Epsilon Energy Ltd. Updates Its Shares Purchased to Date Under Its Normal Course Issuer Bidadmin
Epsilon Energy Ltd., announced that it had purchased 1,000,000 of its Common Shares through a combination of open market and block trades at an average cost of $0.83 per Common Share between October 1, 2008 and November 7, 2008. Under terms of the Normal Course Issuer Bid approved by the Toronto Stock Exchange (“TSX”) on September 29, 2008, Epsilon may purchase up to a total of 2,000,000 of its Common Shares during a period of one year commencing on October 1, 2008.
Epsilon believes that the current market price of its Common Shares does not fully reflect the value of its business and its future business prospects and represents an attractive investment opportunity, and that subsequent purchases under the Normal Course Issuer Bid will enhance long-term value for its remaining shareholders. As such, Epsilon may purchase up to 1,000,000 additional Common Shares remaining under the terms of its Normal Course Issuer Bid, as warranted.
Epsilon is engaged in the acquisition, exploration, development and production of oil and natural gas reserves in the Middle East, Africa and North America:
– Republic of Yemen: Epsilon has a 57.14% paying interest and a 50% undivided interest in the Block 41 Production Sharing Agreement, which covers approximately 5,600 sq. km onshore. – Democratic Federal Republic of Ethiopia: Epsilon has signed a study agreement covering 154,871.53 sq. km with the option to acquire oil & gas concessions for the entire area or portions thereof.
– North America: Epsilon has producing properties in West Virginia, New York and Ohio and is focused on additional exploration and development projects targeting the Marcellus Shale in the Appalachian Basin the United States, Bakken Oil Shale in the Saskatchewan province of Canada and the Utica Shale in the Quebec province of Canada.