Empire Petroleum Management

Management criteria checks 3/4

Empire Petroleum's CEO is Mike Morrisett, appointed in Jan 2015, has a tenure of 9.83 years. total yearly compensation is $541.69K, comprised of 48% salary and 52% bonuses, including company stock and options. directly owns 1.59% of the company’s shares, worth $3.05M. The average tenure of the management team and the board of directors is 1.8 years and 3.1 years respectively.

Key information

Mike Morrisett

Chief executive officer

US$541.7k

Total compensation

CEO salary percentage	48.0%
CEO tenure	9.8yrs
CEO ownership	1.6%
Management average tenure	1.8yrs
Board average tenure	3.1yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Mike Morrisett's remuneration changed compared to Empire Petroleum's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	-US$17m
Jun 30 2024	n/a	n/a	-US$16m
Mar 31 2024	n/a	n/a	-US$14m
Dec 31 2023	US$542k	US$260k	-US$12m
Sep 30 2023	n/a	n/a	-US$10m
Jun 30 2023	n/a	n/a	-US$7m
Mar 31 2023	n/a	n/a	US$1m
Dec 31 2022	US$1m	US$260k	US$7m
Sep 30 2022	n/a	n/a	US$754k
Jun 30 2022	n/a	n/a	-US$3m
Mar 31 2022	n/a	n/a	-US$14m
Dec 31 2021	US$405k	US$250k	-US$19m
Sep 30 2021	n/a	n/a	-US$24m
Jun 30 2021	n/a	n/a	-US$22m
Mar 31 2021	n/a	n/a	-US$19m
Dec 31 2020	US$1m	US$227k	-US$17m
Sep 30 2020	n/a	n/a	-US$6m
Jun 30 2020	n/a	n/a	-US$5m
Mar 31 2020	n/a	n/a	-US$4m
Dec 31 2019	US$1m	US$216k	-US$7m
Sep 30 2019	n/a	n/a	-US$4m
Jun 30 2019	n/a	n/a	-US$3m
Mar 31 2019	n/a	n/a	-US$1m
Dec 31 2018	US$156k	n/a	-US$1m
Sep 30 2018	n/a	n/a	-US$1m
Jun 30 2018	n/a	n/a	-US$1m
Mar 31 2018	n/a	n/a	-US$972k
Dec 31 2017	US$55k	US$55k	-US$830k

Compensation vs Market: Mike's total compensation ($USD541.69K) is below average for companies of similar size in the US market ($USD1.46M).

Compensation vs Earnings: Mike's compensation has been consistent with company performance over the past year.

CEO

Mike Morrisett (60 yo)

9.8yrs

Tenure

US$541,688

Compensation

Mr. Michael R. Morrisett, also known as Mike, has been the President and Director of Empire Petroleum Corporation since January 19, 2015 and Treasurer since September 13, 2018 and served as its Chief Accou...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Michael Morrisett	CEO, COO	9.8yrs	US$541.69k	1.59% $ 3.0m
Matthew Watson	Chief Accounting Officer	less than a year	no data	no data
William West	Senior Vice Presidnet of Operations	1.8yrs	no data	no data

1.8yrs

Average Tenure

Experienced Management: EP's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.

Board Members

Name	Position	Tenure	Compensation	Ownership
Michael Morrisett	CEO, COO	9.8yrs	US$541.69k	1.59% $ 3.0m
Phil Mulacek	Independent Chairman of the Board	3.1yrs	US$674.50k	15.53% $ 29.9m
Mason Matschke	Independent Director	3.6yrs	US$674.50k	2.23% $ 4.3m
Benjamin Marchive	Independent Director	3.1yrs	US$665.50k	0.15% $ 291.7k
J. Vann	Independent Director	1.6yrs	US$766.10k	0.054% $ 103.6k
Andrew Lewis	Independent Director	2.6yrs	US$665.50k	0.099% $ 190.0k

3.1yrs

Average Tenure

60.5yo

Average Age

Experienced Board: EP's board of directors are considered experienced (3.1 years average tenure).

Empire Petroleum Management

Management criteria checks 3/4

Key information

Recent management updates

Independent Director exercised options to buy US$206k worth of stock.

