<SEC-DOCUMENT>0001104659-21-010713.txt : 20210202
<SEC-HEADER>0001104659-21-010713.hdr.sgml : 20210202
<ACCEPTANCE-DATETIME>20210202122252
ACCESSION NUMBER:		0001104659-21-010713
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20210129
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210202
DATE AS OF CHANGE:		20210202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Epsilon Energy Ltd.
		CENTRAL INDEX KEY:			0001726126
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38770
		FILM NUMBER:		21579826

	BUSINESS ADDRESS:	
		STREET 1:		16945 NORTHCHASE DR.,
		STREET 2:		SUITE 1610
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77060
		BUSINESS PHONE:		281-670-0002

	MAIL ADDRESS:	
		STREET 1:		16945 NORTHCHASE DR.,
		STREET 2:		SUITE 1610
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77060
</SEC-HEADER>
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<DESCRIPTION>FORM 8-K
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                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of The Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event
reported)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>January 29, 2021</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>Epsilon
Energy Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: center; width: 36%"><FONT STYLE="font-size: 10pt"><B>Alberta, Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 31%"><FONT STYLE="font-size: 10pt"><B>001-38770</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 31%"><FONT STYLE="font-size: 10pt"><B>98-1476367</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(State or other jurisdiction</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>of incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(Commission</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>File Number)</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>16945 Northchase Drive, Suite 1610</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Houston, Texas 77060</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices,
including zip code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(281) 670-0002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registrant&#8217;s telephone number,
including area code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Former name or former address, if changed
since last report)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="padding-right: 0.8pt; width: 96%">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">Securities registered pursuant to Section
        12(b) of the Act:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"></P>


<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Title
    of each class</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Trading
    Symbol(s)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Name of
    each exchange on which<BR>
    registered</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Common Shares, no par value</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">EPSN</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">NASDAQ Capital Market</FONT></TD>
    </TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in as defined in Rule&nbsp;405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule&nbsp;12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter). Emerging growth company&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange Act.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;<B><I>Departure of Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 29, 2021, Ryan Roebuck advised
the Board of Directors (the &#8220;Board&#8221;) of Epsilon Energy Ltd., a company organized under the laws of Alberta (the &#8220;Company&#8221;),
of his intent to resign from the Board, the Audit Committee of the Board (the &#8220;Audit Committee&#8221;), the Compensation,
Nominating, and Corporate Governance Committee of the Board (the &#8220;Compensation Committee&#8221;), and Conflicts Committee
of the Board (the &#8220;Conflicts Committee&#8221;), effective immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Roebuck&#8217;s resignation did not
result from a disagreement with the Company or any of its officers or other directors on any matter relating to the operations,
policies or practices of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;<B><I>Appointment of Director</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 29, 2021, the Board determined
to increase the size of the Board from 7 members to 9. The Board appointed Mr. Stankowski (age 50) and Mr. Winn (age 58) to the
Board, effective immediately, to fill the vacancies created by this increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr.&nbsp;Stankowski and Mr. Winn will serve
as directors with an initial term expiring at the Company&#8217;s 2021 Annual General Meeting of Shareholders, and both will serve
until his successor shall have been duly elected and qualified or until his earlier resignation or removal.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board determined that both Mr.&nbsp;Stankowski
and Mr. Winn are independent in accordance with the applicable rules&nbsp;of the NASDAQ Stock Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The
Board approved an increase of the Audit Committee from three to five members, effective immediately. The Board, finding Mr. Winn
and Mr. Stankowski duly qualified and independent in accordance with the applicable rules of the NASDAQ Stock Market, appointed
Mr.&nbsp;Winn and Mr. Stankowski to serve as members of the Audit Committee, effective immediately. The Board also appointed Mr.
Winn as chair of the Audit Committee, effective immediately. In addition, Mr. Finlayson resigned from the Audit Committee and was
appointed to the Compensation Committee, effective immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr.&nbsp;Stankowski has been in the investment
industry since 1992. He began his career at Prudential Securities in San Francisco and spent eight years in structured finance
at CMA Capital Management, where he acted in a number of roles, including specializing in corporate retirement planning, structuring
complex investment and financing structures for Fortune 1000 companies. Mr. Stankowski founded Clayton Partners LLC and The Clayton
Capital Appreciation Fund, L.P. in 2003. He became designated as a Chartered Financial Analyst in 2003 and received a B.S. in Economics
from the University of California, Santa Cruz in 1992.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Mr. Winn recently retired from a 36 year
career in public accounting that involved extensive board interaction. From 2003 until July 2020, Mr. Winn was an Audit Partner
for Grant Thornton LLP, which is an independent audit, tax, and advisory firm and the U.S. member firm of Grant Thornton International
Ltd. During his tenure, Mr. Winn served as audit department head, industry program leader, an engagement partner, quality control
reviewer, and was a relationship partner to large clients. Mr. Winn has extensive Securities and Exchange Commission reporting
experience with registration statements and annual and quarterly filings. Mr. Winn served as a Director for PricewaterhouseCoopers
LLP during 2002-2003 and previously as a Partner with Arthur Andersen LLP from 1985-2002. Mr. Winn was awarded a B.B.A. from the
University of Oklahoma in 1984 and is a Certified Public Accountant licensed in Texas and Oklahoma. He is also a member of AICPA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There have been no arrangements or understandings
between Mr.&nbsp;Stankowski or Mr. Winn and any other person pursuant to which either was elected as a director. Neither Mr.&nbsp;Stankowski
nor Mr. Winn is a participant in any related party transaction required to be reported pursuant to Item 404(a)&nbsp;of Regulation
S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Stankowski and
Mr. Winn will receive cash and equity compensation for their services on the Board and any applicable committees, in accordance
with the Company&#8217;s standard non-employee director compensation package as described in the Company&#8217;s definitive&nbsp;Proxy
Statement dated August 4, 2020 and filed with the SEC on August 4, 2020, which description is <U>incorporated into this Item&nbsp;5.02
by reference</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A copy of the press release announcing Mr.
