Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Epsilon Energy Ltd., Valuation and Financial Data 8 Epsilon Energy Ltd., Share Price Performance 8 Share Price Performance, Q1, 2015-Q1, 2016 8 Epsilon Energy Ltd., Key Valuation Metrics 9 Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Epsilon Energy Ltd., Quarterly Results of Oil & Gas Operations Per boe Produced 10 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 10 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 11 Epsilon Energy Ltd., Quarterly E&P Costs Trends 12 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Epsilon Energy Ltd., Quarterly Production Trends 13 Epsilon Energy Ltd., Total Oil and Gas Production 13 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 13 Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 14 Epsilon Energy Ltd., Natural Gas Production 15 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 15 Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 16 Epsilon Energy Ltd., Valuation and Financial Data, 2011-2015 17 Epsilon Energy Ltd., Share Price Performance, 2011-2015 17 Share Price Performance, 2011-2015 17 Key Valuation Metrics, 2011-2015 18 Epsilon Energy Ltd., Production and Reserves Trends 19 Total Oil and Gas, Reserves and Production 19 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 19 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 21 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 23 Crude Oil/Liquids Production and Reserve 24 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 24 Crude Oil Production and Reserves By Country/Region, 2011-2015 25 Natural Gas Production and Reserve 27 Natural Gas Production and Reserve Trend, 2011-2015 27 Natural Gas Production and Reserves, By Country/Region, 2011-2015 28 Natural Gas Reserve Changes, 2011-2015 30 Total Crude Oil and Natural Gas Reserves Life Index 31 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 31 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 32 Epsilon Energy Ltd., E&P Costs Trends 34 Allocation of the Upstream Capital Expenditure 34 Upstream Capital Expenditure, 2011-2015 34 Exploration and Development Costs, By Country/Region, 2011-2015 35 Oil and Gas Cost Per boe, US$/boe 37 Oil and Gas Cost Per boe, US$/boe, 2011-2015 37 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 39 Epsilon Energy Ltd., Reserve Replacement Ratio 41 Oil and Gas Production Replacement Ratio 41 Oil and Gas Production Replacement Ratio, 2011-2015 41 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 43 Epsilon Energy Ltd., Results of Oil & Gas Operations Trend 47 Oil and Gas Revenue and Expenses 47 Oil and Gas Revenue and Expenses, 2011-2015 47 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 48 Oil and Gas Revenue and Expenses, Per boe 50 Oil and Gas Revenue and Expenses, By boe, 2011-2015 50 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 51 Oil and Gas Performance Metrics 54 Epsilon Energy Ltd., Land Holdings and Well Data 55 Developed and Undeveloped Acreage 55 Gross and Net Developed and Undeveloped Acreage, 2011-2015 55 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 56 Well Statistics 58 Producible Oil and Gas Well, 2011-2015 58 Producible Oil and Gas Well, By Country/Region, 2011-2015 59 Recent Developments 61 Epsilon Energy Ltd. - Recent Developments 61 Sep 21, 2016: Epsilon Reports Expiration Of Previously Announced PSA 61 Jul 28, 2016: Epsilon Reports Second Quarter 2016 Results 61 May 05, 2016: Epsilon Reports First Quarter 2016 Results 63 Mar 16, 2016: Epsilon Energy Announces Full Year 2015 Results 64 Oct 28, 2015: Epsilon Reports Third Quarter 2015 Results 66 Jul 23, 2015: Epsilon Reports Second Quarter 2015 Results 68 Apr 30, 2015: Epsilon Announces Election Of Board Of Directors 70 Apr 29, 2015: Epsilon Reports First Quarter 2015 Results 70 Mar 11, 2015: Epsilon Energy Announces Full Year 2014 Results 72 Mar 02, 2015: Epsilon Energy: Announces Independent Reserve Appraisal Report 74 Appendix 76 Methodology 76 Coverage 76 Secondary Research 76 Primary Research 76 Data Information Sources 77 Company Source 77 SEC/Other Regulatory Filings 77 Other Sources 77 Expert Panel Validation 77 Data Definition 77 Oil and Gas Reserves 77 Units of Measure 78 About GlobalData 78 Disclosure 78 Disclaimer 78

List of Tables Table 1: Epsilon Energy Ltd., Key Facts 7 Table 2: Epsilon Energy Ltd., Share Price Performance, Q1, 2015-Q1, 2016 8 Table 3: Epsilon Energy Ltd., Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Table 4: Epsilon Energy Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Table 5: Epsilon Energy Ltd., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 11 Table 6: Epsilon Energy Ltd., Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Table 7: Epsilon Energy Ltd., Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 13 Table 8: Epsilon Energy Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14 Table 9: Epsilon Energy Ltd., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 15 Table 10: Epsilon Energy Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 16 Table 11: Epsilon Energy Ltd., Share Price Performance, 2011-2015 17 Table 12: Epsilon Energy Ltd., Key Valuation Metrics, 2011-2015 18 Table 13: Epsilon Energy Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 20 Table 14: Epsilon Energy Ltd., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 22 Table 15: Epsilon Energy Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 23 Table 16: Epsilon Energy Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 24 Table 17: Epsilon Energy Ltd., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 26 Table 18: Epsilon Energy Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 27 Table 19: Epsilon Energy Ltd., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 29 Table 20: Epsilon Energy Ltd., Natural Gas Reserve Changes, bcf, 2011-2015 30 Table 21: Epsilon Energy Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 31 Table 22: Epsilon Energy Ltd., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 33 