Empyrean Energy Profit Surges on Sugarloaf Development

U.S. oil and gas explorer Empyrean Energy PLC EME.LN said Monday that its net income soared during its 2014 financial year due to the aggressive development of the Sugarloaf field in Texas by its partner Marathon Oil Co. MRO .Net profit attributable to equity shareholders rose 83% to $5.22 million in the financial year ending March 31, 2014 after revenues increased 51% to $13.9 million due to a 50% rise in net oil and gas output to 335,305 barrels of oil eqiuvalent. This was largely due to a substantial increase in output from its flagship Marathon Oil-opearted Sugarloaf field, where drilling began on 43 wells and 39 new wells were brought into production last year.”This has been a year of tremendous growth for Empyrean,” said Chief Executive Tom Kelly. “Marathon continues to ramp up drilling at our primary asset [Sugarloaf], and we believe potentially significant reserves upside exists within both the Eagle Ford Shale and the Austin Chalk, with the latter showing signs of being a transformational pay-zone for the company and its partners following recent successful appraisal wells,” he added.

via Empyrean Energy Profit Surges on Sugarloaf Development – NASDAQ.com.

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