Epsilon Energy (EPSN) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Document Fiscal Year Focus	2024
Entity File Number	001-38770
Entity Registrant Name	EPSILON ENERGY LTD.
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	98-1476367
Entity Address, Address Line One	500 Dallas Street
Entity Address, Address Line Two	Suite 1250
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	281
Local Phone Number	670-0002
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	EPSN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,921,850
Entity Central Index Key	0001726126
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 2,308,633	$ 13,403,628
Accounts receivable	5,061,734	6,015,448
Short term investments	12,238,177	18,775,106
Fair value of derivatives	1,347,512	1,219,025
Prepaid income taxes	1,020,702	952,301
Other current assets	619,542	763,288
Total current assets	22,596,300	41,128,796
Oil and gas properties, successful efforts method
Proved properties	180,452,860	160,263,511
Unproved properties	28,593,071	25,504,873
Accumulated depletion, depreciation, amortization and impairment	(115,782,946)	(113,708,210)
Total oil and gas properties, net	93,262,985	72,060,174
Gathering system	42,757,299	42,738,273
Accumulated depletion, depreciation, amortization and impairment	(35,788,907)	(35,539,996)
Total gathering system, net	6,968,392	7,198,277
Land	637,764	637,764
Buildings and other property and equipment, net	287,524	291,807
Total property and equipment, net	101,156,665	80,188,022
Other assets:
Operating lease right-of-use assets, long term	417,268	441,987
Restricted cash	900,000	470,000
Prepaid drilling costs	0	1,813,808
Total non-current assets	102,473,933	82,913,817
Total assets	125,070,233	124,042,613
Current liabilities
Accounts payable trade	3,215,137	3,236,871
Gathering fees payable	667,014	1,136,237
Royalties payable	1,201,478	1,422,898
Accrued capital expenditures	2,706,951	696,761
Accrued compensation	212,892	636,295
Other accrued liabilities	732,593	561,537
Fair value of derivatives	836,268	118,770
Operating lease liabilities	95,170	86,473
Total current liabilities	9,667,503	7,895,842
Non-current liabilities
Asset retirement obligations	3,562,486	3,502,952
Deferred income taxes	11,530,950	11,553,943
Operating lease liabilities, long term	446,226	476,911
Total non-current liabilities	15,539,662	15,533,806
Total liabilities	25,207,165	23,429,648
Commitments and contingencies (Note 10)
Shareholders' equity
Preferred shares, no par value, unlimited shares authorized, none issued or outstanding	0	0
Common shares, no par value, unlimited shares authorized and 21,913,202 shares issued and outstanding at March 31, 2024 and 22,222,722 issued and 22,151,848 shares outstanding at December 31, 2023	116,708,531	118,272,565
Treasury shares, at cost, 0 at March 31, 2024 and 70,874 at December 31, 2023		(360,326)
Additional paid-in capital	11,196,060	10,874,491
Accumulated deficit	(37,809,555)	(37,946,042)
Accumulated other comprehensive income	9,768,032	9,772,277
Total shareholders' equity	99,863,068	100,612,965
Total liabilities and shareholders' equity	$ 125,070,233	$ 124,042,613

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Stockholders' Equity, Number of Shares, Par Value and Other Disclosure [Abstract]
Preferred shares, no par value	$ 0	$ 0
Preferred shares, unlimited authorized	Unlimited	Unlimited
Preferred shares issued	0	0
Preferred shares outstanding	0	0
Common shares, no par value	$ 0	$ 0
Common shares, unlimited authorized	Unlimited	Unlimited
Common shares issued	21,913,202	22,222,722
Common shares outstanding	21,913,202	22,151,848
Treasury shares	0	70,874

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues from contracts with customers:
Total revenue	$ 7,986,743	$ 9,356,276
Operating costs and expenses:
Lease operating expenses	1,768,462	1,404,279
Gathering system operating expenses	552,570	651,341
Depletion, depreciation, amortization, and accretion	2,380,426	1,773,006
Impairment expense	0	0
General and administrative expenses:
Stock based compensation expense	321,569	179,748
Other general and administrative expenses	1,559,023	2,023,773
Total operating costs and expenses	6,582,050	6,032,147
Operating income	1,404,693	3,324,129
Other income (expense):
Interest income	266,272	490,762
Interest expense	(8,760)	(28,437)
(Loss) gain on derivative contracts	(100,726)	1,068,660
Other income (expense), net	(533)	1,635
Other income, net	156,253	1,532,620
Net income before income tax expense	1,560,946	4,856,749
Income tax expense	54,050	1,326,922
NET INCOME	1,506,896	3,529,827
Currency translation adjustments	364	(2,600)
Unrealized loss on securities	(4,609)	0
NET COMPREHENSIVE INCOME	$ 1,502,651	$ 3,527,227
Net income per share, basic (in dollars per share)	$ 0.07	$ 0.15
Net income per share, diluted (in dollars per share)	$ 0.07	$ 0.15
Weighted average number of shares outstanding, basic (in shares)	21,994,207	22,990,893
Weighted average number of shares outstanding, diluted (in shares)	21,994,207	23,027,684
Gas, oil, NGL and condensate revenue
Revenues from contracts with customers:
Total revenue	$ 6,051,045	$ 6,969,581
Gathering and Compression fees
Revenues from contracts with customers:
Total revenue	$ 1,935,698	$ 2,386,695

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Common Shares	Treasury Shares	Additional paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Total
Balance at beginning of period at Dec. 31, 2022	$ 123,904,965		$ 9,856,229	$ 9,774,551	$ (39,290,540)	$ 104,245,205
Balance (in shares) at Dec. 31, 2022	23,117,144
Increase (Decrease) in Stockholders' Equity
Net income					3,529,827	3,529,827
Dividends paid					(1,412,455)	(1,412,455)
Stock-based compensation expense			179,748			179,748
Buyback of common shares		$ (1,367,425)				(1,367,425)
Buyback of common shares (in shares)		(237,920)
Retirement of treasury shares	$ (1,115,306)	$ 1,115,306
Retirement of treasury shares (in shares)	(190,700)	190,700
Other comprehensive income (loss)				(2,600)		(2,600)
Balance at end of period at Mar. 31, 2023	$ 122,789,659	$ (252,119)	10,035,977	9,771,951	(37,173,168)	105,172,300
Balance (in shares) at Mar. 31, 2023	22,926,444	(47,220)
Balance at beginning of period at Dec. 31, 2022	$ 123,904,965		9,856,229	9,774,551	(39,290,540)	104,245,205
Balance (in shares) at Dec. 31, 2022	23,117,144
Balance at end of period at Dec. 31, 2023	$ 118,272,565	$ (360,326)	10,874,491	9,772,277	(37,946,042)	100,612,965
Balance (in shares) at Dec. 31, 2023	22,222,722	(70,874)
Increase (Decrease) in Stockholders' Equity
Net income					1,506,896	1,506,896
Dividends paid					(1,370,409)	(1,370,409)
Stock-based compensation expense			321,569			321,569
Buyback of common shares		$ (1,203,708)				(1,203,708)
Buyback of common shares (in shares)		(248,700)
Retirement of treasury shares	$ (1,564,034)	$ 1,564,034
Retirement of treasury shares (in shares)	(319,574)	319,574
Vesting of shares of restricted stock	10,054
Other comprehensive income (loss)				(4,245)		(4,245)
Balance at end of period at Mar. 31, 2024	$ 116,708,531		$ 11,196,060	$ 9,768,032	$ (37,809,555)	$ 99,863,068
Balance (in shares) at Mar. 31, 2024	21,913,202

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 1,506,896	$ 3,529,827
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	2,380,426	1,773,006
Accretion of discount on available for sale securities	(216,180)	0
Loss (gain) on derivative contracts	100,726	(1,068,660)
Settlement received on derivative contracts	488,285	363,300
Settlement of asset retirement obligation	(1,653)	0
Stock-based compensation expense	321,569	179,748
Deferred income tax expense (benefit)	(22,993)	(12,108)
Changes in assets and liabilities:
Accounts receivable	953,714	2,396,066
Prepaid income taxes	(68,401)	0
Other assets and liabilities	146,477	143,646
Accounts payable, royalties payable and other accrued liabilities	(1,897,438)	(1,062,898)
Income taxes payable	0	1,336,225
Net cash provided by operating activities	3,691,428	7,578,152
Cash flows from investing activities:
Additions to unproved oil and gas properties	(3,088,198)	(106,069)
Additions to proved oil and gas properties	(17,226,449)	(621,132)
Additions to gathering system properties	(22,650)	(12,423)
Additions to land, buildings and property and equipment	(7,681)	(42,703)
Purchases of short term investments - available for sale	(4,045,785)	(30,138,743)
Proceeds from sales and maturities of short term investments	10,794,285	0
Prepaid drilling costs	1,813,808	0
Net cash used in investing activities	(11,782,670)	(30,921,070)
Cash flows from financing activities:
Buyback of common shares	(1,203,708)	(1,367,425)
Dividends paid	(1,370,409)	(1,412,455)
Net cash used in financing activities	(2,574,117)	(2,779,880)
Effect of currency rates on cash, cash equivalents, and restricted cash	364	(2,600)
(Decrease) increase in cash, cash equivalents, and restricted cash	(10,664,995)	(26,125,398)
Cash, cash equivalents, and restricted cash, beginning of period	13,873,628	45,806,947
Cash, cash equivalents, and restricted cash, end of period	3,208,633	19,681,549
Supplemental cash flow disclosures:
Interest paid		17,216
Non-cash investing activities:
Change in proved properties accrued in accounts payable and accrued liabilities	2,946,528	375,242
Change in gathering system accrued in accounts payable and accrued liabilities	(3,624)	9,201
Asset retirement obligation asset additions and adjustments	$ 16,372	$ 736

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Epsilon Energy Ltd. (the “Company” or “Epsilon” or “we”) was incorporated under the laws of the Province of Alberta, Canada on March 14, 2005, pursuant to the ABCA. Epsilon is a North American on-shore focused independent natural gas and oil company engaged in the acquisition, development, gathering and production of natural gas and oil reserves. On February 14, 2019, Epsilon’s registration statement on Form 10 was declared effective by the United States Securities and Exchange Commission and on February 19, 2019, we began trading in the United States on the NASDAQ Global Market under the trading symbol “EPSN.”

