Empire to participate in new oil, natural gas development program in Louisiana

Empire Petroleum (EP) announced it has elected to participate in a new oil and natural gas development program in Louisiana that represents an addition to the company’s ongoing development activities. Empire has completed its due diligence and elected to participate in a three-well development program targeting proven formations in Louisiana. While the program targets hydrocarbon-bearing formations, the actual oil-to-gas mix will be established through ongoing development. As part of its participation, Empire will hold a 25% working interest in the initial well, with the company’s portion of drilling and completion costs funded through the issuance of approximately 700,000 shares of Empire common stock. The operator recently drilled, cored, and logged the initial test location in Louisiana and transmitted to Empire detailed subsurface data supporting a completion decision. Based on the operator’s subsurface evaluation and analysis, the interval includes several productive sand zones, and core samples confirmed liquid and gas hydrocarbons. The well had a solid hydrocarbon flare while holding over 9,100 psi of back pressure with 16.5+ lb/gal drilling mud, demonstrating strong reservoir pressure. The test location lies within the East Perkins Field in Calcasieu Parish, Louisiana, in a portion of the reservoir that sits higher in the formation than nearby legacy production. Completion operations on the initial well are expected to begin in April with initial production testing to follow. The well represents the first development opportunity within a broader prospect area that includes two more locations, which together offer additional potential development targets within the same structural trend.