Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
No wonder why EMPR went to the pink sheets...it's really not a big deal..
OTCBB Delistings and Rule 15c2-11: What Happened?
Jordan Posted in Stocks Tags: bulletin board, market makers, otcbb, OTCQB, Pink Sheets, Rule 15c2-11, Small-Cap Stock 5 Comments »
On February 15, 2011, below the radar of the financial community and with no publicity, they started dropping. First it was 48, then 4 on the following two days. Then on February 22, the floodgates opened and 569 companies were delisted from the OTC Bulletin Board and moved to the relatively new OTCQB, officially part of the OTC Market Group’s OTC Link quotation system. The reason given in each case? “Failure to comply with Rule 15c2-11.” What has changed so drastically in the past week, and why has it resulted in the sudden delisting of 622 OTCBB companies?
The reason isn’t that these companies have failed to meet certain quality standards or are delinquent in their reporting to the SEC. Quite the opposite – the OTCQB is a new market (launched in April 2010) for OTC-traded companies that are registered and current in their reporting obligations to the SEC, so a move from the BB to the QB by no means signals delinquency or lower reporting quality.
The root cause, as with almost any aspect of the financial world, comes down to money. All companies quoted on the OTCBB must maintain at least one registered market maker (see FAQ #14) to remain on the OTCBB. The issuer can’t voluntarily withdraw from the OTCBB, but when the last market maker withdraws from the stock, it is removed from the OTCBB after 4 days pursuant to Rule 15c2-11.
When this happens, the stock is usually quoted solely on the OTC Link system, rather than the typical dual BB/OTC Link quotation. The stock will trade on the OTCQB, the middle tier of the OTC marketplace reserved for fully reporting issuers that are quoted on one or both quotation platforms (Bulletin Board and OTC Link). The new OTC tier system classifies all OTC companies, whether quoted on the BB, OTC Link or both, into one of three tiers (OTCQX, OTCQB, or OTC Pink) based on the amount and quality of information they provide to investors. This tier system separates SEC-compliant issuers in the OTCQB tier from the speculative marketplace known as the “Pink Sheets” (now called “OTC Pink”), which is the bottom of the three tiers.
FINRA’s fee for OTCBB market makers is $6.00 per security traded during a given month. For market makers quoting hundreds of securities per month, these costs can quickly become prohibitive. According to the CCH Washington Service Bureau:
OTC Bulletin Board market markers [sic] are billed participation fees by The Financial Industry Regulatory Authority (FINRA) based on the number of positions during a given month. Because such fees have made it challenging for market maker firms to maintain markets in stocks that are not active, such firms are increasingly moving market making in OTCBB stocks from the OTCBB, which is a telephonic only market, to a new electronic interdealer quotation system [OTC Link] created by Pink OTC Markets, Inc. that lacks any participation fees. [Full article here]
One possible reason for the mass Bulletin Board delistings in the past week is that a large broker-dealer acting as the sole market maker for a number of stocks completely withdrew from the OTCBB, leaving hundreds of stocks, like this one, with no market maker and sending them to the OTC Markets four days later. This is difficult to prove, but a similar situation happened last year when major broker-dealer Knight Equity Markets stopped quoting securities on the phone-based, fee-laden OTCBB and switched primarily to the no-fee, electronic OTC Link.
The accompanying graphs, with data provided by www.otcbb.com, show a consistent and meaningful trend away from Bulletin Board quotations both in terms of the number of market makers participating and the number of securities quoted. More and more, it simply makes financial sense for market makers who quote a large number of securities to quote solely on the electronic OTC Markets and avoid the OTCBB participation fees.
Ted Campbell, CEO of GrowPublic, Inc., sums up the situation well:
It may take awhile for investors and issuers to come to the conclusion there is no real difference between an OTCBB® listed security and a Fully Reporting Issuer trading on the Pink Sheets now under the OTCQB designation. The recent move by many market makers to pull quotes on the OTCBB® platform causing a mass delisting to the Pink Sheets may be a precursor to the end of the importance of being listed on the OTCBB.