Stankowski and Mr. Winn&#8217;s appointments is attached hereto as Exhibit 99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;<B><I>Compensatory Arrangements of Certain Officers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">On January 13,
2021, the independent Compensation Committee, approved the terms of an employment agreement for the Company&#8217;s Chief Executive
Officer, Michael Raleigh (the &#8220;Raleigh Employment Agreement&#8221;). During the last three years, Mr. Raleigh worked for
the Company as Chief Executive Officer without a salary; however, he was granted equity awards during these three years, as previously
disclosed. Mr. Raleigh entered into the Raleigh Employment Agreement with Epsilon Energy USA, Inc., a wholly owned subsidiary of
the Company, on February 2, 2021. The Raleigh Employment Agreement is effective as of January 1, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">The Raleigh Employment
Agreement has a term of one year, beginning on January 1, 2021, and thereafter renews automatically for subsequent periods of one
year unless either of the parties provides written notice of non-renewal to the other at least 60 days prior to the end of the
then-current period. Mr. Raleigh will receive a base salary of $150,000, which may be increased by the Company from time to time.
Mr. Raleigh will also (i) receive an equity award in an amount having a value equal to one time Mr. Raleigh&#8217;s base salary,
and (ii) in the discretion of the Board, be eligible to receive an additional equity award having a value equal to up to two times
Mr. Raleigh&#8217;s base salary. The Board may, in its sole discretion, grant Mr. Raleigh&#8217;s equity award in cash. The performance
targets that must be achieved in order for Mr. Raleigh to be eligible for the discretionary equity award described in clause (ii)
above will be established by the Board (or a committee thereof) annually and communicated to Mr. Raleigh. Mr. Raleigh is also entitled
to participate in any bonus or payout plan that the Company may offer its executives from time to time, but Mr. Raleigh must be
employed on the date that such bonus would be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the fiscal
year ending December 31, 2020, Mr. Raleigh is guaranteed compensation equal to $450,000, which shall be composed of a cash payment
and equity award. Mr. Raleigh will not receive a signing bonus. Mr. Raleigh is entitled to participate in all applicable Company
benefit plans, programs, or arrangements that the Company may offer its executives of like status from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If Mr. Raleigh
is terminated for Cause (as such term is defined in the Raleigh Employment Agreement), the Company must pay Mr. Raleigh compensation
earned by him up to the termination date, and no other compensation, bonus, or other amount. If Mr. Raleigh terminates the Raleigh
Employment Agreement voluntarily and without Good Reason (as such term is defined in the Raleigh Employment Agreement), the Company
must pay Mr. Raleigh compensation earned by him up to the end of his 30-day notice period, but no other compensation, bonus, or
other amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If Mr. Raleigh
is terminated without Cause or he terminates his employment for Good Reason (as such terms are defined in the Raleigh Employment
Agreement), the Company must pay Mr. Raleigh the compensation earned by him up to the termination date, the bonus he would have
been entitled to for that year if the determination for the bonus was made as of the termination date, and a severance amount equal
to 12 months of his base salary (the &#8220;Severance Amount&#8221;). However, the Company&#8217;s obligation to pay the Severance
Amount is conditioned on Mr. Raleigh (i) complying with all post-termination obligations under the Raleigh Employment Agreement,
and (ii) executing a separation release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally,
if Mr. Raleigh elects to continue his health benefits coverage through the Company&#8217;s or its affiliates&#8217; group insurance
plan beyond his termination date, the Company is responsible for paying the premium in full for the 12 months following Mr. Raleigh&#8217;s
termination date. After this twelve month period, Mr. Raleigh will be eligible to continue coverage, pursuant to the Consolidated
Omnibus Reconciliation Act of 1985 (&#8220;COBRA&#8221;), and will be responsible for the entire COBRA premium for the remainder
of the applicable COBRA continuation period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event
of a change in control of the Company and provided that Mr. Raleigh&#8217;s service as CEO has not previously been
terminated, Mr. Raleigh will be entitled to receive an amount equal to 12 months of his base salary. The severance benefits
described in a Change in Control situation are generally subject to Mr. Raleigh&#8217;s execution of a release of claims
against the Company and continued compliance with certain confidentiality, non-compete and non-solicitation obligations.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">The
foregoing descriptions of the Raleigh Employment Agreement does not purport to be complete and is qualified in its entirety by
reference to the full text of such agreement, a copy of which is attached hereto as Exhibits 10.1, to this Current Report on Form
8-K and incorporated by reference herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item 5.03</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 29, 2021, the Board approved
and adopted amendments to the Company&#8217;s bylaws, subject to shareholder ratification and confirmation. The bylaws, as amended,
are currently effective, and the Board is required by the Business Corporations Act (Alberta), as amended (the &#8220;ABCA&#8221;),
to submit the bylaw amendment to shareholders for consideration at the Company&#8217;s next shareholder meeting (the &#8220;Meeting&#8221;).
The amendments to the bylaws will cease to be effective if they are not ratified and confirmed by the shareholders at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As approved, the amendment amends:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Section 4.02, which requires at least half of the directors to be &#8220;resident Canadians,&#8221; as defined in the ABCA;</TD></TR>                                                                                                                                                                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Section 4.09, which requires that directors only transact business at meetings where at least one-quarter of the directors
present are &#8220;resident Canadians,&#8221; subject to certain exceptions;</TD></TR>                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Section 5.01, which requires that the managing director be a &#8220;resident Canadian,&#8221; and at least half of the members
of a committee appointed by the directors must be &#8220;resident Canadians;&#8221;</TD></TR>                                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Section 6.01, which requires that a managing director must be a &#8220;resident Canadian;&#8221; and</TD></TR>                                                                                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Section 6.03, which requires that a managing director must be a &#8220;resident Canadian.&#8221;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As approved, the amendment revises Sections
4.02, 4.09, 5.01, 6.01, and 6.03 as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Revise Section 4.02 to eliminate the requirement that directors be resident Canadian ;</TD></TR>                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Delete Section 4.09 in its entirety to eliminate the number of &#8220;resident Canadian&#8221; directors required to be present
for the Board to transact business at a meeting;</TD></TR>                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Revise Section 5.01 to eliminate the requirement that the managing director must be a &#8220;resident Canadian&#8221; and the
requirement that at least half of the members of a committee appointed by the Board must be &#8220;resident Canadians;&#8221; and</TD></TR>                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Revise Sections 6.01 and 6.03 to eliminate the requirement that a managing director must be a &#8220;resident Canadian.&#8221;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company remains subject to the ABCA.
