Empyrean Share News (EME)

Revenue growth at oil and gas firm Empyrean Energy rose rapidly month-on-month during the last six months, helped by newly completed wells at its Sugarloaf Project in Southern Texas being bought into production.Total sales during the period between December and May amounted to $1.07m, as production surged from just $27,818 at the start of the period to $298.948 at the end."The Sugarloaf Project is now firmly into a development phase and this upwards trend in revenue is expected to continue as further wells are brought into production," the statement said.The company notes that there is an approximate two month lag time between production sales and revenue received."We believe that these wells coming into production is likely to have a positive impact on the implications for our proven and probable reserves position. Given that we received revenue in April from only 5 wells at Sugarloaf and the full development currently is targeting 280+ wells, we believe we have room for continued revenue growth," said chief executive officer Tom Kelly.---BC