UPDATE (2/28/11): From OTCBB.com – FINRATM is updating the comment on the OTCBB Daily List used to indicate an issue is no longer eligible for quotation on the OTCBB due to a lack of quotation activity. The new comment will be “Ineligible for quotation on OTCBB due to quoting inactivity under SEC Rule 15c2-11”. This replaces the previous comment “Failure to comply with Rule 15c2-11”.
UPDATE (3/1/11): Another batch of 104 OTCBB stocks received the boot today, but this time with the new “Ineligible for quotation on OTCBB due to quoting activity…” comment.
someone is eating all the shares since .055 :)
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7768335
These shares are held by Edgewood Management LLC Retirement plan F/B/O Kevin R. Seth
Watching this one closely now. New man inside could be precursor to big news.
On February 23, 2011 (the "Effective Date"), the Board of Directors (the "Board") of Empire Petroleum Corporation (the "Company") elected Kevin R. Seth as the newest member of the Board. The appointment was effective as of the Effective Date. Mr. Seth's appointment will fill a vacancy created by the Board's decision to increase the number of members of the Board from three members to four members, a power granted to the Board by the Company's bylaws. In return for serving as a member of the Board, the Corporation awarded Mr. Seth stock options to purchase up to 150,000 shares of the Company's common stock under its 2006 Stock Incentive Plan at an exercise price of $0.10 per share.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EMPIRE PETROLEUM CORPORATION
Date: February 24, 2011
By: /s/ Albert E. Whitehead
Albert E. Whitehead
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7748935
07:55 EMPR Empire Petroleum Corporation Common Stock 2/23/2011 100 Failure to comply with Rule 15c2-11
http://www.otcbb.com/asp/dailylist_detail.asp?d=02/23/2011&mkt_ctg=OTCBB
Moved to "Pink OTC Markets" today.
EMPR is another low float/low volume stock with explosive upside potential. Market has not noticed yet that they are back to business after latest failed test (which was not actually a failure but required extra efforts to make it economical). They will drill, test, and hopefully discover something... Insiders are in at higher prices and started buying again recently. My conservative target .15-.25 this Summer. And if/when they hit producing horizon... jackpot! IMO.
EMPR~~~FORM 8-K On January 25, 2011~~http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7673280
m1999
from 8K filing jan 26: However, it is our belief that we have made a significant discovery in western Nevada to the extent that we have established there is producible oil in the very large Cobble Cuesta structure
EMPR~~~ask at .0595~~looks good~~ 33%~~http://stockcharts.com/freecharts/gallery.html?s=empr
m1999
EMPR~~IBOX UPDATED~~~
m1999
EMPR~~On September 9, 2010, Alfred H. Pekarek was issued options to purchase 50,000 shares of the Company's common stock under the 2006 Stock Option Plan at a strike price of $0.26 per share.
The options immediately vested and expire after ten years. The options were not registered under the Securities Act of 1933, as amended, and were issued in exchange for consulting engineering services.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7557174
m1999
EMPR~~~On August 4, 2009, the Company purchased, for $25,000 and payment of lease rentals of $4,680, a nine-month option to purchase 2,630 net acres of oil and gas leases known as the South Okie Prospect in Natrona County, Wyoming.
The option allowed the Company to purchase the leasehold interests for $35,000 which was exercised in 2010.
The Tensleep Sand at depths from 3,300 feet to 4,500 feet is the primary target.
The Tensleep is an excellent oil reservoir with the potential of 700 barrels of oil per acre foot recovery.
The Company has completed its geological and seismic studies and subsequent to the completion of these studies it has carried out a thorough engineering study.