The foregoing description of the changes to the Company&#8217;s bylaws is qualified in its entirety by reference to the full text
of the amended Sections 4.02, 4.09, 5.01, 6.01, and 6.03 of the Company&#8217;s bylaws, which is included as Exhibit&nbsp;3.1 hereto
with a marked version attached hereto as Exhibit 3.2, both incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%"><B>Item 7.01</B></TD><TD STYLE="text-align: justify; width: 90%"><B>Regulation FD Disclosure</B></TD></TR></TABLE>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">On February 2,
2021, the Company issued a press release announcing the appointment of Mr. Stankowski and Mr. Winn to the Board, and Mr. Roebuck&#8217;s
resignation from the Board. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
information contained in this Current Report on Form 8-K pursuant to this &#8220;Item 7.01 Regulation FD Disclosure&#8221; shall
not be deemed &#8220;filed&#8221; for purposes of Section&nbsp;18 of the Exchange Act, or otherwise subject to the liability of
that section. The information in this section of this Current Report on Form 8-K shall not be incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly
set forth by specific reference in such a filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%; text-align: left"><B>Item 9.01</B></TD><TD STYLE="text-align: justify; width: 90%"><B> Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt"><B><U>Exhibit&nbsp;No.</U></B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 90%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm214612d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm214612d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amendment to the bylaws of Epsilon Energy Ltd. (as adopted January 29, 2021) (filed herewith)</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm214612d1_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm214612d1_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Marked bylaws of Epsilon Energy Ltd. (as adopted January 29, 2021) (filed herewith)</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm214612d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm214612d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Raleigh Employment Agreement (filed herewith)</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm214612d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm214612d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Press Release (filed herewith)</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>EPSILON ENERGY LTD.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 47%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Lane Bond</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Lane Bond</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: February 2, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>tm214612d1_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: right"><B>Exhibit 3.1</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EPSILON ENERGY LTD. (THE &#8220;CORPORATION&#8221;)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 4.02 OF THE BY-LAWS OF THE CORPORATION APPROVED BY THE
DIRECTORS OF THE CORPORATION ON JANUARY 29, 2021 AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.02 QUALIFICATION. The following persons are disqualified
from being a director of the Corporation: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>a)</B></TD><TD STYLE="text-align: justify"><B>anyone who is less than 18 years of age; </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>b)</B></TD><TD STYLE="text-align: justify"><B>anyone who</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><B>i.</B></TD><TD STYLE="text-align: justify"><B>is a dependent adult as defined in <I>The Dependent Adults Act</I>&nbsp;or is the subject of a certificate of incapacity
under that Act,</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><B>ii.</B></TD><TD><B>is a formal patient as defined in&nbsp;<I>The Mental Health Act</I>, 1972,</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><B>iii.</B></TD><TD STYLE="text-align: justify"><B>is the subject of an order under&nbsp;<I>The Mentally Incapacitated Persons Act</I>&nbsp;appointing a committee of his person
or estate or both, or</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><B>iv.</B></TD><TD STYLE="text-align: justify"><B>has been found to be a person of unsound mind by a court elsewhere than in Alberta;</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>c)</B></TD><TD><B>a person who is not an individual; </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>d)</B></TD><TD><B>a person who has the status of bankrupt.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A director need not be a shareholder. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 4.09 OF THE BY-LAWS OF THE CORPORATION APPROVED BY THE
DIRECTORS OF THE CORPORATION ON JANUARY 29, 2021 AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.09 [intentionally omitted]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 5.01 OF THE BY-LAWS OF THE CORPORATION APPROVED BY THE
DIRECTORS OF THE CORPORATION ON JANUARY 29, 2021 AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5.01 COMMITTEE OF DIRECTORS.&nbsp; The board may appoint
a committee of directors, however designated, or a managing director, and delegate to such committee or managing director any of
the powers of the board except those which, under the Act, a committee of directors or managing director has no authority to exercise.&nbsp;A
committee may be comprised of one director.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.01 OF THE BY-LAWS OF THE CORPORATION APPROVED BY THE
DIRECTORS OF THE CORPORATION ON JANUARY 29, 2021 AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6.01 APPOINTMENT OF OFFICERS.&nbsp; Subject to any unanimous
shareholder agreement, the board may from time to time appoint a chairman of the board, a managing director, a president, one or
more vice-presidents, a secretary, a treasurer and such other officers as the board may determine, including one or more assistants
to any of the officers so appointed.&nbsp; The board may specify the duties of and, in accordance with this by-law and subject
to the provisions of the Act, delegate to such officers powers to manage the business and affairs of the Corporation.&nbsp; Except
for a managing director and a chairman of the board, an officer may but need not be a director and one person may hold more than
one office.&nbsp; The president or such other officer as the board may designate, shall be the chief executive officer of the Corporation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 6.03 OF THE BY-LAWS OF THE CORPORATION APPROVED BY THE
DIRECTORS OF THE CORPORATION ON JANUARY 29, 2021 AS FOLLOWS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6.03 MANAGING DIRECTOR.&nbsp; The board may from time to
time appoint a director to act as managing director.&nbsp; If appointed, he shall have, subject to the authority of the board,
general supervision of the business and affairs of the Corporation; and he shall, subject to the provisions of the Act, have such
other powers &#8216;and duties as the board may specify.&nbsp; During the absence or disability of the president, or if no president
has been appointed, the managing director shall also have the powers and duties of that office.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The bylaws, as amended, are currently effective, and the Board
is required by the Business Corporations Act (Alberta), as amended (the &#8220;ABCA&#8221;), to submit the bylaw amendment to shareholders
for consideration at the Company&#8217;s next shareholder meeting (the &#8220;Meeting&#8221;). The amendments to the bylaw will
cease to be effective if they are not ratified and confirmed by the shareholders at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>tm214612d1_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
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                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 3.2</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EPSILON ENERGY LTD. (THE &#8220;CORPORATION&#8221;)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 4.02 of the by-laws of the Corporation approved by the
directors of the Corporation on January 29, 2021 as follows, with the deletion marked below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.02 QUALIFICATION. The following persons are disqualified from
being a director of the Corporation:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a)</TD><TD>anyone who is less than 18 years of age;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b)</TD><TD>anyone who</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>is a dependent adult as defined in <I>The Dependent Adults Act</I>&nbsp;or is the subject of a certificate of incapacity under
that Act,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD>is a formal patient as defined in&nbsp;<I>The Mental Health Act</I>, 1972,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">is the subject of an order under&nbsp;<I>The Mentally Incapacitated Persons Act</I>&nbsp;appointing a committee of his person
or estate or both, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD>has been found to be a person of unsound mind by a court elsewhere than in Alberta;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c)</TD><TD>a person who is not an individual;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d)</TD><TD>a person who has the status of bankrupt</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A director need not be a shareholder. <FONT STYLE="color: red"><STRIKE>At
least half of the directors shall be resident Canadians.</STRIKE></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 4.09 of the by-laws of the Corporation approved by the
directors of the Corporation on January 29, 2021 deleted in its entirety and insertion marked below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0"><U>4.09 [intentionally omitted]</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0070C0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: red"><STRIKE>4.09 CANADIAN REPRESENTATION.
