Empyrean Energy’s revenues rose 15% in the year to March 31 to $16million, but profits dipped slightly to $5.12million.
The company, a US onshore producer, revealed its final first quarter results for 2015.
Production from the Sugarloaf field, in the Eagle Ford shale, Texas, increased by 9% due to the addition of new wells. The company’s 3% share of production amounted to 366,469 barrels oil equivalent for the 12 months.
Chief executive Tom Kelly said: “I believe we have made significant progress across many fronts in spite of one of the most challenging periods for all oil producers globally,” said chief executive Tom Kelly.
“We have increased revenues, been able to re-finance our participation in the flagship Sugarloaf AMI and are positioned to capitalise on the significant growth in reserves that has evolved from further successful delineation and appraisal of the Austin Chalk formation, which is being co-developed with the Eagle Ford Shale.”
The company’s proved reserves increased by 63% to 5.78mln boe.
Empyrean will continue its participation in the Sugarloaf development operated by Marathon, which anticipates some 500 additional well in the Upper Eagle Ford Shale.