Basis of Preparation

Basis of Preparation	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Preparation	2. Basis of Preparation Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the appropriate rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. All adjustments which are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods presented have been included. The interim financial information and notes hereto should be read in conjunction with the Company’s consolidated financial statements as of and for the year ended December 31, 2023. The results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year. Principles of Consolidation The Company’s unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Epsilon Energy USA, Inc. and its wholly owned subsidiaries, Epsilon Midstream, LLC, Dewey Energy GP, LLC, Dewey Energy Holdings, LLC, Epsilon Operating, LLC, and Altolisa Holdings, LLC. With regard to the gathering system, in which Epsilon owns an undivided interest in the asset, proportionate consolidation accounting is used. All inter-company transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates pertain to proved natural gas and oil reserves and related cash flow estimates used in impairment tests of natural gas and oil, and gathering system properties, asset retirement obligations, accrued natural gas and oil revenues and operating expenses, accrued gathering system revenues and operating expenses, as well as the valuation of commodity derivative instruments. Actual results could differ from those estimates. Recently Issued Accounting Standards The Company, an emerging growth company (“EGC”), has elected to take advantage of the benefits of the extended transition period provided for in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting standards which allows the Company to defer adoption of certain accounting standards until those standards would otherwise apply to private companies. In June 2016 the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance removes all recognition thresholds and requires companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the Company expects to collect over the instrument’s contractual life. Epsilon adopted ASU 2016-13 as of January 1, 2023. There was no impact from the adoption of this ASU. In 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which, for a limited period of time, adds ASC 848 to the Codification providing entities with certain practical expedients and exceptions from applying modification accounting if certain criteria are met. The amendments are designed to reduce operational challenges that entities will face in applying modification accounting to all contracts that will be revised due to reference rate reform. The guidance in ASC 848 was triggered by the pending discontinuation of certain benchmark reference rates and, in some cases, their replacement by new rates that are more observable or transaction-based and, therefore, less susceptible to manipulation, than certain interest-rate benchmark reference rates commonly used today, including the London Interbank Offered Rate (LIBOR). This process of reference rate reform will require entities to modify certain contracts by removing the discontinued rates and including new rates. Epsilon adopted ASU 2020-04 as of January 1, 2023. There was no impact from the adoption of this ASU. In July 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-03 to amend various SEC paragraphs in the Accounting Standards Codification (“ASC”) to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 120. ASU No. 2023-03, “Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120 (“SAB 120”), SEC Staff Announcement at the March 24, 2022 Emerging Issues Task Force (“EITF”) Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock.” ASU 2023-03 amends the ASC for SEC updates pursuant to SEC Staff Accounting Bulletin No. 120; SEC Staff Announcement at the March 24, 2022 EITF Meeting; and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 – General Revision of Regulation S-X; Income or Loss Applicable to Common Stock. SAB 120 provides guidance on the measurement and disclosure of share-based awards shortly before announcing material nonpublic information. These updates were immediately effective and did not have any impact on our condensed consolidated financial statements. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, to amend certain disclosure and presentation requirements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU required disclosure of incremental segment information, primarily through enhanced disclosures about significant segment expenses and amounts for each reportable segment on an annual and interim basis. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods with fiscal years beginning after December 15, 2024. The Company is currently assessing the potential effects of the standard. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to disclose disaggregated information about a reporting entity’s effective tax rate reconciliation, using both percentages and reporting currency amounts for specific standardized categories, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the potential effects of this standard.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	3. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash on hand and short term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Restricted cash consists of amounts deposited to back bonds or letters of credit for potential well liabilities. The Company presents restricted cash with cash and cash equivalents in the Consolidated Statements of Cash Flows. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts in the Consolidated Statements of Cash Flows as of March 31, 2024 and December, 31 2023: ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 Cash and cash equivalents ​ $ 2,308,633 ​ $ 13,403,628 Restricted cash included in other assets ​ ​ 900,000 ​ ​ 470,000 Cash, cash equivalents, and restricted cash in the statement of cash flows ​ $ 3,208,633 ​ $ 13,873,628 ​ During the three months ended March 31, 2024, the Company was in the process of transitioning financial institutions for its Letters of Credit (“LOCs”) tied to various bonds associated with Pennsylvania and New York operatorship. The transition caused a temporary increase in restricted cash until the new LOCs are deemed effective and until the previous LOCs can be cancelled. ​ ​

Short Term Investments

Short Term Investments	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Short Term Investments	4. Short Term Investments Short term investments are highly liquid investments with original maturities between three and twelve months. The Company’s short term investments consist of US Treasury Bills. These investments are classified as available-for-sale. Available-for-sale short term investments are reported at fair value in the Consolidated Balance Sheets. Unrealized gains and losses are excluded from earnings and are reported in accumulated other comprehensive income in the Consolidated Statements of Operations and Comprehensive Income. The following table summarizes the available-for-sale short term investments as of March 31, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 ​ ​ Amortized ​ Unrealized ​ Fair ​ Amortized ​ Unrealized ​ Fair ​ Cost Losses Value Cost Gains Value U.S. Treasury Bills ​ $ 12,241,187 ​ $ (3,010) ​ $ 12,238,177 ​ $ 18,773,508 ​ $ 1,598 ​ $ 18,775,106 ​ During the three months ended March 31, 2024, the Company sold securities with a carrying amount of $7,003,123 for total proceeds of $7,159,285. The realized gains on these sales were $156,162. An additional $3,635,000 of securities reached maturity with total realized gains of $135,034. The realized gains are included in other income in the consolidated Statements of Operations and Comprehensive Income.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2024
Oil and Gas Property, Successful Effort Method, Gross [Abstract]
Property and Equipment	5. Property and Equipment The following table summarizes the Company’s property and equipment as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 Property and equipment: ​ ​ ​ ​ ​ ​ Oil and gas properties, successful efforts method ​ ​ ​ ​ ​ ​ Proved properties ​ $ 180,452,860 ​ $ 160,263,511 Unproved properties ​ ​ 28,593,071 ​ ​ 25,504,873 Accumulated depletion, depreciation, amortization and impairment ​ ​ (115,782,946) ​ ​ (113,708,210) Total oil and gas properties, net ​ ​ 93,262,985 ​ ​ 72,060,174 Gathering system ​ ​ 42,757,299 ​ ​ 42,738,273 Accumulated depletion, depreciation, amortization and impairment ​ ​ (35,788,907) ​ ​ (35,539,996) Total gathering system, net ​ ​ 6,968,392 ​ ​ 7,198,277 Land ​ ​ 637,764 ​ ​ 637,764 Buildings and other property and equipment, net ​ ​ 287,524 ​ ​ 291,807 Total property and equipment, net ​ $ 101,156,665 ​ $ 80,188,022 ​ Asset Acquisitions During the three months ended March 31, 2024, Epsilon acquired assets that included the following: ● a 25% working interest in three producing wells located in Ector County, Texas. ● a 25% working interest in 3,246 gross undeveloped acres in Ector County, Texas. ● total consideration paid of $14.8 million consisting of (i) $12.1 million for the producing wells and (ii) $2.7 million for the undeveloped acreage. Management determined that substantially all the fair value of the assets acquired was concentrated in a group of similar identifiable assets. Based on this determination, the acquisition was accounted for as an asset acquisition. There were no acquisitions during the three months ended March 31, 2023. Property Impairment We perform a quantitative impairment test whenever events or changes in circumstances indicate that an asset group's carrying amount may not be recoverable, over proved properties using the published NYMEX forward prices, basis differentials, timing, methods and other assumptions consistent with historical periods. When indicators of impairment are present, GAAP requires that the Company first compare expected future undiscounted cash flows by asset group to their respective carrying values. If the carrying amount exceeds the estimated undiscounted future cash flows, a reduction of the carrying amount of the natural gas properties to their estimated fair values is required. Additionally, if an exploratory well is determined not to have found proved reserves, the costs incurred, net of any salvage value, should be charged to expense. During the three months ended March 31, 2024 and 2023, no impairment was recorded.

Revolving Line of Credit

Revolving Line of Credit	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Revolving Line of Credit	6 . Revolving Line of Credit The Company closed a senior secured reserve based revolving credit facility on June 28, 2023, with Frost Bank as issuing bank and sole lender. The current commitment and borrowing base is $35 million, supported by the Company’s upstream assets in Pennsylvania and subject to semi-annual redeterminations with a maturity date of the earlier of June 28, 2027 or the date that the commitments are terminated. Interest will be charged at the Daily Simple SOFR rate plus a margin of 3.25%. The facility is secured by the assets of the Company’s Epsilon Energy USA subsidiary (Borrower) and guaranteed by the Company and the other wholly owned subsidiaries. There are currently no borrowings under the facility. Under the terms of the facility, the Company must adhere to the following financial covenants: ● Current ratio of 1.0 to 1.0 (current assets / current liabilities) ● Leverage ratio of less than 2.5 to 1.0 (total debt / income adjusted for interest, taxes and non-cash amounts) Additionally, if the Leverage ratio is greater than 1.0 to 1.0, or the borrowing base utilization is greater than 50%, the Company is required to hedge 50% of the anticipated production from PDP reserves for a rolling 24 month period. We were in compliance with the financial covenants of the agreement as of March 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Balance at ​ ​ ​ ​ March 31, December 31, ​ Current ​ ​ ​ 2024 ​ 2023 Borrowing Base Interest Rate Revolving line of credit ​ $ — ​ $ — ​ $ 35,000,000 ​ ​ SOFR + 3.25% ​

