CARSON CITY, Nev., March 11, 2014 (GLOBE NEWSWIRE) -- Sierra Nevada Oil, LLC is pleased to announce its execution of a Call Option Agreement with Empire Petroleum Corp. (OTC:EMPR) on March 4, 2014, for the call right to purchase four million (4,000,000) shares of EMPR common stock. Provided that Sierra Nevada exercises its option and the sale of the shares is consummated, Empire will appoint designees of Sierra Nevada to fill all seats on Empire's Board of Directors and all other members of the Empire's Board of Directors will resign.
Empire and Sierra Nevada are oil exploration companies who have focused their activities on the exploration and development of approximately 36,750 acres of Bureau of Land Management leases located on a surface anticline in Gabbs, NV. Three exploratory wells have been drilled on the leases. The Paradise 2-12 well is currently producing oil. This is the first oil to be produced in western Nevada.The BLM has recognized the discovery, designating the associated lease status as "held by production". The Paradise 2-12 produces oil from the 3,700'-3,782' interval, located in tertiary volcanics of the Miocene Esmeralda Formation . Potential reserves for the prospect from this geologic zone have been calculated at 139M barrels.
"I have been associated with this prospect for over 20 years." said Ed Traub, co-manager of Sierra Nevada Oil, "For the past decade, we've worked with Empire to progress the field to its current status as a recognized and producing discovery. Empire has provided us this outstanding opportunity to take effective control of the publicly traded corporation to combine our lease holdings and future exploration efforts under the Empire banner. We are dedicated to developing the Gabbs field to its full extent and rewarding Empire stockholders with our success."
About Empire Petroleum Corporation
Based in Tulsa, OK, and founded in 1983, Empire Petroleum Corporation engages in the exploration and development of oil and gas interests in the U.S. The company owns interest in the Gabbs Valley prospect, an area of approximately 34,186 gross acres in Nye and Mineral Counties, NV. It also holds interest in the South Okie prospect covering 110 net acres of oil and gas leases in Natrona County, WY.
About Sierra Nevada Oil LLC
Established in 2012, Sierra Nevada Oil, LLC is a privately held oil and gas exploration and development company based in Carson City, NV. The company's focus is to acquire and develop oil & gas properties in NV. The company owns interest in approximately 36,750 gross acres in the Gabbs Valley prospect, located in Nye and Mineral Counties, NV. Management believes that Nevada oil exploration offers many promising opportunities that have been largely ignored or overlooked by competing oil exploration companies.
For further information, please contact Patrick Fagen at 530-416-0266 or visit www.sierranevadaoil.com .
On behalf of Sierra Nevada Oil LLC
Patrick A. Fagen
Co-Manager
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the use of funds, the exercise of the option, changes to the Board of Directors, potential reserves, and rewarding stockholders.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with oil and gas exploration. We are not in control of oil and gas prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
Patrick Fagen 530-416-0266
