Empire Petroleum announces closing of acquisition of oil and natural gas assets
Published by Sara Simper,
Editorial Assistant
World Pipelines,
Empire Petroleum (‘Empire’ or the ‘Company’), an oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana and New Mexico, has announced that it has closed the acquisition of operated and non-operated oil and natural gas assets from a publicly-owned oil and gas company on 1 April 2022. The acquired assets are located in the Landa Madison and Landa West Madison Units in Bottineau County, North Dakota and the Birdbear Area in Golden Valley and Billings County, North Dakota.
Acquisition highlights
- Provides immediate accretive cash flow and increased scale with minimal incremental overhead.
- Increases North Dakota pro forma net production by an estimated 24% to approximately 9250 bbl/month.
- Evaluated solely on proved developed producing (PDP) reserves based on forward prices substantially below current levels.
- Adds approximately 700 000 boe of long-life PDP reserves.
- Doubles the leasehold position of Empire’s operated Landa Field and creates a uniform wholly-operated field with calculated original oil in place (OOIP) of approximately 6.5 million bbl.
- The Birdbear Play in Central Western North Dakota adds a new potential consolidation play in the Williston Basin’s prolific Devonian formations.
- Transaction funded from cash on hand.
Read the article online at: https://www.worldpipelines.com/business-news/21042022/empire-petroleum-announces-closing-of-acquisition-of-oil-and-natural-gas-assets/
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