# EDGAR Filing Document

**Accession Number:** 0001726126
**File Stem:** 0001140361-25-043354
**Filing Date:** 2025-11
**Character Count:** 33522
**Document Hash:** 427ec69fae0ef5ea92644553109bed7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-043354.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001140361-25-043354

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Epsilon Energy Ltd.
- **CENTRAL INDEX KEY:** 0001726126
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91403
- **FILM NUMBER:** 251521702

**BUSINESS ADDRESS:**
- **STREET 1:** 500 DALLAS STREET
- **STREET 2:** SUITE 1250
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 281-670-0002

**MAIL ADDRESS:**
- **STREET 1:** 500 DALLAS STREET
- **STREET 2:** SUITE 1250
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Yorktown Energy Partners X, L.P.
- **CENTRAL INDEX KEY:** 0001577919

**ORGANIZATION NAME:**
- **EIN:** 462445852
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 410 PARK AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-515-2115

**MAIL ADDRESS:**
- **STREET 1:** 410 PARK AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Exhibit 99.1

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#### Exhibit 99.1

#### <br>

#### Schedule 1

#### CONTROL PERSONS AND EXECUTIVE OFFICERS OF REPORTING PERSONS
The name, business address, present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted, of each of the executive officers and other control persons of the Reporting Persons are set forth below:

---

| | | | |
|:---|:---|:---|:---|
| Name and Business Address | **Capacity in which**<br> **Serves Yorktown**<br> **X Associates** | **Principal Occupation** | **Name, Principal Business and**<br> **Address of Organization in**<br> **which Principal Occupation**<br> **is Conducted** |
| Bryan H. Lawrence<br> 410 Park Avenue<br> 20th Floor<br> New York, New York 10022 | Managing Member | Managing Member of Yorktown Partners LLC | 410 Park Avenue<br> 20th Floor<br> New York, New York 10022 |
| Peter A. Leidel<br> 410 Park Avenue<br> 20th Floor<br> New York, New York 10022 | Managing Member | Managing Member of Yorktown Partners LLC | 410 Park Avenue<br> 20th Floor<br> New York, New York 10022 |
| Tomás R. LaCosta<br> 410 Park Avenue<br> 20th Floor<br> New York, New York 10022 | Managing Member | Managing Member of Yorktown Partners LLC | 410 Park Avenue<br> 20th Floor<br> New York, New York 10022 |
| W. Howard Keenan, Jr.<br> 410 Park Avenue<br> 20th Floor<br> New York, New York 10022 | Managing Member | Managing Member of Yorktown Partners LLC | 410 Park Avenue<br> 20th Floor<br> New York, New York 10022 |
| Robert A. Signorino, Jr.<br> 410 Park Avenue<br> 20th Floor<br> New York, New York 10022 | Managing Member | Managing Member of Yorktown Partners LLC | 410 Park Avenue<br> 20th Floor<br> New York, New York 10022 |
| Bryan R. Lawrence<br> 410 Park Avenue<br> 20th Floor<br> New York, New York 10022 | Managing Member | Managing Member of Yorktown Partners LLC | 410 Park Avenue<br> 20th Floor<br> New York, New York 10022 |

---

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## Exhibit 99.4

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#### Exhibit 99.4

#### Execution Version
LOCK-UP AGREEMENT <br>

#### November 14, 2025

Epsilon Energy, Ltd.1

500 Dallas Street, Ste. 1250

Houston, TX 77002

Re: Common shares, no par value ("**Common Shares**"), of Epsilon Energy, Ltd. (the "**Company**")

Ladies and Gentlemen:

The undersigned expects to receive beneficial ownership of Common Shares of the Company in connection with the consummation of the transactions contemplated by (i) that certain Membership Interest Purchase Agreement dated August 11, 2025, by and among the Company, the sellers signatory thereto (the "**Sellers**"), Peak Exploration & Production, LLC, Epsilon Energy USA, Inc. and Yorktown Energy Partners XI, L.P., as the representative of the Sellers (the "**Peak E&P Purchase Agreement**"), and/or (ii) that certain Membership Interest Purchase Agreement dated August 11, 2025, by and among the Company, Peak BLM Lease LLC, Yorktown Energy Partners XI, L.P., and Epsilon Energy USA, Inc. (the "**Peak BLM Purchase Agreement**" and together with the Peak E&P Purchase Agreement, the "**Purchase Agreements**"). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Purchase Agreements.

