225 ------------- ------------ Net cash provided by operating activities 3,691,428 7,578,152 ------------- ------------ Cash flows from investing activities: Additions to unproved oil and gas properties (3,088,198) (106,069) Additions to proved oil and gas properties (17,226,449) (621,132) Additions to gathering system properties (22,650) (12,423) Additions to land, buildings and property and equipment (7,681) (42,703) Purchases of short term investments - available for sale (4,045,785) (30,138,743) Proceeds from sales and maturities of short term investments 10,794,285 -- Prepaid drilling costs 1,813,808 -- ------------- ------------ Net cash used in investing activities (11,782,670) (30,921,070) ------------- ------------ Cash flows from financing activities: Buyback of common shares (1,203,708) (1,367,425) Dividends paid (1,370,409) (1,412,455) Net cash used in financing activities (2,574,117) (2,779,880) ------------- ------------ Effect of currency rates on cash, cash equivalents, and restricted cash 364 (2,600) ------------- ------------ (Decrease) increase in cash, cash equivalents, and restricted cash (10,664,995) (26,125,398) Cash, cash equivalents, and restricted cash, beginning of period 13,873,628 45,806,947 Cash, cash equivalents, and restricted cash, end of period $ 3,208,633 $ 19,681,549 ============= ============ Supplemental cash flow disclosures: Interest paid $ -- $ 17,216 Non-cash investing activities: Change in proved properties accrued in accounts payable and accrued liabilities $ 2,946,528 $ 375,242 Change in gathering system accrued in accounts payable and accrued liabilities $ (3,624) $ 9,201 Asset retirement obligation asset additions and adjustments $ 16,372 $ 736 Three months ended March 31, ---------------------------------- 2024 2023 ---------------- ---------------- Net income $ 1,506,896 $ 3,529,827 Add Back: Interest (income) expense, net (257,512) (462,325) Income tax expense 54,050 1,326,922 Depreciation, depletion, amortization, and accretion 2,380,426 1,773,006 Stock based compensation expense 321,569 179,748 Gain (loss) on sale of assets -- -- Loss (gain) on derivative contracts net of cash received or paid on settlement 589,011 (705,360) Foreign currency translation loss 570 (983) Adjusted EBITDA $ 4,595,010 $ 5,640,835 =============== ===============