Marcellus Shale assets over time by carrying the first $95 million of the Corporation's 50% share of leasehold,

drilling, completing, equipping and gathering costs attributable to the prospect. 2. Share Purchase and Sale Agreement between Epsilon and Nablus Petroleum Inc. (Nablus), dated February 2, 2010, whereby the Corporation sold Epsilon Yemen for US$100,000 pending government of Yemen approval. The agreement calls for the Corporation to receive 20% of proceeds from any subsequent sale of all or any part of the included 57.14% working interest in Block 41 or, in the event that commerciality is declared, 25% of the cost recovery pool monies received from the government of Yemen, in either case, the total amount not to exceed US$5,000,000. On July 15, 2010, Epsilon and Nablus signed a Supplemental Letter Agreement (Letter Agreement) confirming that Epsilon will receive US$100,000 on the execution of the Letter Agreement and delivery of an irrevocable letter of instruction to Epsilons Barbados legal counsel to immediately transfer all of the shares of Epsilon Yemen to Geopetrol Shawba Corp. Nablus will also pay US$156,000 to Epsilon, being one-half of the value of the letter of credit posted by Epsilon with the Ministry of Oil of the Republic of Yemen. Participation Agreement between Epsilon and Gastem Inc., dated February 7, 2007 covering Gastems participation is the Corporations West Virginia drilling program by paying the next $1,050,000 to earn a 25% of the Corporations interest various wells in return for an elective 25% interest in certain acreage holdings controlled by Gastem in the Province of Quebec. Participation and Exploration Agreement among WLS, SWO and Epsilon dated August 8, 2005 covering the creation of an AMI for the state of New York, with the Corporation as operator and the Corporation acquiring a 50% working interest in all then owned properties in exchange for the Corporation incurring the next $4.0 million of expenditures incurred in the AMI. Northwest Area Study Agreement between Ministry of Mines and Energy and Epsilon Energy International Ltd. dated June 12, 2008 covering an agreement whereby the Corporation has the exclusive right to negotiate an agreement to further explore any or all lands subject to the agreement for a period of one year, with no limitation as to the amount the Corporation would be required to spend for such activities. Participation Agreement between Epsilon Energy Ltd. and Spartan Exploration Ltd. dated August 28, 2008 covering the Corporations right to earn an interest in acreage controlled by Spartan Exploration by drilling two horizontal wells at a cost of approximately $5.0 million. Consulting Agreement between 706147 Ontario, Inc. and Epsilon Energy Ltd. dated September 27, 2009 covering administrative services provided to the Corporation by 706147 Ontario, Inc., a corporation owned by Gioia Arandjelovic, the spouse of the Corporations Executive Chairman. Memorandum of Understanding with OGMC dated July 28, 2007 covering the acquisition of a 57.14% paying interest and a 50% undivided percentage interest in Block 41 by the Corporation for approximately $30 million. Farm-in Agreement covering Block 41 in Yemen dated September 10, 2007 covering the definitive agreement of the acquisition of a 57.14% paying interest and a 50% undivided percentage from OGMC for approximately $30 million.

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10. Exploration and Production Sharing Agreement between the Government of the Sultanate of Oman and Epsilon Energy International Ltd. dated January 25, 2009 covering Block 55. 11. Participation Agreement (the Agreement) with Black Stone Minerals Company, L.P. (Black Stone) dated October 1, 2010, to explore for and produce oil and gas from certain lands located in Clarke and Wayne Counties, Mississippi. Electronic copies of these material contracts are available under Epsilon's profile on System for Electronic

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