Tulsa-based Empire Petroleum said May 18 it acquired producing oil and gas assets and related gathering assets in Lea County, N.M., through its subsidiary Empire New Mexico. The assets were acquired from ExxonMobil’s XTO Holdings. The acquisition is comprised of about 700 gross oil, gas and injector wells that encompass about 40,000 net acres of Permian leases producing about 1,100 boed (67 percent oil). Eunice Monument and Arrowhead Grayburg fields are located in southeastern Lea County.
Mike Morrisett, Empire Petroleum president, said, “These assets have current infill drilling and return-to-production well potential that should shortly enhance daily production.” CEO Tommy Pritchard added, “The pipeline of growth opportunities around Eunice and Arrowhead remains robust, and we are currently evaluating additional deal flow with a focus on building scale in the Permian.”