Empyrean Energy provide the following update in respect of production from its flagship Sugarloaf AMI ('Sugarloaf' or the 'Project') in the prolific Eagle Ford Shale, Texas, for the three month period to the end of September 2014 ('Q3 2014' or the 'Quarter'). Empyrean has a 3% working interest in the Project, which is operated by Marathon Oil Company, a subsidiary of US major Marathon Oil Corporation (NYSE: MRO) ('Marathon' or the 'Operator').
• Total production to Empyrean's interest from Sugarloaf for Q3 2014 of 96,660 boe, representing a 25% increase on Q2 2014
• Average daily production from Sugarloaf for Q3 2014 of 1,051 boe/d
• Average daily production from Sugarloaf for September 2014 of 1,327 boe/d
• As at 10 December 2014, a further 9 wells have been added to production bringing the total to 184 gross producing wells at Sugarloaf including 14 Austin Chalk wells
• Increased activity planned by Marathon at Sugarloaf in three months to February 2015 including an indicated 46 additional wells and further development of the Austin Chalk formation
• Discussions on-going in respect of the Company's strategic review and formal sale process