Empyrean Reports Production Decrease at Sugarloaf

Junior energy firm Empyrean Energy reported Thursday a two percent production decrease at its Sugarloaf project in Texas.

Total production rates for Q1 at the Sugarloaf project in the Eagle Ford Shale were 109,425 barrels of oil equivalent, which represented a slight decrease compared to the Q4 2014 figure of 111,921 boe. Average daily production from Sugarloaf was also down from 1,217 boe in Q4 2014 to 1,216 boe in Q1 2015.

Despite the production decrease, the number of gross producing wells at Sugarloaf increased in Q1 2015 by 18 wells to 205.

Empyrean CEO Tom Kelly commented in a company statement:

"Production from Sugarloaf continues to be economic even at current oil prices and has been maintained at steady rates, notwithstanding lower levels of drilling activity in the current, challenging oil price environment. The project has also benefited from cost reductions and continued optimisation initiatives during the quarter.  Despite the challenges the sector faces, we have a healthy inventory of drilled wells to be placed into production in the coming months."

Empyrean has a three percent working interest in the Sugarloaf project, which is operated by Marathon Oil Company, a subsidiary of Marathon Oil Corporation. 

Have a news tip? Share it with Rigzone!
Email news@rigzone.com


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Scottish Government Reveals New Subsea... (Jan 20)
 -  SOFF Secures Services Contract for Jan... (Jan 20)
 -  NPD Grants Lundin Permit for Appraisal... (Jan 20)
 -  Lion: AMT-1 Well Abandoned After Stuck... (Jan 20)
 -  Unite: Workers 'Deeply Unhappy' About ... (Jan 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
U.S. Zanesville: Sr Field Engineer - Directional Drilling
Expertise: Directional Driller
Location: Zanesville, OH
United States Canonsburg: Service Manager
Expertise: Customer Service|WellSite Supervisor
Location: Canonsburg, PA
Drilling Engineer II Job
Expertise: Drilling Engineering|Petroleum Engineering
Location: Houston, TX
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours