Empire Petroleum names 2 new directors

Empire Petroleum Corporation - Empire Petroleum Corporation Announces  Acquisition of Texas Oil and Gas Assets


Tulsa’s Empire Petroleum Corporation announced the addition of two members to its board of directors—industry executives Phil Mulacek and Ben Marchive.

They joined the board immediately this week after getting unanimous approval.

“It’s been a pleasure to work with Phil over the last year, first as joint development partner in our Fort Trinidad Field, Texas and, more recently as a key financial partner in our May acquisition of the Eunice Monument Field in the Permian Basin from ExxonMobil,” stated Mike Morrisett, President of Empire. “We look forward to Phil and Ben playing a vital role on our Board as we establish a financially superior company with core operational performance.”

Phil Mulacek has a proven track record of over 35 years in global oil and gas and LNG development. He was the founder and former Chairman and CEO of an NYSE-listed InterOil company and retired in 2013. Under his 14-year tenure, the company’s market cap increased from US$10 million to over US$5.6 billion, with the share price improving from US$0.50 cents to over US$109 per share. Mulacek led the discovery of 1.6 billion barrels of oil equivalent in Papua New Guinea.

Mr. Mulacek has a Bachelor of Science in Petroleum Engineering from Texas Tech University. Mr. Mulacek formed his private investment company, Petroleum Independent and Exploration Corporation (PIE Corp), in 1981. PIE Corp and its sister companies hold through recent private acquisitions a vast amount of oil and gas royalty mineral acreage in the United States. The acquisition secured long-term access to more than 400 properties and over 500,000 acres spreading from Texas to Georgia and Alabama.

Ben Marchive II joined Cox Operating, LLC as Vice President-Land after their merger with Energy XXI where he held a similar position. Marchive has over seventeen years of industry experience, the majority of which has been in the Gulf of Mexico and along the Gulf Coast.

Empire CEO Tommy Pritchard added, “Empire’s future is bright, and following up on our transformational New Mexico acquisition, it was clear to the Board that the unique combination of both Phil’s and Ben’s vision and experience would be strong complements to our group. Empire’s Board and management team looks forward to working with both of these gentlemen to build on the recent momentum we have enjoyed as a company, and responsibly deliver sustainable results for our shareholders.”

Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana and New Mexico. Management is focused on targeted production growth and acquisitions of proved developed assets with synergies with its existing portfolio of wells.

Source: Business Wire