Pursuant to Section 8.14 of the Peak E&P Purchase Agreement and Section 8.13 of the Peak BLM Purchase Agreement, as applicable, as a condition to the Closing, the undersigned, being a Lock-Up Party, hereby agrees to the terms of this Lock-Up Agreement. In consideration of the benefits to be received by the undersigned pursuant to the Purchase Agreements, and of other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, effective as of the Closing, the undersigned agrees that, during the period beginning from the Closing Date and continuing to and including the date 180 days after the Closing Date (the "**Restricted Period**"), the undersigned will not offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of any Common Shares, or any options or warrants to purchase any Common Shares, or any securities convertible into, exchangeable for or that represent the right to receive Common Shares, whether now owned or hereinafter acquired, owned directly by the undersigned (including holding as a custodian) or with respect to which the undersigned has beneficial ownership within the rules and regulations of the Securities and Exchange Commission (collectively, the "**Lock-Up Shares**"). The foregoing restriction is expressly agreed to preclude the undersigned from engaging in any hedging or other transaction that is designed to or that reasonably could be expected to lead to or result in a sale or disposition of the Lock-Up Shares even if such Lock-Up Shares would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to any of the Lock-Up Shares or with respect to any security that includes, relates to, or derives any significant part of its value from such Lock-Up Shares.

Without limitation of the foregoing restrictions, without the prior written consent of the Company, the undersigned will not, during the Restricted Period, sell any Common Shares pursuant to any registration statement with the Securities and Exchange Commission filed by the Company with respect to the resale of the Common Shares contemplated by the Registration Rights Agreement.

Notwithstanding the foregoing, the undersigned may, without the consent of the Company:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) transfer or dispose of the Lock-Up Shares as a bona fide gift or gifts, <u>provided</u> that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) transfer or dispose of the Lock-Up Shares to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, <u>provided</u> that the trustee of the trust agrees to be bound in writing by the
 restrictions set forth herein and any such transfer shall not involve a disposition for value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) transfer or dispose of the Lock-Up Shares by will, other testamentary document or intestate succession upon the death of the undersigned, <u>provided</u> that the legatee, heir or other transferee agrees to be bound in writing by the
 restrictions on transfer set forth herein and any such transfer shall not involve a disposition for value, and provided further that any required filing made pursuant to Section 16(a) of the Securities Exchange Act of 1934, as amended (the
 "**Exchange Act** "), shall include a footnote noting the circumstances described in this clause (C) and no other public filing or announcement shall be required or shall be made voluntarily in connection
 with such transfer or disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) transfer or dispose of the Lock-Up Shares by operation of law pursuant to a qualified domestic order or in connection with a divorce settlement or other court order, <u>provided</u> that the recipient agrees to be bound in writing by
 the restrictions set forth herein, provided further that any required filing made pursuant to Section 16(a) of the Exchange Act shall include a footnote noting the circumstances described in this clause (D) and no other public filing or
 announcement shall be required or shall be made voluntarily in connection with such transfer or disposition;

(E) enter into a trading plan providing for the sale of the Lock-Up Shares by the undersigned, which trading plan meets the requirements of Rule 10b5-1(c) under the Exchange Act, <u>provided</u> that such plan does not provide for, or permit, the sale of any Lock-Up Shares during the Restricted Period and no filing under Section 13 or Section 16(a) of the Exchange Act or other public announcement is voluntarily made or required regarding such plan during the Restricted Period;

(F) distribute, transfer or dispose of Lock-Up Shares (i) to limited partners, general partners, members, stockholders or holders of similar equity interests of the undersigned, or (ii) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control or common investment management with the undersigned or affiliates of the undersigned; <u>provided</u> that in the case of any distribution, transfer or disposition pursuant to this clause (F), (a) each donee or transferee agrees to be bound in writing by the restrictions set forth herein and (b) (1) if any filing under Section 16(a) of the Exchange Act, or other public filing or disclosure, is legally required, such filing or disclosure shall clearly indicate therein or in the footnotes thereto that the filing relates to circumstances described in this clause (F), and (2) no other public announcement or filing shall be voluntarily made during the Restricted Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) buy, sell or otherwise engage in transactions relating to Common Shares acquired in open market transactions after the Closing; <u>provided</u> that no filing under Section 13 or Section 16(a) of the Exchange Act shall be required or
 shall be voluntarily made in connection with such subsequent transaction in Common Shares acquired in such open market transactions.