This later study focused on the most promising locations and potential reserves. The Company has elected to concentrate on drilling its Nevada prospect before deciding on a course of action on this prospect.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7557174
m1999
EMPR~~The Company owns a 57% working interest in oil and gas leases in Nye and Mineral Counties, Nevada (the "Gabbs Valley Prospect").
Initially, the Company's working interest was 10% and the Gabbs Valley Prospect consisted of 44,604 acres, but now consists of 92,825 acres.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7557174
m1999
EMPR~~~The number of shares of the registrant's common stock,
$0.001 par value,
outstanding as of November 15, 2010 was 83,069,235
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7557174
m1999
As of September 30, 2010, the Company had $59,825 of cash on hand.
The Company believes that its cash on hand along with proceeds from the sale of a portion of its working interest in the Paradise Unit, will allow it to finance its operations for the next six months.
In order to sustain the Company's operations on a long-term basis, the Company intends to continue to look for merger opportunities and consider public or private financings. The Company plans to undertake further exploration of the Gabbs Valley Prospect in 2010.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7557174
m1999
Well, EMPR has been a loser so far...
OTOH:
1. Insiders bought more than 2 mln shares this year, and they paid much more than current price. They have done several private placements @ 0.07, and issued options exercisable @ 0.25 and higher.
2. PPS is testing 52-week low, and seems holding support.
3. Market cap is about $4 mln now, which seems to be very low. They have many perspective assets.
4. They did suspend operations on the Paradise Unit 2-12 well due to "paraffin issue". But they did find oil and the question is how to make it go out. :) After current engineering analysis they may find appropriate chemicals to be used for oil extraction. Many companies in US and Canada successfully produce heavy oil... This could be expensive though... and EMPR would need more cash. They can sell some assets (like they did before), they are looking for merger and acquisition partners (from last 10-Q).
5. There was a suspicious spike in volume and price on Nov-23: almost half million shares traded, which caused PPS to double to 0.09. There were no penny-letter recommendations, no iHub momo attack,... Looks like insider buying to me...
So, it seems to me insiders are very interested to increase PPS and market capitalization. Any announcement that technical "flow problem" is resolved, or they are negotiating merger/acquisition/JV, and price will double in a minute. I bought some shares @0.05 these couple of days to see what happens next.
Not bad either... The Empire Petroleum Paradise Unit 2-12 is located in Western Nevada approximately 140 miles from the Trap Springs Field, the nearest oil field to the Company’s prospect. Although the Company may not experience similar results, the Trap Springs Field produces from fractured volcanics and has produced about 15,000,000 barrels of oil, and it currently produces approximately 13,667 barrels of oil per month
Love this part: However, due to the increased lost circulation problems and the excellent oil shows the Company elected to attempt a completion at the shallower depth of 4,248 feet.
EMPR .25 Empire Petroleum Announces Plans for Nevada Test Well
Today : Tuesday 24 August 2010
Empire Petroleum Corporation (OTCBB: EMPR), a Tulsa, Oklahoma, based company, announced that it is planning to set production casing and within two or three weeks will attempt to complete its exploratory test well located in Nye County, Nevada. The Company reported on August 17th that it had recovered a small amount of oil from the Empire Paradise Unit 2-12. Subsequent to that announcement the Company drilled an additional 93 feet from which it recorded numerous oil shows. It also encountered lost circulation indicating a zone of considerable fracturing of the volcanic formation being drilled. The Company anticipated it would drill the test well to the Triassic formation which was projected to be between 5,500 feet and 6,500 feet. However, due to the increased lost circulation problems and the excellent oil shows the Company elected to attempt a completion at the shallower depth of 4,248 feet.
The Empire Petroleum Paradise Unit 2-12 is located in Western Nevada approximately 140 miles from the Trap Springs Field, the nearest oil field to the Company’s prospect. Although the Company may not experience similar results, the Trap Springs Field produces from fractured volcanics and has produced about 15,000,000 barrels of oil, and it currently produces approximately 13,667 barrels of oil per month.