Subject to the Act, the board shall not transact business at a meeting, other than filling a vacancy in the board, unless at least
one-quarter of the directors present are resident Canadians, except where</STRIKE></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><STRIKE>a) a resident Canadian director who is unable
to be present approves in writing or by telephone or other communications facilities the business transacted at the meeting; and</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><STRIKE>b) the number of resident Canadian directors
present at the meeting, together with any resident Canadian director who gives his approval under clause (a), totals at least one-quarter
of the directors present at the meeting.</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 5.01 of the by-laws of the Corporation approved by the
directors of the Corporation on January 29, 2021 as follows, with the deletion marked below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.01 COMMITTEE OF DIRECTORS.&nbsp; <FONT STYLE="background-color: white">The
board may appoint a committee of directors, however designated, or a managing director, <FONT STYLE="color: red"><STRIKE>who must
be a resident Canadian,</STRIKE></FONT> and delegate to such committee or managing director any of the powers of the board except
those which, under the Act, a committee of directors or managing director has no authority to exercise.&nbsp; <FONT STYLE="color: red"><STRIKE>At
least half of the members of such committee shall be resident Canadians.</STRIKE>&nbsp; </FONT>A committee may be comprised of
one director</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 6.01 of the by-laws of the Corporation approved by the
directors of the Corporation on January 29, 2021 as follows, with the deletion marked below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.01 <FONT STYLE="background-color: white">APPOINTMENT OF OFFICERS.&nbsp;
Subject to any unanimous shareholder agreement, the board may from time to time appoint a chairman of the board, a managing director
<FONT STYLE="color: red"><STRIKE>(who shall be a resident Canadian)</STRIKE></FONT>, a president, one or more vice-presidents,
a secretary, a treasurer and such other officers as the board may determine, including one or more assistants to any of the officers
so appointed.&nbsp; The board may specify the duties of and, in accordance with this by-law and subject to the provisions of the
Act, delegate to such officers powers to manage the business and affairs of the Corporation.&nbsp; Except for a managing director
and a chairman of the board, an officer may but need not be a director and one person may hold more than one office.&nbsp; The
president or such other officer as the board may designate, shall be the chief executive officer of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 6.03 of the by-laws of the Corporation approved by the
directors of the Corporation on January 29, 2021 as follows, with the deletion and insertion marked below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">6.03 MANAGING DIRECTOR.&nbsp;
The board may from time to time appoint a director to act as managing director <FONT STYLE="color: red"><STRIKE>who shall be a
resident Canadian and a director</STRIKE></FONT>.&nbsp; If appointed, he shall have, subject to the authority of the board, general
supervision of the business and affairs of the Corporation; and he shall, subject to the provisions of the Act, have such other
powers &#8216;and duties as the board may specify.&nbsp; During the absence or disability of the president, or if no president
has been appointed, the managing director shall also have the powers and duties of that office. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The bylaws, as amended, are currently effective, and the Board
is required by the Business Corporations Act (Alberta), as amended (the &#8220;ABCA&#8221;), to submit the by-law amendment to
shareholders for consideration at the Company&#8217;s next shareholder meeting. The amendments to the bylaw will cease to be effective
if they are not ratified and confirmed by the shareholders at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>tm214612d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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                           <P STYLE="margin: 0pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXECUTIVE EMPLOYMENT AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS EXECUTIVE
EMPLOYMENT AGREEMENT (this &#8220;<U>Agreement</U>&#8221;) is made and entered into February 2, 2021 and effective as of
January 1, 2021 (the &#8220;<U>Effective Date</U>&#8221;) by and among Epsilon Energy USA, Inc., a wholly owned subsidiary of
Epsilon Energy Ltd. (the &#8220;<U>Company</U>&#8221;), and Michael Raleigh (the &#8220;<U>Executive</U>&#8221; and, together
with the Company, the &#8220;<U>Parties</U>&#8221;) with reference to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Company desires to employ (or to continue the employment of) the Executive, and the Executive desires to be employed by (or to
continue to be employed by) the Company pursuant to the terms and conditions set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the mutual agreements and covenants set forth in this Agreement, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Employment and Duties</U></B>. Executive shall serve as Chief Executive Officer (&#8220;<U>CEO</U>&#8221;) of the Company,
reporting to the Company&#8217;s Board of Directors (the &#8220;<U>Board</U>&#8221;). Executive shall have such duties and responsibilities,
commensurate with Executive&#8217;s position, as may be reasonably assigned to Executive from time to time by the Board. Executive&#8217;s
duties under this Agreement shall further include the following: (i) Executive shall devote his full business time, best efforts,
and attention to rendering his duties to the Company; and (ii)&nbsp;Executive shall use good faith efforts to perform all services
under this Agreement in accordance with all applicable federal, state, and local laws and regulations and all requirements of all
applicable regulatory, self-regulatory, and administrative bodies, and Executive shall follow and comply with the Company&#8217;s
rules, regulations, policies, and guidelines adopted from time to time by the Company. The Executive&#8217;s principal place of
employment shall be in Houston, Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Term</U></B>.
