Epsilon Energy Ltd. Releases Third Quarter 2009 Results

Friday, November 06, 2009 9:07 AM

CONCORD, ONTARIO, Nov. 6, 2009 (Marketwire) --

CONCORD, ONTARIO -- (Marketwire) -- 11/06/09 -- Today Epsilon Energy Ltd. ("Epsilon" or the "Corporation")(TSX: EPS) announced its 2009 third quarter results.



                       EPSILON ENERGY LTD. HIGHLIGHTS
            (in 000's of U.S. dollars, except per unit amounts)
----------------------------------------------------------------------------
                           Quarter Ended               Nine Months Ended
                           September 30,                 September 30,
                   ----------------------------  ---------------------------
                        2009           2008           2009           2008
                   -------------  -------------  -------------  ------------
Revenues            $       607    $     2,476    $     3,046    $     6,387
Project Operating
 Costs                      188            671          1,040          1,339
Impairment of
 Unproved Property          581              -          2,753              -
Depletion,
 Depreciation &
 Accretion                1,212            737          2,521          1,745
General and
 Administrative           1,369          1,523          3,841          5,699
Gain (loss) on sale
 of assets                  (14)             -         (9,743)         5,085
Income tax recovery           -              -          2,600              -
Net income (loss)        (2,812)          (148)       (14,492)         3,727
Net income (loss)
 per share
 Basic              $     (0.06)   $     (0.00)   $     (0.29)   $      0.08
 Diluted            $     (0.06)   $     (0.00)   $     (0.29)   $      0.07

During the first nine months of 2009, the Corporation continued to explore, develop and expand its natural gas and oil interests and generated a net loss of $14.5 million, as compared to a $3.7 million net profit for the same period of 2008.

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