Empire Petroleum Corporation announced today that it has entered into a term sheet to acquire producing oil and gas assets located in North Louisiana. Empire anticipates signing a Purchase and Sale Agreement with the counterparty within the next few weeks that will provide for a closing that could occur early in the fourth quarter.
The oil and gas properties are the East Haynesville and Oaks Fields located in Claiborne Parish, Louisiana, and the wells to be included in the transaction target the Pettit, Lower and Upper Haynesville, Cotton Valley and Smackover reservoirs.
Empire has targeted this potential transaction for the following reasons.
“We have been working very hard to identify and structure the right platform asset with which to grow Empire,” stated Mike Morrisett, President of Empire. Mr. Morrisett continued, “We believe momentum is building in the North Louisiana area in re-stimulating old wells with higher proppant completions. We are excited to have this potential opportunity as our initial producing asset in the area.”
Source: Empire Petroleum Corporation
Date: Sep 6, 2017