By the OGJ Online Staff
HOUSTON, Oct. 10 -- Empire Energy Corp. agreed to buy interests in four oil and gas properties in the Fort Worth basin in North Central Texas from Warrior Resources Inc., Dallas, formerly known as Comanche Resources Inc.
Empire declined to reveal the purchase price, but said it involves both cash and restricted stock. The company expects to make these properties part of a core area of development.
Empire already owned 50% of the Old World prospect, on a 3,000-acre lease in Parker County, Tex., and estimated its prospect reserves at 290 MMcf of gas. It will assume operatorship and the other 50% stake in the prospect once the transaction is complete, expected within 30 days.
Production from the prospect is 300-500 Mcfd, said Bryan Ferguson, president of Empire Energy.
The other properties, in which Empire will acquire 100% interest, are the nearby Puryear, Brawley, and King Earl projects, all of which are shut in. Ferguson said these projects have "significant behind-pipe reserves."
All the projects have gas gathering facilities and pipelines in place.
Target formations for the four properties are the Caddo, Atoka sand, and Marble Falls lime. Empire also plans to focus on possible development of the underlying Barnett shale.
