Empire Petroleum’s Williston Drilling Program Identifies New Zones
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Empire Petroleum, an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, released an update on its North Dakota development drilling program.
“Recent drilling and data from the North Dakota field and reservoir affirm our confidence in the opportunity to drive meaningful production improvements in this area. We continue to see excellent well economics within our North Dakota operations and are pleased to have achieved significant per-well cost reductions as compared to our initial expectations, following the drilling of our most recent wells,” said Phil Mulacek, chairman.
“The integration of the new 3-D and the EOR infrastructure in North Dakota are the key drivers for our production growth goals in 2024, which we expect to be weighted to the second half of the year,” added Mulacek.
“Our team has assembled a strong base of producing assets, and we have a clear, focused strategy to build value from this portfolio. Our principal focus for the balance of 2024 is to complete our North Dakota development program. Moving into 2025, the Permian in New Mexico’s Lea County represents a significant production growth opportunity,” said Mike Morrisett, president and CEO.
“We have initiated technical work to identify uplift opportunities at our three prolific waterflood units in Lea County, though we expect it to take a few more quarters before we can commence our pilot drilling program there,” added Morrisett.
Empire expects North Dakota— Williston Basin — development efforts to drive production improvements targeted to return operations to positive cash flow and support New Mexico exploration and development in late 2024 and beyond.
Empire identified in New Mexico — Permian Basin — high potential recompletion opportunities in outlying fields. The company has initiated data and analytics on historical water injection profiles across all injectors in Empire’s waterflood units.
Empire Petroleum is a Tulsa-based oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells.
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