The 2-12 well is being drilled on the Federal Paradise Unit which consists of 40,073 acres of federal oil & gas leases. Upon completion of this well as a commercial producer Empire would have a 77.5% interest in the unit acreage. It also has an option to increase its interest in another 52,752 acres lying outside the unit but within the prospect area.
Statements in this press release other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties incident to the Company’s business, including risks inherent in oil and gas exploration and development and other risks described in the reports and statements filed by the Company with the Securities and Exchange Commission. As a result, actual results may vary materially from those described in the forward-looking statements.
The Lease area covers a portion of the Cobble Cuesta anticline, one of the largest surface anticline features in western Nevada and recent drilling activity on the flank of the feature has confirmed the presence of hydrocarbons.
... a large surface feature that is visible on satellite
imagery. The structure is 12 miles long and 7 miles wide and recent drilling on the east flank of the feature confirmed the presence of oil in the Tertiary section. Additional geological work is required to confirm the key reservoirs and the new seismic will be used to verify structural closure, which if present,
could contain substantial hydrocarbon reserves.
CEO stayed with this for 4 more years... he sure believes...not to mention all the money he put in... see all his form 4's. CEO owns 30+% of Empire
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=14232946
The Company acquired an additional 9,943.91 acres of leases at a September 2008 lease sale and 7,680 acres at a September 2009 lease sale bringing the total acreage in which it has a 57% interest to 92,825 acres. The Company was encouraged by the data it acquired in connection with the drilling, logging and testing of the well. Such data, additional studies of such data, the assistance of geological and engineering consultants and an Advanced Geochemical Imaging Survey conducted in December 2008 led the Company to determine that further drilling is warranted...
You still in here?
Newbies should go back and look at the target structure they are drilling... if they hit... it could be the biggest domestic oil find in a decade
EMPR PR .19 Empire Petroleum Corporation Reports on Well Drilling in Nevada
Aug 17, 2010 7:00:00 AM
Copyright Business Wire 2010
Close Ad
Email story | Discuss on ZenoBank | View more ads
TULSA, Okla.--(BUSINESS WIRE)-- Empire Petroleum Corporation (OTCBB: EMPR), a Tulsa, Oklahoma based company, announced that it has tested oil from its Empire Paradise Unit 2-12 well in Nye County, Nevada. The Company said that, although only a small amount of 30° gravity oil was recovered, it believes it is significant in that it establishes there is recoverable oil in the Cobble Cuesta Structure on which the well is being drilled. The Company said the well was now drilling below 4,155 feet with a projected depth of approximately 6,000 feet to test the Triassic Formation.
Statements in this press release other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties incident to the Company’s business, including risks inherent in oil and gas exploration and development and other risks described in the reports and statements filed by the Company with the Securities and Exchange Commission. As a result, actual results may vary materially from those described in the forward-looking statements.
Empire Petroleum Corporation
Albert E. Whitehead, 918-488-8068
Chairman & CEO
Source: Empire Petroleum Corporation
----------------------------------------------
Empire Petroleum Corporation
Albert E. Whitehead
918-488-8068
Chairman
American Receives $46.2 Million From Sale of Powder River Basin, WY Assets
DENVER, CO April 1, 2010 — American Oil & Gas Inc. (NYSE-AMEX: AEZ) announced today that American has received $46,181,289 in sales proceeds from the sale of all of its ownership in non-producing wells, producing wells and undeveloped acreage located in the Powder River Basin of Wyoming. The sale includes all of American's ownership in the Fetter and Krejci projects. American expects to pay less than $500,000 in income taxes, after offsetting the taxable gain on sale with net operating loss carry-forwards from prior years.
Pat O'Brien, CEO of American, commented, "We are pleased to announce the closing of this sale which now enables us to focus our financial and human resources primarily on the development of the Bakken and Three Forks formations within our Goliath project area. We are commencing a two rig drilling program at Goliath, and we are preparing for a possible expansion of the program."
