Empire Petroleum Corp. has fully funded a workover and recompletion program at its recently acquired properties in Fort Trinidad field, East Texas. The field is in Houston and Madison counties and has recently been producing from multiple pays of the Glen Rose, Edwards, and Buda formations.
To execute the workovers, Empire Texas LLC entered into a joint development agreement with Petroleum Independent & Exploration LLC (PIE) and affiliates, and Mineral Resource Texas LLC.
PIE invested about $3,375,000 for up to 40% equity in Empire. In addition, PIE will provide up to a $2,000,000 loan (may be amended to $3,000,000) to Empire Texas.
Empire holds about 91% working interest and 83% net revenue interest in the properties. PIE will be operator.