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Shareholders' Equity	7. Shareholders’ Equity (a) The Company is authorized to issue an unlimited number of Common Shares with no par value and an unlimited number of Preferred Shares with no par value. (b) Normal Course Issuer Bid On March 20, 2024, the Board of Directors authorized a new share repurchase program of up to 2,191,320 common shares, representing 10% of the outstanding common shares of Epsilon, for an aggregate purchase price of not more than US $12.0 million. The program is pursuant to a normal course issuer bid and will be conducted in accordance with Rule 10b-18 under the Exchange Act. The program commenced on March 27, 2024 and will end on March 26, 2025, unless the maximum amount of common shares is purchased before then or Epsilon provides earlier notice of termination. During the three months ended March 31, 2024, no shares have been repurchased under the new program. The previous share repurchase program commenced on March 27, 2023 and ended on March 26, 2024. During the year ended December 31, 2023, we repurchased 968,149 common shares at an average price of $5.08 per share (excluding commissions) under the previous plan. During the three months ended March 31, 2024, we repurchased 248,700 shares at a price of $4.82 per share (excluding commissions) under the previous plan. The following table contains activity relating to our acquisition of equity securities during the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum number ​ ​ ​ ​ ​ ​ of shares ​ ​ Total number ​ Average price ​ remaining to be ​ ​ of shares ​ paid per ​ purchased under ​ purchased ​ share the program Beginning of normal-course issuer bid, March 27, 2023 (1) ​ ​ ​ ​ ​ ​ ​ 1,324,495 January 2024 ​ 248,700 ​ $ 4.82 ​ ​ ​ Total as of March 31, 2024 ​ 248,700 ​ $ 4.82 ​ ​ 1,075,795 (1) Epsilon repurchased these shares under its 2023-2024 share repurchase program that commenced on March 27, 2023 and terminated on March 26, 2024, as described above. Epsilon’s board of directors (the “Board”) adopted the 2020 Equity Incentive Plan (the “2020 Plan”) on July 22, 2020 and Epsilon’s shareholders approved the 2020 Plan at Epsilon’s 2020 Annual General and Special Meeting of Shareholders, which occurred on September 1, 2020 (the “Meeting”). The 2020 Plan provides for incentive compensation in the form of stock options, stock appreciation rights, restricted stock and stock units, performance shares and units, other stock-based awards and cash-based awards. Under the 2020 Plan, Epsilon will be authorized to issue up to 2,000,000 Common Shares. Restricted Stock Awards For the three months ended March 31, 2024, 63,980 restricted stock units with a weighted average price at the grant date of $5.08 were awarded to the Company’s board of directors. For the year ended December 31, 2023, 358,546 restricted stock units with a weighted average price at the grant date of $5.42 were awarded to the Company’s management, employees, and board of directors. These units vest over a three-year period, with an equal number of common shares being issued per period on the anniversary of the award resolution. The vesting of the units ( and corresponding issuance of shares) is contingent on the individuals’ continued employment or service. The Company determined the fair value of the granted restricted stock units based on the market price of the common shares of the Company on the date of grant. The following table summarizes restricted stock unit activity for the three months ended March 31, 2024, and the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Year ended ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Number of ​ Weighted ​ Number of ​ Weighted ​ ​ Restricted ​ Average ​ Restricted ​ Average ​ ​ Shares ​ Remaining Life ​ Shares ​ Remaining Life ​ Outstanding (years) Outstanding (years) Balance non-vested Restricted Stock at beginning of period ​ 491,536 ​ 1.74 ​ 298,210 ​ 1.74 Granted ​ 63,980 ​ 1.87 ​ 358,546 ​ 1.90 Vested ​ (10,064) ​ — ​ (165,220) ​ — Balance non-vested Restricted Stock at end of period ​ 545,452 ​ 1.53 ​ 491,536 ​ 1.74 ​ Stock compensation expense for the granted restricted stock units is recognized over the vesting period. Stock compensation expense recognized during the three months ended March 31, 2024 and 2023 was $321,569 and $165,064, respectively. At March 31, 2024, the Company had unrecognized stock-based compensation related to the restricted stock units of $2,655,308 to be recognized over a weighted average period of 1.33 years (at December 31, 2023: $2,651,858 over 1.42 years). Performance Share Unit Awards (“PSU”) For the three months ended March 31, 2024, there were no outstanding PSUs . For the year ended December 31, 2023, a total of 15,833 common shares vested and were issued. The following table summarizes PSUs for the three months ended March 31, 2024 and the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Year ended ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Number of ​ Weighted ​ Number of ​ Weighted ​ ​ Performance ​ Average ​ Performance ​ Average ​ ​ Shares ​ Remaining Life ​ Shares ​ Remaining Life ​ Outstanding (years) Outstanding (years) Balance non-vested PSUs at beginning of period ​ — ​ — ​ 15,833 ​ 1.00 Vested ​ — ​ — ​ (15,833) ​ — Balance non-vested PSUs at end of period ​ — ​ — ​ — ​ — ​ Stock compensation expense for the granted PSUs is recognized over the vesting period. Stock compensation expense recognized during the three months ended March 31, 2024 and 2023 related to PSUs was $0 and $14,684, respectively. At March 31, 2024 and December 31, 2023, the Company had no unrecognized stock-based compensation related to PSUs. ​ Stock Options As of March 31, 2024, the Company had no outstanding stock options. During the three months ended March 31, 2024 and the year ended December 31, 2023, the Company awarded no stock options. ​ The following table summarizes stock option activity for the three months ended March 31, 2024 and the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Year ended ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Number of ​ Average ​ ​ Options ​ Exercise ​ Options ​ Exercise Exercise price in US$ Outstanding Price Outstanding Price (1) Balance at beginning of period ​ 57,500 ​ $ 5.03 ​ ​ 70,000 ​ $ 5.03 Exercised ​ — ​ $ — ​ ​ (12,500) ​ $ 5.03 Expired ​ (57,500) ​ $ — ​ ​ — ​ $ — Balance at period-end ​ — ​ $ — ​ ​ 57,500 ​ $ 5.03 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at period-end ​ — ​ $ — ​ ​ 57,500 ​ $ 5.03 ​ At March 31, 2024, the Company had unrecognized stock-based compensation, related to these options, of nil (at December 31, 2023: nil). The aggregate intrinsic value at March 31, 2024 was nil (at December 31, 2023: $5,500). ​ (d) Dividends ​ On March 1, 2024, the Board declared quarterly a dividend of $0.0625 per common share (annualized $0.25 per common share) totaling in aggregate an amount of approximately $1.4 million that has been paid for the three months ended March 31, 2024.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenues [Abstract]
Revenue Recognition	8. Revenue Recognition Revenues are comprised of sales of natural gas, oil and NGLs, along with the revenue generated from the Company’s ownership interest in the gas gathering system in the Auburn field in Northeastern Pennsylvania. Overall, product sales revenue generally is recorded in the month when contractual delivery obligations are satisfied, which occurs when control is transferred to the Company’s customers at delivery points based on contractual terms and conditions. In addition, gathering and compression revenue generally is recorded in the month when contractual service obligations are satisfied, which occurs as control of those services is transferred to the Company’s customers. Gathering System revenues derived from Epsilon’s production, which have been eliminated from total gathering system revenues (“elimination entry”), amounted to $0.3 million and $0.4 million, respectively, for the three months ended March 31, 2024 and 2023. The following table details revenue for the three months ended March 31, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Operating revenue ​ ​ ​ ​ ​ ​ Natural gas ​ $ 2,962,979 ​ $ 6,256,178 Natural gas liquids ​ ​ 372,984 ​ ​ 196,295 Oil and condensate ​ ​ 2,715,082 ​ ​ 517,108 Gathering and compression fees (1) ​ ​ 1,935,698 ​ ​ 2,386,695 Total operating revenue ​ $ 7,986,743 ​ $ 9,356,276 (1) Net of the elimination entry ​ Product Sales Revenue The Company enters into contracts with third party purchasers to sell its natural gas, oil, NGLs and condensate production. Under these product sales arrangements, the sale of each unit of product represents a distinct performance obligation. Product sales revenue is recognized at the point in time that control of the product transfers to the purchaser based on contractual terms which reflect prevailing commodity market prices. To the extent that marketing costs are incurred by the Company prior to the transfer of control of the product, those costs are included in lease operating expenses on the Company’s consolidated statements of operations. Settlement statements for product sales, and the related cash consideration, are generally received from the purchaser within 30 days. As a result, the Company must estimate the amount of production delivered to the customer and the consideration that will ultimately be received for sale of the natural gas, oil, NGLs, or condensate. Estimated revenue due to the Company is recorded within the receivables line item on the accompanying consolidated balance sheets until payment is received. Gas Gathering and Compression Revenue The Company also provides natural gas gathering and compression services through its ownership interest in the gas gathering system in the Auburn field. For the provision of gas gathering and compression services, the Company collects its share of the gathering and compression fees per unit of gas serviced and recognizes gathering revenue over time using an output method based on units of gas gathered. The settlement statement from the operator of the Auburn GGS is received two months after gathering and compression has occurred. As a result, the Company must estimate the amount of production that was gathered and compressed within the system. Estimated revenue due to the Company is recorded within the receivables line item on the accompanying consolidated balance sheets until payment is received. Allowance for Credit Losses The Company records an allowance for credit losses on a case-by-case basis once there is evidence that collection is not probable. For the three ended March 31, 2024, there were no accounts for which collection was not probable. The following table details accounts receivable as of March 31, 2024, December 31, 2023, and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, December 31, ​ ​ 2024 ​ 2023 ​ 2022 Accounts receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas and oil sales ​ $ 3,637,018 ​ $ 4,327,886 ​ $ 5,696,419 Joint interest billing ​ ​ 14,349 ​ ​ 17,476 ​ ​ 20,454 Gathering and compression fees ​ ​ 1,281,742 ​ ​ 1,543,239 ​ ​ 1,483,956 Commodity contract ​ ​ 128,625 ​ ​ 72,075 ​ ​ — Interest ​ ​ — ​ ​ 54,772 ​ ​ 557 Total accounts receivable ​ $ 5,061,734 ​ $ 6,015,448 ​ $ 7,201,386 ​ ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes Income tax provisions for the three ended March 31, 2024 and 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Current: ​ ​ ​ ​ ​ ​ Foreign ​ $ 66,268 ​ $ — Federal ​ ​ — ​ ​ 960,508 State ​ ​ 10,775 ​ ​ 378,522 Total current income tax expense ​ ​ 77,043 ​ ​ 1,339,030 Deferred: ​ ​ ​ ​ ​ ​ Federal ​ ​ 377,599 ​ ​ (17,278) State ​ ​ (400,592) ​ ​ 5,170 Total deferred tax expense ​ ​ (22,993) ​ ​ (12,108) Income tax expense ​ $ 54,050 ​ $ 1,326,922 ​ The Company files federal income tax returns in the United States and Canada, and various returns in state and local jurisdictions. The Company believes it has no uncertain income tax positions. The Company's tax returns are open to audit under the statute of limitations for the years ending December 31, 2020 through December 31, 2023. To the extent we utilize net operating losses generated in earlier years, such earlier years may also be subject to audit. Starting in 2023, distributions of Epsilon Energy USA Inc. earnings to Epsilon Energy Ltd. incur a 5% U.S. dividend withholding tax, provided the Company is eligible for benefits under the U.S. / Canada income treaty. Our effective tax rate will typically differ from the statutory federal rate primarily as a result of state income taxes and the valuation allowance against the Canadian net operating loss. The effective tax rate for the three months ended March 31, 2024 was lower than the statutory federal rate as a result of state income taxes partially offset by the valuation allowance against the Canadian net operating loss.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10 . Commitments and Contingencies The Company enters into commitments for capital expenditures in advance of the expenditures being made. As of March 31, 2024, the Company had commitments of $3.6 million for capital expenditures. Litigation On March 10, 2021, Epsilon filed a complaint against Chesapeake Appalachia, LLC (“Chesapeake”) in the United States District Court for the Middle District of Pennsylvania, Scranton, Pennsylvania (“Middle District”). Epsilon claimed that Chesapeake has breached a settlement agreement and several operating agreements (“JOAs”) to which Epsilon and Chesapeake are parties. Epsilon asserted that Chesapeake failed to cooperate with Epsilon’s efforts to develop resources in the Auburn Development, located in North-Central Pennsylvania, as required under both the settlement agreement and JOAs. Epsilon requested a preliminary injunction but was unsuccessful in obtaining that injunction. Epsilon filed a motion to amend its original Complaint. Chesapeake opposed. The Court ruled in Epsilon’s favor and allowed Epsilon’s amendment. Chesapeake moved to dismiss the amended Complaint. The Court granted the motion to dismiss on a narrow issue without prejudice to Epsilon’s right to file a new lawsuit based on new proposals made after the Court’s decision. Epsilon filed a motion for reconsideration of that decision, but the court denied the motion for reconsideration on January 18, 2022.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	11. Leases ​ Under ASC 842, Leases, the Company recognized an operating lease related to its corporate office as of March 31, 2024 summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 Asset ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets, long term ​ ​ 417,268 ​ ​ 441,987 Total operating lease right-of-use assets ​ $ 417,268 ​ $ 441,987 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ $ 95,170 ​ $ 86,473 Operating lease liabilities, long term ​ ​ 446,226 ​ ​ 476,911 Total operating lease liabilities ​ $ 541,396 ​ $ 563,384 ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 58,670 ​ $ 144,490 ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 63,267 ​ $ 27,010 Right-of-use assets obtained in exchange for new operating lease liabilities ​ $ - ​ $ 535,149 Weighted average remaining lease term (years) - operating lease ​ ​ 2.89 ​ ​ 3.00 Weighted average discount rate (annualized) - operating lease ​ ​ 8.25% ​ ​ 8.25% ​ The Company had one office lease that expired in April 2023. On March 1, 2023, the Company commenced a new office lease with a 70 month lease term and future lease payments estimated to be approximately $0.85 million. There are no other pending leases, and no lease arrangements in which the Company is the lessor. Lease expense for operating leases was $0.06 million and $0.14 million as of March 31, 2024 and December 31, 2023, respectively. This lease expense is presented in other general and administrative expenses in the consolidated statements of operations and comprehensive income. ​ Future minimum lease payments as of March 31, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ Operating Leases 2024 ​ $ 101,062 2025 ​ ​ 173,550 2026 ​ ​ 177,021 2027 ​ ​ 180,492 2028 ​ ​ 183,963 Total minimum lease payments ​ ​ 816,088 Less: imputed interest ​ ​ (274,692) Present value of future minimum lease payments ​ ​ 541,396 Less: current obligations under leases ​ ​ (95,170) Long-term lease obligations ​ $ 446,226 ​ ​

