EPSILON REPORTS THIRD QUARTER 2015 RESULTS

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1 News Release EPSILON REPORTS THIRD QUARTER 2015 RESULTS Houston, Texas October 28, 2015 Epsilon Energy Ltd. ( Epsilon or the Company ) (TSX:EPS) today reported third quarter 2015 financial and operating results. Mr. Michael Raleigh, Chief Executive Officer, commented, Epsilon s natural gas production continues to be well below its potential as a result of voluntarily imposed production ceilings. In real terms, while shut-ins began at the beginning of the quarter, we have had approximately 50% of our net wells shut-in over the last half of the quarter. This shut-in inventory has continued into the fourth quarter. Though this is frustrating the commodity price environment in northeast Pennsylvania has not been constructive. We are fortunate to be in such a flexible position as we continue to generate a positive cash flow contribution from the upstream and a significant cash flow contribution from our midstream asset. Our cost control discipline and management of capital expenditures are the prudent response to the current price environment. Additionally, we have been moving our $US generated cash to $CDN to take advantage of the exchange rate, effectively hedging future debenture liabilities. Also, we will opportunistically repurchase shares through the recently renewed normal course issuer bid. Planning, permitting and construction of major interstate pipeline projects in our basin continue to make significant progress towards alleviating supply congestion in the basin. This progress will become evident in natural gas price realizations once these projects commence service. Highlights for the third quarter and material subsequent events following the end of the quarter through the date of this release include: Upstream EBITDA of $0.4 million and Midstream EBITDA of $2.4 million for the quarter. Marcellus working interest (WI) gas averaged 27 MMcf/d for the third quarter of Working interest gas production as of this release is approximately 22 MMcf/d as a result of voluntary curtailment of 50% of our net wells. Gathered and delivered 24 Bcfe gross (8.3 Bcfe net to Epsilon s interest) during the quarter, or 259 MMcfe/d through the Auburn System which represents only 72% of maximum throughput. Midstream system throughput since quarter end is averaging 209 MMcfe/d. Auburn Gas gathering and compression services included third party gas of 3.0 Bcfe during the quarter or approximately 32 MMcf/d.

2 Financial and Operating Results Revenue by product - total period ($000) Three months ended September 30, Nine months ended September 30, Natural gas revenue ($000) $ 2,379 $ 7,837 $ 9,050 $ 33,687 Volume (MMcfe) 2,186 3,994 7,241 12,214 Avg. Price ($/Mcfe) $ 1.09 $ 1.96 $ 1.25 $ 2.76 Exit Rate (MMcfepd) Oil revenue ($000) $ - $ 3 $ 2 $ 199 Volume (MBOE) Avg. Price ($/Bbl) $ - $ 80 $ $ Midstream gathering system revenue ($000) $ 2,998 $ 3,186 $ 10,140 $ 9,811 Total $ 5,377 $ 11,026 $ 19,192 $ 43,697 Capital Expenditures Epsilon s total capital expenditures were $0.5 million for the three months ended September 30, $0.1 million was allocated to upstream operations, and $0.4 million was allocated to the Auburn Gas Gathering system. Epsilon s 2015 capital forecast for the remainder of the year is revised to $0.3 million and is attributable entirely to the Auburn Gas Gathering system. As mentioned in prior press releases, the upstream budget is completely discretionary. Given the continued weakness in natural gas pricing, it is unlikely that any drilling or completion activity will occur in the fourth quarter. Marcellus Operational Guidance During the third quarter, Epsilon did not turn any new wells in line. The Operator continued to shut-in various combinations of producing wells throughout the third quarter in response to poor natural gas prices. At quarter end, 45 (12.08 net) wells remained shut-in.

