This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Epsilon Energy Ltd. is an independent natural gas and oil company focused on onshore exploration and production (upstream operations). The company holds assets in key North American basins, including the Powder River Basin in Wyoming, the Permian Basin in Texas, and the Marcellus Shale in Pennsylvania. Its core business is the acquisition, development, and production of oil and natural gas reserves.
The company also maintains midstream operations through its 35% ownership interest in the Auburn Gas Gathering System in Pennsylvania. This system gathers and transports natural gas produced from the Marcellus Shale. Recent activity indicates an expansion of its upstream portfolio, including a 2025 purchase agreement to acquire assets in the Powder River Basin and multiple acquisitions in the Permian Basin throughout 2023 and 2024. Epsilon's business model and revenue are fundamentally tied to the extraction and sale of fossil fuels.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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