American Oil & Gas Inc. is an independent oil and natural gas company engaged in exploration, development and production of hydrocarbon reserves primarily in the Rocky Mountain region. Additional information about American Oil & Gas, Inc. can be found at the Company's website: http://www.americanog.com.
we expecting news or company update soon? thanks
Nice way for financing from a trust of CEO , shows great confidence and the fact the loan was converted at double what it is now suggests CEO knows something about future value sea
Prior to recent buys...
each of our executive officers and directors; and
* all executive officers and directors as a group.
The percentage of beneficial ownership for the following table is based on 55,080,190 shares of Common Stock outstanding as of March 1, 2008.
Unless otherwise indicated below, to the Company's knowledge, all persons and entities listed below have sole voting and investment power over their shares of Common Stock.
Amount and
nature of
beneficial Percent of
Name and address of beneficial owner ownership class (1)
Albert E. Whitehead, 14,813,024 (2) 26.83%
Chairman of the Board and
Chief Executive Officer
3214 E. 73rd Street
Tulsa, OK 74136-5927
John C. Kinard, 781,331 (3) 1.41%
Director
52 S. Roslyn Street
Denver, CO 80230
Montague H. Hackett, Jr. 4,361,210 (4) 7.80%
Director
550 Park Avenue
New York, NY 10021
George H. Plewes 3,607,500 (5) 6.45%
Former Director
P. O. Box HM 1431
Hamilton HMFX
Bermuda
All current directors and executive officers as a group (3 persons) 19,955,565 (6) 35.30%
(1) The percentage ownership for each person is calculated in accordance with the rules of the SEC, which provide that any shares a
-21-
person is deemed to beneficially own by virtue of having a right to acquire shares upon the conversion of options or other rights are considered outstanding solely for purposes of calculating such person's percentage ownership.
(2) This number includes: (i) 11,842,741 shares directly owned by the Albert E. Whitehead Living Trust, of which Mr. Whitehead is the trustee; (ii) 125,000 shares Mr. Whitehead has the right to acquire pursuant to a warrant;
(iii) 30,000 shares owned by Mr. Whitehead's grandchildren for which he acts as custodian; (iv) 2,815,283 shares directly owned by the Lacy E. Whitehead Living Trust, of which Ms. Whitehead, Mr. Whitehead's wife, is trustee. Mr. Whitehead disclaims any interest in the shares owned by the Lacy E. Whitehead Living Trust and the shares owned by his grandchildren.
(3) This number includes: (i) 161,331 shares directly owned by Mr. Kinard;
(ii) 320,000 shares Mr. Kinard has the right to acquire pursuant to options granted to him under the 1995 Stock Option Plan; and (iii) 150,000 shares Mr. Kinard has the right to acquire pursuant to options granted to him under The Company's 2006 Stock Option Plan and (iv) 150,000 shares directly owned by Mr. Kinard's wife, of which Mr. Kinard disclaims any interest.
(4) This number includes (i) 2,598,710 shares directly owned by Mr. Hackett
(ii) 300,000 shares Mr. Hackett has the right to acquire under the Company's 2006 Stock Option Plan; and (iii) 312,500 shares Mr. Hackett has the right to acquire pursuant to a warrant; (iv) 500,000 shares directly owned by the Trust F/B/O Melinda Hackett and 125,000 shares the same trust has the right to acquire pursuant to a warrant, of which Mr. Hackett disclaims any interest;
(v) 400,000 shares directly owned by the Trust F/B/O Montague H. Hackett, III and 124,000 shares the same trust has the right to acquire pursuant to a warrant, of which Mr. Hackett disclaims any interest.
(5) This number includes (i) 2,750,000 shares held directly by Mr. Plewes;
(ii) 687,500 shares Mr. Plewes has the right to acquire pursuant to a warrant; and (iii) 170,000 shares issuable upon the exercise of options granted under the Company's 1995 Stock Option Plan.
(6) This number includes 770,000 shares issuable upon the exercise of options granted under the 1995 and 2006 Stock Option Plans and 562,500 shares that can be acquired upon the exercise of warrants.
Through March 31, 2005, the Company financed its operations primarily through advances made to the Company by the Albert E. Whitehead Living Trust, of which
-9-
the Company's Chairman of the Board and Chief Executive Officer, Mr. Whitehead, is the trustee. At the end of 2007 the Company was indebted to the Albert E. Whitehead Living Trust in the amount of $274,682. This loan was converted, on February 16, 2008, into 2,112,938 shares of the Company's common stock at $0.13 per share.
LIQUIDITY AND CAPITAL RESOURCES
GENERAL
As of March 31, 2008, the Company had $369,870 of cash on hand. The Company believes that its cash on hand will allow it to finance its operations for the next twelve months, and to participate in further exploration of the Gabbs Valley Prospect. In order to sustain the Company's operations on a long term basis, the Company intends to continue to look for merger opportunities and consider public or private financings. The Company does not plan to undertake further exploration of the Gabbs Valley or Cheyenne River Prospects without an industry partner or additional equity placement.
This one can run hard and has in the past ~Rig
hmm
Outstanding as of March 31, 2008 was 57,193,128
Looking good here jstone ~Rig
8K....
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
January 10, 2007
EMPIRE PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-20193 73-1238709
(State or other jurisdiction (Commission file Number) (IRS Employer
of Incorporation) Identification No.)
8801 S. Yale, Suite 120 74137-3575
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (918-488-8068)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 7.01 Regulation FD Disclosure
On January 10, 2007, the Registrant sent out a letter to the
shareholders. A copy of the letter is attached to this report as Exhibit
99.1 and is being furnished pursuant to Regulation FD.
ITEM 9. Financial Statements and Exhibits
(c) Exhibits
99.1 Letter to the shareholders of Empire Petroleum Corporation
dated January 10, 2007
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized officer.
Date: January 10, 2007
Empire Petroleum Corporation
BY: /s/Albert E. Whitehead
Chief Executive Officer
EXHIBIT 99.1
January 10, 2007
Dear Shareholder:
Empire's Management and Board of Directors thank all of its shareholders,
particularly long term holders, for their patience and loyalty to Empire.
Many of you have been shareholders since we acquired leases and arranged for
two wells to be drilled in the Cheyenne River Prospect in Wyoming. This
prospect hasn't proven to be an economic success to date; however, we do have
several companies showing an interest in drilling additional wells on this
prospect which contains 31,205 acres.
We also thank our new shareholders and particularly those that purchased
shares in two private placements completed in 2005 and 2006. Funds from the
first private placement in 2005 were used to carry out a 19.5 mile seismic
survey of the Gabbs Valley Nevada Prospect. This survey was completed in late
2005, and it validated our previous geological studies, which indicated we had
a very interesting oil prospect that should be tested by drilling. Therefore,
the Company initiated a second private placement to raise sufficient funds to
increase our interest in the prospect from 10% to 40%. At that point, the
prospect consisted of 44,604 acres, which in June was increased to 75,521
acres with the purchase of an additional 30,917 acres. The second private
placement was completed in September 2006, and a test well, the Empire Cobble
Cuesta 1-12-12N-34E, Nye County, Nevada, commenced drilling on October 14,
2006. The well was drilled to 5,195 feet over a period of 37 days. During
the drilling operation, oil shows were encountered over a large section of the
well in what appeared to be fractures in volcanic tuff.