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income Per Share	12. Net Income Per Share Basic net income per share is computed on the basis of the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed based upon the weighted-average number of common shares outstanding during the period plus the assumed issuance of common shares for all potentially dilutive securities. The net income used in the calculation of basic and diluted net income per share is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Net income ​ $ 1,506,896 ​ $ 3,529,827 ​ In calculating the net income per share, basic and diluted, the following weighted-average shares were used: ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Basic weighted-average number of shares outstanding ​ 21,994,207 ​ 22,990,893 Dilutive stock options ​ — ​ 8,512 Unvested time-based restricted shares — 21,415 Unvested performance-based restricted shares — 6,864 Diluted weighted-average shares outstanding 21,994,207 23,027,684 ​ The Company excluded the following shares from the diluted EPS because their inclusion would have been anti-dilutive. ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Anti-dilutive options ​ — ​ 61,488 Anti-dilutive unvested time-based restricted shares ​ 546,245 ​ 276,795 Anti-dilutive unvested performance-based restricted shares ​ — ​ 8,969 Total Anti-dilutive shares 546,245 347,252 ​ ​

Operating Segments

Operating Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Operating Segments	13. Operating Segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as executive management. Segment performance is evaluated based on operating income (loss) as shown in the table below. Interest income and expense, and income taxes are managed separately on a group basis. The Company’s reportable segments are as follows: a. The Upstream segment activities include acquisition, development and production of oil, natural gas, and other liquid reserves on properties within the United States; b. The Gas Gathering segment partners with two other companies to operate a natural gas gathering system; and c. The Corporate segment activities include corporate listing and governance functions of the Company. Segment activity for the three months ended March 31, 2024 and 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Upstream Gas Gathering Corporate Elimination Consolidated For the three months ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas ​ $ 2,962,979 ​ $ — ​ $ — ​ $ — ​ $ 2,962,979 Natural gas liquids ​ ​ 372,984 ​ ​ — ​ ​ — ​ ​ — ​ ​ 372,984 Oil and condensate ​ ​ 2,715,082 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,715,082 Gathering and compression fees ​ ​ — ​ ​ 2,250,096 ​ ​ — ​ ​ (314,398) ​ ​ 1,935,698 Total operating revenue (1) ​ ​ 6,051,045 ​ ​ 2,250,096 ​ ​ — ​ ​ (314,398) ​ ​ 7,986,743 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ ​ 2,082,860 ​ ​ 552,570 ​ ​ 1,880,592 ​ ​ (314,398) ​ ​ 4,201,624 Depletion, depreciation, amortization and accretion ​ ​ 2,129,709 ​ ​ 250,717 ​ ​ — ​ ​ — ​ ​ 2,380,426 Operating income (loss) ​ ​ 1,838,476 ​ ​ 1,446,809 ​ ​ (1,880,592) ​ ​ — ​ ​ 1,404,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ — ​ ​ — ​ ​ 266,272 ​ ​ — ​ ​ 266,272 Interest expense ​ ​ (8,760) ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,760) Loss on derivative contracts ​ ​ (100,726) ​ ​ — ​ ​ — ​ ​ — ​ ​ (100,726) Other income ​ ​ 37 ​ ​ — ​ ​ (570) ​ ​ — ​ ​ (533) Other income (expense), net ​ ​ (109,449) ​ ​ — ​ ​ 265,702 ​ ​ — ​ ​ 156,253 Net income (loss) before income tax expense ​ $ 1,729,027 ​ $ 1,446,809 ​ $ (1,614,890) ​ $ — ​ $ 1,560,946 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures (2) ​ $ 23,268,856 ​ $ 19,026 ​ $ — ​ $ — ​ $ 23,287,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas ​ $ 6,256,178 ​ $ — ​ $ — ​ $ — ​ $ 6,256,178 Natural gas liquids ​ ​ 196,295 ​ ​ — ​ ​ — ​ ​ — ​ ​ 196,295 Oil and condensate ​ ​ 517,108 ​ ​ — ​ ​ — ​ ​ — ​ ​ 517,108 Gathering and compression fees ​ ​ — ​ ​ 2,750,503 ​ ​ — ​ ​ (363,808) ​ ​ 2,386,695 Total operating revenue (1) ​ ​ 6,969,581 ​ ​ 2,750,503 ​ ​ — ​ ​ (363,808) ​ ​ 9,356,276 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ ​ 1,768,087 ​ ​ 651,371 ​ ​ 2,203,491 ​ ​ (363,808) ​ ​ 4,259,141 Depletion, depreciation, amortization and accretion ​ ​ 1,493,755 ​ ​ 279,251 ​ ​ — ​ ​ — ​ ​ 1,773,006 Operating income (loss) ​ ​ 3,707,739 ​ ​ 1,819,881 ​ ​ (2,203,491) ​ ​ — ​ ​ 3,324,129 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ — ​ ​ — ​ ​ 490,762 ​ ​ — ​ ​ 490,762 Interest expense ​ ​ (28,437) ​ ​ — ​ ​ — ​ ​ — ​ ​ (28,437) Loss on derivative contracts ​ ​ 1,068,660 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,068,660 Other (expense) income ​ ​ 652 ​ ​ — ​ ​ 983 ​ ​ — ​ ​ 1,635 Other income (expense), net ​ ​ 1,040,875 ​ ​ — ​ ​ 491,745 ​ ​ — ​ ​ 1,532,620 Net income (loss) before income tax expense ​ $ 4,748,614 ​ $ 1,819,881 ​ $ (1,711,746) ​ $ — ​ $ 4,856,749 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures (2) ​ $ 1,145,146 ​ $ 21,624 ​ $ — ​ $ — ​ $ 1,166,770 (1) Segment operating revenue represents revenues generated from the operations of the segment. Inter-segment sales during the three months ended March 31, 2024 and 2023 have been eliminated upon consolidation. For the three months ended March 31, 2024, Epsilon sold natural gas to 23 unique customers. The two customers over 10% comprised 25% and 12% of total revenue. For the three months ended March 31, 2023, Epsilon sold natural gas to 27 unique customers. The three customers over 10% comprised 12% , 13% , and 11% of total revenue. (2) Capital expenditures for the Upstream segment consist primarily of the acquisition of properties, and the drilling and completing of wells while Gas Gathering consists of expenditures relating to the expansion, completion, and maintenance of the gathering and compression facility.

Commodity Risk Management Activ

Commodity Risk Management Activities	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity Risk Management Activities	14. Commodity Risk Management Activities Commodity Price Risks Epsilon engages in price risk management activities from time to time. These activities are intended to manage Epsilon’s exposure to fluctuations in commodity prices for natural gas and oil by securing derivative contracts for a portion of expected sales volumes. Inherent in the Company’s fixed price contracts, are certain business risks, including market risk and credit risk. Market risk is the risk that the price of oil and natural gas will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from nonperformance by the Company’s counterparty to a contract. The Company does not currently require collateral from any of its counterparties nor do its counterparties currently require collateral from the Company. The Company enters into certain commodity derivative instruments to mitigate commodity price risk associated with a portion of its future natural gas and oil production and related cash flows. The natural gas revenues and cash flows are affected by changes in commodity product prices, which are volatile and cannot be accurately predicted. The objective for holding these commodity derivatives is to protect the operating revenues and cash flows related to a portion of the future natural gas and oil sales from the risk of significant declines in commodity prices, which helps ensure the Company’s ability to fund the capital budget. Epsilon has historically elected not to designate any of its financial commodity derivative contracts as accounting hedges and, accordingly, accounts for these financial commodity derivative contracts using the mark-to-market accounting method. Under this accounting method, changes in the fair value of outstanding financial instruments are recognized as gains or losses in the period of change and are recorded as gain loss) on derivative contracts Commodity Derivative Contracts At March 31, 2024, the Company had outstanding natural gas NYMEX Henry Hub (“HH”) swaps totaling 1.84 Bcf, natural gas Tennessee Z4 basis swaps totaling 1.69 Bcf, and crude oil NYMEX WTI CMA swaps totaling 58 MBbls. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Derivative Assets ​ March 31, December 31, ​ ​ 2024 ​ 2023 Current ​ ​ NYMEX Henry Hub swap $ 1,416,662 ​ $ 1,353,668 Tennessee Z4 basis swap ​ 7,638 ​ ​ 112,719 ​ $ 1,424,300 ​ $ 1,466,386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Derivative Liabilities ​ March 31, December 31, ​ ​ 2024 ​ 2023 Current ​ ​ NYMEX Henry Hub swap $ (47,585) ​ $ — Tennessee Z4 Basis swap ​ (528,944) ​ ​ (366,131) Crude Oil NYMEX WTI CMA ​ (336,527) ​ ​ — ​ $ (913,056) ​ $ (366,131) ​ ​ ​ ​ ​ ​ ​ Net Fair Value of Derivatives $ 511,244 ​ $ 1,100,255 ​ The following table presents the changes in the fair value of Epsilon’s commodity derivatives for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Fair value of asset (liability), beginning of the period ​ $ 1,100,255 ​ $ 1,222,090 Gains on derivative contracts included in earnings ​ (100,726) ​ 1,068,660 Settlement of commodity derivative contracts ​ (488,285) ​ (363,300) Fair value of asset, end of the period ​ $ 511,244 ​ $ 1,927,450 ​

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	15. Asset Retirement Obligations Asset retirement obligations are estimated by management based on Epsilon’s net ownership interest in all wells and the gathering system, estimated costs to reclaim and abandon such assets and the estimated timing of the costs to be incurred in future periods, and the forecast risk free cost of capital. Epsilon has estimated the value of its total asset retirement obligations to be $3.6 million as of March 31, 2024 ($3.5 million at December 31, 2023). Each year we review, and to the extent necessary, revise our asset retirement obligations estimates in accordance with recent activity and current service costs. The following tables summarize the changes in asset retirement obligations for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Year ended ​ ​ ​ March 31, ​ ​ December 31, ​ ​ 2024 2023 Balance beginning of period ​ $ 3,502,952 ​ $ 2,780,237 Liabilities acquired ​ ​ 16,373 ​ ​ 12,437 Liabilities disposed of ​ ​ — ​ ​ (46,961) Wells plugged and abandoned ​ ​ (1,654) ​ ​ (509,802) Change in estimates ​ ​ — ​ ​ 1,178,142 Accretion ​ ​ 44,815 ​ ​ 88,899 Balance end of period ​ $ 3,562,486 ​ $ 3,502,952 ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	16. Fair Value Measurements The methodologies used to determine the fair value of our financial assets and liabilities at March 31, 2024 were the same as those used at December 31, 2023. ​ Cash and cash equivalents, restricted cash, accounts receivable, and accounts payable are carried at cost, which approximates their fair value because of the short-term maturity of these instruments. The Company’s revolving line of credit has a recorded value that approximates its fair value since its variable interest rate is tied to current market rates and the applicable margins represent market rates. The revolving line of credit is classified within Level 2 of the fair value hierarchy. ​ The Company has investments in U.S. Treasury Bills, all of which mature over a period of 3 and 12 months and are classified as short term investments. The U.S. Treasury Bills are carried at fair value. The U.S. Treasury Bills are classified within Level 1 of the fair value hierarchy. ​ Commodity derivative instruments consist of NYMEX HH swap and Tennessee Z4 basis swap contracts for natural gas, and NYMEX WTI CMA swap contracts for crude oil. The Company’s derivative contracts are valued based on a marked to market approach. These assumptions are observable in the marketplace throughout the full term of the contract, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace, and are therefore designated as Level 2 within the valuation hierarchy. The Company utilizes its counterparties’ valuations to assess the reasonableness of its own valuations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Level 1 ​ Level 2 Level 3 Effect of Netting Net Fair Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contracts ​ $ — ​ $ 1,347,512 ​ $ — ​ $ — ​ $ 1,347,512 Cash equivalents ​ $ 452,642 ​ $ — ​ $ — ​ $ — ​ $ 452,642 Short term investments ​ $ 12,238,177 ​ $ — ​ $ — ​ $ — ​ $ 12,238,177 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contracts ​ $ — ​ $ 76,788 ​ $ — ​ $ (913,056) ​ $ (836,268) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Level 1 ​ Level 2 Level 3 Effect of Netting Net Fair Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contracts ​ $ — ​ $ 1,219,025 ​ $ — ​ $ — ​ $ 1,219,025 Cash equivalents ​ $ 195,669 ​ $ — ​ $ — ​ $ — ​ $ 195,669 Short term investments ​ $ 18,775,106 ​ $ — ​ $ — ​ $ — ​ $ 18,775,106 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contracts ​ $ — ​ $ 247,361 ​ $ — ​ $ (366,131) ​ $ (118,770) ​

