Epsilon Energy is a small North American onshore oil and gas E&P company with operations in four basins: the Marcellus Shale in Pennsylvania, the Permian Basin (Barnett formation) in Texas, the Powder River Basin in Wyoming, and the Western Canadian Sedimentary Basin in Alberta. Pennsylvania has historically been Epsilon's core, where it holds non-operated working interests in Marcellus Shale natural gas wells and owns a 35% stake in the Auburn Gas Gathering System, which gathers and compresses gas from Epsilon and third-party shippers. Epsilon sells its Pennsylvania gas at the wellhead into the Tennessee Gas Pipeline. In late 2025, Epsilon acquired Peak Exploration & Production, adding operated, oil-weighted production and a large drilling inventory in Wyoming's Powder River Basin, which management views as the highest-return near-term growth opportunity. Epsilon earns revenue two ways: selling produced oil, gas, and NGLs across its upstream assets, and collecting fixed, CPI-adjusted gathering and compression fees through Auburn GGS. Because Epsilon is non-operated in Pennsylvania and Texas, production levels there depend on third-party operators' drilling pace; the Wyoming assets give Epsilon direct control over capital deployment. Epsilon hedges roughly 50-60% of its producing reserves for downside protection, funds its dividend and capex from operating cash flow, and targets net debt/EBITDA below 1.5x. Growth is driven by organic drilling across the Powder River Basin, Permian Barnett, and Marcellus, supplemented by opportunistic bolt-on acquisitions.