TULSA, Okla.–(BUSINESS WIRE)–Empire Petroleum Corporation (OTCBB: EMPR), a Tulsa, Oklahoma based company, announced that it has entered into a formal agreement with Viking Exploration, LLC, of Littleton, Colorado, pursuant to which the Corporation has acquired an option to purchase all of Viking’s leasehold and producing interests in the Okie Draw and South Okie Prospects in Natrona County, Wyoming.
On August 4, 2009, the Corporation purchased a six month option to purchase 2,630 net acres of oil and gas leases known as the South Okie Prospect in Natrona County, Wyoming. The Tensleep Sand at depths from 3,300 feet to 4,500 feet is the primary target. The Tensleep is an excellent oil reservoir with a potential of approximately 700 barrels of oil per acre foot recovery.
The Corporation’s first step in exploring this prospect will be to acquire 11.5 miles of seismic data and carry out a careful study of the structural, borehole and surface geology. This is expected to be done over the next few months and, subject to the results of such study, the Corporation intends to carry out actual drilling operations in June 2010.
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