Empire Strikes Back
When we think of the COVID collapse three years ago and how it adversely affected the oil and gas industry, opportunity might not be the first thing that comes to mind. But in retrospect, it should be, however we choose to define the word. For one small Tulsa-based producer that found its niche in well rehabilitation and stimulation, the dark days of COVID revealed that most mysterious combination of circumstance, time, and place we all know as chance.
Reese Energy Consulting today is following the latest news from Empire Petroleum Corporation, which owns and operates long-life, low-cost, mature producing assets in the Permian, Bakken, and central Gulf Coast region. Amid the virus madness in 2020, Empire snapped up 1,000 wells at the pre-$40 per barrel level, including an acquisition in the Eagle Ford. Now, the company is reaping rewards from that move, announcing a 95% increase in revenues at $52.9 million for all of 2022. Empire this week reported 4Q results of 2.16 MBOE—a 46% surge in sales—highlighting its Bakken Starbuck Field Pilot Project where it has recently launched four new wells. Going forward this year, Empire’s capital investments will center in N.D., where it plans drilling, completions, workovers, and recompletions.