If you are currently looking into petroleum stocks, then it might be fairly difficult to look past the Empire Petroleum Corporation (OTCMKTS:EMPR) stock at this point in time. It has been one of the best performers in its sector and has managed to run up gains of as much as 380% in 2021 so far.
Although the company has not been in the news in recent months, it is perhaps important to point out at this juncture that back in May Empire Petroleum made a key announcement. The company announced at the time that it completed the acquisition of active oil, gas and other associated assets in Lea County in New Mexico.
The acquisitions were made through its fully owned subsidiary company Empire New Mexico LLC. The assets were bought from XTO Holdings, which belongs to the energy behemoth ExxonMobil Corporation. Investors need to note that the assets acquired by the company consist of around 700 oil, gas and injection wells.
The wells stretch across an area of around 40,000 acres net in the Permian leasehold. It was a major deal for the company and the rally in the stock over the course of the past months is perhaps understandable.