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Empyrean stock up 67% on Texas test


Published Apr 14, 2008
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Stock in tiny U.K. independent Empyrean Energy had shot up 67 percent in early morning trading, after the company announced the Sugarloaf discovery in Texas has proved “significant”.

Commercial quantities of gas have flowed from tests at Sugarloaf’s five wells on Blocks A and B. Four other wells showing oil and gas have yet to be tested. Texas Crude Energy is operator of Sugarloaf with lion’s share of a stake, but Emyrean has an important 7.5 percent share.

The key well, Block A-3, flowed 1.9 million cubic feet per day on a choke where flow pressure was also found to be 4,000 psi.

"This is terrific news for Empyrean and our shareholders,” Empyrean chief exec, Tom Kelly, said a statement, adding, “The initial recorded flow rates are excellent.”

Tags: Empyrean Energy, Texas Crude Energy



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