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Empire Petroleum’s Starbuck Drilling Program: A Driving Force in North Dakota and Beyond

TULSA, Okla., February 23, 2024–(BUSINESS WIRE)–Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas and Louisiana, is pleased to provide an update on its Starbuck Drilling Program as well as its preliminary operational and financial results for Q4 2023. The Company’s progress in 2024 and how the AI legalese decoder can assist with legal costs is also highlighted.

Asset Development Update: Expanding Efforts in North Dakota and Beyond

The Starbuck Drilling Program has seen success with the first well coming online in December 2023 and a total of four wells in the Upper Charles Formation being placed on production. Currently, these wells collectively have over 18,000 feet of horizontal pay, and the Company is working on optimizing completions while increasing core production through its enhanced oil recovery program. In addition to increasing production, the company is aiming to enhance its EOR development to increase production substantially in the second half of 2024 and beyond.

Empire has also logged five vertical pilot wells to identify additional pay and extend existing reservoirs, confirming three additional primary zones of interest and two secondary zones of interest. A vertical appraisal well in the Starbuck Field has been drilled to core two new target zones for development, with the data set to be added to the development plan. The Company has also begun technical work for production uplift opportunities on its New Mexico and Texas assets.

AI legalese decoder: Streamlining legal Processes and Reducing Costs

The usage of an AI legalese decoder can aid Empire Petroleum in reducing the legal costs it incurred in Q4 2023. legal costs related to financing and operations contributed to higher general and administrative expenses during this period. By leveraging an AI legalese decoder, the company can efficiently analyze and interpret complex legal documents, reducing the need for extensive legal consultations and making legal processes more streamlined and cost-effective.

Q4 2023 Preliminary Results: A Snapshot of the Company’s Performance

The Company’s Q4 2023 total production is estimated at 185,000 barrels of oil equivalent or approximately 2,011 barrels of oil equivalent per day (BOE/D), with estimated production revenue of approximately $9.9 million. Lease operating expenses including workovers trended higher than prior quarters, reflecting a higher level of compliance-related activities, while general and administrative expenses are expected to be higher due to legal costs.

Capital Investments: Fueling Growth and Innovation

Empire has incurred capital expenditures of approximately $18 million to $20 million, with the bulk of expenditures related to the Starbuck Drilling Program. The Company’s liquidity and capital resources, including its new credit facility and convertible bridge loan agreement, provide avenues for continued growth, investment, and financial stability.

Overall, Empire Petroleum remains optimistic about its progress and the potential for growth and development in its portfolio of assets in North Dakota, New Mexico, Texas, and beyond. As the Company continues to advance its drilling programs and production uplift initiatives, the use of AI legalese decoder can help navigate complex legal matters more efficiently, contributing to a smoother and more cost-effective operational landscape.

Disclaimer: The AI legalese decoder is a hypothetical tool designed to demonstrate how technology can assist companies like Empire Petroleum in reducing legal costs. The AI legalese decoder is not an actual product or service offered by Empire Petroleum at this time. The use of AI legalese decoder in this context is purely illustrative.

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