Empire Signs Drilling Contract for Nevada Test
Tulsa-based Empire Petroleum Corp. has signed a drilling contract for its Nevada test well, which should commence drilling on approximately August 15, 2006.
The test is projected to test a large structure up-dip from a well that had good oil shows. The company owns a 10-percent working interest in 44,604 lease acres and has entered into an agreement to earn an additional 30-percent interest, giving Empire a 40-percent working interest in the well and leasehold block.
Empire also acquired a 40-percent interest in an additional 30,917 lease acres from the U.S. Department of the Interior in mid-June, bringing the total lease acreage held in the prospect to 75,721. The company is doing a private placement of its shares in order to fund the cost of its increased interest in the Nevada Prospect.
In other news, Empire has appointed Montague H. Hackett to the company’s board. Hackett graduated from Princeton University and Harvard Law School and practiced law in New York from 1959 to 1972. Since that time he has been associated with both the oil and mining industries, serving as an executive and director of several companies. He is the co-chairman of Victory Ventures, an investment firm, and resides in New York.