Current Expected Credit Loss

Current Expected Credit Loss	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Current Expected Credit Loss	17. Current Expected Credit Loss Under ASU 326, Financial Instruments – Credit Losses, estimated losses on financial assets are provided through an allowance for credit losses. The majority of our financial assets are invested in U.S. Treasury Bills. We also have accounts receivable which are primarily from purchasers of oil and natural gas, counterparties to our financial instruments, and revenues earned for compression and gathering services. Our oil, gas, and natural gas liquids accounts receivables are generally collected within 30 days after the end of the month. Compression and gathering receivables are generally collected within 60 days after the end of the month. We assess collectability through various procedures, including review of our trade receivable balances by counterparty, assessing economic events and conditions, our historical experience with counterparties, the counterparty’s financial condition and the amount and age of past due accounts. As of March 31, 2024 and December 31, 2023, we determined that our allowance for credit loss was nil. ​

Basis of Preparation (Policies)

Basis of Preparation (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Interim Financial Statements	Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the appropriate rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. All adjustments which are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods presented have been included. The interim financial information and notes hereto should be read in conjunction with the Company’s consolidated financial statements as of and for the year ended December 31, 2023. The results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year.
Principles of Consolidation	Principles of Consolidation The Company’s unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Epsilon Energy USA, Inc. and its wholly owned subsidiaries, Epsilon Midstream, LLC, Dewey Energy GP, LLC, Dewey Energy Holdings, LLC, Epsilon Operating, LLC, and Altolisa Holdings, LLC. With regard to the gathering system, in which Epsilon owns an undivided interest in the asset, proportionate consolidation accounting is used. All inter-company transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates pertain to proved natural gas and oil reserves and related cash flow estimates used in impairment tests of natural gas and oil, and gathering system properties, asset retirement obligations, accrued natural gas and oil revenues and operating expenses, accrued gathering system revenues and operating expenses, as well as the valuation of commodity derivative instruments. Actual results could differ from those estimates.
Recently Issued Accounting Standards	Recently Issued Accounting Standards The Company, an emerging growth company (“EGC”), has elected to take advantage of the benefits of the extended transition period provided for in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting standards which allows the Company to defer adoption of certain accounting standards until those standards would otherwise apply to private companies. In June 2016 the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance removes all recognition thresholds and requires companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the Company expects to collect over the instrument’s contractual life. Epsilon adopted ASU 2016-13 as of January 1, 2023. There was no impact from the adoption of this ASU. In 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which, for a limited period of time, adds ASC 848 to the Codification providing entities with certain practical expedients and exceptions from applying modification accounting if certain criteria are met. The amendments are designed to reduce operational challenges that entities will face in applying modification accounting to all contracts that will be revised due to reference rate reform. The guidance in ASC 848 was triggered by the pending discontinuation of certain benchmark reference rates and, in some cases, their replacement by new rates that are more observable or transaction-based and, therefore, less susceptible to manipulation, than certain interest-rate benchmark reference rates commonly used today, including the London Interbank Offered Rate (LIBOR). This process of reference rate reform will require entities to modify certain contracts by removing the discontinued rates and including new rates. Epsilon adopted ASU 2020-04 as of January 1, 2023. There was no impact from the adoption of this ASU. In July 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-03 to amend various SEC paragraphs in the Accounting Standards Codification (“ASC”) to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 120. ASU No. 2023-03, “Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120 (“SAB 120”), SEC Staff Announcement at the March 24, 2022 Emerging Issues Task Force (“EITF”) Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock.” ASU 2023-03 amends the ASC for SEC updates pursuant to SEC Staff Accounting Bulletin No. 120; SEC Staff Announcement at the March 24, 2022 EITF Meeting; and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 – General Revision of Regulation S-X; Income or Loss Applicable to Common Stock. SAB 120 provides guidance on the measurement and disclosure of share-based awards shortly before announcing material nonpublic information. These updates were immediately effective and did not have any impact on our condensed consolidated financial statements. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, to amend certain disclosure and presentation requirements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU required disclosure of incremental segment information, primarily through enhanced disclosures about significant segment expenses and amounts for each reportable segment on an annual and interim basis. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods with fiscal years beginning after December 15, 2024. The Company is currently assessing the potential effects of the standard. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to disclose disaggregated information about a reporting entity’s effective tax rate reconciliation, using both percentages and reporting currency amounts for specific standardized categories, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the potential effects of this standard.

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of cash, cash equivalents and restricted cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts in the Consolidated Statements of Cash Flows as of March 31, 2024 and December, 31 2023: ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 Cash and cash equivalents ​ $ 2,308,633 ​ $ 13,403,628 Restricted cash included in other assets ​ ​ 900,000 ​ ​ 470,000 Cash, cash equivalents, and restricted cash in the statement of cash flows ​ $ 3,208,633 ​ $ 13,873,628 ​

Short Term Investments (Tables)

Short Term Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of available-for-sale short term investments	The following table summarizes the available-for-sale short term investments as of March 31, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 ​ ​ Amortized ​ Unrealized ​ Fair ​ Amortized ​ Unrealized ​ Fair ​ Cost Losses Value Cost Gains Value U.S. Treasury Bills ​ $ 12,241,187 ​ $ (3,010) ​ $ 12,238,177 ​ $ 18,773,508 ​ $ 1,598 ​ $ 18,775,106 ​

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Oil and Gas Property, Successful Effort Method, Gross [Abstract]
Schedule of property and equipment	The following table summarizes the Company’s property and equipment as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 Property and equipment: ​ ​ ​ ​ ​ ​ Oil and gas properties, successful efforts method ​ ​ ​ ​ ​ ​ Proved properties ​ $ 180,452,860 ​ $ 160,263,511 Unproved properties ​ ​ 28,593,071 ​ ​ 25,504,873 Accumulated depletion, depreciation, amortization and impairment ​ ​ (115,782,946) ​ ​ (113,708,210) Total oil and gas properties, net ​ ​ 93,262,985 ​ ​ 72,060,174 Gathering system ​ ​ 42,757,299 ​ ​ 42,738,273 Accumulated depletion, depreciation, amortization and impairment ​ ​ (35,788,907) ​ ​ (35,539,996) Total gathering system, net ​ ​ 6,968,392 ​ ​ 7,198,277 Land ​ ​ 637,764 ​ ​ 637,764 Buildings and other property and equipment, net ​ ​ 287,524 ​ ​ 291,807 Total property and equipment, net ​ $ 101,156,665 ​ $ 80,188,022

Revolving Line of Credit (Table

Revolving Line of Credit (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of revolving line of credit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Balance at ​ ​ ​ ​ March 31, December 31, ​ Current ​ ​ ​ 2024 ​ 2023 Borrowing Base Interest Rate Revolving line of credit ​ $ — ​ $ — ​ $ 35,000,000 ​ ​ SOFR + 3.25% ​

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of purchases of equity Shares	The following table contains activity relating to our acquisition of equity securities during the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum number ​ ​ ​ ​ ​ ​ of shares ​ ​ Total number ​ Average price ​ remaining to be ​ ​ of shares ​ paid per ​ purchased under ​ purchased ​ share the program Beginning of normal-course issuer bid, March 27, 2023 (1) ​ ​ ​ ​ ​ ​ ​ 1,324,495 January 2024 ​ 248,700 ​ $ 4.82 ​ ​ ​ Total as of March 31, 2024 ​ 248,700 ​ $ 4.82 ​ ​ 1,075,795 (1) Epsilon repurchased these shares under its 2023-2024 share repurchase program that commenced on March 27, 2023 and terminated on March 26, 2024, as described above.
Schedule of restricted stock activity	The following table summarizes restricted stock unit activity for the three months ended March 31, 2024, and the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Year ended ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Number of ​ Weighted ​ Number of ​ Weighted ​ ​ Restricted ​ Average ​ Restricted ​ Average ​ ​ Shares ​ Remaining Life ​ Shares ​ Remaining Life ​ Outstanding (years) Outstanding (years) Balance non-vested Restricted Stock at beginning of period ​ 491,536 ​ 1.74 ​ 298,210 ​ 1.74 Granted ​ 63,980 ​ 1.87 ​ 358,546 ​ 1.90 Vested ​ (10,064) ​ — ​ (165,220) ​ — Balance non-vested Restricted Stock at end of period ​ 545,452 ​ 1.53 ​ 491,536 ​ 1.74
Schedule of PSU activity	The following table summarizes PSUs for the three months ended March 31, 2024 and the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Year ended ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Number of ​ Weighted ​ Number of ​ Weighted ​ ​ Performance ​ Average ​ Performance ​ Average ​ ​ Shares ​ Remaining Life ​ Shares ​ Remaining Life ​ Outstanding (years) Outstanding (years) Balance non-vested PSUs at beginning of period ​ — ​ — ​ 15,833 ​ 1.00 Vested ​ — ​ — ​ (15,833) ​ — Balance non-vested PSUs at end of period ​ — ​ — ​ — ​ — ​
Summary of stock option activity	The following table summarizes stock option activity for the three months ended March 31, 2024 and the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Year ended ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Number of ​ Average ​ ​ Options ​ Exercise ​ Options ​ Exercise Exercise price in US$ Outstanding Price Outstanding Price (1) Balance at beginning of period ​ 57,500 ​ $ 5.03 ​ ​ 70,000 ​ $ 5.03 Exercised ​ — ​ $ — ​ ​ (12,500) ​ $ 5.03 Expired ​ (57,500) ​ $ — ​ ​ — ​ $ — Balance at period-end ​ — ​ $ — ​ ​ 57,500 ​ $ 5.03 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at period-end ​ — ​ $ — ​ ​ 57,500 ​ $ 5.03

