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Subsequent Events
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

18. Subsequent Events

On August 11, 2025, Epsilon signed definitive agreements to acquire two entities, Peak Exploration and Production LLC and Peak BLM Lease LLC (together, “Peak”). Consideration at closing is proposed as the issuance of 6 million Epsilon common shares and the assumption of approximately $49 million in debt. Additional consideration is proposed as the issuance of 1.5 - 2.5 million Epsilon common shares are contingent on the receipt of drilling permits on, and the ability to access, leasehold currently affected by a drilling moratorium in Converse County, Wyoming.  If the conditions are not met by year-end 2027, Epsilon has a $6.5 million cash option to retain the affected undeveloped leasehold.

The acquired assets include an operated position of 40,500 net acres producing 2.2 MBoepd in the Powder River Basin in Campbell and Converse County, Wyoming.

The transaction is subject to a shareholder vote; the associated proxy process will run in the interim period between signing and closing. If approved, the transaction is expected to close in the fourth quarter of 2025.