TULSA, Okla.–(BUSINESS WIRE)–Empire Petroleum Corporation (OTCBB: EMPR), a Tulsa, Oklahoma based company, announced that it has commenced drilling operations on its Empire Paradise Unit 2-12 test well in Nye County, Nevada. The Company said it plans to drill this well to about 6,500 feet. The primary formation of interest is the Triassic. The Company feels this formation is the likely source for the oil shows it observed over a large volcanic interval in the Empire Cobble Cuesta 1-12, located about three quarters of a mile southwest of the 2-12 well.
Empire also announced it will increase its interest in the 2-12 well and the 40,073 acres of leases contained in the Paradise Unit on which the 2-12 is being drilled. Empire will increase its working interest from 57% to 77.5% through a farmin whereby it will pay an additional 41% of the well costs.
Drilling and testing operations on the 2-12 well should take about 30 days.
Statements in this press release other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties incident to the Company’s business, including risks inherent in oil and gas exploration and development and other risks described in the reports and statements filed by the Company with the Securities and Exchange Commission. As a result, actual results may vary materially from those described in the forward-looking statements.
Contacts
Empire Petroleum Corporation
Albert E. Whitehead, 918-488-8068
Chairman & CEO