Empire Petroleum received a unanimous and favorable ruling from the NMOCD regarding the Residual Oil Zone in the EMSU Unitized Interval in Lea County, New Mexico.
The ruling affirmed Empire's exclusive rights to produce the ROZ under the 1984 Commission Order.
The Commission ordered actions against Goodnight Midstream Permian, LLC, and recognized the potential future impairment or waste from neighboring operators' injection activities.
Regulatory Win
Empire Petroleum successfully secured a significant regulatory victory in New Mexico, reinforcing its position and unlocking the potential for sustained production in the ROZ and upper zones.
Operational Progress
The ruling allows Empire to proceed with a CO2 enhanced oil recovery pilot project over the next three years, showcasing dedication to responsible resource development.
Legal Actions
Empire intends to revoke permits of third-party saltwater disposal operators in EMSU, while advancing litigation for trespass and damages, demonstrating commitment to asset protection.
- The decision provides a clear path for Empire to develop resources responsibly and ensure sustained growth and returns for shareholders.
- The ruling safeguards Empire's assets from activities that could potentially threaten their value, highlighting the company's commitment to asset protection and long-term value creation.
Empire Petroleum's unanimous victory and regulatory success set the stage for innovative resource development and sustained growth, showcasing the company's dedication to responsible operations and shareholder value.