Empire Petroleum launches 2023-2024 drilling program in North Dakota

 

Empire Petroleum Corporation announced this week the start of its 2023-2024 drilling program with the spud of a new well at its North Dakota asset in the Starbuck Field.

“Yesterday, we spudded our first well in North Dakota marking the beginning of redevelopment plans aimed at unlocking significant opportunities across all of Empire Petroleum’s assets,” said Mike Morrisett, Chief Executive and President.

“Starbuck surface facilities are nearing completion and ready to bring additional production online in 2023 Q4. ”

The Tulsa company’s capital development programs extend to New Mexico, North Dakota, Montana, Texas and Louisiana.

The company’s capital development programs in 2023 and 2024 have been designed to ensure cost-effective production growth with a strong rate of return, according to the announcement. By applying lessons learned from multiple testing methods during the pilot program at Starbuck in 2022, Empire formally moved to the initial phase of the company’s overall development efforts with the Starbuck drilling program.

A pilot drilling program on Empire’s New Mexico assets is expected to begin in 2024.

“We are clearly excited to begin our Starbuck drilling program and also move forward with the further development of our New Mexico assets in 2024 through a targeted pilot drilling program. We look forward to providing more specifics concerning the Starbuck drilling program and our development efforts in New Mexico over the coming months,” added Morrisette.

Additional specifics concerning the Starbuck drilling program include:

  • 10-14 drilled wells;
  • Average lateral length per well of approximately 2,300 feet in Phase 1, with a 5,900-foot length in Phase 2;
  • Average capital spend per well of $1.6-$1.8 million; and
  • Total capital spending for the program of $20-$22 million.

Phil Mulacek, Chairman of the Board at Empire, said, “My investment in Empire is based on my conviction in our management team’s ability to execute on our strategy to strategically develop the Company’s collective group of assets by focusing on the highest rate-of-return opportunities – meaning areas that have the strongest multiple for growth. As such, I am excited to formally embark on the Company’s targeted drilling program in North Dakota.”