Subject to earlier termination as provided in <U>Section 4</U> and <U>Section 5</U>, Executive&#8217;s employment pursuant to
the terms of this Agreement shall be for a term of one (1) year commencing on the Effective Date, and thereafter automatically
renewing for subsequent periods of one year unless either of the Parties provides written notice of non-renewal to the other at
least 60 days prior to the end of the then-current period (i.e., either the initial one-year period or any subsequent one-year
period). The term of this Agreement is defined as the &#8220;<U>Employment Period</U>.&#8221; The termination of Executive&#8217;s
employment shall not affect any of the obligations that expressly extend beyond, or are not contingent upon, continued employment,
including the obligations set forth in <U>Section 6</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation and Benefits</U></B>. Subject to the provisions of this Agreement, the Company shall pay and provide the
following compensation and other benefits to Executive during the Employment Period as compensation for services rendered hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Base
Salary</U>. The Company shall pay to Executive an annual salary of $150,000 (the &#8220;<U>Base Salary</U>&#8221;), subject
to lawful deductions and withholdings and payable monthly in substantially equal installments in accordance with the
Company&#8217;s then-current payroll practices as established, and as may be modified, from time to time. For the avoidance
of doubt, the term &#8220;Base Salary&#8221; as used in this Agreement shall not be deemed to include any of the additional
benefits or amounts outlined in <U>Sections 3(b)-(f)</U> hereof. The Company shall have the right, but not the obligation, to
increase Executive&#8217;s Base Salary from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses</U>. The Company will reimburse Executive for all reasonable and necessary business expenses incurred by Executive
in the performance of his duties under this Agreement, subject to any maximum annual limit and other restrictions on such expenses
set by the Company, and also subject to submission of such reasonable substantiation and documentation as may be required from
time to time. Executive&#8217;s right to payment or reimbursement for business expenses hereunder shall further be subject to the
following additional rules: (i) the amount of expenses eligible for payment or reimbursement during any calendar year shall not
affect the expenses eligible for payment or reimbursement in any other calendar year; (ii) payment or reimbursement shall be made
upon or as soon as practicable after submission of such substantiation or documentation, and in any event, not later than December
31st of the calendar year following the calendar year in which the expense or payment was incurred; and (iii) the right to payment
or reimbursement is not subject to liquidation or exchange for any other benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Vacation Policy</U>. Executive shall be entitled to participate in a flexible vacation policy, which policy is based
on mutual trust between the Company and Executive and allows Executive the opportunity to work or take time off as Executive sees
fit, as long as he fulfills the duties and responsibilities set forth herein. Executive does not accrue time off so the Company
will not pay out unused time upon resignation or termination of employment. This policy does not interfere or change eligibility
for legally established leaves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Executive Benefits</U>. Executive shall be entitled to participate in all applicable Company benefit plans, programs,
or arrangements that the Company may offer to its executives of a like status from time to time, and as may be amended from time
to time. Participation will be subject to the terms of the applicable plan documents and generally applicable Company policies,
as may be in effect from time to time, and any other restrictions or limitations imposed by law. During the Employment Period,
the Company will purchase and maintain, at its own expense, directors&#8217; and officers&#8217; liability insurance providing
coverage to Executive on terms equivalent to those provided to other executive officers and members of the Board. Further, during
the Employment Period, Executive shall receive indemnification pursuant to and in accordance with the terms of an indemnification
agreement that is substantially similar to that entered into between the Company and senior executives of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Performance Bonus</U>. The Executive is entitled to participate in any bonus or payout plans that the Company may offer
to its executives of a like status from time to time, and as may be amended from time to time. Bonus payments are not earned until
the date on which they are paid out, and the Executive must be employed on the date that any Bonus payments are made to be eligible
to receive the Bonus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Equity
Award</U>. Executive shall (i) receive an equity award in an amount having a value equal to one time Executive&#8217;s Base
Salary, and (ii) in the discretion of the Board, be eligible to receive an additional equity award having a value equal to up
to two times Executive&#8217;s Base Salary (such additional equity award in this clause (ii), the &#8220;<U>Discretionary
Award</U>&#8221;). The Board may, in its sole discretion, grant Executive&#8217;s Discretionary Award in cash. The
performance targets that must be achieved in order to be eligible for the Discretionary Award shall be established by the
Board (or a committee thereof) annually and shall be communicated to Executive upon establishment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change in Control Bonus</U>. Upon the closing of the first change in control (as such term is defined in the Company&#8217;s
2020 Equity Incentive Plan, such event a &#8220;<U>Change in Control</U>&#8221;) occurring after the Effective Date and provided
that Executive&#8217;s service as CEO has not previously terminated, Executive shall be entitled to receive an amount (the &#8220;<U>Change
in Control Bonus</U>&#8221;), subject to applicable tax withholdings, equal to twelve (12) months of Executive&#8217;s Base Salary
at the rate in effect immediately preceding the Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any obligation to pay
the Change in Control Bonus shall be conditioned on Executive signing and returning to the Company (without revoking) a timely
and effective release of claims in a form provided by the Company that becomes irrevocable on or before the 30th day following
the closing date of the Change in Control (the &#8220;<U>CIC Release</U>&#8221;). Any Change in Control Bonus shall be paid in
a single lump sum cash payment, subject to applicable tax withholdings, on the first payroll date following the date the CIC Release
becomes effective and can no longer be revoked in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination of Employment Upon Executive&#8217;s Death or Disability, or by the Company for Cause, or by Executive without
Good Reason.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination
of Employment Due to Executive&#8217;s Death</U>. If Executive dies during the Employment Period, the Company shall pay to the
estate of Executive such compensation as would otherwise have been payable to Executive (and any expense reimbursements for expenses
incurred) up to the date of his death. Other than the obligations set forth in this <U>Section 4(a)</U>, the Company shall have
no additional financial obligation under this Agreement to Executive or his estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination of Employment Due to Executive&#8217;s Disability, Illness, or Incapacity</U>. If, in the opinion of a physician
selected by the Company and reasonably approved by Executive, Executive becomes physically or mentally disabled or develops an
illness or incapacity during the Employment Period that renders Executive at least temporarily unable to perform (either with or
without reasonable accommodation) the essential functions of his job for a period of 180 days within any continuous 12-month period,
then Executive shall continue to receive the Base Salary until the end of such 180-day period, less any benefits received during
the foregoing respective period by Executive under any disability insurance carried or provided by the Company. If Executive&#8217;s
employment is terminated due to a permanent disability, as reasonably determined by the Company in accordance with applicable law,
then the Company shall pay to Executive such compensation as would otherwise have been payable to Executive (and any expense reimbursements
for expenses incurred) up to the end of the month in which Executive&#8217;s employment is terminated, and the Company shall have
no additional obligation under this Agreement to Executive. The Company is not obligated to, but may, carry disability insurance
for its employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination of Employment by the Company for Cause, or by Executive without Good Reason</U>. If the Company terminates
the employment of Executive for Cause (defined below), then the Company shall pay to Executive compensation earned by Executive
(and any expense reimbursements for expenses incurred) up to the termination date, with applicable deductions and withholdings,
and no other compensation, bonus, or other amount shall be due and owing to Executive. Executive may terminate Executive&#8217;s
employment hereunder voluntarily and without Good Reason (defined below) upon giving at least 30 days&#8217; prior written notice
to the Company. If the Executive terminates Executive&#8217;s employment voluntarily and without Good Reason effective on a date
during the Employment Period, then the Company shall pay to Executive compensation earned by Executive up to the end of the 30-day
