Empyrean Energy reported that production continues from three discovery wells that were drilled last year as part of the six shallow well program at Margarita on the Gulf Coast of Texas.
For the month of January 2008 gross production from these wells amounted to 32,104 mcf of gas and 1,121 barrels of oil. Empyrean has a 44% working interest in this project and has been receiving its share of the production proceeds.
At this stage, Empyrean has elected not to proceed with any of the Margarita deep prospects as management feel there are better risk versus reward opportunities elsewhere.
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