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Empyrean Provides Operational Updates on Sugarloaf Project

Source: www.gulfoilandgas.com 4/19/2013, Location: North America

Empyrean Energy Plc (Ticker: EME), the AIM-listed condensate and gas exploration and production company focused on the Eagle Ford Shale, Texas, USA, is pleased to provide the following update on production and operations at its Sugarloaf Project:

Operations
As at the end of March 2013 Empyrean had 79 gross wells that were producing at the Sugarloaf Project on acreage operated by Marathon Oil Company, a subsidiary of Marathon Oil Corporation (NYSE: MRO), an increase of 10 wells since the end of January 2013. In addition, there were two wells drilling ahead and one further well awaiting or in the process of having completion/stimulation operations carried out.

The Austin Chalk pilot program, aimed at establishing viable production from the Austin Chalk in addition to the Eagle Ford Shale, has commenced with the first well having reached total depth and drilling having commenced on the second well. There are three wells being drilled from the same drill pad in the pilot program. First production is anticipated mid-year. The Austin Chalk pilot program has the potential to increase recoverable reserves and ultimate value for the Sugarloaf Project if it is successful.

The well down spacing initiatives are ongoing. Early indications show the wells drilled on tighter spacing are behaving as forecast.. Early planning and reserves calculations on the Sugarloaf Project were based on 80 acre spacing. Down spacing has the potential to improve recoveries, reserves and ultimate value. At the Sugarloaf Project, further production history will be required before the optimum spacing regime for the next phase of development is finalised. The Austin Chalk pilot program will also be considered during this process.

Commenting today, Empyrean CEO, Tom Kelly said "We are pleased that the number of wells in production, net production and revenue have continued to trend upwards. The Austin Chalk pilot program is underway and there are some positive signs starting to come from the down spacing initiatives - we anticipated a stronger second half to the end of March 2013 and the production data has confirmed this to be the case." The information contained in this announcement was completed and reviewed by the Technical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who has over 40 years experience as a petroleum geologist.

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