Epsilon Expectant as Duda #1 Test Results Revealed

Epsilon Energy provided an update on its drilling program on Block 41 in the Republic of Yemen. The Duda #1 (formerly Al Waya #2) has encountered strong oil and gas shows in the Naifa formation over approximately 58 gross meters at a depth of approximately 1,400 meters. Drilling will continue to a depth of approximately 1,900 meters in order to test two additional zones, the Madbi and Fractured Basement.

This well was renamed from the Al Waya 2 to the Duda #1 after mechanical issues (directional steering tool malfunctioned) put the well in position to drill down-throne from the Al Waya 2, which was next target in Epsilon's drilling program. As such, the decision was made to rename the well to the Duda #1 and to continue drilling towards the down-throne target.

Epsilon plans to log, core and test all three targeted zones. At this time, no definitive conclusions can be made about commerciality, including production rates or reserves, of the Duda #1until the well is completed and tested in all zones.