Mr. Lovoi graduated from Texas A&M University in 1984 with a Bachelor of Science Degree in Chemical Engineering and received his Masters in Business Administration with an emphasis on finance and accounting from the University of Texas at Austin in 1988.
Adrian Montgomery is currently the Chief Investment Officer of Tuckamore Capital Management Inc. (formerly Newport Partners Income Fund) (Tuckamore), a TSX-listed company that has invested approximately $700 million in successful private businesses since its inception in 2005. Mr. Montgomery is a key member of the Tuckamore executive team that has reshaped the company over the past two years and was involved in the successful dispositions of Tuckamore's non-core operations, consolidation of minority positions in Tuckamore's core areas, securing new financing packages for Tuckamore, converting Tuckamore from an income trust to a corporation and engineering a total rebranding of the organization. Prior to Tuckamore, Mr. Montgomery headed business development at Rogers Media Inc. (Rogers), where he oversaw a number of initiatives in the fields of sports and entertainment. At Rogers, he spearheaded several landmark alliances with the National Football League, the International Olympic Committee, the FIFA World Cup, Live Nation Music and CBS Paramount. A lawyer and member of the New York State Bar, Mr. Montgomery is active in the political process and has served as a senior advisor to politicians at all levels of government. He is also involved in a number of charitable endeavours throughout Toronto and sits on the board of the Toronto East General Hospital Foundation.
Ryan Roebuck currently serves as a partner of XDR Capital Group (XDR), a private investment firm located in Toronto where he specializes in investing in public and private event driven and special situations in North America. Prior to joining XDR, Mr. Roebuck worked as an equity research analyst at M Partners where he covered companies in various sectors in North America including natural resource-focused companies. While at M Partners, Ryan was rated the number three overall stock picker in Canada by returns generated on the sell side by First Coverage in 2010.
Epsilon Energy Ltd. is a North American onshore exploration and production company with a current focus on the Marcellus Shale of Pennsylvania.
Certain statements contained in this news release constitute forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.
The reserves and associated future net revenue information set forth in this news release are estimates only. In general, estimates of oil and natural gas reserves and the future net revenue therefrom are based upon a number of variable factors and assumptions, such as production rates, ultimate reserves recovery, timing and amount of capital expenditures, ability to transport production, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially from actual results. For those reasons, estimates of the oil and natural gas reserves attributable to any particular group of properties, as well as the classification of such reserves and estimates of future net revenues associated with such reserves prepared by different engineers (or by the same engineers at different times) may vary. The actual reserves of the Company may be greater or less than those calculated. In addition, the Company's actual production, revenues, development and operating expenditures will vary from estimates thereof and such variations could be material.
Statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the future. There is no assurance that forecast price and cost assumptions will be attained and variances could be material.
Proved reserves are those reserves which are most certain to be recovered. There is at least a 90% probability that the quantities actually recovered will equal or exceed the estimated proved reserves. Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable) to which they are assigned. Proved undeveloped reserves are those reserves that can be estimated with a high degree of certainty and are expected to be recovered from known accumulations where a significant expenditure is required to render them capable of production.
The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties due to the effects of aggregation. The estimated future net revenues contained in this news release do not necessarily represent the fair market value of the Company's reserves.
Special note for news distribution in the United States
The securities described in the news release have not been registered under the United Stated Securities Act of 1933, as amended, (the "1933 Act") or state securities laws. Any holder of these securities, by purchasing such securities, agrees for the benefit of Epsilon Energy Ltd. (the "Corporation") that such securities may not be offered, sold, or otherwise transferred only (A) to the Corporation or its affiliates; (B) outside the United States in accordance with applicable state laws and either (1) Rule 144(as) under the 1933 Act or (2) Rule 144 under the 1933 Act, if applicable.
Epsilon Energy Ltd.
John V. Lovoi
Chairman of the Board of Directors and Interim CEO
Epsilon Energy Ltd.
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