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenues [Abstract]
Summary of revenue	The following table details revenue for the three months ended March 31, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Operating revenue ​ ​ ​ ​ ​ ​ Natural gas ​ $ 2,962,979 ​ $ 6,256,178 Natural gas liquids ​ ​ 372,984 ​ ​ 196,295 Oil and condensate ​ ​ 2,715,082 ​ ​ 517,108 Gathering and compression fees (1) ​ ​ 1,935,698 ​ ​ 2,386,695 Total operating revenue ​ $ 7,986,743 ​ $ 9,356,276 (1) Net of the elimination entry
Schedule of accounts receivable net of allowance for doubtful accounts	The following table details accounts receivable as of March 31, 2024, December 31, 2023, and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, December 31, ​ ​ 2024 ​ 2023 ​ 2022 Accounts receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas and oil sales ​ $ 3,637,018 ​ $ 4,327,886 ​ $ 5,696,419 Joint interest billing ​ ​ 14,349 ​ ​ 17,476 ​ ​ 20,454 Gathering and compression fees ​ ​ 1,281,742 ​ ​ 1,543,239 ​ ​ 1,483,956 Commodity contract ​ ​ 128,625 ​ ​ 72,075 ​ ​ — Interest ​ ​ — ​ ​ 54,772 ​ ​ 557 Total accounts receivable ​ $ 5,061,734 ​ $ 6,015,448 ​ $ 7,201,386

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of current and deferred tax expense (benefit)	Income tax provisions for the three ended March 31, 2024 and 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Current: ​ ​ ​ ​ ​ ​ Foreign ​ $ 66,268 ​ $ — Federal ​ ​ — ​ ​ 960,508 State ​ ​ 10,775 ​ ​ 378,522 Total current income tax expense ​ ​ 77,043 ​ ​ 1,339,030 Deferred: ​ ​ ​ ​ ​ ​ Federal ​ ​ 377,599 ​ ​ (17,278) State ​ ​ (400,592) ​ ​ 5,170 Total deferred tax expense ​ ​ (22,993) ​ ​ (12,108) Income tax expense ​ $ 54,050 ​ $ 1,326,922 ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of operating lease	Under ASC 842, Leases, the Company recognized an operating lease related to its corporate office as of March 31, 2024 summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 Asset ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets, long term ​ ​ 417,268 ​ ​ 441,987 Total operating lease right-of-use assets ​ $ 417,268 ​ $ 441,987 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ $ 95,170 ​ $ 86,473 Operating lease liabilities, long term ​ ​ 446,226 ​ ​ 476,911 Total operating lease liabilities ​ $ 541,396 ​ $ 563,384 ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 58,670 ​ $ 144,490 ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 63,267 ​ $ 27,010 Right-of-use assets obtained in exchange for new operating lease liabilities ​ $ - ​ $ 535,149 Weighted average remaining lease term (years) - operating lease ​ ​ 2.89 ​ ​ 3.00 Weighted average discount rate (annualized) - operating lease ​ ​ 8.25% ​ ​ 8.25% ​
Schedule of maturity analysis of operating lease liability	Future minimum lease payments as of March 31, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ Operating Leases 2024 ​ $ 101,062 2025 ​ ​ 173,550 2026 ​ ​ 177,021 2027 ​ ​ 180,492 2028 ​ ​ 183,963 Total minimum lease payments ​ ​ 816,088 Less: imputed interest ​ ​ (274,692) Present value of future minimum lease payments ​ ​ 541,396 Less: current obligations under leases ​ ​ (95,170) Long-term lease obligations ​ $ 446,226

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of net income used in the calculation of basic and diluted net income per share	The net income used in the calculation of basic and diluted net income per share is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Net income ​ $ 1,506,896 ​ $ 3,529,827 ​
Schedule of weighted-average shares used in calculation of net income per share	In calculating the net income per share, basic and diluted, the following weighted-average shares were used: ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Basic weighted-average number of shares outstanding ​ 21,994,207 ​ 22,990,893 Dilutive stock options ​ — ​ 8,512 Unvested time-based restricted shares — 21,415 Unvested performance-based restricted shares — 6,864 Diluted weighted-average shares outstanding 21,994,207 23,027,684 ​
Schedule of anti-dilutive shares	The Company excluded the following shares from the diluted EPS because their inclusion would have been anti-dilutive. ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Anti-dilutive options ​ — ​ 61,488 Anti-dilutive unvested time-based restricted shares ​ 546,245 ​ 276,795 Anti-dilutive unvested performance-based restricted shares ​ — ​ 8,969 Total Anti-dilutive shares 546,245 347,252

Operating Segments (Tables)

Operating Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of segment financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Upstream Gas Gathering Corporate Elimination Consolidated For the three months ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas ​ $ 2,962,979 ​ $ — ​ $ — ​ $ — ​ $ 2,962,979 Natural gas liquids ​ ​ 372,984 ​ ​ — ​ ​ — ​ ​ — ​ ​ 372,984 Oil and condensate ​ ​ 2,715,082 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,715,082 Gathering and compression fees ​ ​ — ​ ​ 2,250,096 ​ ​ — ​ ​ (314,398) ​ ​ 1,935,698 Total operating revenue (1) ​ ​ 6,051,045 ​ ​ 2,250,096 ​ ​ — ​ ​ (314,398) ​ ​ 7,986,743 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ ​ 2,082,860 ​ ​ 552,570 ​ ​ 1,880,592 ​ ​ (314,398) ​ ​ 4,201,624 Depletion, depreciation, amortization and accretion ​ ​ 2,129,709 ​ ​ 250,717 ​ ​ — ​ ​ — ​ ​ 2,380,426 Operating income (loss) ​ ​ 1,838,476 ​ ​ 1,446,809 ​ ​ (1,880,592) ​ ​ — ​ ​ 1,404,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ — ​ ​ — ​ ​ 266,272 ​ ​ — ​ ​ 266,272 Interest expense ​ ​ (8,760) ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,760) Loss on derivative contracts ​ ​ (100,726) ​ ​ — ​ ​ — ​ ​ — ​ ​ (100,726) Other income ​ ​ 37 ​ ​ — ​ ​ (570) ​ ​ — ​ ​ (533) Other income (expense), net ​ ​ (109,449) ​ ​ — ​ ​ 265,702 ​ ​ — ​ ​ 156,253 Net income (loss) before income tax expense ​ $ 1,729,027 ​ $ 1,446,809 ​ $ (1,614,890) ​ $ — ​ $ 1,560,946 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures (2) ​ $ 23,268,856 ​ $ 19,026 ​ $ — ​ $ — ​ $ 23,287,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Natural gas ​ $ 6,256,178 ​ $ — ​ $ — ​ $ — ​ $ 6,256,178 Natural gas liquids ​ ​ 196,295 ​ ​ — ​ ​ — ​ ​ — ​ ​ 196,295 Oil and condensate ​ ​ 517,108 ​ ​ — ​ ​ — ​ ​ — ​ ​ 517,108 Gathering and compression fees ​ ​ — ​ ​ 2,750,503 ​ ​ — ​ ​ (363,808) ​ ​ 2,386,695 Total operating revenue (1) ​ ​ 6,969,581 ​ ​ 2,750,503 ​ ​ — ​ ​ (363,808) ​ ​ 9,356,276 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ ​ 1,768,087 ​ ​ 651,371 ​ ​ 2,203,491 ​ ​ (363,808) ​ ​ 4,259,141 Depletion, depreciation, amortization and accretion ​ ​ 1,493,755 ​ ​ 279,251 ​ ​ — ​ ​ — ​ ​ 1,773,006 Operating income (loss) ​ ​ 3,707,739 ​ ​ 1,819,881 ​ ​ (2,203,491) ​ ​ — ​ ​ 3,324,129 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ — ​ ​ — ​ ​ 490,762 ​ ​ — ​ ​ 490,762 Interest expense ​ ​ (28,437) ​ ​ — ​ ​ — ​ ​ — ​ ​ (28,437) Loss on derivative contracts ​ ​ 1,068,660 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,068,660 Other (expense) income ​ ​ 652 ​ ​ — ​ ​ 983 ​ ​ — ​ ​ 1,635 Other income (expense), net ​ ​ 1,040,875 ​ ​ — ​ ​ 491,745 ​ ​ — ​ ​ 1,532,620 Net income (loss) before income tax expense ​ $ 4,748,614 ​ $ 1,819,881 ​ $ (1,711,746) ​ $ — ​ $ 4,856,749 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures (2) ​ $ 1,145,146 ​ $ 21,624 ​ $ — ​ $ — ​ $ 1,166,770 (1) Segment operating revenue represents revenues generated from the operations of the segment. Inter-segment sales during the three months ended March 31, 2024 and 2023 have been eliminated upon consolidation. For the three months ended March 31, 2024, Epsilon sold natural gas to 23 unique customers. The two customers over 10% comprised 25% and 12% of total revenue. For the three months ended March 31, 2023, Epsilon sold natural gas to 27 unique customers. The three customers over 10% comprised 12% , 13% , and 11% of total revenue. (2) Capital expenditures for the Upstream segment consist primarily of the acquisition of properties, and the drilling and completing of wells while Gas Gathering consists of expenditures relating to the expansion, completion, and maintenance of the gathering and compression facility.

Commodity Risk Management Act_2

Commodity Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value of derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Derivative Assets ​ March 31, December 31, ​ ​ 2024 ​ 2023 Current ​ ​ NYMEX Henry Hub swap $ 1,416,662 ​ $ 1,353,668 Tennessee Z4 basis swap ​ 7,638 ​ ​ 112,719 ​ $ 1,424,300 ​ $ 1,466,386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Derivative Liabilities ​ March 31, December 31, ​ ​ 2024 ​ 2023 Current ​ ​ NYMEX Henry Hub swap $ (47,585) ​ $ — Tennessee Z4 Basis swap ​ (528,944) ​ ​ (366,131) Crude Oil NYMEX WTI CMA ​ (336,527) ​ ​ — ​ $ (913,056) ​ $ (366,131) ​ ​ ​ ​ ​ ​ ​ Net Fair Value of Derivatives $ 511,244 ​ $ 1,100,255
Schedule of fair value of derivatives rollforward	The following table presents the changes in the fair value of Epsilon’s commodity derivatives for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2024 2023 Fair value of asset (liability), beginning of the period ​ $ 1,100,255 ​ $ 1,222,090 Gains on derivative contracts included in earnings ​ (100,726) ​ 1,068,660 Settlement of commodity derivative contracts ​ (488,285) ​ (363,300) Fair value of asset, end of the period ​ $ 511,244 ​ $ 1,927,450 ​

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of activity in asset retirement obligations	The following tables summarize the changes in asset retirement obligations for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Year ended ​ ​ ​ March 31, ​ ​ December 31, ​ ​ 2024 2023 Balance beginning of period ​ $ 3,502,952 ​ $ 2,780,237 Liabilities acquired ​ ​ 16,373 ​ ​ 12,437 Liabilities disposed of ​ ​ — ​ ​ (46,961) Wells plugged and abandoned ​ ​ (1,654) ​ ​ (509,802) Change in estimates ​ ​ — ​ ​ 1,178,142 Accretion ​ ​ 44,815 ​ ​ 88,899 Balance end of period ​ $ 3,562,486 ​ $ 3,502,952 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Derivative Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Level 1 ​ Level 2 Level 3 Effect of Netting Net Fair Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contracts ​ $ — ​ $ 1,347,512 ​ $ — ​ $ — ​ $ 1,347,512 Cash equivalents ​ $ 452,642 ​ $ — ​ $ — ​ $ — ​ $ 452,642 Short term investments ​ $ 12,238,177 ​ $ — ​ $ — ​ $ — ​ $ 12,238,177 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contracts ​ $ — ​ $ 76,788 ​ $ — ​ $ (913,056) ​ $ (836,268) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Level 1 ​ Level 2 Level 3 Effect of Netting Net Fair Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contracts ​ $ — ​ $ 1,219,025 ​ $ — ​ $ — ​ $ 1,219,025 Cash equivalents ​ $ 195,669 ​ $ — ​ $ — ​ $ — ​ $ 195,669 Short term investments ​ $ 18,775,106 ​ $ — ​ $ — ​ $ — ​ $ 18,775,106 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contracts ​ $ — ​ $ 247,361 ​ $ — ​ $ (366,131) ​ $ (118,770) ​

