Americomm acquires Empire Petroleum
Americomm Resources Corp., Tulsa, has acquired Empire Petroleum Corp., Tulsa. The deal required Americomm to issue 7.5 million shares, or 30.6% of the total shares now outstanding.
By the OGJ Online Staff
HOUSTON, June 1 -- Americomm Resources Corp., Tulsa, has acquired Empire Petroleum Corp., Tulsa.
The deal required Americomm to issue 7.5 million shares, or 30.6% of the total shares now outstanding.
Americomm said the acquisition has increased its working interest in the Cheyenne River Wyoming prospect to 75%, up from the previous 50%.
On that prospect, Americomm is continuing to test the Timber Draw No. 1-AH well in Niobrara County, Wyo. It is trying to minimize gas flaring until gas infrastructure, contract negotiations, and equipment tie-ins are complete.
Over a 14-day period, the well flowed 240 Mcfd of gas and 67 b/d of oil.
An initial test had flowed 345 b/d of oil and 575 Mcf/d of gas through a 24/64-in. choke (OGJ Online, Feb. 27, 2001).
Partners in the prospect plan to drill four more wells, beginning in the fourth quarter.
