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EMPIRE PETROLEUM CORP
EPCIK 0000887396NYSENon-AcceleratedSmaller ReportingCrude Petroleum & Natural GasDelawareFY ends Dec 31
Period
FY 2025
Revenue
$34.20M
Net Income
$-72.07M
Total Assets
$65.87M
Equity
$-4.61M
Shares Out
35.43M
Op. Cash Flow
$-3.95M
Business
EMPIRE PETROLEUM CORP is an independent energy company that acquires, operates and optimizes developed oil and natural gas assets in the United States. It produces and markets crude oil, natural gas and natural gas liquids while performing well optimization, workovers, enhanced oil recovery and related field development activities. The company operates as a single reporting segment through regional subsidiaries including Empire New Mexico, Empire North Dakota, Empire Texas and Empire Louisiana, managing producing and injection wells, gathering lines and related facilities. Its properties and sales are concentrated in New Mexico, North Dakota, Texas and Louisiana and production is sold to third‑party marketers via truck and pipeline to storage facilities.
Summary from filing dated 2025-03-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Gain (Loss) on Derivatives | — | −389,000 | — | — | — | |
| Total Revenue | 34 | 44 | 40 | 53 | 27 | |
| Lease Operating Expense | 25 | 28 | 29 | — | — | |
| Production and Ad Valorem Taxes | 3 | 4 | — | — | — | |
| Depreciation, Depletion & Amortization | 11 | 9 | — | — | — | |
| Impairment | 51 | 0 | — | — | — | |
| Accretion of Asset Retirement Obligation | 2 | 2 | 2 | — | — | |
| General and Administrative | 12 | 13 | — | — | — | |
| Stock-Based Compensation | 1 | 2 | — | — | — | |
| Total General and Administrative | 13 | 15 | 15 | 12 | 8 | |
| Total Cost and Expenses | 106 | 57 | 52 | 44 | 28 | |
| Operating Loss | −71 | −14 | −12 | 9 | −473,370 | |
| Interest Expense | −2 | −2 | — | — | — | |
| Other Income (Expense) | 788,000 | −1 | — | — | — | |
| Loss Before Taxes | −72 | −16 | −13 | 7 | −19 | |
| Income Tax Benefit (Provision) | — | — | 132,192 | −208,898 | — | |
| Net Loss | −72 | −16 | −12 | 7 | −19 | |
| Basic (in dollars per share) | −2.12 | −0.54 | −0.55 | 0.34 | −1.27 | |
| Diluted (in dollars per share) | −2.12 | −0.54 | −0.55 | 0.3 | −1.27 | |
| Basic (in shares) | 34 | 30 | 23 | 21 | 15 | |
| Diluted (in shares) | 34 | 30 | 23 | 23 | 15 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 1 | 2 | 8 | 12 | 4 | |
| Accounts Receivable | 5 | 8 | 8 | 8 | 8 | |
| Inventory | 1 | 1 | 1 | 2 | 1 | |
| Prepaids | 607,000 | 640,000 | 757,500 | 1 | 679,122 | |
| Total Current Assets | 8 | 12 | 19 | 23 | 13 | |
| Oil and Natural Gas Properties, Successful Efforts | 148 | 141 | — | — | — | |
| Less: Accumulated Depletion, Amortization and Impairment | −93 | −32 | −23 | −20 | −18 | |
| Total Oil and Gas Properties, Net | 55 | 109 | 71 | 44 | 29 | |
| Other Property and Equipment, Net | 1 | 1 | 2 | 1 | 1 | |
| Total Property and Equipment, Net | 56 | 110 | 72 | 45 | 31 | |
| Other Noncurrent Assets | 1 | 1 | 1 | — | — | |
| Total Assets | 66 | 124 | 93 | 72 | 50 | |
| Accounts Payable | 11 | 10 | 16 | 6 | 4 | |
| Accrued Expenses | 13 | 10 | 7 | 9 | 6 | |
| Current Portion of Lease Liability | 286,000 | 400,000 | — | — | — | |
| Current Portion of Long-Term Debt | 641,000 | 70,000 | 44,225 | — | — | |
| Total Current Liabilities | 24 | 21 | 25 | 18 | 12 | |
| Long-Term Debt | 14 | 11 | — | — | — | |
| Long-Term Note Payable - Related Party, net (Note 7) | 1 | — | — | — | — | |
| Long-Term Lease Liability | 12,000 | 144,000 | — | — | — | |
| Derivative Instruments (Note 7) | 281,000 | — | — | — | — | |
| Asset Retirement Obligations | 30 | 28 | — | — | — | |
| Total Liabilities | 70 | 61 | 58 | 48 | 40 | |
| Commitments and Contingencies (Note 14) | — | — | — | — | — | |
| Series A Preferred Stock - $0.001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively | — | — | — | — | — | |
| Common Stock - $0.001 Par Value 190,000,000 Shares Authorized, 34,855,815 and 33,667,132 Shares Issued and Outstanding, Respectively | 94,000 | 93,000 | 85,025 | 81,615 | 79,362 | |
| Additional Paid-in-Capital | 148 | 143 | 99 | 75 | 69 | |
| Accumulated Deficit | −153 | −81 | −65 | −52 | −59 | |
| Total Stockholders' Equity (Deficit) | −5 | 63 | 35 | 23 | 10 | |
| Total Liabilities and Stockholders' Equity | 66 | 124 | 93 | 72 | 50 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net Loss | −72 | −16 | — | — | — | |
| Stock-Based Compensation | 1 | 2 | 3 | — | — | |
| Amortization of Right-of-Use Assets | 469,000 | 540,000 | — | — | — | |
| Net Settlements on Derivative Instruments | — | 18,000 | −353,695 | −260,266 | — | |
| Loss (Gain) on Financial Derivatives (Note 7) | −581,000 | 998,000 | — | — | — | |
| Amortization of Debt Discount on Convertible Notes | 29,000 | 500,000 | — | — | — | |
| Amortization of Debt Issuance Costs | 113,000 | — | — | — | 14,587 | |
| Loss on Extinguishment of Debt | — | 10,000 | — | — | — | |
| Gain on Sale of Oil and Natural Gas Properties | −168,000 | — | — | — | — | |
| Gain on Sale of Other Fixed Assets | −30,000 | — | — | — | — | |
| Accounts Receivable | 369,000 | −357,000 | −3 | −2 | −6 | |
| Inventory, Oil in Tanks | 43,000 | 129,000 | −160,827 | −802,394 | −506,571 | |
| Prepaids, Current | 574,000 | 608,000 | 745,648 | −369,312 | 95,371 | |
| Accounts Payable | 541,000 | 5 | 751,355 | 526,682 | 2 | |
| Accrued Expenses | 1 | 2 | −3 | 4 | 3 | |
| Other Long-Term Assets and Liabilities | −140,000 | −1 | — | — | — | |
| Net Cash (Used In) Provided By Operating Activities | −4 | 6 | −10 | 18 | 3 | |
| Disposal of Oil and Natural Gas Properties | 600,000 | — | — | — | — | |
| Capital Expenditures - Oil and Natural Gas Properties | −5 | −53 | — | — | — | |
| Disposal of Other Fixed Assets | 51,000 | — | — | — | — | |
| Purchase of Other Fixed Assets | −54,000 | −152,000 | — | — | — | |
| Cash Paid for Right-of-Use Assets | −400,000 | −500,000 | — | — | — | |
| Net Cash Used In Investing Activities | −5 | −54 | −15 | −11 | −25 | |
| Borrowings on Credit Facility | 3 | 7 | — | — | — | |
| Proceeds from Promissory Notes - Related Party (Note 7) | 4 | 5 | — | — | — | |
| Payments on Promissory Note - Related Party (Note 7) | −2 | — | — | — | — | |
| Principal Payments of Debt | −639,000 | −592,000 | −6 | −2 | −6 | |
| Proceeds from Rights Offering, net of transaction costs (Note 9) | 2 | 30 | — | — | — | |
| Proceeds from Stock Issuance and Warrant Exercises | 778,000 | 629,000 | — | — | — | |
| Net Cash Provided By Financing Activities | 7 | 42 | 21 | 2 | 25 | |
| Net Change in Cash | −1 | −6 | — | 8 | 3 | |
| Cash Paid for Interest | 1 | 894,000 | — | — | — |
Filings
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