Upon reaching 5,195 feet, a standard set of electric logs was run which
was used to help evaluate and determine if the well contains hydrocarbons. In
addition to the standard logs, an FMI log was run which is more effective in
evaluating fractured reservoirs. This log takes longer to evaluate than
standard logs; therefore, the decision was made during the evaluation period
to suspend the drilling operations and release the drilling rig and all the
associated equipment as it was costing about $30,000 per day. The well was
secured so that it could be re-entered and tested if an analysis of the logs,
particularly the FMI log, indicated that additional testing should be
completed.
The analysis of the FMI log proved to be very encouraging, indicating
several prospective sections of the well that merit additional testing.
Therefore, the Company plans to undertake a testing program as soon as it
obtains additional financing and the necessary testing equipment. Management
is optimistic for the prospect of this well being an oil discovery.
Respectfully submitted,
A. E. Whitehead
Chairman & C.E.O.
AEW/gs
</TEXT>
</DOCUMENT>
I will and a Happy, Healthy and Prosperous Year to you as well. Stone
jstone...
Ok great, keep me posted.
appreciated
and have a good new year!
~Rig
No, I was planning on doing that after the first of the year when I'm back in Country. Stone
have you tried to call ceo lately? Albert E. (Al) Whitehead
Rig, I made my first entry back after the dip to .09 and with a good PR I have some powder dry for an additional accumulation. I agree this small floater could really soar with a hit. Stone
jstone...
I am watching the volume and newswire for now.I didnt get back in yet.As you know, one big find could launch this small floater nicely IMO.
~Rig
Yes, very nice! Makes one wonder doesn't it? Is a positive PR soon to be released pertaining to positive events which in itself would cause insiders to start buying in advance? Certainly makes one wonder! Stone
Followers
|
15
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
184
|
Created
|
07/08/06
|
Type
|
Free
|
Moderators |
Empire Petroleum Corporation (“Empire”) (OTCQB:EMPR) announced today that it has acquired producing oil and gas assets located in Billings, Bottineau, Bowman, Burke, McHenry, McKenzie, Mountrail, Renville, Stark & Williams counties in North Dakota and Richland & Sheridan counties in Montana through its wholly owned subsidiary, Empire North Dakota LLC. The assets were acquired from EnergyQuest II, LLC, in a transaction that has been previously reported by Empire in its filings with the Securities and Exchange Commission.
In connection with financing for the acquisition, Empire’s wholly owned subsidiaries, Empire Louisiana LLC d/b/a Empire Louisiana of Delaware and Empire North Dakota LLC entered into a first amendment of Empire’s existing senior revolver loan agreement with CrossFirst Bank located in Tulsa, Oklahoma. The first amendment increased (a) the initial revolver commitment from $1,350,000 to $9,000,000 and (b) and the maximum principal amount that may be advanced from $5,000,000 to $20,000,000.
The acquired producing assets are comprised of 184 producing oil and gas wells with predictable, low decline production profiles, low risk workover opportunities, undeveloped new drilling opportunities and other potential operating and production enhancements to improve unit operating costs and improve existing margins. The properties are currently producing approximately 375 BOEPD (Barrels of Oil Equivalent per Day), net to the Empire’s working interest and encompasses approximately 20,700 acres of leasehold. Empire North Dakota LLC will operate 139 wells, 19 in Montana and 120 in North Dakota.
“Our combined assets are now producing over 450 BOEPD, primarily oil,” stated Mike Morrisett, President. “The experienced team at CrossFirst Bank did an outstanding job processing an amendment to our original loan and facilitating the timely acquisition of these assets.”
CEO Tommy Pritchard added, “This acquisition continues our disciplined growth strategy to acquire and manage mature producing oil properties with predictable, low decline, long life production. 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. 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.”
About Empire Petroleum Corporation
Empire Petroleum Corporation is a publicly-traded, Tulsa-based oil and gas company with current producing assets in Louisiana, North Dakota and Montana. Management is focused on targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. Empire looks for assets where its operational team can deploy rigorous field/well management techniques to reduce unit operating costs and improve margins while optimizing production. Empire works to create shareholder value through strong free cash flow generation.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |