Epsilon Signs Of Definitive Agreements To Form A Joint Venture In The Garrington And Harmattan Areas Of Alberta, Canada, In The Western Canadian Sedimentary Basin; Consideration Will Be In The Form Of Up To A C$12M Development Carry, With C$10M To Be Deployed Over A Minimum Of 4 Gross Horizontal Wells, Drilled And Completed Over A 12-Month Period From December 1, 2024, With The Operator's Option For 2 Additional Gross Horizontal Wells, Drilled And Completed Over A 12 Month Period From December 1, 2025
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Epsilon Energy Ltd. (NASDAQ:EPSN) has signed agreements to form a joint venture in Alberta, Canada, focusing on horizontal development in the Garrington and Harmattan areas. The venture involves a C$12M development carry, with C$10M allocated for initial drilling. Epsilon will earn a 25% working interest in the Garrington area and has a 50% interest in the Killam area. The company benefits from Canadian tax advantages.
October 24, 2024 | 8:23 pm
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Epsilon Energy Ltd. has entered into a joint venture in Alberta, Canada, with a C$12M development carry. The venture targets horizontal development in the Garrington and Harmattan areas, potentially boosting Epsilon's asset base and revenue.
The joint venture allows Epsilon to expand its asset base in Canada, targeting lucrative formations. The C$12M development carry and potential for additional wells indicate a significant investment, likely to enhance future revenues. The Canadian tax advantages further strengthen Epsilon's financial position.
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