3 The Operator did not drill or propose any new wells during the quarter. The table below details Epsilon s well development status at September 30, 2015: June 30, 2015 Sept 30, 2015 Gross Net Gross Net Procucing Shut-in Waiting on pipeline Waiting on completion Drilling - - Epsilon has not received any well proposals from the Operator subsequent to quarter end. Third Quarter Results Epsilon generated revenues of $5.4 million for the three months ended September 30, 2015 compared to $11.0 million for the three months ended September 30, The Company s Marcellus net revenue interest production was 2.2 Bcfe in the third quarter. Realized natural gas prices averaged $1.09 per Mcf in the third quarter of Realized natural gas prices in Northeast Pennsylvania continue to be negatively impacted by a significant differential to depressed NYMEX Henry Hub prices. Operating expenses for Marcellus Upstream operations in the third quarter were $1.6 million. Also, due to the continuing depressed gas prices management decided to record a $10.0 million impairment on the Upstream assets. The Auburn Gas Gathering system delivered 24 Bcfe of natural gas during the quarter as compared to 30 Bcfe during the second quarter of Primary gathering volumes decreased 20.4% quarter over quarter to 12.8 Bcfe primarily as a result of voluntary production curtailment by the Operator and working interest owners. Imported cross-flow volumes also decreased 20.5% to 11.0 Bcfe as a result of similar curtailments by adjacent operators. Epsilon reported net after tax loss of $7.6 million attributable to common shareholders or ($0.16) per basic and diluted common shares outstanding for the three months ended September 30, 2015, compared to net income of $0.5 million, and $0.01 per basic and diluted common shares outstanding for the three months ended September 30, For the three months ended September 30, 2015, Epsilon's Adjusted Earnings Before Interest, Income Taxes, Depreciation, Amortization ("Adjusted EBITDA") was $2.8 million as compared to $8.0 million for the three months ended September 30, The decrease in Adjusted EBITDA was primarily due to decreased production and lower natural gas prices.

4 Adjusted EBITDA Epsilon defines Adjusted EBITDA as earnings before (1) net interest expense, (2) depreciation, depletion and amortization expense, (3) recovery of prior impairments of oil and gas properties, (4) non-cash stock compensation expense, (5) unrealized gain on derivatives and (6) other income. Adjusted EBITDA is not a measure of net income or cash flows as determined by IFRS. Management believes these non-ifrs financial measures facilitate evaluation of the Company's business on a "normalized" or recurring basis and without giving effect to certain non-cash expenses and other items, thereby providing management, investors and analysts with comparative information for evaluating the Company in relation to other oil and gas companies providing corresponding non-ifrs financial measures. These non-ifrs financial measures should be considered in addition to, but not as a substitute for, measures for financial performance prepared in accordance with IFRS, and that the reconciliations to the closest corresponding IFRS measure should be reviewed carefully. About Epsilon Epsilon Energy Ltd. is a North American onshore exploration and production company with a current focus on the Marcellus Shale of Pennsylvania. Forward-Looking Statements 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.

5 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. Contact Information: Michael Raleigh Chief Executive Officer 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.

6 EPSILON ENERGY LTD. Interim Unaudited Condensed Consolidated Statements of Operations (All amounts stated in US$) Three months ended September 30, Nine months ended September 30, Notes Revenues: Oil & gas revenue $ 2,378,711 $ 7,840,262 $ 9,052,099 $ 33,886,457 Gas gathering & compression revenue 2,998,495 3,185,569 10,140,233 9,810,740 Total revenue 5,377,206 11,025,831 19,192,332 43,697,197 Operating costs and expenses: Project operating costs 2,130,390 2,959,528 7,352,419 8,932,275 Depletion, depreciation, amortization and decommissioning accretion 3,222,497 6,433,491 10,629,200 19,594,586 Impairment loss (recovery) 4 10,000,000-10,000,000 (420,634) Stock based compensation 42,833 (109,278) 64,385 (1,028,025) General and administrative 419, ,659 1,422,119 1,416,595 Total operating costs and expenses 15,815,275 9,709,400 29,468,123 28,494,797 Operating income (loss) (10,438,069) 1,316,431 (10,275,791) 15,202,400 Other income and (expense): Interest income 15 47,389 14,297 59,433 Finance expense (948,438) (1,102,779) (3,008,123) (3,336,899) Bad debt expense - - (525,777) - Realized gain (loss) on commodity contracts - 314,272 - (3,892,308) Net change in unrealized loss on commodity contracts - 2,167,098-1,569,988 Gain on sale of fixed assets - 50, ,822 Other income (loss) 15,576 (922) 477, ,825 Net other income (expense) (932,847) 1,475,686 (3,041,652) (4,666,139) Income tax expense - current ,743 - Income tax (recovery) expense - deferred (3,730,726) 2,331,910 (3,859,898) 7,530,200 NET (LOSS) INCOME $ (7,640,190) $ 460,207 $ (9,902,288) $ 3,006,061 Net (loss) income per share, basic ($0.16) $0.01 ($0.21) $0.06 Net (loss) income per share, diluted ($0.16) $0.01 ($0.21) $0.06 Weighted average number of shares outstanding, basic 10 47,060,302 49,522,518 47,176,977 49,926,734 Weighted average number of shares outstanding, diluted 10 47,060,302 49,608,377 47,176,977 49,993,831

