TULSA, Okla.–(BUSINESS WIRE)–Oct. 5, 2005–Empire Petroleum Corporation (OTCBB:EMPR), a Tulsa, Oklahoma based company, announced today that it is participating in a seismic program which has been commenced on its 44,000 acre Gabbs Valley Prospect in Western Nevada.
Empire has a ten (10%) percent interest in this prospect and will pay its share of the seismic program which will consist of 19 miles of 2-D swath lines at an aggregate estimated cost of $300,000. The program is designed to verify sub-surface closure on a large surface structure twelve miles long and seven miles wide. A test well drilled by an unrelated third party on the flank of the structure had live oil shows in the tertiary section.
The Company expects the seismic survey to be completed within two weeks and to receive the results of the survey in early November. If the results verify sub-surface closure and depending on drilling rig availability, a test well could be commenced on the prospect as early as January, 2006.
The other participant in the seismic survey is PetroWorld Corporation of London, through its U.S. Subsidiary, PetroWorld Nevada Corporation, under an agreement with Cortez Exploration LLC that holds a ninety (90%) interest in the prospects 44,000 acres.
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, Tulsa
Albert E. Whitehead, 918-488-8068