Empyrean Energy provides an update in respect of production from its flagship Sugarloaf AMI Project in the prolific Eagle Ford Shale, Texas, for the three month period to the end of December 2014.
Empyrean has a 3% working interest in the Project, which is operated by Marathon Oil Company, a subsidiary of US major Marathon Oil Corporation.
•Significant increase in total production to Empyrean's interest from Sugarloaf for Q4 2014
•166,572 boe net to Empyrean's interest before royalties and costs and 111,921 boe net to Empyrean's interest after royalties, representing an increase of 39% and 38% respectively on Q3 2014
•Average daily production from Sugarloaf for Q4 2014 of 1,811 boe net to Empyrean's interest before royalties and 1,217 boe net to Empyrean's interest after royalties
•As at 31 December 2014, there were a total of 187 gross producing wells at Sugarloaf
•As at 20 March 2015, there were a total of 205 gross producing wells including 21 in the Austin Chalk
•Benefited from improvement in single well recoveries / productivity and from further improvement in drilling and completion cost efficiencies during 2014