Empire Petroleum Corporation (NYSE:EP) is included among the 8 Best Oil and Gas Penny Stocks to Buy Now.
Empire Petroleum Corporation (NYSE:EP) is a conventional oil and natural gas producer with a main focus in the US onshore.
Empire Petroleum Corporation (NYSE:EP) announced on March 18 that it had elected to participate in a new oil and natural gas development program in Louisiana, indicating a meaningful addition to the company’s ongoing development activities.
While the three-well program targets hydrocarbon-bearing formations, the actual oil-to-gas mix will be confirmed through ongoing development. Empire’s working interest in the initial well will be 25%, with the company funding its portion of drilling and completion costs through the issuance of approximately 700,000 shares of its common stock.
Based on initial subsurface data, the well demonstrated a strong hydrocarbon flare while holding over 9,100 psi of back pressure with 16.5+ lb/gal drilling mud. The completion operations on the initial well are expected to begin next month, with initial production testing to follow.
Mike Morrisett, President and CEO of Empire Petroleum Corporation (NYSE:EP), stated:
“This opportunity aligns with the kind of development work that complements our existing operations. We appreciate the comprehensive technical work completed to date and look forward to participating in the next phase of this development. This participation also opens the opportunity to evaluate potential future midstream-adjacent opportunities that could, over time, provide stable and recurring cash flow.”
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