Empire Petroleum announced the formal commencement of its 2023 drilling program with the recent spud of a new well at its North Dakota asset, the “Starbuck” Field. A pilot drilling program on Empire’s New Mexico assets is expected to begin in 2024. Additional specifics concerning the Starbuck drilling program include: 10-14 drilled wells; average lateral length per well of approximately 2,300 feet in Phase 1, with a 5,900-foot length in Phase 2; average capital spend per well of $1.6M-$1.8M; and total capital spending for the program of $20M-$22M. Starbuck surface facilities are nearing completion and ready to bring additional production online in Q4.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on EP:
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue