Empire Petroleum received a unanimous and favorable ruling from the New Mexico Oil Conservation Commission regarding its rights to the Residual Oil Zone in the Eunice Monument South Unit in Lea County, New Mexico.
The Commission ordered actions against Goodnight Midstream Permian, LLC, and allowed Empire to proceed with a CO2 enhanced oil recovery pilot project.
Empire intends to revoke existing permits granted to third-party saltwater disposal operators disposing wastewater into the EMSU and Unitized Interval of the Arrowhead Grayburg Unit.
Regulatory Win
Empire Petroleum secured exclusive rights to produce the Residual Oil Zone in New Mexico, reinforcing its position and allowing for CO2 development.
Company Strategy
Management focuses on organic growth and targeted acquisitions of proved developed assets to drive sustained growth and returns.
Future Plans
Empire plans to implement a CO2 enhanced oil recovery pilot project over the next three years to unlock production capacity in the ROZ and upper zones.
- The unanimous decision provides a clear path forward for Empire to responsibly develop resources and position for sustained growth and returns.
- The outcome allows Empire to safeguard its assets from activities that threaten their value, ensuring long-term value realization for shareholders.
The unanimous ruling by the Commission marks a significant regulatory win for Empire Petroleum, setting the stage for strategic development initiatives and asset protection.