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Empire Petroleum Reports Results for First Quarter 2025 and Advances Operational Initiatives

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TULSA, Okla.--(BUSINESS WIRE)-- Empire Petroleum (NYSE American: EP) (“Empire� or the “Company�), an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, today reported operational and financial results for the first quarter 2025.

FIRST QUARTER 2025 HIGHLIGHTS

  • Produced Q1-2025 net production volumes of 2,049 barrels of oil equivalent per day (“Boe/dâ€�) including 1,329 barrels of oil per day (“Bbls/dâ€�);
    • Boe/d is comprised of 65% oil, 17% natural gas liquids (“NGLsâ€�), and 18% natural gas;
  • Initiating phase one of Enhanced Oil Recovery (“EORâ€�) efforts in the Starbuck Drilling Program (“Starbuckâ€�) in North Dakota yielded encouraging early results, with daily production increasing significantly from approximately 80 bbls/d to more than 1,200 bbls/d during initial operations;
    • Extreme winter conditions and technical setbacks, including a pipeline failure and manufacturing defects in the EOR units, temporarily disrupted operations and resulted in a short-term 75% decrease in net production;
    • As of early Q2-2025, the failed pipeline has been fully replaced, and all three EOR units have been restored to service with interim solutions in place;
    • Empire expects to finalize the patented design specifications for its hydrocarbon vaporization technology, which target sustained heat levels between 550-650 degrees Fahrenheit, by end of Q2-2025;
  • Empire completed its technical evaluation of its Texas region and is preparing to initiate drilling operations in the second half of 2025;
    • Historically, development in the area has focused on vertical wells, but recent analysis identified six to seven prospective pay zones with potential for horizontal development;
    • The Company has completed its necessary infrastructure to support its planned drilling program and continues to position itself for long-term, capital-efficient growth in the area; and
  • Reported Q1-2025 total product revenue $9.0 million, a net loss of $4.2 million, or ($0.12) per diluted share;
    • Adjusted EBITDA of ($0.6) million for Q1-2025.

2025 OUTLOOK

“Empire’s first-quarter results reflect the temporary production losses caused by severe weather and operational disruptions, which contributed to a net loss for the quarter,� said Phil Mulacek, Chairman of the Board. “Despite these short-term impacts, our flexible structure and multi-basin footprint allow us to quickly adapt to changing market conditions and technical developments in real time. Whether advancing our EOR efforts in North Dakota or securing new regulatory approvals in Texas, we remain focused on allocating capital where it can deliver the greatest long-term value. We’ve seen natural gas prices rebound from a low of $1.30 to an upward trend of $4.50, $5.50, and even $6.50. With multiple stacked pays of oil and gas, our Texas assets are well-positioned to capitalize on this momentum over the next one to five years.�

Mike Morrisett, President and CEO, added, “We entered 2025 with clear strategic priorities, and Q1 marked continued progress across several fronts, from field-level optimizations in North Dakota to new permitting activity in Texas and New Mexico. We are responding dynamically to new data and operational results, which allow us to fine-tune our approach in each region and ensure we’re maximizing performance and recovery. Our operational agility remains a core advantage in the current energy landscape.�

North Dakota � Williston Basin:

  • Empire remains focused on stabilizing and optimizing EOR operations in the Starbuck region following initial setbacks and partial system restoration;
  • Since restoring partial operations, production has already increased nearly 70%;
  • Expectations are to reach recovery and performance over the next 3-5 quarters of steady-state EOR operations; and
  • Continued progress is dependent on consistent technical performance and seasonal operating stability.

New Mexico � Permian Basin:

  • After four years of expenditures, Empire is close to a resolution with the New Mexico Oil Conservation Commission (“NMOCDâ€�) related to Empire’s applications to revoke the existing four permits granted and deny the five new applications for what the Company believes to be the illegal dumping of wastewater into Eunice Monument South Unit’s (“EMSUâ€�) Unitized Interval by third-party Saltwater Disposal (“SWDâ€�) Companies;
    • Following resolution with the NMOCD, Empire will proceed with the litigation for trespass and damages against all third-party SWD Operators, who the Company believes to be illegally disposing wastewater into the EMSU Unitized Interval;
    • The long-standing litigation has negatively impacted Empire’s results by over $30.0 million in additional costs from May 2021 to present;
    • These legal expenses have contributed to elevated operating costs in recent periods; and
    • Upon final resolution, the Company expects a meaningful reduction in operating expenses, which is projected to positively impact the bottom line and further strengthen its financial position.

