TULSA, OklA.–(BUSINESS WIRE)–Empire Petroleum Corporation (OTCBB: EMPR), a Tulsa, Oklahoma based company, announced today that it has joined www.StockProfile.com, a customized web-based platform showcasing emerging growth stocks. StockProfile.com provides the investing public with a free unique information portal for investors who like to conduct their own research and make their own investment decisions. If you are interested in viewing Empire Petroleum’s profile, please visit www.StockProfile.com.
The Company also announced that it has sold its oil wells and leasehold interest in its Cheyenne River Prospect located in the Powder River Basin of Wyoming. The Company received about $170,000 in net proceeds from this sale.
In Nevada, preparations are underway to drill a second test well in the Company’s Gabbs Valley Prospect, which will be located approximately three fourths of a mile from our first test well. A new Federal drilling unit application has been filed with the Bureau of Land Management in Reno, Nevada, which we expect will be approved in early fall. It is anticipated that the new test well will be drilled to 6,000 feet or to a depth sufficient to penetrate 500’ into the Triassic formation, which the Company feels is the source for the oil shows encountered in the first well. This location appears to be validated by W. L. Gore Company’s geochemical imaging survey carried out this past December. The Company has a 57% working interest in the new test well and 85,145 acres of federal oil and gas leases held in the prospect area. Management feels the Company has developed a world class prospect with large reserve potential and is currently exploring various options to finance its portion of the cost to drill the second test well. The Company anticipates the well will be spudded in late September.
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.
Empire Petroleum Corporation
Albert E. Whitehead, 918-488-8068
Chairman & CEO