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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

_________________

 

FORM 8-K

_________________

Current Report

Pursuant To Section 13 or 15 (d) of the Securities Exchange Act of 1934

 

 

Date of Report (date of earliest event reported):

 

 

AUGUST 15, 2023

_______________________________

EMPIRE PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

_______________________________

 

Delaware 001-16653 73-1238709
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)

 

2200 S. Utica Place, Suite 150, Tulsa Oklahoma   74114

(Address of Principal Executive Offices)       (Zip Code)

 

Registrant’s telephone number, including area code:   (539) 444-8002

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock $.001 par value

EP

NYSE American

  

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 2.02Results of Operations and Financial Condition.

 

On August 15, 2023, Empire Petroleum Corporation (the “Company”) issued a press release announcing its financial and operating results for the second quarter 2023. A copy of the press release is furnished herewith as Exhibit 99.

This information is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

 

 

Item 9.01Financial Statements and Exhibits.

 

(d)Exhibits.

The following exhibits are filed or furnished herewith.

Exhibit

Number

 

 

Description

99 Press Release of Empire Petroleum Corporation dated August 15, 2023.

 

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 

 

 

 

 

2

 

  

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

 

 

EMPIRE PETROLEUM CORPORATION

 

 

 

  
Date:       August 15, 2023 By:  /s/ Michael R. Morrisett  
 

Michael R. Morrisett

President and Chief Executive Officer

  

 

 

 

 

 

 

 

 

 

 

 

 

3

 

EXHIBIT 99

 

 

 

FOR IMMEDIATE RELEASE NYSE American – EP

 

 

EMPIRE PETROLEUM ANNOUNCES RESULTS FOR SECOND QUARTER 2023

Tulsa, Oklahoma – August 15, 2023 – 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 announced operational and financial results for the second quarter of 2023.

KEY SECOND QUARTER AND RECENT HIGHLIGHTS

•Grew average daily oil sales volumes by 6% sequentially and 4% year-over-year;
oProduced sales volumes of 2,135 barrels of oil equivalent per day (“Boe/d”) (66% oil, 16% natural gas liquids (“NGLs”) and 18% natural gas) compared to 2,206 Boe/d (61% oil, 20% NGLs, and 19% natural gas) for the first quarter of 2023. Sales volumes for the second quarter of 2022 were 2,158 Boe/d (63% oil, 19% NGLs, and 18% natural gas);
•Reported revenue of $9.7 million, a net loss of $2.5 million, or $0.11 per diluted share, and an Adjusted Net Loss1 of $2.4 million, or $0.11 per diluted share;
•Generated Adjusted EBITDA1 of $0.2 million;
•Ended the second quarter of 2023 with $1.6 million of liquidity;
•Continued its targeted development program that began in 2022, with capital spending of $3.1 million for the first half of 2023 reflecting recompletion and other well activities across Empire’s portfolio of assets and sidetrack drilling projects in North Dakota; and
•Recently announced that on August 9, 2023, the Company and an indirect wholly-owned subsidiary of Energy Evolution Master Fund, Ltd. – Empire’s largest shareholder – had collectively acquired additional working interests in the Company’s three properties located in Lea County, New Mexico, including Eunice Monument South Unit A, Eunice Monument South Unit B, and Arrowhead Grayburg Unit.

 

1.Adjusted Net Income (Loss), EBITDA 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.

 

 

1 

 

 

MANAGEMENT COMMENTARY

Mike Morrisett, President and Chief Executive Officer of Empire, commented, “While commodity prices were depressed in the second quarter, we have been pleased to see a material improvement in pricing during the third quarter. Our second quarter oil production began to demonstrate the effects of our development campaign that we began in the latter part of 2022 on our North Dakota assets and these efforts are expanding in the second half of 2023. We are leveraging the lessons learned as we accelerate our development activities across our asset base to drive a meaningful increase in production levels and cash flow for the near and long-term benefit of our shareholders.”

Mr. Morrisett concluded, “Our ongoing success is a direct result of the efforts we have undertaken over the past year to expand our knowledge of the assets we acquired over the past three years. Central to this has been the hiring of key professionals that provide best-in-class technical and management experience. The more we learn about the assets in our portfolio, the more we like them. We look forward to keeping the investment community apprised of our progress as we kick off the most significant development program in the history of the Company.”