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash - Reconciliation of Cash (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 2,308,633	$ 13,403,628
Restricted cash included in other assets	900,000	470,000
Cash, cash equivalents and restricted cash in the statement of cash flows	$ 3,208,633	$ 13,873,628	$ 19,681,549	$ 45,806,947

Short Term Investments (Details

Short Term Investments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Fair Value	$ 12,238,177	$ 18,775,106
US Treasury Securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	12,241,187	18,773,508
Unrealized Gains/(Losses)	(3,010)	1,598
Fair Value	$ 12,238,177	$ 18,775,106

Short Term Investments - Narrat

Short Term Investments - Narratives (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Securities Sold Prior To Maturity Date
Schedule of Held-to-Maturity Securities [Line Items]
Carrying amount of available for sale debt securities sold	$ 7,003,123
Total Proceeds for available for sale securities	7,159,285
Realized gains on available for sale securities	156,162
Securities Sold After Maturity Date
Schedule of Held-to-Maturity Securities [Line Items]
Realized gains on available for sale securities	135,034
Securities that reached maturity	$ 3,635,000

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Oil and gas properties, successful efforts method
Proved properties	$ 180,452,860	$ 160,263,511
Unproved properties	28,593,071	25,504,873
Accumulated depletion, depreciation, amortization and impairment	(115,782,946)	(113,708,210)
Total oil and gas properties, net	93,262,985	72,060,174
Gathering system	42,757,299	42,738,273
Accumulated depletion, depreciation, amortization and impairment	(35,788,907)	(35,539,996)
Total gathering system, net	6,968,392	7,198,277
Land	637,764	637,764
Buildings and other property and equipment, net	287,524	291,807
Total property and equipment, net	$ 101,156,665	$ 80,188,022

Property and Equipment - Proper

Property and Equipment - Property Acquisition and Sale (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) a item	Mar. 31, 2023 USD ($) item
Property and equipment Acquisition and Sale
Number of asset acquisitions | item		0
Impairment expense	$ 0	$ 0
Asset Acquisition One | Texas | Ector County
Property and equipment Acquisition and Sale
Asset acquisition, number of wellbores acquired | item	3
Asset acquisition, percentage of interests acquired	25%
Asset Acquisition Two | Texas | Ector County
Property and equipment Acquisition and Sale
Asset acquisition, percentage of interests acquired	25%
Acres of land acquired | a	3,246
Asset Acquisition Three | Texas | Ector County
Property and equipment Acquisition and Sale
Asset acquisition, consideration	$ 14,800,000
Asset Acquisition Three, Producing Wells | Texas | Ector County
Property and equipment Acquisition and Sale
Asset acquisition, consideration	12,100,000
Asset Acquisition Three, Undeveloped Acreage | Texas | Ector County
Property and equipment Acquisition and Sale
Asset acquisition, consideration	$ 2,700,000

Revolving Line of Credit (Detai

Revolving Line of Credit (Details) - Revolving Credit Facility	3 Months Ended
	Mar. 31, 2024 USD ($)
Revolving Credit Facility
Current borrowing base	$ 35,000,000
SOFR
Revolving Credit Facility
Margin added to variable interest rate	3.25%

Revolving Line of Credit - Rati

Revolving Line of Credit - Ratios (Details) - Revolving Credit Facility	3 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revolving Credit Facility
Current ratio	1
Line of credit	$ 0	$ 0
Percentage of Utilization of Borrowing Base	50%
Percentage of Hedging Anticipated Production from PDP Reserves	50%
Rolling Term for Calculation of Anticipated Production from PDP Reserves	24 months
Minimum
Revolving Credit Facility
Leverage ratio	1
Maximum
Revolving Credit Facility
Leverage ratio	2.5

Shareholders' Equity - Share Ca

Shareholders' Equity - Share Capital (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Components of share capital:
Common shares, no par value	$ 0	$ 0
Common shares, unlimited authorized	Unlimited	Unlimited
Preferred shares, no par value	$ 0	$ 0
Preferred shares, unlimited authorized	Unlimited	Unlimited

Shareholders' Equity - Purchase

Shareholders' Equity - Purchases of Equity Shares (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 20, 2024	Jan. 31, 2024	Mar. 31, 2024	Mar. 26, 2024	Dec. 31, 2023	Mar. 27, 2024	Mar. 27, 2023
NCIB Program 3/27/2023-3/26/2024
Shares purchased
Authorized shares to be repurchased				1,075,795			1,324,495
Number of shares purchased		248,700		248,700
Shares repurchased			248,700		968,149
Average price paid per share		$ 4.82	$ 4.82	$ 4.82	$ 5.08
NCIB Program 3/27/2024-3/26/2025
Shares purchased
Authorized shares to be repurchased	2,191,320
Shares repurchased as a percentage of outstanding common shares	10%
Shares repurchased			0
NCIB Program 3/27/2024-3/26/2025 | Maximum
Shares purchased
Authorized amount repurchase						$ 12

Shareholders' Equity - Equity I

Shareholders' Equity - Equity Incentive Plan (Details)	Mar. 31, 2024 shares
Equity [Abstract]
Number of shares authorized to be issued	2,000,000

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock (Details) - USD ($)			3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense			$ 321,569	$ 165,064
Compensation cost not yet recognized	$ 2,651,858		$ 2,655,308		$ 2,651,858
Weighted average period for recognition			1 year 3 months 29 days		1 year 5 months 1 day
Number outstanding
Balance non-vested Stock at beginning of period (in shares)			491,536	298,210	298,210
Granted (in shares)			63,980		358,546
Vested (in shares)			(10,064)		(165,220)
Balance non-vested Stock at end of period (in shares)	491,536	298,210	545,452		491,536
Weighted Average Remaining Life
Granted (in years)			1 year 10 months 13 days		1 year 10 months 24 days
Balance non-vested Stock at end of period (in years)	1 year 8 months 26 days	1 year 8 months 26 days	1 year 6 months 10 days		1 year 8 months 26 days
Performance Shares
Number outstanding
Vested (in shares)					(15,833)
Board of Directors | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average market price at grant date (in dollars per share)			$ 5.08
Number outstanding
Granted (in shares)			63,980
Management, Employees, and Board Of Directors | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average market price at grant date (in dollars per share)					$ 5.42
Number outstanding
Granted (in shares)					358,546

Shareholders' Equity - Performa

Shareholders' Equity - Performance Stock Units Assumptions (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	0	15,833

Shareholders' Equity - Perfor_2

Shareholders' Equity - Performance Stock Units (Details) - Performance stock units - USD ($)		3 Months Ended		12 Months Ended
	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense		$ 0	$ 14,684
Compensation cost not yet recognized		$ 0
Number outstanding
Balance non-vested Stock at beginning of period (in shares)		0	15,833	15,833
Vested (in shares)		0		(15,833)
Balance non-vested Stock at end of period (in shares)	15,833	0		0
Weighted Average Remaining Life
Balance non-vested Stock at end of period (in years)	1 year

Shareholders' Equity - Stock Op

Shareholders' Equity - Stock Option Activity (Details) - Employee Stock Option [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Options Outstanding
Balance at beginning of period (in shares)	57,500	70,000
Exercised (in shares)	0	(12,500)
Expired (in shares)	(57,500)	0
Balance at period-end (in shares)	0	57,500
Exercisable at period-end (in shares)	0	57,500
Weighted average exercise price
Balance at beginning of period (in dollars per share)	$ 5.03	$ 5.03
Exercised (in dollars per share)	0	5.03
Expired/Forfeited (in dollars per share)	0	0
Balance at period-end (in dollars per share)	0	5.03
Exercisable at period-end (in dollars per share)	$ 0	$ 5.03

Shareholders' Equity - Stock _2

Shareholders' Equity - Stock Option Activity, Narrative (Details) - Employee Stock Option [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized	$ 0
Unrecognized stock based compensation to be recognized over a period	0	$ 0
Aggregate intrinsic value of options outstanding	$ 0	$ 5,500
Granted (in shares)	0	0

Shareholders' Equity - Dividend

Shareholders' Equity - Dividends (Details) - USD ($)		3 Months Ended
	Mar. 01, 2024	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Cash dividend of common stock (in dollars per share)	$ 0.0625
Annual dividend (in dollars per share)	$ 0.25
Payment of aggregate amount of dividend	$ 1,400,000	$ 1,370,409	$ 1,412,455

Revenue Recognition - Summary o

Revenue Recognition - Summary of revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue recognition
Total operating revenue	$ 7,986,743	$ 9,356,276
Natural Gas [Member]
Revenue recognition
Total operating revenue	2,962,979	6,256,178
Natural gas liquids
Revenue recognition
Total operating revenue	372,984	196,295
Oil and condensate
Revenue recognition
Total operating revenue	2,715,082	517,108
Gathering and Compression fees
Revenue recognition
Total operating revenue	1,935,698	2,386,695
Gathering and Compression fees | Intersubsegment Eliminations
Revenue recognition
Total operating revenue	$ 300,000	$ 400,000

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue recognition
Bad debt expense	$ 0
Gas Oil Ngls And Condensate [Member]
Revenue recognition
Period settlement statement received	30 days
Gathering and Compression fees | Auburn Gas Gathering System
Revenue recognition
Period settlement statement received	2 months

Revenue Recognition - Accounts

Revenue Recognition - Accounts receivable (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 5,061,734	$ 6,015,448	$ 7,201,386
Natural gas and oil sales
Disaggregation of Revenue [Line Items]
Accounts receivable	3,637,018	4,327,886	5,696,419
Joint interest billing
Disaggregation of Revenue [Line Items]
Accounts receivable	14,349	17,476	20,454
Gathering and Compression fees
Disaggregation of Revenue [Line Items]
Accounts receivable	1,281,742	1,543,239	1,483,956
Commodity contract
Disaggregation of Revenue [Line Items]
Accounts receivable	128,625	72,075	0
Interest
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 0	$ 54,772	$ 557

Income Taxes - Current and Defe

Income Taxes - Current and Deferred Tax Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Current:
Foreign	$ 66,268	$ 0
Federal	0	960,508
State	10,775	378,522
Total current income tax expense	77,043	1,339,030
Deferred:
Federal	377,599	(17,278)
State	(400,592)	5,170
Total deferred tax expense	(22,993)	(12,108)
Income tax expense	$ 54,050	$ 1,326,922

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments for capital expenditures	$ 3.6

Leases - Lease Commitment (Deta

Leases - Lease Commitment (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Assets
Operating lease right-of-use assets, long term	$ 417,268	$ 441,987
Total operating lease right-of-use assets	417,268	441,987
Operating lease liabilities	95,170	86,473
Operating lease liabilities, long term	446,226	476,911
Total operating lease liabilities	541,396	563,384
Operating lease costs	58,670	144,490
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	63,267	27,010
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 535,149
Weighted average remaining lease term	2 years 10 months 20 days	3 years
Weighted average discount rate	8.25%	8.25%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 01, 2023
Leases
Future lease payments estimated	$ 816,088
Rent expense for operating leases	$ 60,000	$ 140,000
New office lease
Leases
Lease term			70 months
Future lease payments estimated			$ 850,000

Leases - Future Minimum Lease C

Leases - Future Minimum Lease Commitments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Future Minimum Lease Commitments
2024	$ 101,062
2025	173,550
2026	177,021
2027	180,492
2028	183,963
Total minimum lease payments	816,088
Less: imputed interest	(274,692)
Total operating lease liabilities	541,396	$ 563,384
Less: current obligations under leases	(95,170)	(86,473)
Long-term lease obligations	$ 446,226	$ 476,911

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income available to shareholders	$ 1,506,896	$ 3,529,827
Weighted average number of shares - basic and diluted
Basic weighted-average number of shares outstanding	21,994,207	22,990,893
Diluted weighted average shares outstanding	21,994,207	23,027,684
Total Anti-dilutive shares	546,245	347,252
Employee Stock Option
Weighted average number of shares - basic and diluted
Incremental common shares	0	8,512
Total Anti-dilutive shares	0	61,488
Time-based restricted shares
Weighted average number of shares - basic and diluted
Incremental common shares	0	21,415
Total Anti-dilutive shares	546,245	276,795
Performance stock units
Weighted average number of shares - basic and diluted
Incremental common shares	0	6,864
Total Anti-dilutive shares	0	8,969

Operating Segments - Segments (

Operating Segments - Segments (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment information
Total operating revenue	$ 7,986,743	$ 9,356,276
Net earnings (loss) for the period	1,506,896	3,529,827
Operating costs	4,201,624	4,259,141
Operating income	1,404,693	3,324,129
Interest income	266,272	490,762
Interest expense	(8,760)	(28,437)
(Loss) gain on derivative contracts	(100,726)	1,068,660
Other income (expense), net	(533)	1,635
Other income, net	156,253	1,532,620
Net income (loss) before income tax expense	1,560,946	4,856,749
Depletion, depreciation, amortization, and accretion	2,380,426	1,773,006
Unproved properties	28,593,071		$ 25,504,873
Gathering system	6,968,392		7,198,277
Operating lease right-of-use assets, long term	417,268		$ 441,987
Capital expenditures	23,287,882	1,166,770
Corporate
Segment information
Total operating revenue	0	0
Operating costs	1,880,592	2,203,491
Operating income	(1,880,592)	(2,203,491)
Interest income	266,272	490,762
Interest expense	0	0
(Loss) gain on derivative contracts	0	0
Other income (expense), net	(570)	983
Other income, net	265,702	491,745
Net income (loss) before income tax expense	(1,614,890)	(1,711,746)
Depletion, depreciation, amortization, and accretion	0	0
Capital expenditures	0	0
Elimination
Segment information
Total operating revenue	(314,398)	(363,808)
Operating costs	(314,398)	(363,808)
Operating income	0	0
Interest income	0	0
Interest expense	0	0
(Loss) gain on derivative contracts	0	0
Other income (expense), net	0	0
Other income, net	0	0
Net income (loss) before income tax expense	0	0
Depletion, depreciation, amortization, and accretion	0	0
Capital expenditures	0	0
Natural Gas [Member]
Segment information
Total operating revenue	2,962,979	6,256,178
Natural Gas [Member] | Corporate
Segment information
Total operating revenue	0	0
Natural Gas [Member] | Elimination
Segment information
Total operating revenue	0	0
Natural gas liquids
Segment information
Total operating revenue	372,984	196,295
Natural gas liquids | Corporate
Segment information
Total operating revenue	0	0
Natural gas liquids | Elimination
Segment information
Total operating revenue	0	0
Oil and condensate
Segment information
Total operating revenue	2,715,082	517,108
Oil and condensate | Corporate
Segment information
Total operating revenue	0	0
Oil and condensate | Elimination
Segment information
Total operating revenue	0	0
Gathering and Compression fees
Segment information
Total operating revenue	1,935,698	2,386,695
Gathering and Compression fees | Corporate
Segment information
Total operating revenue	0	0
Gathering and Compression fees | Elimination
Segment information
Total operating revenue	(314,398)	(363,808)
Upstream | Operating Segments
Segment information
Total operating revenue	6,051,045	6,969,581
Operating costs	2,082,860	1,768,087
Operating income	1,838,476	3,707,739
Interest income	0	0
Interest expense	(8,760)	(28,437)
(Loss) gain on derivative contracts	(100,726)	1,068,660
Other income (expense), net	37	652
Other income, net	(109,449)	1,040,875
Net income (loss) before income tax expense	1,729,027	4,748,614
Depletion, depreciation, amortization, and accretion	2,129,709	1,493,755
Capital expenditures	23,268,856	1,145,146
Upstream | Natural Gas [Member] | Operating Segments
Segment information
Total operating revenue	2,962,979	6,256,178
Upstream | Natural gas liquids | Operating Segments
Segment information
Total operating revenue	372,984	196,295
Upstream | Oil and condensate | Operating Segments
Segment information
Total operating revenue	2,715,082	517,108
Upstream | Gathering and Compression fees | Operating Segments
Segment information
Total operating revenue	$ 0	0
Gas Gathering | Operating Segments
Operating Segments
Number of companies partnered to operate natural gas gathering system | segment	2
Segment information
Total operating revenue	$ 2,250,096	2,750,503
Operating costs	552,570	651,371
Operating income	1,446,809	1,819,881
Interest income	0	0
Interest expense	0	0
(Loss) gain on derivative contracts	0	0
Other income (expense), net	0	0
Other income, net	0	0
Net income (loss) before income tax expense	1,446,809	1,819,881
Depletion, depreciation, amortization, and accretion	250,717	279,251
Capital expenditures	19,026	21,624
Gas Gathering | Natural Gas [Member] | Operating Segments
Segment information
Total operating revenue	0	0
Gas Gathering | Natural gas liquids | Operating Segments
Segment information
Total operating revenue	0	0
Gas Gathering | Oil and condensate | Operating Segments
Segment information
Total operating revenue	0	0
Gas Gathering | Gathering and Compression fees | Operating Segments
Segment information
Total operating revenue	$ 2,250,096	$ 2,750,503

Operating Segments - Customers

Operating Segments - Customers (Details) - customer	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Natural Gas [Member]
Concentration risk
Number of customers	23	27
Customer Concentration risk
Concentration risk
Number of customers	2	3
Threshold concentration risk for reporting (as a percent)	10%	10%
Total Revenue | Customer Concentration risk | Customer One
Concentration risk
Concentration risk (as a percent)	25%	12%
Total Revenue | Customer Concentration risk | Customer Two
Concentration risk
Concentration risk (as a percent)	12%	13%
Total Revenue | Customer Concentration risk | Customer Three
Concentration risk
Concentration risk (as a percent)		11%

Commodity Risk Management Act_3

Commodity Risk Management Activities - Commodity Price Risks (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Recognized gains (losses) on financial commodity derivative contracts	$ 100,727	$ 1,068,660
Cash (paid) received from settlements of derivative contracts	$ 488,285	$ 363,300

Commodity Risk Management Act_4

Commodity Risk Management Activities - Fair Value of Derivative Instruments (Details) - Commodity Derivative Contracts	3 Months Ended
	Mar. 31, 2024 USD ($) MBbls Bcf	Dec. 31, 2023 USD ($)
Risk Management Activities
Fair Value of Derivative Liabilities, Gross, Current	$ (913,056)	$ (366,131)
Net Fair Value of Derivatives	511,244	1,100,255
Natural Gas
Risk Management Activities
Fair Value of Derivative Assets, Gross, Current	$ 1,424,300	1,466,386
NYMEX Henry Hub swap | Natural Gas
Risk Management Activities
Nonmonetary notional amount | Bcf	1.84
Fair Value of Derivative Assets, Gross, Current	$ 1,416,662	1,353,668
Fair Value of Derivative Liabilities, Gross, Current	$ (47,585)	0
Tennessee Z4 basis swap | Natural Gas
Risk Management Activities
Nonmonetary notional amount | Bcf	1.69
Fair Value of Derivative Assets, Gross, Current	$ 7,638	112,719
Fair Value of Derivative Liabilities, Gross, Current	$ (528,944)	(366,131)
Crude Oil NYMEX WTI CMA | Crude Oil
Risk Management Activities
Nonmonetary notional amount | MBbls	58
Fair Value of Derivative Liabilities, Gross, Current	$ (336,527)	$ 0

Commodity Risk Management Act_5

Commodity Risk Management Activities - Fair Value of Asset (Liability) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of asset (liability), beginning of the period	$ 1,100,255	$ 1,222,090
Gains on derivative contracts included in earnings	$ (100,726)	$ 1,068,660
(Losses) gains on derivative contracts included in earnings, Statement of Income or Comprehensive Income	(Loss) gain on derivative contracts	(Loss) gain on derivative contracts
Settlement of commodity derivative contracts	$ (488,285)	$ (363,300)
Fair value of (liability) asset, end of the period	$ 511,244	$ 1,927,450

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Net present value of asset retirement obligation	$ 3,600,000	$ 3,500,000
Reconciliation of provision for asset retirement obligations
Balance beginning of period	3,502,952	2,780,237
Liabilities acquired	16,373	12,437
Liabilities disposed of	0	(46,961)
Wells plugged and abandoned	(1,654)	(509,802)
Change in estimates	0	1,178,142
Accretion	44,815	88,899
Balance end of period	$ 3,562,486	$ 3,502,952

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Derivative contracts, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect of Netting, Asset	$ (913,056)
Effect of Netting, Liability		$ (366,131)
Net Fair Value, Liability	(836,268)	(118,770)
Derivative contracts, Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect of Netting, Asset	0	0
Net Fair Value, Liability	1,347,512	1,219,025
Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect of Netting, Asset	0	0
Net Fair Value, Asset	452,642
Net Fair Value, Liability		195,669
Short term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect of Netting, Asset	0	0
Net Fair Value, Asset	12,238,177
Net Fair Value, Liability		18,775,106
Level 1 | Derivative contracts, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value of Derivative Assets, Gross, Current	0
Fair value, Liability gross		0
Level 1 | Derivative contracts, Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value of Derivative Assets, Gross, Current	0	0
Level 1 | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value of Derivative Assets, Gross, Current	452,642	195,669
Level 1 | Short term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value of Derivative Assets, Gross, Current	12,238,177	18,775,106
Level 2 | Derivative contracts, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value of Derivative Assets, Gross, Current	76,788
Fair value, Liability gross		247,361
Level 2 | Derivative contracts, Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value of Derivative Assets, Gross, Current	1,347,512	1,219,025
Level 2 | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value of Derivative Assets, Gross, Current	0	0
Level 2 | Short term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value of Derivative Assets, Gross, Current	0	0
Level 3 | Derivative contracts, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value of Derivative Assets, Gross, Current	0
Fair value, Liability gross		0
Level 3 | Derivative contracts, Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value of Derivative Assets, Gross, Current	0	0
Level 3 | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value of Derivative Assets, Gross, Current	0	0
Level 3 | Short term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value of Derivative Assets, Gross, Current	$ 0	$ 0

Current Expected Credit Loss (D

Current Expected Credit Loss (Details)	Mar. 31, 2024 USD ($)
Receivables [Abstract]
Allowance for Credit Loss	$ 0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,506,896	$ 3,529,827

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false