Empire Petroleum commences 2023 drilling program

Empire Petroleum announced the formal commencement of its 2023 drilling program with the recent spud of a new well at its North Dakota asset, the “Starbuck” Field. A pilot drilling program on Empire’s New Mexico assets is expected to begin in 2024. Additional specifics concerning the Starbuck drilling program include: 10-14 drilled wells; average lateral length per well of approximately 2,300 feet in Phase 1, with a 5,900-foot length in Phase 2; average capital spend per well of $1.6M-$1.8M; and total capital spending for the program of $20M-$22M. Starbuck surface facilities are nearing completion and ready to bring additional production online in Q4.