notice period, with applicable deductions and withholdings, and no other compensation, bonus, or other amount shall be due and
owing to Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Agreement, the term &#8220;<U>Good Reason</U>&#8221; shall mean: (i) a material diminution in Executive&#8217;s
Base Salary or in the target bonus amount; (ii) a material diminution in the nature or scope of Executive&#8217;s authority, duties,
responsibilities, or title from those applicable to Executive as of the Effective Date; (iii) the Company requiring Executive to
be based at any office or location more than 25 miles from Executive&#8217;s principal place of employment as of the Effective
Date; or (iv) a material breach by the Company of any term or provision of this Agreement. Notwithstanding anything in this <U>Section
4(c)(1)</U> to the contrary, no event or condition described in this Section shall constitute Good Reason unless: (x) within 90
days from Executive first acquiring actual knowledge of the existence of the Good Reason condition described in this Section, Executive
provides the Company written notice of Executive&#8217;s intention to terminate Executive&#8217;s employment for Good Reason and
the grounds for such termination; (y) such grounds for termination (if susceptible to correction) are not corrected by the Company
within 30 days of the Company&#8217;s receipt of such notice (or, in the event that such grounds cannot be corrected within such
30-day period, the Company has not taken all reasonable steps within such 30-day period to correct such grounds as promptly as
practicable thereafter); and (z) Executive terminates Executive&#8217;s employment with the Company immediately following expiration
of such 30-day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>For
purposes of this Agreement, the term &#8220;<U>Cause</U>&#8221; shall mean a termination by the Company of Executive&#8217;s
employment because of: (i) any act or omission that constitutes an intentional and material breach by Executive of any of
Executive&#8217;s obligations under this Agreement; (ii) Executive&#8217;s conviction of, or plea of nolo contendere to, any
felony or another crime involving dishonesty; (iii) Executive willfully engaging in any misconduct, negligence, act of
dishonesty, violence or threat of violence (including any violation of federal securities laws) that is materially injurious
to the Company or any of its parents, subsidiaries, or affiliates; (iv) Executive&#8217;s intentional and material breach of
a known written policy of the Company or the rules of any governmental or regulatory body applicable to the Company that is
or could reasonably be materially injurious to the Company; (v) Executive&#8217;s repeated refusal to follow the lawful
directions of the Company; or (vi) any other willful misconduct by Executive that is materially injurious to the financial
condition or business reputation of the Company or any of its parents, subsidiaries, or affiliates. Notwithstanding anything
in this <U>Section 4(c)(2)</U> to the contrary, no event or condition described in <U>Section 4(c)(2)(i), (iii), (iv), (v),
or (vi)</U> shall constitute Cause unless: (x) the Company provides Executive written notice of its intention to terminate
Executive&#8217;s employment for Cause and the grounds for such termination; (y) such grounds for termination (if susceptible
to correction) are not corrected by Executive within 30 days of Executive&#8217;s receipt of such notice (or, in the event
that such grounds cannot be corrected within such 30-day period, Executive has not taken all reasonable steps within such
30-day period to correct such grounds as promptly as practicable thereafter); and (z) the Company terminates
Executive&#8217;s employment with the Company immediately following expiration of such 30-day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination
of Employment by Executive for Good Reason, or by the Company Without Cause Prior to Change in Control</U></B>. Notwithstanding
anything herein to the contrary, Executive&#8217;s employment with the Company may be terminated by the Company without Cause
upon 30 days&#8217; written notice. Executive shall also have the right to terminate his employment for Good Reason. Upon the
occurrence of either event prior to the consummation of a Change in Control, the Company shall pay to Executive compensation earned
by Executive (and any expense reimbursements for expenses incurred) up to the termination date, with applicable deductions and
withholdings, the bonus Executive would have been entitled to for such year if the determination for such bonus was made as of
the termination date, and a severance amount equal to twelve (12) months of Executive&#8217;s Base Salary at the rate in effect
immediately preceding the termination date (the &#8220;<U>Severance Amount</U>&#8221;). Should Employee wish to continue Employee&#8217;s
health benefits coverage through Company&#8217;s or its affiliates&#8217;, as applicable, group insurance plans beyond the termination
date, Company will be responsible for paying the premium in full for the 12 months period following the termination date.&nbsp;
At the end of this period, the Employee shall be eligible to continue coverage, pursuant to COBRA (as defined below), and shall
be responsible for the entire COBRA premium for the remainder of the applicable COBRA continuation period.&nbsp; Employee will
receive a separate notice explaining Employee&#8217;s right to continuation and conversion of Employee&#8217;s health benefits
under the Consolidated Omnibus Reconciliation Act of 1985 (&#8220;<B><I>COBRA</I></B>&#8221;) and/or any applicable state law.
Any obligation to pay the Severance Amount shall be conditioned on Executive (i) complying with all post-termination obligations
under this Agreement and (ii) signing and returning to the Company (without revoking) a timely and effective release of claims
in a form provided by the Company that becomes irrevocable on or before the 60th day following Executive&#8217;s termination date
(&#8220;<U>Separation Release</U>&#8221;). Any Severance Amount will be paid in equal installments on the Company&#8217;s regular
payroll schedule, subject to applicable tax withholdings, beginning with the first payroll date following the date the Separation
Release becomes effective and can no longer be revoked in accordance with its terms. To the extent the Severance Amount is considered
deferred compensation under Section 409A of the Internal Revenue Code, as amended (the &#8220;<U>Code</U>&#8221;), and is not
otherwise exempt from the application of Section 409A, then, if the foregoing 60-day period spans two calendar years, the payment
of the Severance Amount will not be made or begin until the later calendar year. Executive shall not be entitled to any other
compensation following his last date of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Confidential Information and Company Property</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Confidential
Information</U>. As used in this Agreement, the term &#8220;<U>Confidential Information</U>&#8221; means information of any
kind, nature, or description, that (i) relates to the Company&#8217;s business (for purposes of this <U>Section 6</U>,
references to the Company shall include the Company&#8217;s parents, general partners, subsidiaries, predecessors,
successors, members, the Board, and affiliates), (ii) provides the Company economic value or any business advantage, (iii) is
not generally known to the public, and (iv) is or was learned or developed by Executive as a direct or indirect result, or
during the course, of Executive&#8217;s employment with the Company. Additionally, Confidential Information includes: (x) the
Company&#8217;s trade secrets and inventions; (y) all information concerning operational matters involving the business of
the Company; and (z) all notes, analyses, compilations, studies, summaries, and other material prepared by the Company or its
representatives to the extent that it contains or is based, in whole or in part, upon any information noted above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Disclosure of Confidential Information</U>. Executive agrees not to, directly or indirectly, participate in the unauthorized
use, disclosure, or conversion of any Confidential Information. Specifically, but without limitation, Executive agrees not to use
Confidential Information for his sole benefit, or for the benefit of any person or entity in any way that harms the Company or
diminishes the value of the Confidential Information to the Company. However, nothing in this Agreement prohibits Executive from
reporting or otherwise disclosing possible violations of federal law or regulation to any government agency or entity, or from
receiving an award or monetary recovery in connection therewith. Executive does not need prior authorization to make reports or
disclosures to any government agency or entity and is not required to notify the Company if Executive has made or will make any
such report or disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Company&#8217;s Property</U>. All documents and things, including Confidential Information, provided to Executive
by the Company for use in connection with Executive&#8217;s employment, or created by Executive in the course and scope of Executive&#8217;s
employment with the Company, are the sole property of the Company and shall be held by Executive as a fiduciary on behalf of the
Company. Immediately upon termination of Executive&#8217;s employment&#8212;without the requirement of a prior demand by the Company&#8212;Executive
shall surrender to the Company all such documents and things, including all Confidential Information or other company property,
together with all copies, recordings, abstracts, notes, reproductions, or electronic versions of any kind made from or about the
documents and things and the information they contain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 (&#8220;DTSA&#8221;)</U>.