Independent Chairman of the Board recently bought US$201k worth of stock

Empire Petroleum Corporation, Annual General Meeting, Jun 14, 2024

CEO, COO exercised options to buy US$341k worth of stock.

Empire Petroleum Corporation Announces Stephen L. Faulkner, Jr. (Larry) Resigns as Chief Accounting Officer

Empire Petroleum Corporation Announces Resignation of Eugene J. Sweeney as Chief Operating Officer

Recent updates

Independent Director exercised options to buy US$206k worth of stock.

Third quarter 2024 earnings released: US$0.12 loss per share (vs US$0.12 loss in 3Q 2023)

Empire Petroleum Corporation has completed a Follow-on Equity Offering in the amount of $10 million.

Second quarter 2024 earnings released: US$0.15 loss per share (vs US$0.11 loss in 2Q 2023)

Independent Chairman of the Board recently bought US$201k worth of stock

New minor risk - Share price stability

First quarter 2024 earnings released: US$0.15 loss per share (vs US$0.11 loss in 1Q 2023)

Empire Petroleum Corporation, Annual General Meeting, Jun 14, 2024

CEO, COO exercised options to buy US$341k worth of stock.

Full year 2023 earnings released: US$0.55 loss per share (vs US$0.34 profit in FY 2022)

Empire Petroleum Corporation Announces Stephen L. Faulkner, Jr. (Larry) Resigns as Chief Accounting Officer

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.

Empire Petroleum Corporation has filed a Follow-on Equity Offering in the amount of $25.000004 million.

Empire Petroleum Corporation announced that it has received $10.054656 million in funding

Third quarter 2023 earnings released: US$0.12 loss per share (vs US$0.01 profit in 3Q 2022)

New minor risk - Share price stability

Empire Petroleum Commences 2023 Development Program

New major risk - Financial position

Second quarter 2023 earnings released: US$0.11 loss per share (vs US$0.27 profit in 2Q 2022)

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 Announces Resignation of Eugene J. Sweeney as Chief Operating Officer

Independent Chairman of the Board recently bought US$229k worth of stock

First quarter 2023 earnings released: US$0.11 loss per share (vs US$0.18 profit in 1Q 2022)

Empire Petroleum Names Stephen Faulkner CFO

Investor sentiment deteriorates as stock falls 16%

High number of new and inexperienced directors

Independent Chairman of the Board recently bought US$942k worth of stock

Third quarter 2022 earnings released: EPS: US$0.01 (vs US$0.23 loss in 3Q 2021)

Empire Petroleum Corporation Resigns as Chief Accounting Officer, Effective November 30, 2022

Empire Petroleum Corporation to Report Q3, 2022 Results on Nov 14, 2022

Independent Chairman of the Board recently bought US$1.6m worth of stock

Second quarter 2022 earnings released: EPS: US$0.27 (vs US$0.35 loss in 2Q 2021)

Empire Petroleum Corporation to Report Q2, 2022 Results on Aug 16, 2022

Empire Petroleum Corporation, Annual General Meeting, Aug 26, 2022

Chairman of the Board recently bought US$714k worth of stock

Insider recently sold US$5.9m worth of stock

First quarter 2022 earnings released: EPS: US$0.18 (vs US$0.13 loss in 1Q 2021)

Empire Petroleum Appoints Andrew Lewis as Board Member

Less than half of directors are independent

Empire Petroleum Corporation (NYSEAM:EP) acquired Operated and Non-operated Oil and Natural Gas Assets in North Dakota.

Full year 2021 earnings released: US$1.27 loss per share (vs US$2.97 loss in FY 2020)

No independent directors

Empire Petroleum Corporation Appoints Eugene Sweeney as Chief Operating Officer

Empire Petroleum Corporation announced delayed 10-Q filing

Empire Petroleum Corporation announced that it has received $0.525 million in funding from Petroleum Independent and Exploration Corporation

Empire Petroleum Corporation announced that it expects to receive $0.525 million in funding from Petroleum Independent and Exploration Corporation

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Board Members

Average Tenure

Average Age