EPSN · Epsilon Energy Ltd.

These common shares were acquired as a restricted stock grant on 07/01/2023. They vested and were issued on 07/02/2026.

This amount includes 225,995 shares of restricted stock units subject to vesting and certain other restrictions.

These common shares were acquired as a restricted stock grant on 07/01/2022. They vested and were issued 07/02/2026.

These common shares were acquired as a restricted stock grant on 07/01/2022. They vested and were issued on 07/02/2026.

These common shares were acquired as a restricted stock grant on 07/01/2023. They vested and were issued 07/02/2026.

This amount includes 94,855 shares of restricted stock units subject to vesting and certain other restrictions.

The securities reported herein are held by Sisu Investments, LLC, whose members are Jason Stabell, his wife, and kids. Mr. Stabell may be deemed to be a beneficial owner of such securities by virtue of his role in the management of this company.

The securities reported herein are held by Sisu Investments, LLC, whose members are Jason Stabell, his wife, and kids. Mr. Stabell may be deemed to be a beneficial owner of such securities by virtue of his role in the management of this company.

The securities reported herein are held by Sisu Investments, LLC, whose members are Jason Stabell, his wife, and kids. Mr. Stabell may be deemed to be a beneficial owner of such securities by virtue of his role in the management of this company.

The securities reported herein are held by Sisu Investments, LLC, whose members are Jason Stabell, his wife, and kids. Mr. Stabell may be deemed to be a beneficial owner of such securities by virtue of his role in the management of this company.

These common shares were acquired as a restricted stock grant on 07/01/2022. They vested and were issued on 04/01/2026.

This amount includes 225,995 shares of restricted stock units subject to vesting and certain other restrictions.

These common shares were acquired as a restricted stock grant on 07/01/2022. They vested and were issued 04/01/2026.

This amount includes 94,855 shares of restricted stock units subject to vesting and certain other restrictions.

Sale to cover tax withholding obligation incurred with the vesting of restricted stock units. The reported price is a weighted average price, with shares sold in multiple transactions at prices ranging from $6.40 to $6.52, inclusive. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

The securities reported herein are held by Sisu Investments, LLC, whose members are Jason Stabell, his wife, and kids. Mr. Stabell may be deemed to be a beneficial owner of such securtities by virtue of his role in the management of this company.

The securities reported herein are held in multiple accounts. Solas Capital Management, LLC may be deemed to be a beneficial owner of such securities by virtue of its role as the investment manager of such accounts. Frederick Tucker Golden may be deemed to be a beneficial owner of such securities by virtue of his role as the portfolio manager of Solas Capital Management, LLC. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

The securities reported herein are held by Sisu Investments, LLC, whose members are Jason Stabell, his wife, and kids. Mr. Stabell may be deemed to be a beneficial owner of such securtities by virtue of his role in the management of this company.

The securities reported herein are held in multiple accounts. Solas Capital Management, LLC may be deemed to be a beneficial owner of such securities by virtue of its role as the investment manager of such accounts. Frederick Tucker Golden may be deemed to be a beneficial owner of such securities by virtue of his role as the portfolio manager of Solas Capital Management, LLC. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Sale to cover tax withholding obligation incurred with the vesting of restricted stock units.

The securities reported herein are held in multiple accounts. Solas Capital Management, LLC may be deemed to be a beneficial owner of such securities by virtue of its role as the investment manager of such accounts. Frederick Tucker Golden may be deemed to be a beneficial owner of such securities by virtue of his role as the portfolio manager of Solas Capital Management, LLC. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

A grant of 49,582 shares of common stock represented by time-based restricted stock units. The shares vest evenly over three years (12/31/26, 12/31/27, and 12/31/28).

A grant of 71,130 shares of common stock represented by time-based restricted stock units. The shares vest evenly over three years (12/31/26, 12/31/27, and 12/31/28).