Executive will not be held criminally or civilly liable under any federal or state law for any disclosure of a trade secret that:
(i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and
solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document
that is filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit for retaliation by the Company for reporting
a suspected violation of law, Executive may disclose the Company&#8217;s trade secrets to his attorney and use the trade secret
information in the court proceeding if Executive files any document containing the trade secret under seal and does not disclose
the trade secret, except pursuant to court order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Survival</U></B>. Provisions of this Agreement shall survive any termination of employment if so provided in this Agreement
or if necessary or desirable to accomplish the purposes of other surviving provisions, including Executive&#8217;s obligations
under <U>Section 6</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Waiver of Breach</U></B>. The waiver of a breach of any of the provisions of this Agreement by the Parties shall not
be construed as a waiver of any subsequent breach by the breaching party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Binding Effect; Assignment</U></B>. The rights and obligations of the Company under this Agreement shall inure to the
benefit of and shall be binding upon the successors and assigns of the Company. This Agreement is a personal employment contract,
and the rights, obligations, and interests of Executive hereunder may not be sold, assigned, delegated, transferred, pledged, or
hypothecated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U></B>. Unless otherwise noted herein, this Agreement supersedes all prior agreements and understandings,
oral or written, if any, between the Company and Executive with respect to the terms and conditions of Executive&#8217;s employment
with the Company. No supplement, modification, amendment, or waiver of any of the terms, conditions, or provisions in this Agreement
can be made unless in writing and signed by both an authorized representative of the Company, the Board, and Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice</U></B>. All notices that are required or may be given under this Agreement shall be in writing and shall be deemed
to have been duly given: When received if personally delivered; when transmitted if transmitted by telecopy or similar electronic
transmission method; one business day after it is sent, if sent by recognized expedited delivery service; and five days after it
is sent, if mailed, first class mail, certified mail, return receipt requested, with postage prepaid. In each case notice shall
be sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; font-size: 10pt">If to Executive:</TD>
    <TD STYLE="width: 64%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Domain Energy Advisors</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10,000 Memorial Drive, Suite 550&#9;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Houston, Texas, 77024</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>mraleigh@domain-energy.com</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">If to the Company:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Epsilon Energy Ltd.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>16945 Northchase Drive, Suite&nbsp;1610</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Houston, Texas 77060</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Attn: Lane Bond</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Section
409A of the Code</U></B>. This Agreement is intended to either avoid the application of, or comply with, Section 409A of the
Code. To that end, this Agreement shall at all times be interpreted in a manner that is consistent with Section 409A of the
Code. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is
also a &#8220;separation from service&#8221; within the meaning of Section 409A of the Code and, for purposes of any such
provision of this Agreement, references to a &#8220;termination,&#8221; &#8220;termination of employment,&#8221; or like
terms shall mean &#8220;separation from service.&#8221; Any payment following a separation from service that would be subject
to Section 409A(a)(2)(A)(i) of the Code as a distribution following a separation from service of a &#8220;specified
employee&#8221; (as defined under Section 409A(a)(2)(B)(i) of the Code) shall be made on the first to occur of (i) ten days
after the expiration of the six-month period following such separation from service, (ii) death, or (iii) such earlier date
that complies with Section 409A of the Code. Upon the expiration of the foregoing delay period, all payments and benefits
delayed pursuant to this <U>Section 12</U> (whether they would have otherwise been payable in a single sum or in installments
in the absence of such delay) shall be paid or reimbursed to Executive in a lump sum, and any remaining payments and benefits
due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.