Texas � East Texas Basin:

  • Advancements in technology, reservoir modeling, and improved hydraulic fracturing techniques have significantly enhanced the development potential of the region;
    • These improvements allow for more precise targeting of productive zones, increased recovery rates, and more efficient use of capital;
  • Empire is currently evaluating horizontal well designs to maximize production from the prospective pay zones identified in the area; and
    • By targeting these stacked formations with horizontal drilling, the Company aims to unlock greater long-term value and improve overall project economics.

FIRST QUARTER 2025 FINANCIAL AND OPERATIONAL RESULTS

Q1-25 Q4-24 % Change
Q1-25 vs. Q4-24
Q1-24 % Change
Q1-25 vs. Q1-24
Ìý
Net equivalent sales (Boe/d)

2,049

2,356

-13%

2,207

-7%

Net oil sales (Bbls/d)

1,329

1,581

-16%

1,437

-7%

AGÕæÈ˹ٷ½ized price ($/Boe)

$48.76

$46.48

5%

$50.96

-4%

Product Revenue ($M)

$8,992

$10,077

-11%

$10,235

-12%

Net Loss ($M)

($4,221)

($4,193)

-1%

($3,974)

-6%

Adjusted Net Loss ($M)1

($4,253)

($4,193)

-1%

($3,865)

-10%

Adjusted EBITDA ($M)1

($553)

($260)

-113%

($729)

24%

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

1 Adjusted net loss and adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Information� section later in this release for more information, including reconciliations to the most comparable GAAP measure.

Net sales volumes for Q1-2025 were 2,049 Boe/d, including 1,329 barrels of oil per day; 349 barrels of NGLs per day, and 2,221 thousand cubic feet per day (“Mcf/d�) or 370 Boe/d of natural gas. Oil sales volumes decreased approximately 9% compared to Q1-2024 primarily due to five wells being down to redrill in North Dakota during Q1-2025.

Empire reported Q1-2025 total product revenue $9.0 million versus $10.2 million in Q1-2024. Contributing to the decrease were lower oil and NGL sales volumes and lower realized oil prices.

Lease operating expenses in Q1-2025 decreased to $5.8 million versus $7.4 million in Q1-2024 primarily due to lower workover costs. Q1-2025 workover expense decreased to $0.4 million versus $2.0 million in Q1-2024. Higher workover expense in 2024 was primarily in New Mexico as Empire continued work in the region to enhance and maintain production.

Production and ad valorem taxes for Q1-2025 were $0.7 million versus $0.8 million in Q1-2024, as a result of lower product revenues.

Depreciation, Depletion, and Amortization (“DD&A�) and Accretion for Q1-2025 was $2.8 million versus $2.0 million for Q1-2024. The increase in DD&A is primarily due to the acquisition of additional working interest and the impact of the capitalized costs associated with the new drilling as part of Empire’s Starbuck Drilling Program in North Dakota. Accretion increased slightly due to the new drilling activity.

General and administrative expenses, excluding share-based compensation expense, was $3.2 million, or $17.34 per Boe in Q1-2025 versus $2.9 million, or $14.33 per Boe in Q1-2024. The increase in expenses was primarily due to an increase in salaries and benefits associated with an increase in employee headcount.

Interest expense for Q1-2025 slightly decreased, compared to Q1-2024, primarily due to certain non-cash interest expense in Q1-2024 from the convertible promissory note partially offset by a higher average outstanding balance on the Company’s credit facility.

Empire recorded a net loss of $4.2 million in Q1-2025, or ($0.12) per diluted share, versus a Q1-2024 net loss of $4.0 million, or ($0.15) per diluted share.

Adjusted EBITDA was ($0.6) million for Q1-2025 compared to Adjusted EBITDA of ($0.7) million in Q1-2024.

CAPITAL SPENDING, BALANCE SHEET & LIQUIDITY

For Q1-2025, Empire invested approximately $2.7 million in capital expenditures, primarily related to the continued drilling and completions activity related to Empire’s Starbuck Drilling Program in North Dakota.

As of March 31, 2025, Empire had approximately $1.1 million in cash on hand and approximately $7.8 million available on its credit facility.

UPDATED PRESENTATION

An updated Company presentation will be posted to the Company’s website under the Investor Relations section.

ABOUT EMPIRE PETROLEUM

Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies with their existing portfolio of wells. More information about Empire can be found at .

SAFE HARBOR STATEMENT

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company’s estimates, strategy, and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2024, and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, including inflation, tariffs and interest rates, uncertainties associated with legal and regulatory matters, and other risks and uncertainties related to the conduct of business by the Company. Other than as required by applicable securities laws, the Company does not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations, or otherwise.

Ìý
EMPIRE PETROLEUM CORPORATION
Condensed Consolidated Statements of Operations
(in thousands, except share data)
(Unaudited)
Ìý
Three Months Ended
March 31, December 31, March 31,

Ìý

2025

Ìý

Ìý

2024

Ìý

Ìý

2024

Ìý

Revenue:
Oil Sales

$

8,049

Ìý

$

9,445

Ìý

$

9,442

Ìý

Gas Sales

Ìý

548

Ìý

Ìý

74

Ìý

Ìý

377

Ìý

Natural Gas Liquids ("NGLs") Sales

Ìý

395

Ìý

Ìý

558

Ìý

Ìý

416

Ìý

Total Product Revenues

Ìý

8,992

Ìý

Ìý

10,077

Ìý

Ìý

10,235

Ìý

Other

Ìý

10

Ìý

Ìý

11

Ìý

Ìý

10

Ìý

Loss on Derivatives

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

(858

)

Total Revenue

Ìý

9,002

Ìý

Ìý

10,088

Ìý

Ìý

9,387

Ìý

Ìý
Costs and Expenses:
Lease Operating Expense

Ìý

5,766

Ìý

Ìý

5,881

Ìý

Ìý

7,387

Ìý

Production and Ad Valorem Taxes

Ìý

712

Ìý

Ìý

887

Ìý

Ìý

833

Ìý

Depletion, Depreciation & Amortization

Ìý

2,226

Ìý

Ìý

2,493

Ìý

Ìý

1,490

Ìý

Accretion of Asset Retirement Obligation

Ìý

526

Ìý

Ìý

520

Ìý

Ìý

485

Ìý

General and Administrative Expense:
General and Administrative

Ìý

3,197

Ìý

Ìý

3,713

Ìý

Ìý

2,879

Ìý

Stock-Based Compensation

Ìý

531

Ìý

Ìý

519

Ìý

Ìý

710

Ìý

Total General and Administrative Expense

Ìý

3,728

Ìý

Ìý

4,232

Ìý

Ìý

3,589

Ìý

Ìý
Total Cost and Expenses

Ìý

12,958

Ìý

Ìý

14,013

Ìý

Ìý

13,784

Ìý

Ìý
Operating Loss

Ìý

(3,956

)

Ìý

(3,925

)

Ìý

(4,397

)

Ìý
Other Income and (Expense):
Interest Expense

Ìý

(296

)

Ìý

(269

)

Ìý

(315

)

Other Income

Ìý

31

Ìý

Ìý

1

Ìý

Ìý

738

Ìý

Loss before Taxes

Ìý

(4,221

)

Ìý

(4,193

)

Ìý

(3,974

)

Ìý
Income Tax (Provision) Benefit

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

-

Ìý

Ìý
Net Loss

$

(4,221

)

$

(4,193

)

$

(3,974

)

Ìý
Net Loss per Common Share:
Basic

$

(0.12

)

$

(0.13

)

$

(0.15

)

Diluted

$

(0.12

)

$

(0.13

)

$

(0.15

)

