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Empire Petroleum Corp.

Company Summary

Recent news

  • 11/17/2022 - Empire Petroleum... (subscriber access)
  • 11/17/2022 - Empire Petroleum... (subscriber access)
  • 4/20/2022 - Empire Petroleum Closes... (subscriber access)
  • 3/3/2022 - Empire Petroleum... (subscriber access)
  • 5/18/2021 - Empire Petroleum Closes... (subscriber access)

Company Transactions

Date: 5/18/2021
Type: Acquisition

DETAILS:

VOLUMES: 1.1 MBOE/d

ACRES: 48000 Acres

NOTES:
Empire Petroleum has closed on the purchase of oil & gas assets from Exxon in Lea County, New Mexico. This included 700 gross oil, gas and injection wells across 48,000 net acres of Permian leasehold. They produce approx. 1.1 Mboe/d, including 67% crude oil.
REGIONS:
  • Permian Basin
  • Date: 9/30/2020
    Type: Joint Venture

    NOTES:
    Empire Petroleum Corporation has entered into a joint development deal with Petroleum Independent and Exploration Corporation (PIE) to jointly develop the Ft. Trinidad Field in Houston and Madison Counties, Texas. The deal will consist of a Securities Purchase Agreement for PIE to invest $3.375 million for an equity stake of 40% in Empire. They will also provide a $2 million loan to Empire for workover development within East Texas assets.
    REGIONS:
  • East Texas/Louisiana
  • Date: 4/17/2020
    Type: Acquisition

    DETAILS:

    VOLUMES: 400 BOE/d

    ACRES: 30397 Acres

    NOTES:
    The deal included 139 gross wells and 30,397 net acres with production of 400 boe/d. The deal will be paid for via a contingency value payment instead of a cash payment, with quarterly payments to be made "based upon incremental oil production over a certain minimum level of daily average production from the Sellers’ assets, and an average realized oil price of $40 or more per barrel of oil through December 31, 2022."
    REGIONS:
  • East Texas/Louisiana
  • Date: 4/3/2019
    Type: Acquisition

    DETAILS:

    VOLUMES: 375 BOE/d

    ACRES: 20700 Acres

    NOTES:
    Empire Petroleum acquired producing oil and gas assets located in Billings, Bottineau, Bowman, Burke, McHenry, McKenzie, Mountrail, Renville, Stark & Williams counties in North Dakota and Richland & Sheridan counties in Montana from EnergyQuest II.

    Date: 10/10/2018
    Type: Acquisition

    NOTES:
    Empire Petroleum acquired operated producing oil and gas assets in St. Landry and Beauregard Parishes in Louisiana from Exodus Energy and Cardinal Exploration and Production. The assets are currently producing roughly 70 Boe/d and contain roughly 1555 gross acres of leasehold.

    Date: 10/4/2016
    Type: Merger

    NOTES:
    Empire Petroleum and Arkansas Valley Companies announced plans to merge the companies assets.
    REGIONS:
  • United States