The undersigned now has, and, except as contemplated by above, for the duration of the Restricted Period will have, good and marketable title to the Lock-Up Shares, free and clear of all liens, encumbrances, and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the Lock-Up Shares except in compliance with the foregoing restrictions.

------

This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without regard to the conflict of laws principles thereof.

*[signature page follows*]

------

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **YORKTOWN ENERGY PARTNERS IX, L.P.** | **YORKTOWN ENERGY PARTNERS IX, L.P.** |
| Yorktown IX Company LP,  | Yorktown IX Company LP,  |
| its general partner | its general partner |
| Yorktown IX Associates LLC, | Yorktown IX Associates LLC, |
| its general partner | its general partner |
| By: | <u>/s/ Bryan H. Lawrence</u> |
|  | Bryan H. Lawrence, Managing Member |

---

---

| | | |
|:---|:---|:---|
| **YORKTOWN ENERGY PARTNERS X, L.P.** | **YORKTOWN ENERGY PARTNERS X, L.P.** | **YORKTOWN ENERGY PARTNERS X, L.P.** |
| By: <br>| Yorktown X Company LP, | Yorktown X Company LP, |
|  | its general partner | its general partner |
|  | Yorktown X Associates LLC, | Yorktown X Associates LLC, |
|  | its general partner | its general partner |
|  | By: | <u>/s/ Bryan H. Lawrence</u> |
|  |  | Bryan H. Lawrence, Managing Member |

---

---

| | | |
|:---|:---|:---|
| **YORKTOWN ENERGY PARTNERS XI, L.P.** | **YORKTOWN ENERGY PARTNERS XI, L.P.** | **YORKTOWN ENERGY PARTNERS XI, L.P.** |
| By: <br>| Yorktown XI Company LP, | Yorktown XI Company LP, |
|  | its general partner | its general partner |
|  | Yorktown XI Associates LLC, | Yorktown XI Associates LLC, |
|  | its general partner | its general partner |
|  | By: | <u>/s/ Bryan H. Lawrence</u> |
|  |  | Bryan H. Lawrence, Managing Member |

---

*[Signature page to Lockup Agreement]*

** 

<br> ** <br>

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Epsilon Energy Ltd.**

*(Name of Issuer)*

**Common Shares, no par value**

*(Title of Class of Securities)*

**294375209**

*(CUSIP Number)*

**Bryan H. Lawrence**<br>Yorktown Partners LLC, 410 Park Avenue<br>20th Floor<br>New York NY 10022<br>(212) 515-2112

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/14/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **294375209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Yorktown Energy Partners X, L.P.** | Name of reporting person<br>**Yorktown Energy Partners X, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2656705.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2656705.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2656705.00** | Aggregate amount beneficially owned by each reporting person<br>**2656705.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.86%** | Percent of class represented by amount in Row (11)<br>**8.86%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) The percent of class represented by the amount in Row (11) is based on 29,983,549 Common Shares of the Issuer issued and outstanding as follows:  22,067,213 Common Shares issued and outstanding as of November 4, 2025, which is the total number of Shares outstanding as reported in the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on November 5, 2025, plus 5,681,489 Common Shares issued on November 14, 2025 as reported in the Issuer's Form 8-K filed with the SEC on November 14, 2025, plus 2,234,847 Common Shares issued on November 20, 2025.

| **CUSIP No.** | **294375209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Yorktown X Company LP** | Name of reporting person<br>**Yorktown X Company LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2656705.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2656705.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2656705.00** | Aggregate amount beneficially owned by each reporting person<br>**2656705.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.86%** | Percent of class represented by amount in Row (11)<br>**8.86%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) These securities are directly held by Yorktown Energy Partners X, L.P. Yorktown X Company LP is the sole general partner of Yorktown Energy Partners X, L.P. As a result, Yorktown X Company LP may be deemed to have the power to vote or direct the vote or to dispose or direct the disposition of the shares owned by Yorktown Energy Partners X, L.P. Yorktown X Company LP disclaims beneficial ownership of the securities owned by Yorktown Energy Partners X, L.P. in excess of its pecuniary interests therein.