Weighted Average Number of Common Shares Outstanding:
Basic

Ìý

33,821,203

Ìý

Ìý

33,034,333

Ìý

Ìý

25,688,427

Ìý

Diluted

Ìý

33,821,203

Ìý

Ìý

33,034,333

Ìý

Ìý

25,688,427

Ìý

Ìý
EMPIRE PETROLEUM CORPORATION
Condensed Operating Data
(Unaudited)
Ìý
Three Months Ended
March 31, December 31, March 31,

Ìý

2025

Ìý

2024

Ìý

2024

Ìý
Net Sales Volumes:
Oil (Bbl)

Ìý

119,635

Ìý

145,442

Ìý

130,760

Natural gas (Mcf)

Ìý

199,868

Ìý

208,698

Ìý

211,820

Natural gas liquids (Bbl)

Ìý

31,453

Ìý

36,556

Ìý

34,785

Total (Boe)

Ìý

184,400

Ìý

216,781

Ìý

200,848

Ìý
Average daily equivalent sales (Boe/d)

Ìý

2,049

Ìý

2,356

Ìý

2,207

Ìý
Average Price per Unit:
Oil ($/Bbl)

$

67.28

$

64.94

$

72.21

Natural gas ($/Mcf)

$

2.74

$

0.35

$

1.78

Natural gas liquids ($/Bbl)

$

12.56

$

15.26

$

11.97

Total ($/Boe)

$

48.76

$

46.48

$

50.96

Ìý
Operating Costs and Expenses per Boe:
Lease operating expense

$

31.27

$

27.13

$

36.78

Production and ad valorem taxes

$

3.86

$

4.09

$

4.15

Depreciation, depletion, amortization and accretion

$

14.92

$

13.90

$

9.84

General & administrative expense:
General & administrative expense (excluding stock-based compensation)

$

17.34

$

17.13

$

14.33

Stock-based compensation

$

2.88

$

2.39

$

3.54

Total general & administrative expense

$

20.22

$

19.52

$

17.87

EMPIRE PETROLEUM CORPORATION
Condensed Consolidated Balance Sheets
(in thousands, except share data)
(Unaudited)
March 31, December 31,

Ìý

2025

Ìý

Ìý

2024

Ìý

ASSETS
Current Assets:
Cash

$

1,081

Ìý

$

2,251

Ìý

Accounts Receivable

Ìý

7,876

Ìý

Ìý

8,155

Ìý

Inventory

Ìý

1,504

Ìý

Ìý

1,305

Ìý

Prepaids

Ìý

1,106

Ìý

Ìý

640

Ìý

Total Current Assets

Ìý

11,567

Ìý

Ìý

12,351

Ìý

Ìý
Property and Equipment:
Oil and Natural Gas Properties, Successful Efforts

Ìý

143,247

Ìý

Ìý

140,675

Ìý

Less: Accumulated Depletion, Amortization and Impairment

Ìý

(34,106

)

Ìý

(31,974

)

Total Oil and Gas Properties, Net

Ìý

109,141

Ìý

Ìý

108,701

Ìý

Other Property and Equipment, Net

Ìý

1,550

Ìý

Ìý

1,391

Ìý

Total Property and Equipment, Net

Ìý

110,691

Ìý

Ìý

110,092

Ìý

Ìý
Other Noncurrent Assets

Ìý

1,425

Ìý

Ìý

1,425

Ìý

Ìý
TOTAL ASSETS

$

123,683

Ìý

$

123,868

Ìý

Ìý
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable

$

12,022

Ìý

$

10,452

Ìý

Accrued Expenses

Ìý

10,947

Ìý

Ìý

10,348

Ìý

Current Portion of Lease Liability

Ìý

354

Ìý

Ìý

400

Ìý

Current Portion of Long-Term Debt

Ìý

691

Ìý

Ìý

70

Ìý

Total Current Liabilities

Ìý

24,014

Ìý

Ìý

21,270

Ìý

Ìý
Long-Term Debt

Ìý

11,558

Ìý

Ìý

11,266

Ìý

Long-Term Lease Liability

Ìý

87

Ìý

Ìý

144

Ìý

Asset Retirement Obligations

Ìý

28,949

Ìý

Ìý

28,423

Ìý

Total Liabilities

Ìý

64,608

Ìý

Ìý

61,103

Ìý

Ìý
Stockholders' Equity:
Series A Preferred Stock - $.001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively

Ìý

-

Ìý

Ìý

-

Ìý

Common Stock - $.001 Par Value, 190,000,000 Shares Authorized, 33,710,727 and 33,667,132 Shares Issued and Outstanding, Respectively

Ìý

93

Ìý

Ìý

93

Ìý

Additional Paid-in-Capital

Ìý

144,020

Ìý

Ìý

143,489

Ìý

Accumulated Deficit

Ìý

(85,038

)

Ìý

(80,817

)

Total Stockholders' Equity

Ìý

59,075

Ìý

Ìý

62,765

Ìý

Ìý
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

123,683

Ìý

$

123,868

Ìý

Ìý
EMPIRE PETROLEUM CORPORATION
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Ìý
Three Months Ended
March 31, December 31, March 31,

Ìý

2025

Ìý

Ìý

2024

Ìý

Ìý

2024

Ìý

Cash Flows From Operating Activities:
Net Loss

$

(4,221

)

$

(4,193

)

$

(3,974

)

Ìý
Adjustments to Reconcile Net Loss to Net Cash
Provided By (Used In) Operating Activities:
Stock Compensation and Issuances

Ìý

531

Ìý

Ìý

519

Ìý

Ìý

710

Ìý

Amortization of Right of Use Assets

Ìý

121

Ìý

Ìý

132

Ìý

Ìý

136

Ìý

Depreciation, Depletion and Amortization

Ìý

2,226

Ìý

Ìý

2,493

Ìý

Ìý

1,490

Ìý

Accretion of Asset Retirement Obligation

Ìý

526

Ìý

Ìý

520

Ìý

Ìý

485

Ìý

(Gain) Loss on Derivatives

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

858

Ìý

Settlement on or Purchases of Derivative Instruments

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

(11

)

Gain on Financial Derivatives

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

(738

)

Gain on Sale of Other Fixed Assets

Ìý

(32

)

Ìý

-

Ìý

Ìý

-

Ìý

Change in Operating Assets and Liabilities:
Accounts Receivable

Ìý

279

Ìý

Ìý

(2,005

)

Ìý

1,065

Ìý

Inventory, Oil in Tanks

Ìý

(199

)

Ìý

195

Ìý

Ìý

(364

)

Prepaids, Current

Ìý

94

Ìý

Ìý

(64

)

Ìý

(2

)

Accounts Payable

Ìý

1,676

Ìý

Ìý

(7,254

)

Ìý

4,339

Ìý

Accrued Expenses

Ìý

599

Ìý

Ìý

1,073

Ìý

Ìý

361

Ìý

Other Long Term Assets and Liabilities

Ìý

13

Ìý

Ìý

(178

)

Ìý

(446

)

Net Cash Provided By (Used In) Operating Activities

Ìý

1,613

Ìý

Ìý

(8,762

)

Ìý

3,909

Ìý

Ìý
Cash Flows from Investing Activities:
Additions to Oil and Natural Gas Properties

Ìý

(2,680

)

Ìý

(4,460

)

Ìý

(16,941

)

Disposal of Other Fixed Assets

Ìý

49

Ìý

Ìý

-

Ìý

Ìý

-

Ìý

Purchase of Other Fixed Assets

Ìý

(18

)

Ìý

(12

)

Ìý

(31

)

Cash Paid for Right of Use Assets

Ìý

(113

)

Ìý

(123

)

Ìý

(125

)

Net Cash Used In Investing Activities

Ìý

(2,762

)

Ìý

(4,595

)

Ìý

(17,097

)

Ìý
Cash Flows from Financing Activities:
Borrowings on Credit Facility

Ìý

-

Ìý

Ìý

2,700

Ìý

Ìý

3,950

Ìý

Proceeds from Promissory Note - Related Party

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

5,000

Ìý

Proceeds from Rights Offering, net of transaction costs

Ìý

-

Ìý

Ìý

9,973

Ìý

Ìý

-

Ìý

Principal Payments of Debt

Ìý

(21

)

