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Sugarloaf AMI Project
Empyrean Energy, an US onshore oil, gas and condensate exploration, development and production company with assets in Texas and California, has released a further operational update in respect of its flagship Sugarloaf AMI in the prolific Eagle Ford Shale, Texas.
Empyrean is pleased to report that total production for the 12 months to 31 March 2014 increased by 50% to 335,305 boe compared to the 12 months to 31 March 2013 (223,500 boe).
In addition, further to the announcements on 25 and 27 June 2014, Empyrean confirms that total production for the three months to 31 March 2014 increased by 14% to 81,398 boe compared to the three months to 31 March 2013 (71,566 boe, previously reported as 48,402 boe, which was calculated net to Empyrean and after royalties using wellhead production volumes). This percentage increase supersedes the previously reported 78% increase for the same period due to the fact that the updated analysis referred to below results in both an increase in production volumes for the three months to 31 March 2013 and a decrease in production volumes for the three months to 31 March 2014, in each case over the previously reported volumes that were used to calculate the comparison.
This updated production information is available following receipt of the revenue remittance advice sufficiently completing data for the 12 months to 31 March 2014 and a re-calibration of historical production data to bring Empyrean’s reported volumes into line with its interim and annual accounts. Going forward, the Company intends to use revenue remittance advice, rather than wellhead production data, to establish and report production volumes and will do so on a quarterly basis once the relevant data is available.
The Company is also pleased to report that it has completed its scheduled repayment of an amount totalling US$1,500,000 on its term debt facility with Macquarie Bank Limited.
This repayment was made on 30 June 2014 from sales proceeds received from production. After the repayment, the resulting balance outstanding on the facility was US$9.17 million.
