Empire Petroleum Corp (EP)

Empire Petroleum Corporation successfully completed the deepest modern subsurface evaluation in the Western Haynesville play, reaching 21,006 feet by re-entering a 1959 wellbore for $4.4 million. This cost-effective approach is significantly cheaper than the $30-$45 million other operators spend on new ultra-deep wells. The evaluation provided critical data, including hydrocarbon shows and core samples, which will inform Empire's two-zone development strategy across its IPZ and DPZ targets.

Empire Petroleum Corporation has completed a significant re-entry and subsurface evaluation of the Wakefield-Harrison GU B #1 well in Texas, reaching a depth of 21,006 feet. This achievement is a key step in developing its Texas gas assets and evaluating deeper formations in the Western Haynesville area. The project cost approximately $4.4 million by utilizing an existing wellbore, demonstrating a cost-effective approach compared to drilling new ultra-deep wells, which can range from $30 million to $45 million.

Empire Petroleum reported a 27% increase in Q2 2026 product revenue to $11.1 million, even with a 23% decline in net equivalent sales volumes. The company's adjusted EBITDA turned positive at $365,000, up from a $1.18 million loss a year prior, primarily due to higher realized oil pricing and reduced operating costs. Empire is actively investing in infrastructure and development projects in Texas and North Dakota to rebuild production, acquiring new acreage, and preparing for completions and revenue in Louisiana.

Empire Petroleum is advancing its deep-gas development program in the Western Haynesville play by leveraging its Fort Trinidad midstream infrastructure, including 49 miles of pipeline and significant compression capacity. The company completed a 21,006-ft re-entry and subsurface evaluation of the Wakefield-Harrison GU B #1 well, gathering critical data for future horizontal drilling. Empire plans to deepen two additional wells to further refine its understanding of the deep-gas reservoirs and optimize drilling strategies.

Empire Petroleum Corporation successfully re-drilled a natural gas well in the Western Haynesville play, reaching an "ultra-deep" depth of over 21,000 feet. This achievement, at a cost of approximately $4.4 million by re-entering a 1959 wellbore, marks a significant milestone in deep gas development, providing critical subsurface data for future exploration and challenging the conventional drilling costs of $30-45 million. The company aims to capitalize on newly accessible deeper reservoirs in the Fort Trinidad field.