Ìý

(215

)

Ìý

(62

)

Net Cash Provided By (Used In) Financing Activities

Ìý

(21

)

Ìý

12,458

Ìý

Ìý

8,888

Ìý

Ìý
Net Change in Cash

Ìý

(1,170

)

Ìý

(899

)

Ìý

(4,300

)

Ìý
Cash - Beginning of Period

Ìý

2,251

Ìý

Ìý

3,150

Ìý

Ìý

7,791

Ìý

Ìý
Cash - End of Period

$

1,081

Ìý

$

2,251

Ìý

$

3,491

Ìý

Ìý

Empire Petroleum Corporation

Non-GAAP Information

Certain financial information included in Empire’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures include “Adjusted Net Loss�, “EBITDA� and “Adjusted EBITDA�. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Adjusted net loss is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current periods to prior periods.

Ìý
Three Months Ended
March 31, December 31, March 31,

Ìý

2025

Ìý

Ìý

2024

Ìý

Ìý

2024

Ìý

(in thousands, except share data)
Ìý
Net Loss

$

(4,221

)

$

(4,193

)

$

(3,974

)

Ìý
Adjusted for:
(Gain) loss on derivatives

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

858

Ìý

Settlement on or purchases of derivative instruments

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

(11

)

(Gain) loss on financial derivatives

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

(738

)

Gain on Sale of Other Fixed Assets

Ìý

(32

)

Ìý

-

Ìý

Ìý

-

Ìý

Adjusted Net Loss

$

(4,253

)

$

(4,193

)

$

(3,865

)

Ìý
Diluted Weighted Average Number of Common Shares Outstanding

Ìý

33,821,203

Ìý

Ìý

33,034,333

Ìý

Ìý

25,688,427

Ìý

Adjusted Net Loss Per Common Share

$

(0.13

)

$

(0.13

)

$

(0.15

)

Ìý

The Company defines adjusted EBITDA as net loss plus net interest expense, DD&A, accretion, amortization of right of use assets, income tax provision (benefit), and other adjustments. Company management believes this presentation is relevant and useful because it helps investors understand Empire’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income (loss), as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. In addition, adjusted EBITDA does not represent funds available for discretionary use.

Three Months Ended
March 31, December 31, March 31,

Ìý

2025

Ìý

Ìý

Ìý

2024

Ìý

Ìý

Ìý

2024

Ìý

(in thousands)
Ìý
Net Loss

$

(4,221

)

$

(4,193

)

$

(3,974

)

Ìý
Add Back:
Interest expense

Ìý

296

Ìý

Ìý

269

Ìý

Ìý

315

Ìý

DD&A

Ìý

2,226

Ìý

Ìý

2,493

Ìý

Ìý

1,490

Ìý

Accretion

Ìý

526

Ìý

Ìý

520

Ìý

Ìý

485

Ìý

Amortization of right-of-use assets

Ìý

121

Ìý

Ìý

132

Ìý

Ìý

136

Ìý

EBITDA

$

(1,052

)

$

(779

)

$

(1,548

)

Ìý
Adjustments:
Stock based Compensation

Ìý

531

Ìý

Ìý

519

Ìý

Ìý

710

Ìý

(Gain) loss on derivatives

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

858

Ìý

Settlement on or purchases of derivative instruments

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

(11

)

(Gain) loss on financial derivatives

Ìý

-

Ìý

Ìý

-

Ìý

Ìý

(738

)

Gain on Sale of Other Fixed Assets

Ìý

(32

)

Ìý

-

Ìý

Ìý

-

Ìý

Ìý
Adjusted EBITDA

$

(553

)

$

(260

)

$

(729

)

Ìý

Mike Morrisett

President & CEO

539-444-8002

[email protected]



Kali Carter

Communications & Investor Relations Manager

918-995-5046

[email protected]

Source: Empire Petroleum

Empire Petroleum

NYSE:EP

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Oil & Gas E&P
Crude Petroleum & Natural Gas
United States
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