(2) The percent of class represented by the amount in Row (11) is based on 29,983,549 Common Shares of the Issuer issued and outstanding as follows:  22,067,213 Common Shares issued and outstanding as of November 4, 2025, which is the total number of Shares outstanding as reported in the Issuer's quarterly report on Form 10-Q filed with the SEC on November 5, 2025, plus 5,681,489 Common Shares issued on November 14, 2025 as reported in the Issuer's Form 8-K filed with the SEC on November 14, 2025, plus 2,234,847 Common Shares issued on November 20, 2025.

| **CUSIP No.** | **294375209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Yorktown X Associates LLC** | Name of reporting person<br>**Yorktown X Associates LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2656705.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2656705.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2656705.00** | Aggregate amount beneficially owned by each reporting person<br>**2656705.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.86%** | Percent of class represented by amount in Row (11)<br>**8.86%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** (1) These securities are directly held by Yorktown Energy Partners X, L.P. Yorktown X Company LP is the sole general partner of Yorktown Energy Partners X, L.P. and Yorktown X Associates LLC is the sole general partner of Yorktown X Company LP. As a result, Yorktown X Associates LLC may be deemed to have the power to vote or direct the vote or to dispose or direct the disposition of the shares owned by Yorktown Energy Partners X, L.P. Yorktown X Company LP and Yorktown X Associates LLC disclaim beneficial ownership of the securities owned by Yorktown Energy Partners X, L.P. in excess of their pecuniary interests therein.

(2) The percent of class represented by the amount in Row (11) is based on 29,983,549 Common Shares of the Issuer issued and outstanding as follows:  22,067,213 Common Shares issued and outstanding as of November 4, 2025, which is the total number of Shares outstanding as reported in the Issuer's quarterly report on Form 10-Q filed with the SEC on November 5, 2025, plus 5,681,489 Common Shares issued on November 14, 2025 as reported in the Issuer's Form 8-K filed with the SEC on November 14, 2025, plus 2,234,847 Common Shares issued on November 20, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, no par value

**(b) Name of Issuer:**
Epsilon Energy Ltd.

**(c) Address of Issuer's Principal Executive Offices:**
500 Dallas Street, Suite 1250, Houston, TX, 77002

**Item 4. Purpose of Transaction**

Director Appointment

Pursuant to the terms of the Peak E&P Agreement, on the Closing Date, Bryan H. Lawrence, one of the Managing Members of Yorktown X Associates, was appointed to the Board of Directors of the Issuer.

Registration Rights Agreement

On November 14, 2025, the Issuer entered into a Registration Rights Agreement (the "Registration Rights Agreement") with the Reporting Persons and other selling shareholders party thereto, pursuant to which, the Issuer agreed, on the terms set forth therein, to file with the SEC a registration statement on Form S-3 (the "Registration Statement") to permit the public resale of a certain number of Common Shares by the selling shareholders from time to time as permitted by Rule 415 under the Securities Act of 1933, as amended. The Issuer agreed to use its commercially reasonable efforts to cause such Registration Statement to become and remain effective and to be supplemented and amended to the extent necessary to ensure that such registration statement is available (or if it is not available, that another registration statement is available) for the resale by the selling shareholders of all the Common Shares registered thereunder at all times until the earliest to occur of: (i) the date on which the selling shareholders have resold all registrable securities covered thereby or (ii) the date on which the registrable securities cease to be registrable securities (as defined in the Registration Rights Agreement).

Furthermore, under the Registration Rights Agreement, certain of the selling shareholders have certain underwritten offering demand rights and piggyback rights with respect to certain underwritten offerings conducted by the Issuer for its own account or for the account of other selling shareholders. The Registration Rights Agreement contains customary indemnification and contribution obligations of the Issuer for the benefit of the selling shareholders and vice versa (provided, however, that the indemnification and contribution obligation of each selling shareholder is limited to the net proceeds received by a selling shareholder from the sale of the registered Common Shares pursuant to the registration statement.

Pursuant to the Registration Rights Agreement, the Issuer will pay the Registration Expenses (as defined therein) associated with the registration and sale of the offered Common Shares by the selling shareholders. The selling shareholders will pay all other expenses, including underwriting fees, discounts or commissions, any out-of-pocket expenses (other than fees and expenses incurred in connection with complying with state securities or blue sky laws) of the selling shareholders and the fees and disbursements of any underwriter.

The foregoing description of the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Registration Rights Agreement, filed as Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed with the SEC on November 14, 2025, and incorporated herein by reference.

General

The Reporting Persons acquired the securities described in this Schedule 13D for investment purposes, and they intend to review their investments in the Issuer on a continuing basis. The Reporting Persons may, at any time and from time to time, review or reconsider their position, change their purpose or formulate plans or proposals with respect thereto.

In determining from time to time whether to acquire more securities of the Issuer, sell the securities reported as beneficially owned in this Schedule 13D (and in what amounts) or to retain such securities, the Reporting Persons will take into consideration such factors as they deem relevant, including, but not limited to: an ongoing evaluation of the Issuer's business, financial condition, operations and prospects; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments. The Reporting Persons reserve the right to acquire additional securities of the Issuer in the open market, in privately negotiated transactions (which may be with the Issuer or with third parties) or otherwise, to dispose of all or a portion of their holdings of securities of the Issuer or to change their intention with respect to any or all of the matters referred to in this Item 4.

In addition, the Reporting Persons at any time and from time to time, may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. In addition, the Reporting Persons or their designees to the Issuer's board of directors may engage in discussions with management, the board of directors, and shareholders of the Issuer and other relevant parties or encourage such persons to consider or explore extraordinary corporate transactions, such as: a merger; sales or acquisitions of assets or businesses; changes to the capitalization or dividend policy of the Issuer; or other material changes to the Issuer's business or corporate structure, including changes in management or the composition of the Issuer's board of directors.

Except for the matters set forth in Items 3, 5 and the "Director Appointment" and "Registration Rights Agreement" paragraphs of this Item 4, the Reporting Persons have no plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j) inclusive of the instructions to Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, review or reconsider their position, change their purpose or formulate plans or proposals with respect thereto.

**Item 5. Interest in Securities of the Issuer**

**(a)**
As of November 14, 2025, each of the Reporting Persons beneficially owns  2,656,705 Common Shares of the Issuer, representing 8.86% of the issued and outstanding Common Shares of the Issuer (based on 29,983,549 Common Shares of the Issuer issued and outstanding as follows:  22,067,213 Common Shares issued and outstanding as of November 4, 2025, which is the total number of Shares outstanding as reported in the Issuer's quarterly report on Form 10-Q filed with the SEC on November 5, 2025, plus 5,681,489 Common Shares issued on November 14, 2025 as reported in the Issuer's Form 8-K filed with the SEC on November 14, 2025, plus 2,234,847 Common Shares issued on November 20, 2025). Each Reporting Person, as well as the executive officers, directors or other control persons of the Reporting Persons set forth on Schedule 1 attached hereto, disclaims beneficial ownership of the reported Common Shares except to the extent of such Reporting Person's pecuniary interest therein, and this statement shall not be deemed an admission that such Reporting Person is the beneficial owner of the reported Common Shares for the purposes of Section 13(d) of the Act or any other purpose.

**(b)**
As of November 14, 2025, Yorktown X directly owns 2,656,705 Common Shares of the Issuer. Yorktown X Co is the sole general partner of Yorktown X. Yorktown X Associates is the sole general partner of Yorktown X Co. Yorktown X Associates has the sole power to cause Yorktown X Co to cause Yorktown X to vote or direct the vote or to dispose or direct the disposition of the shares owned by Yorktown X.

**(c)**
Except as otherwise described herein or in any exhibit filed hereunder, none of the Reporting Persons have effected any transaction in the Common Shares during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information provided or incorporated by reference in Item 3 and Item 4 is hereby incorporated by reference herein.

In addition, in connection with the transactions contemplated by the Peak E&P Agreement, Yorktown X agreed to enter into a lock-up agreement ("Lock-Up Agreement")  with respect to the Common Shares. Under the Lock-Up Agreement, during the period beginning from the Closing Date and continuing to and including the date 180 days after the Closing Date (the "Restricted Period"), Yorktown X will not offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of any Common Shares, or any options or warrants to purchase any Common Shares, or any securities convertible into, exchangeable for or that represent the right to receive Common Shares, whether now owned or hereinafter acquired, owned directly by the Reporting Persons (including holding as a custodian) or with respect to which the Reporting Person has beneficial ownership within the rules and regulations of the SEC The foregoing description of the Lock-Up Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Lock-Up Agreement, a copy of which is filed herewith as an exhibit and incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Yorktown Energy Partners X, L.P.

**Signature:** /s/ Bryan H Lawrence

**Name/Title:** Managing Member of the general partner

**Date:** 11/21/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Yorktown X Company LP

**Signature:** /s/ Bryan H Lawrence

**Name/Title:** Managing Member of the general partner

**Date:** 11/21/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Yorktown X Associates LLC

**Signature:** /s/ Bryan H Lawrence

**Name/Title:** Managing Member of the general partner

**Date:** 11/21/2025