A grant of 13,598 shares of common stock represented by time-based restricted stock units. The shares vest evenly over three years (12/31/26, 12/31/27, and 12/31/28).

A grant of 166,736 shares of common stock represented by time-based restricted stock units. The shares vest evenly over three years (12/31/26, 12/31/27, and 12/31/28).

A grant of 13,598 shares of common stock represented by time-based restricted stock units. The shares vest evenly over three years (12/31/26, 12/31/27, and 12/31/28).

A grant of 13,598 shares of common stock represented by time-based restricted stock units. The shares vest evenly over three years (12/31/26, 12/31/27, and 12/31/28).

A grant of 13,598 shares of common stock represented by time-based restricted stock units. The shares vest evenly over three years (12/31/26, 12/31/27, and 12/31/28).

A grant of 13,598 shares of common stock represented by time-based restricted stock units. The shares vest evenly over three years (12/31/26, 12/31/27, and 12/31/28).

These common shares were acquired as a restricted stock grant on 07/01/2022. They vested 01/01/2026 and were issued on 01/13/2026.

These common shares were acquired as a dividend equivalent right. They were issued on 01/13/2026.

These common shares were acquired as a dividend equivalent right. They were issued on 01/13/2026.

These common shares were acquired as a dividend equivalent right. They were issued on 01/13/2026.

These common shares were acquired as a dividend equivalent right. They were issued on 01/13/2026.

These common shares were acquired as a dividend equivalent right. They were issued on 01/13/2026.

These common shares were acquired as a dividend equivalent right. They were issued on 01/13/2026.

These common shares were acquired as a dividend equivalent right. They were issued on 01/13/2026.

These common shares were acquired as a dividend equivalent right. They were issued on 01/13/2026.

These common shares were acquired as a restricted stock grant on 12/31/2023. They vested 12/31/2025 and were issued on 01/13/2026.

These common shares were acquired as a restricted stock grant on 07/01/2022. They vested 01/01/2026 and were issued on 01/13/2026.

These common shares were acquired as a restricted stock grant on 12/31/2023. They vested 12/31/2025 and were issued on 01/13/2026.

The securities reported herein are held by Sisu Investments, LLC, whose members are Jason Stabell, his wife, and kids. Mr. Stabell may be deemed to be a beneficial owner of such securtities by virtue of his role in the management of this company.

The securities reported herein are held in multiple accounts. Solas Capital Management, LLC may be deemed to be a beneficial owner of such securities by virtue of its role as the investment manager of such accounts. Frederick Tucker Golden may be deemed to be a beneficial owner of such securities by virtue of his role as the portfolio manager of Solas Capital Management, LLC. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any,therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

The securities reported herein are held in multiple accounts. Solas Capital Management, LLC may be deemed to be a beneficial owner of such securities by virtue of its role as the investment manager of such accounts. Frederick Tucker Golden may be deemed to be a beneficial owner of such securities by virtue of his role as the portfolio manager of Solas Capital Management, LLC. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any,therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

The securities reported herein are held by Sisu Investments, LLC, whose members are Jason Stabell, his wife, and kids. Mr. Stabell may be deemed to be a beneficial owner of such securtities by virtue of his role in the management of this company.

The securities reported herein are held in multiple accounts. Solas Capital Management, LLC may be deemed to be a beneficial owner of such securities by virtue of its role as the investment manager of such accounts. Frederick Tucker Golden may be deemed to be a beneficial owner of such securities by virtue of his role as the portfolio manager of Solas Capital Management, LLC. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any,therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Pursuant to the Membership Interest Purchase Agreement dated August 11, 2025, among Yorktown Energy Partners XI L.P., Peak BLM Lease LLC ("Peak BLM"), Epsilon Energy USA, Inc., and Epsilon Energy Ltd., Yorktown Energy Partners XI, L.P. ("Yorktown XI") received, as post-closing consideration, 2,234,847 of the Issuer's Common Shares.

