Empyrean Energy declares the production figure from its flagship Sugarloaf AMI Project in the prolific Eagle Ford Shale, Texas, for the three month period to the end of September 2015.
Empyrean has a 3% working interest in the Project, which is operated by Marathon Oil Company, a subsidiary of US major Marathon Oil Corporation.
Highlights for Q3 2015
5.6% increase in production during the Quarter to 114,982 boe net to Empyrean's interest after royalties and costs (Q2 2015: 108,849)
4.5% increase in average daily production to 1,250 boe net to Empyrean's interest after royalties (Q2 2015: 1,196)
251 gross producing wells as at 30 September 2015, an increase of 20 since Q2 2015
290 gross producing wells as at 23 December 2015, including 51 in the overlying Austin Chalk formation
Inventory of 26 wells drilling and/or in various stages of completion as at 23 December
Drilling and completion costs continue to decrease with recent completed well costs ranging between US$5.5 - 6.0 million
Significant increase in 1P and 2P reserves reported during the period effective to 30 June 2015