TULSA, Okla.–(BUSINESS WIRE)–Empire Petroleum Corporation (“Empire Petroleum”, “Empire” or the “Company”) (OTCQB: EMPR) today announced in a year-end update to shareholders that it has recently named long-time leading energy investment banker Thomas (Tommy) Pritchard as Chief Executive Officer. In addition, the Company announced that on December 23 it entered into a Letter of Intent (“LOI”) to acquire oil and gas properties in North Louisiana comprised of 14,000 gross developed and undeveloped acres and 70 gross wells currently producing approximately 500 gross barrels of oil equivalent per day (“BOEPD”) . Empire expects to own an average of 95% working interest in the properties and serve as operator.
Mike Morrisett, President of Empire Petroleum Corporation, commented, “Empire Petroleum’s Board of Directors is extremely pleased to have Tommy join the Company as CEO. In early October, we announced Pritchard Griffin Advisors had been retained to advise Empire on prospective mergers, joint ventures and acquisitions, and that we expected Tommy would assume a key senior management role within the Company. His experience and expertise in energy investment banking, strategy and operations has proven invaluable and the Board views Tommy as a perfect fit as we ramp up our efforts to grow the Company through both external and internal initiatives.”
Tommy Pritchard, Chief Executive Officer, added, “I appreciate the support of Empire’s Board of Directors and the opportunity to join the management team at a very exciting time for the Company. Over the past months, we have evaluated a number of opportunities that are aligned with our strategy of acquiring leasehold acreage and producing oil and gas assets located in the East Texas/Louisiana Cotton Valley and Haynesville regions. One important result of our extensive efforts is today’s announced signing of a LOI for the anticipated purchase of 14,000 gross acres in Claiborne and Webster Parishes, Louisiana that currently includes 41 operated and 29 non-operated wells producing over 500 gross BOEPD. While subject to further due diligence and other standard contingencies, we hope to close this transaction in the first quarter of the new year and view this acquisition as a key step in our efforts to build Empire into a larger operating company during 2018.”
About Tommy Pritchard
Tommy Pritchard co-founded Pritchard Griffin Advisors (“PGA”) in 2015 to serve the unique investment banking needs of the energy sector, including upstream, midstream, downstream and renewables. Prior to PGA, he formed Pritchard Energy Advisors, LLC in 2014 and partnered with Parkman Whaling, including the establishment of a Houston office. From 2012 to 2014, Mr. Pritchard served as Managing Director of the Energy Investment Banking division of Imperial Capital. Prior to this role, Mr. Pritchard served as CEO and Managing Director of Pritchard Capital Partners, which he founded in 2001 and later sold majority ownership in 2011. Over a period of ten years, Pritchard Capital Partners participated in raising over $15 billion in capital for firms in the oil and gas industry and provided trading and research services annually to over 150 energy companies. In 1997, Mr. Pritchard co-founded Offshore Tool and Energy, Inc., an oilfield services company that was sold in 2001. He began his professional career in 1984 with Drexel Burnham Lambert, and later held key roles at Bear Stearns, Jefferies and Johnson Rice. Mr. Pritchard earned his undergraduate degree in Geology from Washington and Lee University.
About Empire Petroleum Corporation
Empire Petroleum Corporation is an Oklahoma-based energy company engaged in the business of oil and gas exploration and development in North America, currently focused in East Texas/North Louisiana.
This press release includes certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, including the ability of the company to continue as a going concern. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to the company see Empire Petroleum Corporations Form 10-K for the fiscal year ended December 31, 2016.
Empire Petroleum Corporation
Mike Morrisett, 539-444-8002