Board declares dividend of $0.0625 per common share
Update on share buyback program (NCIB)
Koromlan 107HC well update in Pennsylvania

HOUSTON, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Epsilon Energy Ltd. ("Epsilon" or the "Company") (NASDAQ:EPSN) today announced that its Board of Directors has declared a dividend of $0.0625 per share of common stock (annualized $0.25/sh) to the stock holders of record at the close of business on September 15, 2022, payable on September 30, 2022. All dividends paid by the Company are "eligible dividends" as defined in subsection 89(1) of the Income Tax Act (Canada), unless indicated otherwise.

Under our authorized NCIB, we have repurchased 283,000 shares so far in the third quarter (the latest on August 10, 2022), at an average price of $5.86 per share. We have 203,310 shares remaining in the program.

In our Auburn area of operations in Pennsylvania, the Koromlan 107HC well was completed in July and turned in line to production (TIL) on August 12, 2022. Epsilon has 16% net revenue interest in the well. The well is so far performing above our expectations. The associated volumes are gathered by the Auburn Gas Gathering System, where Epsilon has a 35% ownership interest.

About Epsilon

Epsilon Energy Ltd. is a North American onshore natural gas production and midstream company with a current focus on the Marcellus Shale of Pennsylvania.

Contact Information:

281-670-0002

Jason Stabell

Chief Executive Officer

Jason.Stabell@EpsilonEnergyLTD.com

Andrew Williamson

Chief Financial Officer

Andrew.Williamson@EpsilonEnergyLTD.com

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