Epsilon Energy Ltd.
TSX : EPS

Epsilon Energy Ltd.

May 08, 2013 08:45 ET

Epsilon Energy Ltd. Announces Election of Directors, Appointment of President and Termination of Participation Agreement with Gastem, Inc.

CONCORD, ONTARIO--(Marketwired - May 8, 2013) - Epsilon Energy Ltd. ("Epsilon" or the "Company") (TSX:EPS) is pleased to announce that all of the nominees listed in the management proxy circular dated April 1, 2013 were elected as directors of the Company at its annual and general meeting held on May 6, 2013 (the "Meeting").

The detailed results of the vote by ballot are as follows:

Nominee Votes For % For Votes % Non Vote
Withheld/Abstain Withheld
Zoran Arandjelovic 19,350,268 89.63 % 2,237,953 10.37 % 3,092,073
Stephen Altbaum 19,476,260 90.22 % 2,111,961 9.78 % 3,092,073
Joseph Feldman 19,477,260 90.22 % 2,110,961 9.78 % 3,092,073
Kurt Portmann 18,134,860 84.00 % 3,453,361 16.00 % 3,092,073
Raymond Savoie 19,399,598 89.86 % 2,118,623 10.14 % 3,092,073

In addition, the Company reports that the proposed approval of unallocated entitlements under the Amended and Restated 2010 Stock Option Plan resolution, the Advance Notice By-Law resolution and the reappointment of Deloitte and Touche LLP as auditor, were all passed by a majority of the votes represented at the Meeting.

Promotion of Ramik Arandjelovic to President

Epsilon also announces that, effective May 6, 2013, Ramik Arandjelovic has been promoted to President of Epsilon Energy Ltd. Ramik Arandjelovic has served as Chief Operating Officer of the Company since 2011 and has led the execution of the Company's operations, particularly the development of the core Marcellus upstream and midstream assets.

Ramik Arandjelovic comments, "I appreciate the confidence that the Board has placed in me and welcome the opportunity to lead Epsilon Energy forward. We have the assets and team to execute on our operational and financial strategy. Our Company has tremendous opportunity to deliver value to our stakeholders and we are committed to doing so."

Termination of Participation Agreement with Gastem, Inc.

Epsilon signed an agreement to terminate its participation agreement with Gastem Inc. related to leasehold acreage in Quebec. The decision to terminate the agreement is due to the ongoing fracturing ban in Quebec and the Company's desire to focus on key operations in Pennsylvania, Alberta and Saskatchewan.

Forward-Looking Statements

Certain statements contained in this news release constitute forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions are intended to identify forward -looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.

Special note for news distribution in the United States

The securities described in the news release have not been registered under the United Stated Securities Act of 1933, as amended, (the "1933 Act") or state securities laws. Any holder of these securities, by purchasing such securities, agrees for the benefit of Eps ilon Energy Ltd. (the "Corporation") that such securities may not be offered, sold, or otherwise transferred only (A) to the Corporation or its affiliates; (B) outside the United States in accordance with applicable state laws and either (1) Rule 144(as) under the 1933 Act or (2) Rule 144 under the 1933 Act, if applicable.

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