Empire Petroleum Announces Acquisition of Additional Interests in New Mexico Units
10 Agosto 2023 - 8:00AM
Business Wire
Empire Petroleum (NYSE American: EP) (“Empire” or the
“Company”), an oil and gas company with current producing assets in
Texas, Louisiana, North Dakota, Montana, and New Mexico, today
announced that on August 9, 2023, it closed on the acquisition of
COERT Holdings 1 LLC’s (“COERT”) interests in Empire’s three New
Mexico assets, Eunice Monument South Unit A, Eunice Monument South
Unit B, and Arrowhead Grayburg Unit, all of which are located in
Lea County (the “Transaction”).
The purchase price for the Transaction was approximately $6.7
million. Consideration for the Transaction included a cash payment
of $5.0 million by EEF Acquisition Company, LLC, an indirect
wholly-owned subsidiary of Energy Evolution Master Fund, Ltd.,
which is Empire’s largest shareholder (“EEF”). In exchange for its
funding of the Transaction, EEF has been assigned an undivided 90%
ownership interest in the COERT assets, with Empire having a
three-year option to purchase such interest at $5.0 million.
Mike Morrisett, President and Chief Executive Officer of Empire,
commented, “Since we acquired our New Mexico assets from XTO in May
2021, we have evaluated opportunities to increase our ownership
position through the purchase of non-operating interests. We
appreciate the support of EEF in the funding of the Transaction
with COERT. This structure provides Empire with additional
flexibility to accelerate our targeted ongoing and future asset
development programs designed to strategically grow the business
and build near and long-term value for our shareholders.”
About Empire Petroleum
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 organic growth and targeted acquisitions of proved
developed assets with synergies with its existing portfolio of
wells. More information about Empire can be found at
www.empirepetroleumcorp.com.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements involve a wide variety of risks and uncertainties, and
include, without limitations, statements with respect to the
Company’s estimates, strategy and prospects. Such statements are
subject to certain risks and uncertainties which are disclosed in
the Company’s reports filed with the SEC, including its Form 10-K
for the fiscal year ended December 31, 2022, and its other filings
with the SEC. Readers and investors are cautioned that the
Company’s actual results may differ materially from those described
in the forward-looking statements due to a number of factors,
including, but not limited to, the Company’s ability to acquire
productive oil and/or gas properties or to successfully drill and
complete oil and/or gas wells on such properties, general economic
conditions both domestically and abroad, and other risks and
uncertainties related to the conduct of business by the Company.
Other than as required by applicable securities laws, the Company
does not assume a duty to update these forward-looking statements,
whether as a result of new information, subsequent events or
circumstances, changes in expectations, or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230810345051/en/
Empire Petroleum Corporation: Mike Morrisett, President and CEO
539-444-8002 info@empirepetrocorp.com
Investor Relations: Al Petrie Advisors Wes Harris, Partner
281-740-1334 wes@alpetrie.com
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