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Property and Equipment | 6 Months Ended
--- | ---
Jun. 30, 2025
Oil and Gas Property, Successful Effort Method, Gross [Abstract] |
Property and Equipment | 5. Property and Equipment The following table summarizes the Company’s property and equipment as of June 30, 2025 and December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2025 | ​ | 2024
Property and equipment: | ​ | ​ | ​ | ​ | ​ | ​
Oil and gas properties, successful efforts method | ​ | ​ | ​ | ​ | ​ | ​
Proved properties | ​ | $ | 197,197,902 | ​ | $ | 191,879,210
Unproved properties | ​ | ​ | 33,496,835 | ​ | ​ | 28,364,186
Accumulated depletion, depreciation, amortization and impairment | ​ | ​ | (131,899,045) | ​ | ​ | (123,281,395)
Total oil and gas properties, net | ​ | ​ | 98,795,692 | ​ | ​ | 96,962,001
Gathering system | ​ | ​ | 43,416,065 | ​ | ​ | 43,116,371
Accumulated depletion, depreciation, amortization and impairment | ​ | ​ | (37,057,605) | ​ | ​ | (36,449,511)
Total gathering system, net | ​ | ​ | 6,358,460 | ​ | ​ | 6,666,860
Land | ​ | ​ | 637,764 | ​ | ​ | 637,764
Buildings and other property and equipment, net | ​ | ​ | 245,555 | ​ | ​ | 259,335
Total property and equipment, net | ​ | $ | 106,037,471 | ​ | $ | 104,525,960
​ Asset Acquisitions During the six months ended June 30, 2025, Epsilon had no asset acquisitions. During the six months ended June 30, 2024, Epsilon acquired assets that included the following:
| ● | a 25% working interest in three producing wells located in Ector County, Texas.
| ● | a 25% working interest in an additional 3,620 gross undeveloped acres in Ector County, Texas.
| ● | a 50% working interest in 14,243 gross undeveloped acres in Alberta, Canada.
​ Management determined that substantially all the fair value of the assets acquired was concentrated in a group of similar identifiable assets. Based on this determination, the acquisition was accounted for as an asset acquisition. Property Impairment We perform a quantitative impairment test whenever events or changes in circumstances indicate that an asset group's carrying amount may not be recoverable, over proved properties using the published NYMEX forward prices, basis differentials, timing, methods and other assumptions consistent with historical periods. When indicators of impairment are present, GAAP requires that the Company first compare expected future undiscounted cash flows by asset group to their respective carrying values. If the carrying amount exceeds the estimated undiscounted future cash flows, a reduction of the carrying amount of the properties to their estimated fair value is required. Additionally, if an exploratory well is determined not to have found proved reserves, the costs incurred, net of any salvage value, should be charged to expense. During the three and six months ended June 30, 2025, Epsilon recorded an impairment of $2.7 million for two wells drilled in Alberta, Canada. The impairment was a result of a decrease in estimated reserves due to early production coming in below expectations, cost overruns and lower forward commodity prices. ​ During the three and six months ended June 30, 2024, no impairment was recorded. For the year ended December 31, 2024, the Company had $0.53 million of impairment reflected in proved properties on the Consolidated Balance Sheets. To be consistent with the current presentation, the prior year impairment has been reclassed to accumulated depletion, depreciation, amortization and impairment on the Consolidated Balance Sheets.

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- Definition The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/932-360/tableOfContent + Details
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