7 EPSILON ENERGY LTD. Interim Unaudited Condensed Consolidated Statements of Financial Position (All amounts stated in US$) September 30, December 31, ASSETS Current assets Cash and cash equivalents $ 16,727,970 $ 16,061,731 Accounts receivable 3,675,011 4,705,461 Other current assets 170, ,430 Total current assets 20,573,889 21,046,622 Non-current assets Oil and gas interests: Intangible exploration and evaluation assets 10,200 8,800 Property and equipment (net) 128,648, ,482,656 Total oil and gas interests 128,658, ,491,456 Total assets $ 149,232,188 $ 166,538,078 EQUITY AND LIABILITIES Current liabilities Accounts payable and accrued liabilities $ 3,741,917 $ 5,868,563 Revolving line of credit 7,000,000 7,000,000 Total current liabilities 10,741,917 12,868,563 Non-current liabilities Convertible debentures 27,400,450 31,493,461 Decommissioning liabilities 2,131,086 1,996,621 Deferred tax liability 24,635,899 28,495,797 Total non-current liabilities 54,167,435 61,985,879 Total liabilities 64,909,352 74,854,442 Equity Share capital 129,650, ,231,489 Equity component of convertible debentures 5,019,523 5,024,690 Contributed surplus 5,740,635 5,693,058 Deficit (64,883,101) (54,975,850) Accumulated other comprehensive income 8,795,230 5,710,249 Total equity 84,322,836 91,683,636 Total liabilities and shareholders' equity $ 149,232,188 $ 166,538,078

8 EPSILON ENERGY LTD. Interim Unaudited Condensed Consolidated Statements of Cash Flows (All amounts stated in US$) Nine months ended September 30, Cash flows from operating activities: Net income (loss) $ (9,902,288) $ 3,006,061 Adjustments for: Depletion, depreciation, amortization and decommissioning accretion 10,629,200 19,594,586 Debenture accretion and fee amortization 893, ,626 Impairment loss (recovery) 10,000,000 (420,634) Net change in unrealized loss on commodity contracts - (1,569,988) Stock-based compensation expense (recovery) 64,385 (1,028,025) Deferred income tax expense (3,415,155) 7,530,200 Income taxes paid (400,000) (3,000) Bad debt expense 525,777 - Loss on sale of assets - (709,822) Changes in non-cash balances related to operations (681,764) (2,278,345) Net cash provided by operating activities 7,713,207 25,069,659 Cash flows from investing activities: Additions to oil and natural gas properties - E&E (1,400) (7,582) Additions to oil and natural gas properties - PP&E (3,660,178) (7,159,652) Change in working capital related to capital asset additions (1,016,431) (1,153,736) Proceeds from assets sold - 1,717,152 Net cash used in investing activities (4,678,009) (6,603,818) Cash flows from financing activities: Proceeds from exercise of options - 548,963 Purchase and cancellation of options (16,808) - Buyback of common shares (586,232) (3,056,318) Purchase of convertible debenture (752,442) - Changes in restricted cash 140,000 - Repayment of draw on revolving line of credit - (2,000,000) Net cash used in financing activities (1,215,482) (4,507,355) Effect of currency rates on cash and cash equivalents (1,153,477) (33,434) Increase in cash and cash equivalents 666,239 13,925,052 Cash and cash equivalents, beginning of period 16,061,731 3,624,398 Cash and cash equivalents, end of period $ 16,727,970 $ 17,549,450 Cash and cash equivalents consist of: Cash $ 16,727,970 $ 12,934,600 Money market funds - 4,614,850 Cash and cash equivalents $ 16,727,970 $ 17,549,450

9 EPSILON ENERGY LTD. Adjusted EBITDA Reconciliation (All amounts stated in US $000) Three months ended September 30, Nine months ended September 30, Net income (loss) $ (7,640) $ 460 $ (9,902) $ 3,006 Add Back: Net interest expense 948 1,055 2,994 3,277 Income tax provision (3,731) 2,332 (3,416) 7,530 Depreciation, depletion, amortization, and accretion 3,223 6,434 10,630 19,595 Stock based compensation expense (recovery) 43 (109) 65 (1,028) Net change in unrealized loss on commodity contracts - (2,167) - (1,570) Impairment expense (recovery) 10,000-10,000 (421) Other income (loss) (25) (1) Adjusted EBITDA $ 2,818 $ 8,006 $ 10,839 $ 30,388

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