The Board of Directors of Epsilon has announced that it has approved a new employment agreement with Mr. Zoran Arandjelovic, Executive Chairman of Epsilon. Effective immediately, Mr. Arandjelovic will fill the position of President and Chief Executive Officer on a full time basis.
Also, Epsilon today announced the sale of Epsilon Energy Yemen Ltd. ("Epsilon Yemen" or the "Company") to an unrelated third party purchaser for US $100,000, pending government of Yemen approval. The agreement calls for Epsilon Energy International Ltd., the sole shareholder of Epsilon Yemen and a wholly-owned subsidiary of Epsilon, to receive 20% of proceeds from any subsequent sale of all or any part of the included 57.14% working interest in Block 41 or, in the event that commerciality is declared, 25% of the cost recovery pool monies received from the government of Yemen, in either case, the total amount not to exceed US $5,000,000.
Mr. Arandjelovic stated, "This transaction will enable us to transfer the operation of Epsilon Yemen to a trusted partner, while retaining an interest in the Company. This is a major step in executing our strategic plan. We have been working on strengthening our position in North America where we have our core assets. Now we will allocate our resources to where we can achieve the best returns for our shareholders."
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