U.S. onshore-focused junior oil firm Empyrean Energy reported Wednesday a major upgrade to its reserves and resources at its Sugarloaf AMI asset in the Eagle Ford Shale in Texas.
The project, in which Empyrean Energy, has had its proven reserves upgrade by 63 percent to 5.8 million barrels of oil equivalent, while its probable reserves were upgraded by 130 percent to 6.9 million boe.
Empyrean said that the increased reserves were attributable to the successful appraisal of the Austin Chalk and a shift from contingent resource status to reserve status. There are currently 231 wells in production at Sugarloaf AMI, with 54 drilled wells undergoing completion operations.
Empyrean CEO Tom Kelly commented in a company statement:
"These are fantastic improvements to our reserves and resources. As anticipated, further appraisal and drilling of the overlying Austin Chalk wells along with continued success from optimization initiatives in the Eagle Ford Shale and Austin Chalk collectively have resulted in a very substantial increase in our reserves position at the Sugarloaf AMI.
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