Empire Petroleum acquires ExxonMobil assets in New Mexico

New Mexico News

NEW MEXICO (KRQE) –The Oklahoma-based Empire Petroleum Corporation announced it has acquired oil and gas assets in Lea County, New Mexico from ExxonMobil Corporation in a sale with a price tag of over $16 million. According to a news release, the assets include around 700 wells and approximately 40,000 net acres of  Permian leasehold.

The release also states the newly acquired properties are expected to produce approximately 1,100 barrels of oil a day. The land includes the Eunice Monument (also known as “EMSU”) and Arrowhead Grayburg fields on the northwest edge of the Permian.

“We believe the EMSU and surrounding acquired fields have a significant resource base,” Mike Morrisett, president of Empire Petroleum, states in a news release. “In our view, these assets have current infill drilling and return-to-production well potential that should shortly enhance daily production. We thank our major and core shareholders in providing 100% of the capital to close this key accretive transaction for Empire. We are also excited to have retained the existing Sellers’ team that has successfully run the field for several years.”

The company is active in four other states: North Dakota, Montana, Louisiana and Texas. This will be Empire’s first filing in New Mexico.

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