Empire Petroleum Corporation announced on August 11, 2020 that it has completed an equity transaction and a field level debt issuance, fully funding a substantial workover/recompletion program at its recently-acquired properties in East Texas, specifically, the Fort Trinidad Field in Houston and Madison Counties.
PIE, led by Phil Mulacek, will contract operate the field and identified workover wells in the program, bringing their experienced carbonate geology, and geophysical, and drilling team that has been responsible for world class discoveries, such as the Elk and Antelope Fields in Papua New Guinea, subsequently bought by Exxon Mobil and Total in 2017.
“As a significant investor in Empire, combined with the operational expertise and capital to implement an initial robust workover program, we believe PIE is a terrific partner aligning with all shareholders,” stated Mike Morrisett, President. “It has been a pleasure working with Phil Mulacek and his team bringing our Joint Development Agreement quickly to fruition.”
Read the full press release.