Epsilon Energy Ltd. Announces the Following Headlines
Epsilon Energy Ltd. (NASDAQ: EPSN) has declared a dividend of $0.0625 per share, with an annualized rate of $0.25.
Sentiment and the balance of points
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Rhea-AI Summary
Epsilon Energy Ltd. (NASDAQ: EPSN) has declared a dividend of $0.0625 per share, with an annualized rate of $0.25. The dividend will be payable on June 30, 2022, to stockholders of record by June 15, 2022. During the quarter, the company repurchased 259,300 shares at a cost of $1.8 million. Recently completed wells in Oklahoma have exceeded performance expectations, achieving payout in under six months. Epsilon anticipates significant cash generation and holds a current cash balance of approximately $31 million with no outstanding debt.
Positive
- Declared a dividend of $0.0625 per share, annualized $0.25.
- Repurchased 259,300 shares for $1.8 million.
- Oklahoma production project exceeded performance expectations, achieving payout in under six months.
- Current cash balance approximately $31 million, with no outstanding debt.
Negative
- None.
Details
News Market Reaction – EPSN
The recorded move for EPSN in the trading session of this news was +0.14%.
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- Board declares dividend of
$0.0625 per common share - Repurchased 259,300 shares during the quarter
- Oklahoma production project exceeding expectations
- Outlook for FCF generation remains favorable
HOUSTON, May 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
Michael Raleigh, CEO, commented, “After 30 days of production on each of the two (0.55 Net to EPSN) recently completed wells in our Oklahoma project we are excited to report that the average performance of the wells exceeded our expected type curve, and, at current commodity prices, will achieve payout in less than six months. To date the Company has participated in four wells (1.15 Net) in the region and the average performance has exceeded the expected type curve performance. The team is currently evaluating other locations within our existing inventory to drill and complete this year.
In the Marcellus, we expect the operator to complete the previously drilled well (0.18 Net to EPSN) in the third quarter of 2022.
Based on current strip prices, the company anticipates building significant incremental cash for the balance of the year. The current cash balance is approximately
About Epsilon
Epsilon Energy Ltd. is a North American on-shore focused independent exploration and production company engaged in the acquisition, development, gathering and production of oil and gas reserves. Our primary area of operation is the Marcellus basin in northeast Pennsylvania. Our assets are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. For more information, please visit www.epsilonenergyltd.com, where we routinely post announcements, updates, events, investor information, presentations and recent news releases.
Contact Information:
281-670-0002
Michael Raleigh
Chief Executive Officer
Michael.Raleigh@EpsilonEnergyLTD.com
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