Empire Pays $5.6 Million For 184 Williston Basin Stripper Wells
Empire Petroleum Corp. of Tulsa paid $5.6 million for 184 stripper wells producing 375 BOEPD in a dozen Williston Basin counties covering leases on 20,700 acres. Much of the acreage is located near leases already owned by Empire.
The assets were sold by EnergyQuest II LLC, and include holdings in Bottineau, Billings, Burke, McHenry, McKenzie, Mountrail, Renville, Stark, and Williams counties in North Dakota, and in Richland and Sheridan counties in eastern Montana.
“Our combined assets are now producing over 450 BOEPD, primarily oil,” said Empire president Mike Morrisett.
“These assets also have additional upside in undeveloped resources that we believe will allow Empire to maximize production while minimizing costs through a low-risk, low-cost drill program,” said Empire CFO Tommy Pritchard. “The pipeline of growth opportunities remains robust, and we are currently evaluating deal flow with a focus on building scale within our core geographical areas of operation.”
Empire is financing the transaction through an existing senior revolving loan agreement with CrossFirst Bank located in Tulsa, OK, that was increased from $1.3 million to $9 million.