CARSON CITY, Nev., March 28, 2014 (GLOBE NEWSWIRE) -- Sierra Nevada Oil, LLC is pleased to announce the commencement of a stimulation program on its Paradise 2-12 oil well. Sierra Nevada and Empire Petroleum (EMPR) own 36,750 acres of Bureau of Land Management leases on a surface anticline located in Gabbs, Nevada. Sierra Nevada recently acquired an option to acquire controlling interest in Empire.
The Paradise 2-12 well is currently producing oil from the tertiary volcanics of the Miocene Esmeralda Formation. This is the first oil to be produced in western Nevada. Potential reserves for the prospect from this geologic zone have been calculated at 139M barrels.
The well is currently producing approximately 15-20 bbls per week of a paraffin rich, waxy oil. The stimulation program will address issues with gelling and paraffin build up, which are believed to be impeding the flow of oil into the well. The program will consist of pumping a custom formulated stimulant into the well and circulating the fluid for 24 hours. The environmentally safe product uses particles called micelles which break down the paraffin. The treatment is designed to clean the well perforations and the surrounding structure in order to increase production. The well will be put back on the pump after the stimulation treatment and the results should be known immediately.
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. The company was formerly known as Americomm Resources.
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.
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.
