History
Epsilon Energy, a Marcellus Shale gas producer, spent years shrinking its share count, then diversified into the Permian and Alberta before an all-stock Peak acquisition in 2025.
2018-2020: A failed move and a buyback
Epsilon Energy began this record as an Alberta corporation. In April 2018 it proposed "domesticating" into a Delaware company, to be renamed Epsilon Energy Inc. This was a change of legal home, not a merger. By May 2018 the shareholder vote planned for 10 May had been cancelled, and the move was withdrawn in October 2018. Epsilon stayed an Alberta company. A filing also noted that the proposed Delaware charter would have limited shareholders' claims to one court, the Court of Chancery, where the Alberta articles set no such limit.
In February 2019 the exchange certified Epsilon's shares for listing, clearing them to trade. In May 2020 the company announced an offer to buy back up to about $6.2 million of its own shares at a premium to the market price, paid from cash on hand. Shares on issue fell from 27,358,180 at the end of 2018 to 23,985,799 at the end of 2020, and kept drifting down to 22,008,766 by the end of 2024. The record for 2021 to 2023 is quiet.
2024: Beyond the Marcellus
Epsilon's core business was non-operated gas production in the Marcellus Shale (non-operated means partners run the wells), along with an interest in a gas gathering system. In 2024 it began to spread out. In March it entered the Permian Basin by paying $15 million cash to Pradera Fuego, LP for a 25% working interest in three producing wells and 3,246 gross undeveloped acres in Ector County, Texas. In October it agreed a joint venture with operator HWN Energy across roughly 160,000 gross acres in Alberta, Canada. Epsilon would earn a 25% working interest by funding a $7.3 million drilling carry, covering at least four wells in 2025, with an option on a further $1.4 million for two more wells in 2026.
2025: The Peak acquisition
On 11 August 2025 Epsilon agreed to buy Peak Exploration & Production and Peak BLM Lease from Yorktown Energy Partners XI, L.P., paying entirely in shares. Because this meant issuing many new shares, shareholders had to vote. The proxy set out up to 5,800,000 shares at closing, 200,000 under the Peak BLM agreement, and up to 2,500,000 more later. If all were issued, the sellers would hold about 28% of the company. The board unanimously backed the deal, and the meeting was set for 12 November.
On 14 October Epsilon closed a new $47.5 million credit facility with Frost Bank and Texas Capital Bank, replacing its old one, running to October 2029. Its borrowing base, the amount lenders allow it to borrow against its reserves, was to be raised once Peak closed. The Peak deal closed on 14 November 2025, with 5,591,372 plus 90,117 shares issued, and Peak's founder Jack Vaughn joined the board. As of that date, Epsilon had a much larger asset base, and its share count had risen to about 30.2 million at the end of 2025 as a result of the deal.
Written from the 10 story beats below (2018 to 14 Nov 2025), which come from the company's own announcements and filings.