Empire Petroleum, a Tulsa, Oklahoma-based microcap oil and gas company, Monday said it has successfully re-entered and evaluated a 21,006-foot well in Western Haynesville, Texas.
The company drilled, underreamed and cleaned out the Wakefield-Harrison GU B #1 well in Fort Trinidad field in Madison County to 21,006 feet measured depth and 20,949 feet true vertical depth, exposing fresh formation, Empire Petroleum said in a statement.
The well was originally drilled in 1959 and deepened twice in the following decade. The Fort Trinidad field was historically developed to about 10,000 feet, while the well now opens an additional 11,000 feet below that depth.
"This is the deepest modern subsurface evaluation in the emerging Western Haynesville play to be completed with a full open-hole log and sidewall cores," the statement said.
Empire spent about $4.4 million to complete the evaluation by re-entering an existing well, which compares with $30 million-$45 million spent by other operators to drill new wells in the Western Haynesville, the statement added.
In its Q2 earnings results disclosed Monday, Empire Petroleum reported net production volumes of 1,825 barrels of oil equivalent per day, including 1,278 barrels of oil per day for the three month period ended June 30.
The company said its net production volumes comprise of 70% oil, 18% natural gas liquids, and 12% natural gas.
In Q2, the company reported net equivalent sales of 1,825 boe/d, 23% down from 2,357 boe/d in the corresponding quarter last year.
Net oil sales for the quarter stood at 1,278 b/d, 14% lower from 1,493 b/d in the year-ago period.
Empire Petroleum has producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana.