Shareholder Rebellion at Epsilon Energy – New Board as of Today
Apparently there’s been a shareholder rebellion at Marcellus driller Epsilon Energy. MDN reported a year ago that Epsilon, headquartered in Ontario, Canada, was scaling back its focus on drilling in the Marcellus due to low natural gas prices, and instead concentrating on oil drilling in the Bakken Shale region of North Dakota (see Epsilon Energy 2Q12 Update: Scaling Back in the Marcellus). At that time (perhaps still), the company owned a 35% stake in the Auburn gas gathering system in the PA Marcellus.
The company released the following statement on Friday that virtually the entire board of directors will resign as of today, July 15, and be replaced by a new slate of board members: