TULSA, Okla.–(BUSINESS WIRE)–Empire Petroleum Corporation (OTCBB: EMPR), a Tulsa, Oklahoma, based company, announced that it is planning to set production casing and within two or three weeks will attempt to complete its exploratory test well located in Nye County, Nevada. The Company reported on August 17th that it had recovered a small amount of oil from the Empire Paradise Unit 2-12. Subsequent to that announcement the Company drilled an additional 93 feet from which it recorded numerous oil shows. It also encountered lost circulation indicating a zone of considerable fracturing of the volcanic formation being drilled. The Company anticipated it would drill the test well to the Triassic formation which was projected to be between 5,500 feet and 6,500 feet. However, due to the increased lost circulation problems and the excellent oil shows the Company elected to attempt a completion at the shallower depth of 4,248 feet.
The Empire Petroleum Paradise Unit 2-12 is located in Western Nevada approximately 140 miles from the Trap Springs Field, the nearest oil field to the Company’s prospect. Although the Company may not experience similar results, the Trap Springs Field produces from fractured volcanics and has produced about 15,000,000 barrels of oil, and it currently produces approximately 13,667 barrels of oil per month.
The 2-12 well is being drilled on the Federal Paradise Unit which consists of 40,073 acres of federal oil & gas leases. Upon completion of this well as a commercial producer Empire would have a 77.5% interest in the unit acreage. It also has an option to increase its interest in another 52,752 acres lying outside the unit but within the prospect area.
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