Epsilion Spuds the Al Waya 2 Well in the Republic of Yemen

Epsilon Energy Ltd. announced that as of May 17 drilling operations have commenced on the Al Waya 2 well on Block 41 in the Republic of Yemen, where the Company has a 57.14% paying interest and a 50% undivided interest in the Block 41 Production Sharing Agreement.

Epsilon's President, Mr. Fred Zaziski, stated "Commencing with the Al Waya 2, Epsilon Energy Yemen Ltd (EEYL) a wholly owned corporation in the Epsilon group of companies is now ready to commence the drilling program to exploit the upside potential Block 41 is believed to hold". The Al Waya 2, is a step-out well to the Al Waya 1 discovery well, which produced 454 bbls/d from the Naifa formation on a long term test. Three known oil zones; the Naifa, Madbi and the Fractured Basement will be targeted.

In addition to the Al Waya 2 well, three additional well locations on Block 41 have been selected, Duda #1 which is down-throne from Al Waya 2, West Mahrawa 2, which is an up-dip to Mahrawa 1 and Mukalla 1 which is on trend with Al Waya.

Epsilon is in the process of negotiations to secure an additional drilling rig to drill these wells as soon as practicable.


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