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no clue but a nice move huh ~Rig
Anyone have an idea as to why we're seeing a bit of a rally in this stock?
yea, here's why, apparently some people knew about it yesterday...
Empire Suspends Drilling on Nevada Test Well
Oct 24, 2006 9:00:00 AM
Copyright Business Wire 2006
TULSA, Okla.--(BUSINESS WIRE)--
Empire Petroleum Corporation (OTCBB:EMPR), a Tulsa, Oklahoma based company, announced today that it had suspended drilling operations on the Empire Cobble Cuesta 1-12-12N-34E, Nye County, Nevada, at a depth of 5,198 feet. The geology of the large Cobble Cuesta structure is more complicated than anticipated and, therefore, the Company has initiated a complete review of all the data obtained by drilling and logging the well. The Company said it would probably take at least three weeks to complete this study and make a decision as to whether further drilling or testing should be conducted.
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.
Source: Empire Petroleum Corporation
----------------------------------------------
Empire Petroleum Corporation
Tulsa
Albert E. Whitehead
Chairman & CEO
918-488-8068
UGLY bid whacking. Hope that is not bad news.
something doing...LUV to break .30 today.
Empire Petroleum Corporation Announces Commencement of Test Well in Nevada and Completion of Financing
Sep 15, 2006 9:00:00 AM
Copyright Business Wire 2006
TULSA, Okla.--(BUSINESS WIRE)--Sept. 15, 2006--
Empire Petroleum Corporation (OTCBB:EMPR), a Tulsa, Oklahoma-based company, announced today that drilling operations were commenced September 14, 2006 on the Empire Cobble Cuesta 1-12-12N-34E, Nye County, Nevada. It is expected that the total depth of this exploratory well will be 6,500 feet and the well should take 25 to 30 days to drill.
Empire said the well was being drilled on a large surface structure, which was further defined by gravity data, photo-geologic mapping, satellite imagery, detailed surface mapping and a new 2-D seismic program. Additionally, a test well drilled about four miles from the Cobble Cuesta location had good oil shows.
Empire owns a ten percent (10%) working interest in 44,604 lease acres and has entered into an agreement to earn an additional thirty percent (30%) interest by paying forty-five percent (45%) of the costs of drilling the Cobble Cuesta well. In addition, Empire has a forty percent (40%) interest in an another 30,917 lease acres, bringing the total lease acres in the prospect to 75,521.
The Company has completed a private placement of 7,250,000 shares at $0.20 per share for a total of $1,450,000. For each four shares purchased the buyer received one share purchase warrant which is exercisable for one year at $0.50 per share. The total number of warrants issued was 1,812,500. These funds will be used to pay Empire's well costs.
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.
Source: Empire Petroleum Corporation
----------------------------------------------
Empire Petroleum Corporation
Tulsa
Albert E. Whitehead
918-488-8068
eom7...
quiet monsta IMO.
~Rig
"...confirmed the presence of oil..."
#############################################################
PetroWorld Corp. Sign Agreement to Explore Nevada Oil Prospect
PetroWorld Corp. ('PWC') announces today that it has entered into a seismic
option agreement with Cortez Exploration LLC ('Cortez') to evaluate 44,604 acres
of Federal Leases located in western Nevada State, USA. 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.
The seismic option grants PWC the exclusive right to acquire seismic over the
Cobble Cuesta anticline, 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.
Under the agreement PWC will pay Cortez US$100,000 in back costs and spend
US$250,000 to acquire 2-D seismic data over the structure. After completing the
seismic survey, PWC has the option to commit to drill a well and pay additional
back costs in return for 50% equity in the Lease. It is expected that the
seismic acquisition will commence in June once State and Federal approvals have
been granted.
The other participant in the Lease area is Empire Petroleum Corporation which
holds a 10% working interest and whose Chairman, Al Whitehead, is PWC's
Non-Executive Chairman.
PWC's Chief Executive Frank Inouye commented, 'This opportunity sits in the high
risk high reward end of PetroWorld's asset portfolio and our approach to
evaluating the prospectivity of Gabbs Valley reflects this risk profile. The
seismic option minimizes the company's financial exposure however in the event
the new seismic confirms structural closure, PWC retains the right to drill and
take equity in the Lease. Although Nevada is considered by many as a frontier
oil and gas province, producing fields such as Trap Springs and Grant Canyon
prove that substantial reserves can still be found in areas such as Gabbs
Valley.'
End
For further information contact:
PetroWorld Corp.
Frank Inouye, Chief Executive Officer
Tel: 020 8823 9120
Doesn't hurt CEO just bought 500,000 shares at $.20. Looks like he just put $100K in this puppy 2 weeks ago. I like that confidence.
################################################################
EMPIRE PETROLEUM CORP filed this 4 on 08/02/2006.
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*EMPIRE PETROLEUM CORP
--------------------------------------------------------------------------------
(Last) (First) (Middle)
8801 S. YALE, SUITE 120
--------------------------------------------------------------------------------
(Street)TULSA OK 74137-3575
--------------------------------------------------------------------------------
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
EMPIRE PETROLEUM CORP [EMPR] 5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)X Director X 10% Owner
X Officer (give title below) Other (specify below)
President
3. Date of Earliest Transaction (Month/Day/Year)
08/02/2006
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8) 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4) 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/02/2006 P 500,000 A $ 0.2 11,842,741 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date
(Month/Day/Year) 7. Title and Amount of Underlying Securities
(Instr. 3 and 4) 8. Price of Derivative Security
(Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4) 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
Albert E. Whitehead 08/02/2006
19.5 Mile Area = HUGE.
###############################################################
On May 8, 2003, the Company entered into an agreement with O.F. Duffield (Duffield Agreement) to acquire a ten percent (10%) working interest in a block of acreage in the Gabbs Valley Prospect by agreeing to issue 2,000,000 shares of the Company's Common Stock to Mr. Duffield for such 10% interest. The shares were issued in July 2003. This block of acreage in the Gabbs Valley Prospect consists of federal leases covering 44,604 acres in Nye and Mineral Counties, Nevada in which Mr. Duffield had a 100% working
-6-
interest. Pursuant to the Duffield Agreement, the Company is also entitled to acquire up to a 10% interest in a block of 26,080 acres also located in the Gabbs Valley Prospect should Duffield acquire an interest in this block. The shares were valued at $.10 per share based on the closing price of the Company's common stock on the date of issuance.
During September 2005, surveyors laid out a 19.5 mile seismic program on the Gabbs Valley Prospect, and a seismic survey was commenced in October 2005. Field work was carried out and final interpretation of the data was completed in November 2005. Based on the results of the seismic survey, the Company increased its working interest in the prospect to 40% (See Note 1) and has contracted a drilling rig which is expected to be available about August 15, 2006, to commence drilling the Empire Cobble Cuesta 1-12-11N-34E, Nye County, Nevada. The total gross acres of this prospect was increased to 75,721 acres by the acquisition of 30,917 acres from the U. S. Department of the Interior on June 14, 2006.
PetroWorld Nevada Corp. (PWC) is a participant in the Gabbs Valley Prospect with a seismic option under which it has elected to earn a 30% interest from Cortez Exploration, Inc. The Company's Chief Executive Officer is a member of the Board of Directors of both PWC and its parent company PetroWorld Corporation and owns approximately nine (8.92%) percent of the parent Company which is traded on the AIM Exchange in London and the Toronto Venture Exchange in Toronto. Accounts receivable from PWC totals $82,928 at June 30, 2006.
################################################################
From PWC web site:
http://www.petroworldcorp.com/operations.php
PetroWorld Corp. entered into a seismic option agreement with Cortez Exploration to evaluate the giant Cobble Cuesta anticline located in western Nevada. The prospect is a large surface feature measuring 12 miles long by 7 miles wide and is visible from satellite photos. Previous exploration efforts in this area have been limited however recent drilling in the adjacent license has confirmed the presence of hydrocarbons within the subsurface strata
Seismic acquisition commenced over the prospect in October 2005 and the 2-D programme consists of three lines totalling 19 miles and was designed to verify subsurface closure. The data will be processed and interpreted during November and a decision to drill or drop will be made in December. In the event the seismic does confirm subsurface closure, PetroWorld Corp. has the exclusive right to drill one exploration well in return for earning a 50% equity in the prospect
PetroWorld Corp. negotiated an exclusive seismic option over the prospect from Cortez Exploration and if the seismic does confirm subsurface closure the Company has the right to drill one exploration well in return for 50% equity in the lease
################################################################
PetroWorld Corp ("PWC")is EMPR's drilling partner on project!
PWC has also confirmed that it has exercised its drilling option over the Cobble Cuesta anticline exploration prospect in Nevada and drilling on the structure is due to commence in late August, 2006. PWC has revised its original agreement which enabled it to earn a 50% interest in the block in return for paying 90% of the drilling costs and will now pay 45% of the drilling costs in return for a 30% equity in the asset.
Frank Inouye, PWC's CEO, is a qualified person as defined under the AIM rules and this announcement has been prepared under his supervision.
On behalf of PetroWorld Corp.
"Frank Inouye"
Chief Executive Officer & Director
For additional information, please visit our website,
www.petroworldcorp.com.
Next week is going to be interesting . IMO
AP...Oil Prices Settle at $77 a Barrel...
http://biz.yahoo.com/ap/060714/oil_prices.html?.v=18
AP
Oil Prices Settle at $77 a Barrel
Friday July 14, 9:42 pm ET
By Brad Foss, AP Business Writer
Oil Prices Settle at $77 a Barrel As Attacks in Mideast Raise Fears of Possible Supply Disruption
WASHINGTON (AP) -- The price of oil briefly surpassed $78 a barrel Friday and finished 4 percent higher for the week after Israeli attacks against militants in Lebanon stoked fears of a wider Middle East conflict and possible oil-supply disruption.
The run-up in oil raised concerns about inflation and the economy at large, sending stock prices tumbling. OPEC tried to reassure the market by stressing its commitment to "order and stability," but at the same time said it "has no influence" over the geopolitical turmoil underlying today's volatility.
Because oil accounts for more than 50 percent of the cost of gasoline, U.S. pump prices, now averaging $2.96 a gallon nationwide, are likely to climb some more, analysts said.
On Friday, light sweet crude for August delivery on the New York Mercantile Exchange soared as high as a record $78.40 a barrel in electronic trading before settling at a record $77.03, an increase of 33 cents from Thursday's record close.
Gasoline futures rose by 2.36 cents to settle at $2.3249 a gallon -- the highest level since late September of last year, when U.S. refinery output was sharply curtailed by hurricane damage.
In London, Brent crude futures gained 58 cents to settle at $77.27 a barrel on the ICE Futures exchange.
"We've reached a level where we've put all the scare premium into the market that we can," said James Cordier, president of Liberty Trading in Tampa, Fla. "At this point, we have to have a disruption to move smartly higher from here."
Cordier said that while fuel demand in the U.S. is still strong, rising energy costs appear to be dampening consumer spending in other areas and that could eventually slow the economy enough to help cool energy prices.
But there won't be any significant decline until at least the end of the summer, and that assumes that the Gulf Coast sustains no serious hurricane damage this year.
Israel widened its offensive on Lebanon on Friday, with fighter bombers blasting the airport for a second day and cutting off the main highway to Syria. Hezbollah has fired more than 100 rockets into Israel. More than 80 people have died, most in Lebanon, in three days of violence sparked by the capture of two Israeli soldiers by Hezbollah militants.
While Israel and Lebanon are not major oil suppliers, the fear is that the conflict could expand in the region, which produces nearly a third the world's oil and has almost two-thirds of its untapped reserves.
Iran has threatened to use oil as a weapon if the United Nations invokes sanctions in its dispute with Tehran over its nuclear program. While OPEC's No. 2 supplier has not raised the issue of withholding oil from the market in a sign of solidarity with Hezbollah, the possibility -- while deemed unlikely -- weighs on the market's psychology, analysts said.
"I don't think we're done on the upside," said BNP Paribas Commodity Futures broker Tom Bentz, referring to the rise in oil prices.
The Organization of Petroleum Exporting Countries issued a statement in which it blamed geopolitical factors beyond its control for the recent price volatility. The group emphasized that the market is "well-supplied with crude."
Indeed, oil prices did not arrive at the doorstep of $80 a barrel overnight. The combination of rising global demand, limited excess production capacity and concerns about supply interruptions from Nigeria to the Gulf of Mexico have all played a part, analysts said. So, too, has the influx of billions of dollars into oil markets in recent years by hedge funds and other financial institutions angling for profits amid global instability.
Brent for August delivery at London's ICE Futures exchange, which expires at the close of trading Friday, jumped as high as $78.03, but then fell back to $77.46, up 77 cents.
In other Nymex trading, heating oil futures fell less than a penny to settle at $2.076 a gallon and natural gas futures advanced 21.8 cents to settle at $6.347 per 1,000 cubic feet.
AP...
Oil Prices Settle Above $74 a Barrel
Tuesday July 11, 5:46 pm ET
Oil Prices Rise As Iran Dashes Hopes of Breakthrough in Talks With EU About Its Nuclear Program
http://biz.yahoo.com/ap/060711/oil_prices.html?.v=13
~Rig
I totally agree.
hoodia...
good to hear that! Oil prices will be high for a long time IMO.Invested nicely here and loaded with KING.
~Rig
Things are going to get much much better around here.
Nice stock I almost jumped in on Friday but thought I'd watch for a while.
Good Luck
Mike
dc_ 320...
He's a nice man that gave me the feeling he thinks hes close to hitting something big.
Thanks for that, will add to ibox
~Rig
Bio for the CEO:
Albert E. (Al) Whitehead
Albert E. WhiteheadAl Whitehead enrolled at Eastern in 1948 after being awarded a football scholarship. In 1950, his junior year, he was called to serve in the U.S. Army. He served in Korea with the Combat Engineers and was discharged in February of 1953. He returned to Eastern to complete his education, and in 1954 was elected student body president. Graduating with a bachelor's degree in business administration in 1955, Whitehead started a life-long career in the oil business with Union Oil of California in Midland, Texas. His career led him to Canada in 1959, where he was vice president of Altair Oil and Gas Company. He has founded and co-founded several oil companies and is currently chairman and C.E.O. of Empire Petroleum Corporation in Tulsa, Okla. Whitehead has been a member of the ENMU Alumni Board since 1985, serving on many important committees and supporting the alumni scholarship program. As a former Greyhound, he remains active in the ENMU Bench Club and helps with many fundraising activities. Whitehead is very instrumental in encouraging others to volunteer, whether it is for membership on the Alumni Board or support for various programs on the Eastern campus.
Link:
http://www.enmu.edu/newsevents/publications/news-releases/archives/2004/oct/10-5-alumni.shtml
New project close to beginning.With the small float and a successful drill project, this could head much higher IMO.
~Rig
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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.
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