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To: Paul Davis who wrote (3562)	12/23/1997 1:36:00 PM
From: Ga Bard	Read Replies (1) \| Respond to of 8835

Tuesday December 23, 12:56 pm Eastern Time (EMPE) WHOA!!!! Company Press Release Empiric Energy, Inc. Announces Events DALLAS--(BUSINESS WIRE)--Dec. 23, 1997--Empiric Energy, Inc. (Empiric) (OTC BB Symbol:EMPE - news), an oil and gas exploration and production company located in Dallas, Texas, announces the following significant events: The election of R. Renn Rothrock, Jr. as the President and Chief Operating Officer of Empiric and as a director and member of Empiric's Executive Committee. Messrs. James J. Ling and Clyde E. Skeen, founders of Empiric, will remain in their positions as Directors, Chairman and Chief Financial Officer, respectively. Messrs. Ling and Skeen were formerly the Chief Executive Officer and President, respectively, of LTV during its phenomenal growth period as one of America's first and largest conglomerates through acquisitions and internal growth. R. Renn Rothrock has been President of both Hunter Gas Gathering, Inc. and Gruy Petroleum Management Co. and Executive Vice President of Magnum Hunter Production, Inc. since January 1994. He served as Executive Vice President and Chief Operating Officer of Gruy from May 1988 until January 1994. Rothrock was Executive Vice President and General Manager of Gruy Engineering Corporation from 1986 until May 1988. Over his 33-year career, Rothrock has also served as a reservoir engineer and operations research engineer at Skelly Oil Company and as an area engineer at Amerada Petroleum Corporation; the Engineering Editor of Petroleum Engineer International Magazine; Vice President and Energy Manager of the First National Bank [OTC BB:FIPG - news] of Mobile, Alabama; Executive Vice President of Energy Assets International Corporation, a public company that financed oil and gas ventures; as well as the producer and operator of his own gas gathering and transportation system. Rothrock earned a B.S. degree in Petroleum Engineering and an M.S. degree in Engineering from the University of Oklahoma. He is a member of the Society of Professional Engineers, the National Society of Professional Engineers, the National Academy of Forensic Engineers and the Texas Society of Professional Engineers. Rothrock is a registered Professional Engineer in Texas and Oklahoma. Rothrock has recently been involved in raising $250 million in equity and debt financing for his former firms and $200 million in acquisitions over the past two years. Ling announced that Empiric, based on Rothrock's current experience, will emphasize the acquisition of producing reserves and infill and development drilling locations and other energy-related assets. Empiric will aggressively pursue this policy of growing the business as financing is obtained. Empiric announces the completion of its sale of certain of its Panhandle operations and leasehold acreage for an initial consideration of $270,000 with the purchaser having the option to purchase additional leasehold acreage over the next one to two year period for a purchase price in excess of $500,000. The eight (8) well infill drilling program completed earlier this year in Westmoreland and Indiana Counties, Pa., has generated approximately 2 Bcf of gas reserves to Empiric's interest with a preliminary engineering value at a 10% current value discount of approximately $3.0 million, equal to approximately $.55 per share. Empiric's financial condition, after utilizing part of the proceeds from the sale of the Panhandle leases, reflects no long-term debt, no preferred shares outstanding, total liabilities of approximately $100,000 and total net assets in excess of $2.0 million, not including the final engineering evaluation of the Pennsylvania reserves or other year end adjustments. R. Renn Rothrock will assume his duties as President and Chief Operating Officer of Empiric in approximately thirty (30) days, following his completion of all prior obligations to his previous employer. Empiric is traded on the Bulletin Board under the symbol EMPE. Empiric has approximately 5,700,000 shares outstanding which are owned by approximately 550 shareholders. ------------------------------------------------------------------------ Contact: Empiric Energy, Inc. R. Renn Rothrock or James J. Ling or Clyde E. Skeen, 214/265-8392 Fax: 214/265-8896