Epsilon Energy Ltd

NASDAQ:EPSNUnited States

05:07 PM EST, 11/06/2024 (MT Newswires) -- ...

maturity -- (32,812,974) Purchases of short term investments - available for sale (4,045,785) -- Proceeds from sales and maturities of short term investments 23,116,930 14,554,976 Proceeds from sale of oil and gas properties -- 12,498 Prepaid drilling costs 1,813,808 (2,891,250) ------------- ------------- Net cash used in investing activities (11,034,376) (37,115,993) ------------- ------------- Cash flows from financing activities: Buyback of common shares (1,831,208) (5,695,275) Dividends paid (4,116,777) (4,217,471) Debt issuance costs -- (140,000) ------------- ------------- Net cash used in financing activities (5,947,985) (10,052,746) ------------- ------------- Effect of currency rates on cash, cash equivalents, and restricted cash 62,438 (2,317) ------------- ------------- Decrease in cash, cash equivalents, and restricted cash (5,098,657) (32,813,896) Cash, cash equivalents, and restricted cash, beginning of period 13,873,628 45,806,947 Cash, cash equivalents, and restricted cash, end of period $ 8,774,971 $ 12,993,051 ============= ============= Supplemental cash flow disclosures: Income taxes paid $ 4,000 $ 1,442,304 Interest paid $ 16,832 $ 88,835 Non-cash investing activities: Change in proved properties accrued in accounts payable and accrued liabilities $ 818,504 $ 41,947 Change in gathering system accrued in accounts payable and accrued liabilities $ 173,193 $ 3,441 Asset retirement obligation asset additions and adjustments $ 39,597 $ 4,640 Three months ended September 30, Nine months ended September 30, ------------------------ ------------------------------- 2024 2023 2024 2023 ----------- ----------- --------------- -------------- Net income $ 366,021 $ 388,775 $ 2,688,577 $ 4,349,191 Add Back: Interest income, net (43,095) (375,972) (400,791) (1,237,076) Income tax expense 368,398 710,164 881,464 2,283,228 Depreciation, depletion, amortization, and accretion 2,698,812 1,392,032 7,127,641 4,780,766 Stock based compensation expense 309,109 439,653 944,267 799,149 Loss on sale of assets -- -- -- 1,449,871 Loss on derivative contracts net of cash received or paid on settlement 44,677 1,370,573 1,000,836 1,306,593 Foreign currency translation loss -- (98) 570 (1,086) Adjusted EBITDA $3,743,922 $3,925,127 $12,242,564 $13,730,636 ========= ========= ========== ==========