Each payment that Executive may receive under this Agreement shall be treated as a &#8220;separate payment&#8221; for
purposes of Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Consent to Jurisdiction</U></B>. This Agreement shall be governed by and construed in accordance with
the laws of the State of Texas without giving effect to principles of conflicts of laws that would apply the laws of another jurisdiction.&nbsp;
All claims arising out of or relating to this Agreement shall be heard and determined exclusively in any federal or state court
sitting in Houston, Texas. Consistent with the preceding sentence, the Parties irrevocably waive, and agree not to assert by way
of motion, defense, or otherwise, any claim that it is not subject personally to the jurisdiction of the aforementioned courts,
that its property is exempt or immune from attachment or execution, that the claim is brought in an inconvenient forum, that the
venue of the claim is improper, or that this Agreement or the transactions contemplated by this Agreement may not be enforced in
or by any of the aforementioned courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U></B>. This Agreement may be signed in counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURES ON NEXT PAGE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Parties hereto have executed this Agreement the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="text-transform: uppercase"><B></B></FONT></TD><TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>EPSILON
ENERGY USA, INC.</B></FONT></TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: justify; width: 3%">&nbsp;</TD>
                                        <TD STYLE="text-align: justify; width: 3%">By:</TD>
                                        <TD STYLE="text-align: justify; width: 44%">B. Lane Bond</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                        <TD STYLE="text-align: justify">Its:</TD>
                                        <TD STYLE="text-align: justify">Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">By:</TD>
                                        <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ B. Lane Bond</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%"><B><U>EXECUTIVE</U>:</B></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 50%">/s/ Michael Raleigh</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left"></TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="text-transform: uppercase"><B>miCHAEL
raleigh</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>tm214612d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>News Release&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EPSILON ENERGY LTD. ANNOUNCES </B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHANGES TO THE BOARD OF DIRECTORS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>HOUSTON, Texas &#8211; February 2, 2021</B>&nbsp;&#8212;
Epsilon Energy Ltd. (NASDAQ: EPSN) (&#8220;<B>Epsilon</B>&#8221; or the &#8220;<B>Company</B>&#8221;) announced today that its
Board of Directors (the &#8220;Board&#8221;) has appointed Jason Stankowski (age 50) and David Winn (age 58) to the Board, effective
January&nbsp;29, 2021. Mr. Stankowski and Mr. Winn will serve an initial term expiring at Epsilon&#8217;s 2021 Annual General Meeting
of Shareholders and will stand for reelection at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Epsilon also announced that Ryan Roebuck
resigned from Epsilon&#8217;s Board, and corresponding committees of the Board, effective January 29, 2021. The Board has appointed
Mr.&nbsp;Winn to serve as a member of the Audit Committee to replace Ryan Roebuck.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board also appointed Mr. Stankowski
to serve as a member of the Audit Committee, effective January 29, 2021. Mr. Stankowski was appointed to replace Mr. Finlayson
who resigned from the Audit Committee, effective January 29, 2021. Mr. Finlayson was appointed to the Compensation Committee, effective
January 29, 2021, to replace Mr. Roebuck.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Michael Raleigh, the CEO of Epsilon, stated:
&#8220;We very much appreciate Ryan&#8217;s service over the past 7 years as a Director of Epsilon. We welcome Jason and David
to our Board. We are confident that both of them will provide a material contribution to the success of the Company.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;Stankowski has been in the investment
industry since 1992. He began his career at Prudential Securities in San Francisco and spent eight years in structured finance
at CMA Capital Management, where he acted in a number of roles, including specializing in corporate retirement planning, structuring
complex investment and financing structures for Fortune 1000 companies. Mr. Stankowski founded Clayton Partners LLC and The Clayton
Capital Appreciation Fund, L.P. in 2003. He became designated as a Chartered Financial Analyst in 2003 and received a B.S. in Economics
from the University of California, Santa Cruz in 1992.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Winn recently retired from a 36 year
career in public accounting that involved extensive board interaction. From 2003 until July 2020, Mr. Winn was an Audit Partner
for Grant Thornton LLP, which is an independent audit, tax, and advisory firm and the U.S. member firm of Grant Thornton International
Ltd. During his tenure, Mr. Winn served as audit department head, industry program leader, an engagement partner, quality control
reviewer, and was a relationship partner to large clients. Mr. Winn has extensive Securities and Exchange Commission reporting
experience with registration statements and annual and quarterly filings. Mr. Winn served as a Director for PricewaterhouseCoopers
LLP during 2002-2003 and previously as a Partner with Arthur Andersen LLP from 1985-2002. Mr. Winn was awarded a B.B.A. from the
University of Oklahoma in 1984 and is a Certified Public Accountant licensed in Texas and Oklahoma. He is also a member of AICPA.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that Mr.&nbsp;Stankowski and
Mr. Winn are qualified to serve as members of our Board as a result of their extensive technical and business experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Epsilon</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Epsilon Energy Ltd. is a North
American onshore natural gas production and midstream company with a focus on the Marcellus Shale of Pennsylvania.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Epsilon&#8217;s Common Shares trade on
NASDAQ under the symbol EPSN. For more information, please visit the Company&#8217;s website at www.epsilonenergyltd.com or contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael Raleigh<BR>
Chief Executive Officer<BR>
281-670-0002<BR>
<U>Michael.Raleigh@EpsilonEnergyLTD.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of financial data and other publicly
filed documents are filed on SEDAR at www.sedar.com or on EDGAR at www.sec.gov/edgar.shtml under &#8220;Epsilon Energy&nbsp;Ltd.&#8221;
or on the Company's website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cautionary Note Regarding Forward-Looking
Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Certain
statements in this news release may constitute forward-looking information or forward-looking statements within the meaning of
applicable securities laws (collectively, &quot;forward-looking statements&quot;), which reflect the expectations of management
regarding the future growth, results of operations, performance and business prospects and opportunities of the Company and its
projects. These statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations,
can generally be identified by the use of the words &quot;plans,&quot; &quot;expects,&quot; &quot;does not expect,&quot; &quot;is
expected,&quot; &quot;budget,&quot; &quot;estimates,&quot; &quot;forecasts,&quot; &quot;intends,&quot; &quot;anticipates,&quot;
or &quot;does not anticipate,&quot; &quot;believes,&quot; &quot;outlook,&quot; &quot;objective,&quot; or &quot;continue,&quot;
or equivalents or variations, including negative variations, of such words and phrases, or state that certain actions, events or
results, &quot;may,&quot; &quot;could,&quot; &quot;would,&quot; &quot;should,&quot; &quot;might,&quot; or &quot;will,&quot; be
taken, occur or be achieved. Examples of such statements in this press release include, but are not limited, to statements with
respect to the number of Common Shares expected to be taken up under the Offer, and the purchase price for the Common Shares expected
to be taken up under the Offer. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Forward-looking
statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and
will not necessarily be accurate indications of whether or not or the times at or by which such performance or results will be
achieved. Please refer to the factors discussed under &quot;Risk Factors&quot; and &quot;Forward-Looking Information&quot; in the
Company's periodic reports as filed with the Securities and Exchange Commission from time to time for a detailed discussion of
the risks and uncertainties affecting the Company. These risks and uncertainties include, but are not limited to, potential risks
and uncertainties relating to the ultimate geographic spread of the novel coronavirus (COVID-19), the severity of the disease,
the duration of the COVID-19 outbreak, actions that may be taken by governmental authorities to contain the COVID-19 outbreak or
to treat its impact, the potential negative impacts of COVID-19 on the global economy and financial markets and any resulting impact
on the satisfaction of the conditions of the Offer such that the Company may not be required to purchase the Common Shares and/or
may terminate the Offer. Although the forward-looking statements contained in this news release are based upon what are believed
to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements,
and the differences may be material. These forward-looking statements are made as of the date of this news release and, except
as expressly required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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