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Q3 2015 Production from Sugarloaf AMI, Texas
Empyrean Energy, the profitable US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California, has provided a production update from its flagship Sugarloaf AMI Project in the prolific Eagle Ford Shale, Texas, for the three month period to the end of September 2015.
Empyrean has a 3% working interest in the Project, which is operated by Marathon Oil Company, a subsidiary of US major Marathon Oil Corporation (NYSE:MRO).
Highlights for Q3 2015
o 5.6% increase in production during the Quarter to 114,982 boe net to Empyrean’s interest after royalties and costs (Q2 2015: 108,849)
o 4.5% increase in average daily production to 1,250 boe net to Empyrean’s interest after royalties (Q2 2015: 1,196)
o 251 gross producing wells as at 30 September 2015, an increase of 20 since Q2 2015
o 290 gross producing wells as at 23 December 2015, including 51 in the overlying Austin Chalk formation
o Inventory of 26 wells drilling and/or in various stages of completion as at 23 December
o Drilling and completion costs continue to decrease with recent completed well costs ranging between US$5.5 – 6.0 million
o Significant increase in 1P and 2P reserves reported during the period effective to 30 June 2015
Empyrean CEO, Tom Kelly said, “Q3 has seen an increase in production at Sugarloaf whilst costs have continued to fall against a backdrop of very challenging oil prices. A significant number of Austin Chalk wells have come into production and the Upper Eagle Ford continues to be appraised with early typical production type curves from both formations performing similarly to Lower Eagle Ford wells. Following a dramatic increase in our 1P and 2P reserves as reported in Q2, the continued appraisal of the Upper Eagle Ford for co-development with the Lower Eagle Ford and Austin Chalk bodes very well for potential future reserve increases at Sugarloaf.”
