HOUSTON, June 05, 2017 (GLOBE NEWSWIRE) -- Epsilon Energy Ltd. (“Epsilon” or the “Company”) (TSX:EPS) JVL Advisors, LLC announces today that it has, in conjunction with its principal owner, John V. Lovoi, and through funds controlled by one or both of JVL or Mr. Lovoi (collectively, “JVL”), made certain acquisitions and dispositions of common shares in the capital of Epsilon (“Common Shares”), as disclosed herein.
On September 8, 2015, JVL acquired control over 50,000 Common Shares (the “First September Purchase”), and on September 29, 2015, JVL acquired control over an additional 7,800 Common Shares (the “Second September Purchase”). On March 22, 2017, JVL acquired control over 757,175 Common Shares (the “March Purchase”), and on April 21, 2017, on the closing of Epsilon’s previously announced rights offering (the “Rights Offering”), JVL acquired control over an additional 2,287,234 Common Shares. On April 24, 2017, JVL ceased having control over 25,872 Common Shares (the “Disposition”, and together with the First September Purchase, the Second September Purchase, the March Purchase and the Rights Offering, the “Transactions”). As a result of the Transactions, JVL has control over 10,996,837 Common Shares, or approximately 19.99% of the Common Shares of Epsilon currently issued and outstanding. The funds controlled by JVL are Navitas Fund, LP, Asklepios Energy Fund, LP, Hephaestus Energy Fund, LP, Panakeia Energy Fund, LP, Children’s Energy Fund, LP, LVPU, LP, Blackbird 1846 Energy Fund, LP, TJS Energy Fund, LP, W.I. Cook Foundation and Urja, LP.
Prior to the First September Purchase, JVL had control over 7,920,500 Common Shares, representing approximately 16.76% of Epsilon’s issued and outstanding Common Shares. Following completion of the First September Purchase, and prior to the Second September Purchase, JVL had control over 7,970,500 Common Shares, representing approximately 16.94% of Epsilon’s issued and outstanding Common Shares. Following completion of the Second September Purchase, and prior to the March Purchase, JVL had control over 7,987,300 Common Shares, representing approximately16.96% of Epsilon’s issued and outstanding Common Shares. Following completion of the March Purchase, and prior to the closing of the Rights Offering, JVL had control over 8,735,475 Common Shares, representing approximately 19.06% of Epsilon’s issued and outstanding Common Shares. Following completion of the Rights Offering, and prior to the Disposition, JVL had control over 11,022,709 Common Shares, representing approximately 20.04% of Epsilon’s issued and outstanding Common Shares as at the close of the Rights Offering. Finally, following completion of the Disposition, JVL now has control over 10,996,837 Common Shares, representing approximately 19.99% of Epsilon’s issued and outstanding Common Shares.
The Common Shares acquired under the First September Purchase were purchased for aggregate consideration of CAD$145,000 or CAD$2.90 per Common Share. The Common Shares acquired under the Second September Purchase were purchased for aggregate consideration of CAD$21,762 or CAD$2.79 per Common Share. The Common Shares acquired under the March Purchase were purchased for aggregate consideration of CAD$2,422,960 or CAD$3.20 per Common Share. The Common Shares acquired under the Rights Offering were acquired for aggregate consideration of CAD$6,284,691.12 or CAD$2.68 per Common Share. The Common Shares disposed of pursuant to the Disposition were sold for an aggregate consideration of CAD$69,336.96 or CAD$2.68 per Common Share.
JVL acquired control over, and disposed of, the Common Shares for investment purposes and may, from time to time, acquire or dispose of ownership or control or direction over some or all of the existing securities or over additional securities of Epsilon.
This news release is issued pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. For additional information or for a copy of JVL’s early warning report, please contact Derek Michaelis at JVL at the address below or at (713) 579-2617.
JVL, a limited liability company subject to the laws of Texas, is a registered investment advisor in the State of Texas. The head office address of JVL is: 10000 Memorial Dr., Suite 550, Houston, Texas 77024, USA.