These securities are owned directly by Yorktown XI. The reporting person is a managing member of Yorktown XI Associates LLC, the general partner of Yorktown XI Company LP, the general partner of Yorktown XI.

The securities reported herein are held by Sisu Investments, LLC, whose members are Jason Stabell, his wife, and kids. Mr. Stabell may be deemed to be a beneficial owner of such securtities by virtue of his role in the management of this company.

The securities reported herein are held by Sisu Investments, LLC, whose members are Jason Stabell, his wife, and kids. Mr. Stabell may be deemed to be a beneficial owner of such securtities by virtue of his role in the management of this company.

Pursuant to the Membership Interest Purchase Agreement dated August 11, 2025, among the Sellers party thereto, Peak Exploration & Production, LLC ("Peak E&P"), Epsilon Energy USA, Inc., Epsilon Energy Ltd., and Yorktown Energy Partners XI, L.P. (as Sellers' Representative), and the Membership Interest Purchase Agreement dated August 11, 2025, among Yorktown Energy Partners XI L.P., Peak BLM Lease LLC ("Peak BLM"), Epsilon Energy USA, Inc., and Epsilon Energy Ltd., the existing owners of Peak E&P and Peak BLM received, as consideration, the Issuer's Common Shares, with such Common Shares allocated among the existing owners pro rata based on their relative ownership of Peak E&P and Peak BLM.

These securities are owned directly by Yorktown Energy Partners IX, L.P. ("Yorktown IX"). The reporting person is a managing member of Yorktown IX Associates LLC, the general partner of Yorktown IX Company LP, the general partner of Yorktown IX.

Pursuant to the Membership Interest Purchase Agreement dated August 11, 2025, among the Sellers party thereto, Peak Exploration & Production, LLC ("Peak E&P"), Epsilon Energy USA, Inc., Epsilon Energy Ltd., and Yorktown Energy Partners XI, L.P. (as Sellers' Representative), and the Membership Interest Purchase Agreement dated August 11, 2025, among Yorktown Energy Partners XI L.P., Peak BLM Lease LLC ("Peak BLM"), Epsilon Energy USA, Inc., and Epsilon Energy Ltd., the existing owners of Peak E&P and Peak BLM received, as consideration, the Issuer's Common Shares, with such Common Shares allocated among the existing owners pro rata based on their relative ownership of Peak E&P and Peak BLM.

These securities are owned directly by Yorktown Energy Partners X, L.P. ("Yorktown X"). The reporting person is a managing member of Yorktown X Associates LLC, the general partner of Yorktown X Company LP, the general partner of Yorktown X.

The Membership Interest Purchase Agreement with Peak BLM also provides that Yorktown XI will receive 2,500,000 of Issuer's Common Shares (subject to adjustment) when certain conditions have been satisfied following the closing date. Yorktown XI's right to receive additional shares became fixed and irrevocable on November 14, 2025.

Pursuant to the Membership Interest Purchase Agreement dated August 11, 2025, among the Sellers party thereto, Peak Exploration & Production, LLC ("Peak E&P"), Epsilon Energy USA, Inc., Epsilon Energy Ltd., and Yorktown Energy Partners XI, L.P. (as Sellers' Representative), and the Membership Interest Purchase Agreement dated August 11, 2025, among Yorktown Energy Partners XI L.P., Peak BLM Lease LLC ("Peak BLM"), Epsilon Energy USA, Inc., and Epsilon Energy Ltd., the existing owners of Peak E&P and Peak BLM received, as consideration, the Issuer's Common Shares, with such Common Shares allocated among the existing owners pro rata based on their relative ownership of Peak E&P and Peak BLM.

These securities are owned directly by Yorktown Energy Partners XI, L.P. ("Yorktown XI"). The reporting person is a managing member of Yorktown XI Associates LLC, the general partner of Yorktown XI Company LP, the general partner of Yorktown XI.