Epsilon Energy Makes “About-Face” on Marcellus Drilling
Wow! What a difference a year can make. Last year at this time, MDN told you about Canadian independent driller Epsilon Energy’s decision to scale back drilling in the Marcellus in favor of drilling more in the oil-rich Bakken Shale play in Canada (see Epsilon Energy 2Q12 Update: Scaling Back in the Marcellus). Less than a month ago, there was a shareholder rebellion and the entire sitting board of directors was canned (see Shareholder Rebellion at Epsilon Energy – New Board as of Today).
Yesterday, Epsilon released their 2Q13 update–an update all about the Marcellus. Epsilon CEO Michael Raleigh is quoted in the update as saying the company is just starting to execute a new plan to turn the company into a “pure play” driller–concentrating solely on drilling in the Marcellus Shale. That’s quite a turnabout in 12 months! Relevant portions from yesterday’s Epsilon update and what they hope to accomplish in the Marcellus this year: