Reported Earnings • 2h
First quarter 2026 earnings released: US$0.18 loss per share (vs US$0.13 loss in 1Q 2025) First quarter 2026 results: US$0.18 loss per share (further deteriorated from US$0.13 loss in 1Q 2025). Revenue: US$5.10m (down 43% from 1Q 2025). Net loss: US$6.64m (loss widened 57% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 27 percentage points per year, which is a significant difference in performance. New Risk • May 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$4.6m). Earnings have declined by 19% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding). Announcement • May 05
Empire Petroleum Corporation, Annual General Meeting, Jun 17, 2026 Empire Petroleum Corporation, Annual General Meeting, Jun 17, 2026. Location: the woodlands resort,curio collection by hilton, 2301 n., millbend drive, the woodlands, texas 77380, United States Announcement • May 02
Empire Petroleum Corporation has filed a Follow-on Equity Offering in the amount of $7.5 million. Empire Petroleum Corporation has filed a Follow-on Equity Offering in the amount of $7.5 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director J. Vann was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Apr 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$97.1m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$4.6m). Earnings have declined by 19% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$97.1m market cap). Announcement • Mar 19
Empire Petroleum Corporation has completed a Follow-on Equity Offering in the amount of $10.000001 million. Empire Petroleum Corporation has completed a Follow-on Equity Offering in the amount of $10.000001 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 3,344,482
Price\Range: $2.99
Transaction Features: Rights Offering Announcement • Mar 16
Empire Petroleum Corporation Reports Unaudited Consolidated Impairment Charges for the Fourth Quarter Ended December 31, 2025 Empire Petroleum Corporation reported Unaudited Consolidated impairment charges for the fourth quarter ended December 31, 2025. For the quarter, the company reported impairment of oil and natural gas properties of $51,289,000. New Risk • Mar 15
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$4.6m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$4.6m). Earnings have declined by 19% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Reported Earnings • Mar 15
Full year 2025 earnings released: US$2.12 loss per share (vs US$0.54 loss in FY 2024) Full year 2025 results: US$2.12 loss per share (further deteriorated from US$0.54 loss in FY 2024). Revenue: US$34.2m (down 22% from FY 2024). Net loss: US$72.1m (loss widened 345% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 30 percentage points per year, which is a significant difference in performance. Announcement • Jan 22
Empire Petroleum Corporation has filed a Follow-on Equity Offering in the amount of $5.98 million. Empire Petroleum Corporation has filed a Follow-on Equity Offering in the amount of $5.98 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 2,000,000
Price\Range: $2.99
Transaction Features: Rights Offering New Risk • Jan 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$99.0m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$18m free cash flow). Earnings have declined by 2.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$99.0m market cap). Reported Earnings • Nov 16
Third quarter 2025 earnings released: US$0.11 loss per share (vs US$0.12 loss in 3Q 2024) Third quarter 2025 results: US$0.11 loss per share. Revenue: US$8.63m (down 13% from 3Q 2024). Net loss: US$3.84m (loss widened 5.6% from 3Q 2024). Recent Insider Transactions Derivative • Nov 10
Independent Chairman of the Board exercised options to buy US$1.9m worth of stock. On the 5th of November, Phil Mulacek exercised options to buy 589k shares at a strike price of around US$1.52, costing a total of US$895k. This transaction amounted to 9.6% of their direct individual holding at the time of the trade. Since December 2024, Phil's direct individual holding has decreased from 7.65m shares to 5.94m. Company insiders have collectively bought US$4.5m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Sep 17
Independent Chairman of the Board recently bought US$65k worth of stock On the 12th of September, Phil Mulacek bought around 16k shares on-market at roughly US$4.09 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Phil has been a buyer over the last 12 months, purchasing a net total of US$423k worth in shares. New Risk • Aug 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$24m free cash flow). Earnings have declined by 3.0% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Announcement • Aug 22
Empire Petroleum Corporation has completed a Composite Units Offering in the amount of $2.48757 million. Empire Petroleum Corporation has completed a Composite Units Offering in the amount of $2.48757 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 33,766,388
Price\Range: $0.07367
Transaction Features: Rights Offering Announcement • Aug 16
Empire Petroleum Secures Unanimous Victory to Advance Co2 Development and Protect Emsu Assets Empire Petroleum announced the New Mexico Oil Conservation Commission has issued a unanimous and favorable ruling regarding the Company’s rights to the Residual Oil Zone in the Eunice Monument South Unit Unitized Interval in Lea County, New Mexico. After four years of expenditures, Empire received the Commission’s unanimous decision at a public hearing on August 14, 2025, affirming the existence of a ROZ in the Grayburg and San Andres formations within the EMSU and confirming Empire’s exclusive rights to produce the ROZ under the 1984 Commission Order. The Commission is allowing Empire the opportunity to implement a CO2 enhanced oil recovery pilot project over the next three years. In addition to the findings noted above, the Commission unanimously ordered the following actions: Deny five new injection well applications from Goodnight Midstream Permian, LLC; Deny application for increased injection from Goodnight; Suspend injection operations on four existing Goodnight injection wells; and Deny all pending motions attached to these cases. The Commission further found that, while Empire did not prove immediate correlative rights impairment in the Grayburg from neighboring operators’ injection activities, the Company presented compelling evidence of possible future impairment or waste. Following this outcome, Empire intends to proceed with Motions to Revoke existing permits granted to the remaining third-party saltwater disposal operators disposing wastewater into the EMSU and Unitized Interval of the Arrowhead Grayburg Unit, while concurrently advancing litigation for trespass and damages. Reported Earnings • Aug 14
Second quarter 2025 earnings released: US$0.15 loss per share (vs US$0.15 loss in 2Q 2024) Second quarter 2025 results: US$0.15 loss per share (further deteriorated from US$0.15 loss in 2Q 2024). Revenue: US$8.75m (down 25% from 2Q 2024). Net loss: US$5.06m (loss widened 15% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. New Risk • Aug 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$24m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$24m free cash flow). Earnings have declined by 3.0% per year over the past 5 years. Announcement • Jul 01
Empire Petroleum Corporation has filed a Follow-on Equity Offering in the amount of $5 million. Empire Petroleum Corporation has filed a Follow-on Equity Offering in the amount of $5 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: Rights Offering Recent Insider Transactions • May 26
Independent Chairman of the Board recently bought US$185k worth of stock On the 22nd of May, Phil Mulacek bought around 46k shares on-market at roughly US$4.04 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Phil has been a buyer over the last 12 months, purchasing a net total of US$409k worth in shares. Reported Earnings • May 15
First quarter 2025 earnings released: US$0.13 loss per share (vs US$0.15 loss in 1Q 2024) First quarter 2025 results: US$0.13 loss per share. Revenue: US$9.00m (down 12% from 1Q 2024). Net loss: US$4.22m (loss widened 6.2% from 1Q 2024). Announcement • May 01
Empire Petroleum Corporation, Annual General Meeting, Jun 12, 2025 Empire Petroleum Corporation, Annual General Meeting, Jun 12, 2025. Location: 2200 s. utica place, suite 150, oklahoma 74114, tulsa United States New Risk • Apr 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$47m free cash flow). Earnings have declined by 3.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Reported Earnings • Mar 28
Full year 2024 earnings released: US$0.54 loss per share (vs US$0.55 loss in FY 2023) Full year 2024 results: US$0.54 loss per share. Revenue: US$44.0m (up 9.7% from FY 2023). Net loss: US$16.2m (loss widened 30% from FY 2023). Oil reserves Proven reserves: 7.001 MMbbls Gas reserves Proven reserves: 6.064 Bcf LNG reserves Proven reserves: 1.215 MMbbls Combined production Oil equivalent production: 0.884 MMboe (0.766 MMboe in FY 2023) New Risk • Feb 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 3.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 39% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 3.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Recent Insider Transactions Derivative • Dec 01
Independent Chairman of the Board exercised options to buy US$3.6m worth of stock. On the 25th of November, Phil Mulacek exercised options to buy 561k shares at a strike price of around US$5.05, costing a total of US$2.8m. This transaction amounted to 11% of their direct individual holding at the time of the trade. Since June 2024, Phil has owned 5.22m shares directly. Company insiders have collectively bought US$9.0m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Nov 19
Independent Director exercised options to buy US$206k worth of stock. On the 14th of November, Mason Matschke exercised options to buy 36k shares at a strike price of around US$5.05, costing a total of US$182k. This transaction amounted to 4.8% of their direct individual holding at the time of the trade. Since June 2024, Mason has owned 750.20k shares directly. Company insiders have collectively bought US$6.2m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Nov 14
Third quarter 2024 earnings released: US$0.12 loss per share (vs US$0.12 loss in 3Q 2023) Third quarter 2024 results: US$0.12 loss per share. Revenue: US$11.4m (up 10% from 3Q 2023). Net loss: US$3.64m (loss widened 33% from 3Q 2023). Announcement • Oct 25
Empire Petroleum Corporation has completed a Follow-on Equity Offering in the amount of $10 million. Empire Petroleum Corporation has completed a Follow-on Equity Offering in the amount of $10 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,980,198
Price\Range: $5.05
Transaction Features: Rights Offering Reported Earnings • Aug 15
Second quarter 2024 earnings released: US$0.15 loss per share (vs US$0.11 loss in 2Q 2023) Second quarter 2024 results: US$0.15 loss per share (further deteriorated from US$0.11 loss in 2Q 2023). Revenue: US$12.8m (up 22% from 2Q 2023). Net loss: US$4.39m (loss widened 78% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jul 02
Independent Chairman of the Board recently bought US$201k worth of stock On the 28th of June, Phil Mulacek bought around 38k shares on-market at roughly US$5.30 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Phil's only on-market trade for the last 12 months. New Risk • Jun 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (37% increase in shares outstanding). Reported Earnings • May 16
First quarter 2024 earnings released: US$0.15 loss per share (vs US$0.11 loss in 1Q 2023) First quarter 2024 results: US$0.15 loss per share (further deteriorated from US$0.11 loss in 1Q 2023). Revenue: US$9.39m (flat on 1Q 2023). Net loss: US$3.98m (loss widened 62% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • May 01
Empire Petroleum Corporation, Annual General Meeting, Jun 14, 2024 Empire Petroleum Corporation, Annual General Meeting, Jun 14, 2024, at 09:00 Central Daylight. Location: 2200 S. Utica Place, Suite 150, Tulsa Oklahoma United States Agenda: To consider election of three directors named in the proxy statement; to consider advisory vote to approve the compensation of company's executive officers disclosed in the proxy statement; to consider approval of the Empire Petroleum Corporation 2024 Stock and Incentive Compensation Plan; to consider ratification of appointment of Grant Thornton LLP as company's independent registered public accounting firm for 2024; and to consider transaction of such other business as may properly come before the meeting or any adjournment thereof. Recent Insider Transactions Derivative • Apr 25
CEO, COO exercised options to buy US$341k worth of stock. On the 22nd of April, Michael Morrisett exercised options to buy 73k shares at a strike price of around US$5.00, costing a total of US$367k. This transaction amounted to 16% of their direct individual holding at the time of the trade. Michael currently holds 424.78k shares (0.016577755399167192 of the company). Company insiders have collectively bought US$909k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 31
Full year 2023 earnings released: US$0.55 loss per share (vs US$0.34 profit in FY 2022) Full year 2023 results: US$0.55 loss per share (down from US$0.34 profit in FY 2022). Revenue: US$40.1m (down 25% from FY 2022). Net loss: US$12.5m (down 276% from profit in FY 2022). Oil reserves Proven reserves: 6.924 MMbbls Gas reserves Proven reserves: 6.104 Bcf LNG reserves Proven reserves: 1.171 MMbbls Combined production Oil equivalent production: 0.766 MMboe (0.79 MMboe in FY 2022) Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Mar 01
Empire Petroleum Corporation has filed a Follow-on Equity Offering in the amount of $25.000004 million. Empire Petroleum Corporation has filed a Follow-on Equity Offering in the amount of $25.000004 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 4,132,232
Price\Range: $6.05
Transaction Features: Rights Offering Announcement • Feb 29
Empire Petroleum Corporation has filed a Follow-on Equity Offering in the amount of $25.000004 million. Empire Petroleum Corporation has filed a Follow-on Equity Offering in the amount of $25.000004 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 4,132,232
Price\Range: $6.05
Transaction Features: Rights Offering Announcement • Dec 01
Empire Petroleum Corporation announced that it has received $10.054656 million in funding Empire Petroleum Corporation announced that it has entered into a Securities Purchase Agreement with a new investor, Energy Evolution Master Fund, Ltd. and an individual investor, Phil Mulacek, pursuant to which investors purchased 1,256,832 shares of common stock of the company at a price of $8 per share for an aggregate gross proceeds of $10,054,657.53 on November 29, 2023. Out of which $5,000,000 was paid in cash to the company and $5,054,657.53 was paid through cancellation and extinguishment of the outstanding principal amount and all accrued interest thereon under that certain Amended and Restated Promissory Note due December 31, 2024, in the original aggregate principal amount of $5,000,000. The Securities Purchase Agreements also contain certain covenants, representations and warranties, and other customary terms and conditions, including the Company using its commercially reasonable best efforts to register the resale of the shares of common stock of the Company described above under the Securities Act of 1933, as amended, within 90 days. Reported Earnings • Nov 15
Third quarter 2023 earnings released: US$0.12 loss per share (vs US$0.01 profit in 3Q 2022) Third quarter 2023 results: US$0.12 loss per share (down from US$0.01 profit in 3Q 2022). Revenue: US$9.54m (down 26% from 3Q 2022). Net loss: US$2.75m (down US$2.96m from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 82% per year whereas the company’s share price has increased by 79% per year. New Risk • Nov 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 9.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$15m free cash flow). Earnings have declined by 10% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Shareholders have been diluted in the past year (4.8% increase in shares outstanding). Announcement • Oct 12
Empire Petroleum Commences 2023 Development Program Empire Petroleum Corporation announced the formal commencement of its 2023 drilling program with the recent spud of a new well at its North Dakota asset (the "Starbuck" Field). The Company's capital development programs in 2023 and 2024 have been designed to ensure cost-effective production growth with a strong rate of return. By applying lessons learned from multiple testing methods during the pilot program at Starbuck in 2022, Empire formally moved to the initial phase of the Company's overall development efforts with the Starbuck drilling program. A pilot drilling program on Empire's New Mexico assets is expected to begin in 2024. Additional specifics concerning the Starbuck drilling program include: 10-14 drilled wells; Average lateral length per well of approximately 2,300 feet in Phase 1, with a 5,900-foot length in Phase 2; Average capital spend per well of $1.6-$1.8 million; and Total capital spending for the program of $20-$22 million. New Risk • Aug 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$15m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$15m free cash flow). Earnings have declined by 10% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (4.8% increase in shares outstanding). Reported Earnings • Aug 15
Second quarter 2023 earnings released: US$0.11 loss per share (vs US$0.27 profit in 2Q 2022) Second quarter 2023 results: US$0.11 loss per share (down from US$0.27 profit in 2Q 2022). Revenue: US$9.71m (down 37% from 2Q 2022). Net loss: US$2.46m (down 145% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has increased by 83% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 11
Empire Petroleum Corporation (NYSEAM:EP) acquired Additional Interests in Eunice Monument South Unit A, Eunice Monument South Unit B, and Arrowhead Grayburg Unit from Coert Holdings 1 LLC for approximately $6.7 million. Empire Petroleum Corporation (NYSEAM:EP) acquired Additional Interests in Eunice Monument South Unit A, Eunice Monument South Unit B, and Arrowhead Grayburg Unit from Coert Holdings 1 LLC for approximately $6.7 million on August 9, 2023. Consideration for the Transaction included a cash payment of $5.0 million by EEF Acquisition Company, LLC, an indirect wholly-owned subsidiary of Energy Evolution Master Fund, Ltd., which is Empire's largest shareholder ("EEF"). In exchange for its funding of the Transaction, EEF has been assigned an undivided 90% ownership interest in the COERT assets, with Empire having a three-year option to purchase such interest at $5.0 million.
Empire Petroleum Corporation (NYSEAM:EP) completed the acquisition of Additional Interests in Eunice Monument South Unit A, Eunice Monument South Unit B, and Arrowhead Grayburg Unit from Coert Holdings 1 LLC on August 9, 2023. Announcement • Jul 14
Empire Petroleum Corporation Announces Resignation of Eugene J. Sweeney as Chief Operating Officer On July 8, 2023, Eugene J. Sweeney resigned as Chief Operating Officer of Empire Petroleum Corporation (the “Company”). The Company has been transitioning to a regional operational model, and his duties are being dispersed among employees who will be primarily responsible for overseeing operations in the various regions in which the Company operates. Recent Insider Transactions • Jun 04
Independent Chairman of the Board recently bought US$229k worth of stock On the 31st of May, Phil Mulacek bought around 26k shares on-market at roughly US$8.96 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Phil has been a buyer over the last 12 months, purchasing a net total of US$3.5m worth in shares. Reported Earnings • May 17
First quarter 2023 earnings released: US$0.11 loss per share (vs US$0.18 profit in 1Q 2022) First quarter 2023 results: US$0.11 loss per share (down from US$0.18 profit in 1Q 2022). Revenue: US$10.1m (down 18% from 1Q 2022). Net loss: US$2.46m (down 168% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has increased by 190% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$9.26, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 5x in the Oil and Gas industry in the US. Total returns to shareholders of 1,737% over the past three years. Board Change • Mar 28
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. CEO, President, Treasurer, Principal Financial Officer & Director Mike Morrisett is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Dec 23
Independent Chairman of the Board recently bought US$942k worth of stock On the 19th of December, Phil Mulacek bought around 95k shares on-market at roughly US$9.95 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Phil has been a buyer over the last 12 months, purchasing a net total of US$3.3m worth in shares. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: US$0.01 (vs US$0.23 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.01 (up from US$0.23 loss in 3Q 2021). Revenue: US$13.6m (up 44% from 3Q 2021). Net income: US$215.9k (up US$3.94m from 3Q 2021). Profit margin: 1.6% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 168% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 16
Empire Petroleum Corporation Resigns as Chief Accounting Officer, Effective November 30, 2022 Empire Petroleum Corporation resigned as Chief Accounting Officer, effective November 30, 2022. Ms. Baker intends, if necessary, to stay past November 30th on a part-time or consulting basis to ensure a smooth transition of her duties. Announcement • Nov 11
Empire Petroleum Corporation to Report Q3, 2022 Results on Nov 14, 2022 Empire Petroleum Corporation announced that they will report Q3, 2022 results at 4:00 PM, US Eastern Standard Time on Nov 14, 2022 Recent Insider Transactions • Sep 22
Independent Chairman of the Board recently bought US$1.6m worth of stock On the 19th of September, Phil Mulacek bought around 138k shares on-market at roughly US$11.83 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Phil has been a buyer over the last 12 months, purchasing a net total of US$2.3m worth in shares. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: US$0.27 (vs US$0.35 loss in 2Q 2021) Second quarter 2022 results: EPS: US$0.27 (up from US$0.35 loss in 2Q 2021). Revenue: US$16.5m (up 269% from 2Q 2021). Net income: US$5.53m (up US$10.8m from 2Q 2021). Profit margin: 34% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 132% per year, which means it is well ahead of earnings. Announcement • Aug 11
Empire Petroleum Corporation to Report Q2, 2022 Results on Aug 16, 2022 Empire Petroleum Corporation announced that they will report Q2, 2022 results Pre-Market on Aug 16, 2022 Announcement • Jul 28
Empire Petroleum Corporation, Annual General Meeting, Aug 26, 2022 Empire Petroleum Corporation, Annual General Meeting, Aug 26, 2022, at 09:00 Central Daylight. Location: 2200 S. Utica Place Suite 150 Oklahoma City United States Agenda: To consider election of three directors named in the proxy statement; to approve the compensation of company executive officers disclosed in the proxy statement; to approve the compensation paid to certain executive officers; to consider approval of the Empire Petroleum Corporation 2022 Stock and Incentive Compensation Plan; and to consider transaction of such other business as may properly come before the meeting or any adjournment thereof. Recent Insider Transactions • Jul 03
Chairman of the Board recently bought US$714k worth of stock On the 30th of June, Phil Mulacek bought around 63k shares on-market at roughly US$11.27 per share. This was the largest purchase by an insider in the last 3 months. Phil has been a buyer over the last 12 months, purchasing a net total of US$716k worth in shares. Recent Insider Transactions • Jun 19
Insider recently sold US$5.9m worth of stock On the 16th of June, Anthony Kamin sold around 220k shares on-market at roughly US$26.85 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$5.9m more than they bought in the last 12 months. Reported Earnings • May 18
First quarter 2022 earnings released: EPS: US$0.18 (vs US$0.13 loss in 1Q 2021) First quarter 2022 results: EPS: US$0.18 (up from US$0.13 loss in 1Q 2021). Revenue: US$12.3m (up 436% from 1Q 2021). Net income: US$3.62m (up US$4.62m from 1Q 2021). Profit margin: 30% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 175% per year, which means it is well ahead of earnings. Announcement • May 03
Empire Petroleum Appoints Andrew Lewis as Board Member Empire Petroleum announced the appointment of Vice Admiral Andrew Lewis as Board Member, effective May 2, 2022. Vice Admiral Lewis replaces Anthony Kamin, who has served Empire as a Director since December 2016 and recently as Co-Chairman of the Board. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Mason Matschke was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 21
Empire Petroleum Corporation (NYSEAM:EP) acquired Operated and Non-operated Oil and Natural Gas Assets in North Dakota. Empire Petroleum Corporation (NYSEAM:EP) acquired Operated and Non-operated Oil and Natural Gas Assets in North Dakota on April 1, 2022. The transaction was funded from cash on hand.
Empire Petroleum Corporation (NYSEAM:EP) completed the acquisition of Operated and Non-operated Oil and Natural Gas Assets in North Dakota on April 1, 2022. Reported Earnings • Apr 02
Full year 2021 earnings released: US$1.27 loss per share (vs US$2.97 loss in FY 2020) Full year 2021 results: US$1.27 loss per share. Revenue: US$27.9m (up 395% from FY 2020). Net loss: US$18.6m (loss widened 11% from FY 2020). Board Change • Mar 10
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Ben Marchive was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 03
Empire Petroleum Corporation Appoints Eugene Sweeney as Chief Operating Officer Effective February 24, 2022, the Board of Directors of Empire Petroleum Corporation appointed Eugene Sweeney as Chief Operating Officer of the Company. Mr. Sweeney will report to Thomas Pritchard, Chief Executive Officer, and Michael Morrisett, President. From May 2021 until his promotion, Mr. Sweeney first served as Vice President – Operations and then Chief Operations Officer for the Company, during which he oversaw the operational transition of the assets the Company purchased from XTO Holdings, LLC, a subsidiary of ExxonMobil. Announcement • Aug 18
Empire Petroleum Corporation announced delayed 10-Q filing On 08/17/2021, Empire Petroleum Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Aug 21
Empire Petroleum Corporation announced that it has received $0.525 million in funding from Petroleum Independent and Exploration Corporation On August 20, 2020, Empire Petroleum Corporation (OTCPK:EMPR) closed the transaction. Announcement • Aug 12
Empire Petroleum Corporation announced that it expects to receive $0.525 million in funding from Petroleum Independent and Exploration Corporation Empire Petroleum Corporation (OTCPK:EMPR) announced that it has entered into securities purchase agreement with Petroleum Independent and Exploration Corporation on August 6, 2020. The company will issue 3,500,000 shares, a warrant to purchase up to 2,625,000 shares at an exercise price of $0.20 per share (PIE-1 Warrant), a warrant to purchase up to 1,800,000 shares at an exercise price of $0.25 per share (PIE-2 Warrant), a warrant to purchase up to 8,136,518 shares at an exercise price of $0.10 per share (PIE-3 Warrant), and a warrant to purchase up to 11,066,667 shares at an exercise price of $0.141 per share (PIE-4 Warrant) for aggregate gross proceeds of $525,000. The company has issued securities pursuant to exemption provided under Regulation D. As a part of the transaction, the company has right to appoint an individual from investor to the board of directors of the company. 