Company Information for Empyrean Energy plc

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Company Statement

Empyrean Energy plc is a London-based company listed on AIM (clicker EME), established to finance the exploration, development and production of energy resource projects with a predominant focus on projects in geopolitically stable environments.

Empyrean has a strong management team, with many years experience in both the global investment and energy industry. The company is involved in four projects and continues to pursue other exciting energy opportunities.

Empyrean has in a very short period of time proven its ability to identify, analyse, negotiate and fund excellent projects with an appropriate mix of risk versus reward. Empyrean will continue to balance out its portfolio of projects with a continual review of opportunities globally. Empyrean prides itself on being able to fast track the process from identification of a suitable project through to funding and drilling.

Operations and Technology

SUGARLOAF HOSSTON PROJECT, TEXAS USA

Empyrean signed the original farm-in agreement with Houston based Texas Crude Energy Inc ("TCEI") on 6 April 2006. The Sugarloaf-1 well intercepted a secondary objective, the Austin Chalk, which is the gas-condensate producing reservoir of the Sugarkane field, the discovery well of which lies 6.6 km to the west of Sugarloaf-1.

The Sugarkane Field has potential recoverable reserves of more than 3 million cubic feet of gas and 500 million barrels of condensate. Its extent could encompass Blocks A and B in which Empyrean holds interests.

To date Empyrean has participated in the drilling of several wells in Block A and a number of wells in Block B. Initial estimates indicate the potential recoverable reserves attributable to each producing well could lie between 2-10 billion cubic feet of gas equivalent.

On September 21 2009 Empyrean Energy announced that TCEI, the operator of Block B, had been successful in its efforts to farm-out Block B to Hilcorp Energy Company, the fourth largest private E & P company in the US. Hilcorp has since successfully re-stimulated a number of existing Sugarloaf horizontal wells and drilled  several new wells at 100 per cent their cost to earn a 50 per cent interest in Block B, and will continue as operator.

RIVERBEND PROJECT, TEXAS US (EME interest 10 per cent)

Empyrean Energy  on June 1 2009 that it had entered into a PArticip[ating Agreement with Krescent Energy Partners 11, LP of Houston Texas (Krescent) to acquire a 10 per cent working interest in Krescent’s Riverbend Project.
The Project Area comprises approximately 40,000 acres under lease or exclusive option, and an area of mutual interest totalling 50,000 acres. It is located in the Tyler and Jasper Counties. The Area is also ideally located south of the prolific Brookeland Field (Austin Chalk).

The project has a mean estimated potential of 80 million cubic feet of gas equivalent. TE project targets primarily the Austin Chalk and Saratoga formations.

HERCULES PROJECT, TEXAS US  (EME interest 10 per cent)

Empyrean Energy entered into a Participating Agreement with Krescent Energy Partners11, LP of Houston Texas to acquire a 10 per cent working interest in the Hercules Project. Empyrean earns 10 per cent working interest by paying for 13.33 per cent of the cost of drilling and completing if necessary each of the wells.

The project has a mean target of 21.2 billion cubic feet of gas equivalent. The project is targeting the Upper, Middle and Lower Wilcox sandstone objectives.

EAGLE OIL POOL DEVELOPMENT, CALIFORNIA USA

The Eagle Oil Pool Developoment Project is located in the San Joaquin Basin, southern California.. It is a proven oil and gas province and has produced in excess of 12 billion barrels and 11 trillion cubic f eet of gas.

The primary target is the Gatchell Sand Member of the Eocene Lodo Formation. It is estimate that the Eagle Oil pool has mean (P50) recoverable reserves of 7.1 million barrels of oil and 12.3 cubic feet of gas.

Empyrean increased its interest from 38.5 per cent to 48.5 per cent when originala operator ASX-listed Victoria Petroleum NL was replaced by the American company, R&M Oil & Gas in 2009.

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