Table 23: Epsilon Energy Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 34 Table 24: Epsilon Energy Ltd., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 36 Table 25: Epsilon Energy Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 38 Table 26: Epsilon Energy Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 40 Table 27: Epsilon Energy Ltd., Oil and Gas Production Replacement Ratio, %, 2011-2015 42 Table 28: Epsilon Energy Ltd., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 46 Table 29: Epsilon Energy Ltd., Revenue and Expenses, US$ mil, 2011-2015 47 Table 30: Epsilon Energy Ltd., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 49 Table 31: Epsilon Energy Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 50 Table 32: Epsilon Energy Ltd., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 53 Table 33: Epsilon Energy Ltd., Oil and Gas Performance Metrics, 2011-2015 54 Table 34: Epsilon Energy Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 55 Table 35: Epsilon Energy Ltd., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 57 Table 36: Epsilon Energy Ltd., Producible Oil and Gas Wells, 2011-2015 58 Table 37: Epsilon Energy Ltd., Producible Oil and Gas Wells, By Country/Region, 2011-2015 60 List of Figures Figure 1: Epsilon Energy Ltd., Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 8 Figure 2: Epsilon Energy Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 9 Figure 3: Epsilon Energy Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Figure 4: Epsilon Energy Ltd., Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 12 Figure 5: Epsilon Energy Ltd., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 13 Figure 6: Epsilon Energy Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14 Figure 7: Epsilon Energy Ltd., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 15 Figure 8: Epsilon Energy Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 16 Figure 9: Epsilon Energy Ltd., Share Price Performance, CAD/Share, 2011-2015 17 Figure 10: Epsilon Energy Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 18 Figure 11: Epsilon Energy Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 19 Figure 12: Epsilon Energy Ltd., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 21 Figure 13: Epsilon Energy Ltd., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 21 Figure 14: Epsilon Energy Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 23 Figure 15: Epsilon Energy Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 24 Figure 16: Epsilon Energy Ltd., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 25 Figure 17: Epsilon Energy Ltd., Oil Production, By Country/Region, mmbbl, 2011-2015 25 Figure 18: Epsilon Energy Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 27 Figure 19: Epsilon Energy Ltd., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 28 Figure 20: Epsilon Energy Ltd., Gas Production, By Country/Region, bcf, 2011-2015 28 Figure 21: Epsilon Energy Ltd., Natural Gas Reserve Changes, bcf, 2015 30 Figure 22: Epsilon Energy Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 31 Figure 23: Epsilon Energy Ltd., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 32 Figure 24: Epsilon Energy Ltd., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 32 Figure 25: Epsilon Energy Ltd., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 33 Figure 26: Epsilon Energy Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 34 Figure 27: Epsilon Energy Ltd., Development Costs, By Country/Region, US$ mil, 2011-2015 35 Figure 28: Epsilon Energy Ltd., Exploration Costs, By Country/Region, US$ mil, 2011-2015 35 Figure 29: Epsilon Energy Ltd., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 37 Figure 30: Epsilon Energy Ltd., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 39 Figure 31: Epsilon Energy Ltd., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 39 Figure 32: Epsilon Energy Ltd., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 40 Figure 33: Epsilon Energy Ltd., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 41 Figure 34: Epsilon Energy Ltd., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 43 Figure 35: Epsilon Energy Ltd., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 43 Figure 36: Epsilon Energy Ltd., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 44 Figure 37: Epsilon Energy Ltd., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 44 Figure 38: Epsilon Energy Ltd., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 45 Figure 39: Epsilon Energy Ltd., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 45 Figure 40: Epsilon Energy Ltd., Revenue and Expenses, US$ mil, 2011-2015 47 Figure 41: Epsilon Energy Ltd., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 48 Figure 42: Epsilon Energy Ltd., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 48 Figure 43: Epsilon Energy Ltd., Production Costs, By Country/Region, US$ mil, 2011-2015 49 Figure 44: Epsilon Energy Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 50 Figure 45: Epsilon Energy Ltd., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 51 Figure 46: Epsilon Energy Ltd., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 51 Figure 47: Epsilon Energy Ltd., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 52 Figure 48: Epsilon Energy Ltd., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 52 Figure 49: Epsilon Energy Ltd., Oil and Gas Performance Metrics, 2011-2015 54 Figure 50: Epsilon Energy Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 55 Figure 51: Epsilon Energy Ltd., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 56 Figure 52: Epsilon Energy Ltd., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 56 Figure 53: Epsilon Energy Ltd., Producible Oil and Gas Wells, 2011-2015 58 Figure 54: Epsilon Energy Ltd., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 59 Figure 55: Epsilon Energy Ltd., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 59 Figure 56: Epsilon Energy Ltd., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 60