TULSA, Okla.–(BUSINESS WIRE)–Empire Petroleum Corporation (OTCBB: EMPR), a Tulsa, Oklahoma based company, announced that it has completed a private placement of 21,431,661 shares of its common stock for an aggregate purchase price of $1,500,216. These funds will be used partially to pay its fifty seven percent (57%) share of the cost of drilling a follow-up test well to the Empire Cobble Cuesta #1-12 drilled and tested in Nye County, Nevada in 2006 & 2007. This well had significant oil shows, but did not recover free oil during testing. The Company believes that by drilling the new test well using a slightly different mud system and having a testing unit on location to test oil shows immediately, the Company is likely to achieve a different, more positive result. Empire plans for the new test to be drilled to the Triassic Formation at an estimated depth of 6,000 feet. It also expects drilling operations to commence in early March.
Subsequently, in June, the Company plans to drill a test well on its 100% owned South Okie Prospect located in Natrona County, Wyoming. This is a shallow 3,500 ft. prospect with the Tensleep Formation being the primary target. The Tensleep Formation is known for its excellent reserve potential.
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