Epsilon Energy Ltd

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In September, 2008, Concord, Ontario-based Epsilon Energy Ltd (EPS.TO) was reported to have leased an additional 10,200 acres in Chemung and Tioga counties in New York. The acreage is located between its Park Place and Evans Hill projects according to Fred Zaziski, Epsilon's President. The company is the operator and holds a 50% working interest. In total, it now owns a 50% interest in approximately 87,200 leasehold acres in New York and Pennsylvania.

Another report in September, 2008 stated that Epsilon had completed two horizontal wells in their Highway 706 project in east central Pennsylvania near Mr. Carmel, PA. Drilling was still underway on a third well in this area. It has already received water withdrawal permits for fracing and continued drilling from the Susquehanna River Basin Commission (SRBC) on this project. Epsilon owns drilling rights to 11,500 acres in this development, and most of it is unexplored.

Fracing of the first of these wells as well as microseismic evaluation has a planned mid-November completion date.

Epsilon provided an operational update in November, 2008 in which they reported a substantial slickwater fracture on its initial horizontal well and inital test results on the well are promising. A January 2009 report took note that the horizontal well was producing 3 Mmcf/day and a vertical well alos in the same project produced 1 Mmcf/day.

Epsilon is working on a gathering system and will tap into the Tennessee Gas Pipeline. The initial phase of the company's pipeline infrastructure for the Hwy. 706 project is expected to be complete by the end of June, 2009.

In January, 2009 the company provided another operational update in which it noted that it had completed drilling of the Poulsen 1H, a 2,700 foot lateral horizontal well that is part of its Highway 706 project. It was futher mentioned in the same report that Epsilon now owns drilling rights to 32,000 gross (16,000 net) acres in New York State prospective for Marcellus shale. The company so far drilled four horizontal wells and three vertical ones) in the Marcellus.

It also has a presence in the Quebec Saint Lawrence Lowlands Utica shale play where it is partners with Gastem in the Yamaska Project.

The company produces on land in West Virgina and Ohio.

Fred Zaziski is Epsilon's President.

David Hines is Epsilon Energy's Vice President of Exploration.

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