POST Online Media Lite Edition



 

Empyrean Energy granted drilling permit for California well

Staff Writer |
Empyrean Energy said on Thursday it has been granted a drilling permit for its Dempsey 1-15 well in the Sacramento Basin, Ca.

Article continues below






In June, Empyrean increased its stake in the Dempsey project to 30% from 25%.

Empyrean agreed to pay $90,000, on top of a $10,000 deposit, to the well operator Sacgasco Ltd.

Empyrean also made a $2.0 million payment towards the dry hole cost of the well.

Dempsey is a large structure with the potential to hold prospect resources of over 1 trillion cubic feet of gas in up to seven stacked target reservoirs.

Empyrean said the well is now being prepared for drilling.


What to read next

Otto Energy terminates farm-out agreement with BHP Billiton Petroleum
Maersk to lay off 180 employees in Norway
Judge's decision could save BP billions in oil spill claims