Tulsa-based Empire Petroleum Corporation gets a new Chief Executive Officer.
Long-time leading energy investment banker Thomas “Tommy” Pritchard was named CEO this month. At the same time, the company announced its purchase of nearly 14,000 gross developed and undeveloped acres and 70 producing wells in North Louisiana. The wells produce about 500 gross barrels of oil equivalent a day. Empire said it expects to own an average of 95% working interest in the properties and serve as operator.
As for Pritchard, he was co-founder of Pritchard Griffin Advisors in 2015, a firm that served investment banking needs of the energy sector including upstream, midstream and downstream and renewables. He previous was Managing Director of the Energy Investment Banking division of Imperial Capital. He also was CEO of Pritchard Capital Partners which he sold in 2011. Pritchard was co-founder of Offshore Tool and Energy, Inc, an oilfield services company he sold in 2001.
Mike Morrisett, President of Empire Petroleum Corporation, commented, “Empire Petroleum’s Board of Directors is extremely pleased to have Tommy join the Company as CEO. In early October, we announced Pritchard Griffin Advisors had been retained to advise Empire on prospective mergers, joint ventures and acquisitions, and that we expected Tommy would assume a key senior management role within the Company. His experience and expertise in energy investment banking, strategy and operations has proven invaluable and the Board views Tommy as a perfect fit as we ramp up our efforts to grow the Company through both external and internal initiatives.”
Pritchard said the recent purchase of 14,000 acres in Louisiana follows the company strategy of acquiring leasehold acreage and producing oil and gas assets located in the East Texas/Louisiana Cotton Valley and Haynesville regions.
The newest acquisition is land in Claiborne and Webster Parishes of Louisiana. It involves 41 operated and 29 non-operated wells.