Objective

Following through on its long-term objective of replacing substantial oil-fired generation with natural gas combined cycle power, Florida Power & Light outlined a new project to meet customer growth and increased use of electricity by expanding at its existing power plant sites in Martin and Manatee counties. The proposal would add 1,900 MW of new, cleaner-burning natural gas-fired combined-cycle generation by mid-2005 and follows similar actions at its Fort Myers and Sanford power facilities in 2000 and 2001.

Noting that its objective is to focus on North Texas as its core area of development, Empire Energy Corp. on Wednesday signed a letter of agreement to purchase, for an undisclosed amount of cash and stock, additional oil and gas interests in the Fort Worth Basin of North Central Texas. It already owns a 50% working interest in production acreage of the Old World Prospect in Parker County, and will purchase the remaining 50% along with a 100% interest in three other properties in the same area. Empire also will take over as lease operator. Headquartered in Overland Park, KS, Empire’s current reserves in the Texas prospect total about 290 MMcf. At closing on the new properties, Empire’s total reserves will surpass 1.045 MMcf of proved reserves, not including potential reserves in the prolific Barnett Shale, which underlies the newly purchased acreage. Empire said that the new leases have existing gas production with gas gathering facilities in place. After some upgrades and recompletion activities are performed on the existing gas production facilities, Empire plans to drill several test wells in the Barnett Shale, and if results are positive, will begin a full field development plan to include up to 50 wells. The Old World Prospect purchase is expected to close within the next month.

Noting that its objective is to focus on North Texas as its core area of development, Empire Energy Corp. on Wednesday signed a letter of agreement to purchase, for an undisclosed amount of cash and stock, additional oil and gas interests in the Fort Worth Basin of North Central Texas. It already owns a 50% working interest in production acreage of the Old World Prospect in Parker County, and will purchase the remaining 50% along with a 100% interest in three other properties in the same area. Empire also will take over as lease operator.