TULSA, Okla.–(BUSINESS WIRE)–Empire Petroleum Corporation (OTCBB: EMPR), a Tulsa, Oklahoma based company, announced that it is suspending operations on its Empire Paradise Unit 2-12 well drilled recently in Nye County, Nevada. The Company has been testing the 2-12 well after perforating the well between 3,700 feet and 3,782 feet where oil shows were concentrated. During the swab testing the Company recovered small amounts of oil containing paraffin which was possibly restricting the oil flow, however the swab tests did not increase the flow rate. The Company said it expects a full analysis of the oil to be completed soon which will then be studied by engineers to determine if possibly a chemical additive might substantially increase the flow of oil. The Company had hoped to drill the well to the Triassic formation which is projected to be between 5,500 feet to 6,500 feet, however, drilling problems at 4,250 feet caused the Company to cease drilling and test the 3,700 feet level of the well.
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