FINANCIAL AND OPERATIONAL RESULTS FOR SECOND QUARTER 2023

   Q2 2023   Q1 2023   % Change Q2 2023 vs. Q1 2023    Q2 2022   % Change Q2 2023 vs. Q2 2022 
                      
Net sales (Boe/d)   2,135    2,206    (3%)     2,158    (1%)
Net sales (Boe)   194,306    198,549    (2%)     196,412    (1%)
Realized price - all products ($/Boe)  $50.22   $50.87    (1%)    $79.90    (37%)
Revenue ($M)  $9,710   $10,052    (3%)    $15,693    (38%)
Net income (loss) ($M)  $(2,464)  $(2,460)   —    $5,534    NM 
Adjusted Net Income (Loss) ($M)  $(2,398)  $(1,858)   (29%)    $5,920    NM 
Adjusted EBITDA ($M)  $171   $228    (25%)    $7,362    (98%)

 

 

NM – Not meaningful due to a change in signs.

 

 

Net sales were 2,135 Boe/d, including 1,411 barrels of oil per day; 337 barrels of NGLs per day, and 2,322 thousand cubic feet per day (“Mcf/d”), or 387 Boe/d, of natural gas. This is compared to net sales for the first quarter of 2023 of 2,206 Boe/d, including 1,336 barrels of oil per day; 442 barrels of NGLs per day, and 2,569 thousand cubic feet per day (“Mcf/d”), or 428 Boe/d, of natural gas. Contributing to the sequential increase in oil sales volumes was increased production from Empire’s assets in North Dakota associated with the Company’s targeted capital development program that began in the second half of 2022.

Empire reported $9.7 million of revenue versus $10.1 million for the first quarter of 2023. Offsetting the increase in oil sales volumes was lower NGLs and natural gas sales volumes and a slight decrease in overall realized pricing.

 

 

 

2 

 

 

Lease operating expenses were $7.1 million ($36.54 per Boe) compared to $6.5 million ($32.84 per Boe) for the first quarter of 2023. The second quarter included $0.6 million of plug and abandonment expense.

Production and ad valorem taxes were $0.7 million, which was a slight decrease from $0.8 million for the first quarter of 2023, and were 7.4% and 7.5% of total product revenue, respectively, for the second and first quarters of 2023.

General and administrative (“G&A”) expense, excluding non-cash share-based compensation expense, was $1.9 million ($9.75 per Boe) versus $3.0 million ($15.23 per Boe) for the first quarter of 2023. The first quarter included $0.4 million, or $1.89 per Boe, of cash severance costs associated with departure of the Company’s previous Chief Executive Officer.

Empire recorded a net loss of $2.5 million, or $0.11 per diluted share, which was flat with the first quarter of 2023. The Company posted an Adjusted Net Loss for the second quarter of 2023 of $2.4 million, or $0.11 per diluted share, versus an Adjusted Net Loss of $1.9 million, or $0.08 per diluted share, in the first quarter of 2023.

Adjusted EBITDA was $0.2 million, which was flat with the first quarter of 2023.

CAPITAL SPENDING, BALANCE SHEET & LIQUIDITY

For the three months and six months ended June 30, 2023, the Company invested approximately $0.9 million and $3.1 million, respectively, in capital expenditures primarily related to recompletion and other activities in multiple states as Empire seeks to bring production online from existing wells and new production online from sidetrack drilling in North Dakota.

Total liquidity at the end of the second quarter of 2023 was $1.6 million, including $1.3 million of cash and $0.3 million of availability on the Company’s credit facility. Empire remains squarely focused on continuing to execute on its strategy to remain financially conservative and target opportunities that provide long-term value for the Company’s shareholders.

ABOUT EMPIRE PETROLEUM

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

 

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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, 2022, 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, 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.

 

CONTACT INFORMATION

Empire Petroleum Corporation:

Mike Morrisett, President & CEO

539-444-8002

info@empirepetrocorp.com

 

 

Investor Relations:

Al Petrie Advisors

Wes Harris, Partner

281-740-1334

wes@alpetrie.com

 

 

 

 

 

 

 

 



4 

 

EMPIRE PETROLEUM CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)

 

   Three Months Ended   Six Months Ended 
   June 30,   March 31,   June 30,   June 30, 
   2023   2023   2022   2023   2022 
Revenue:                    
Oil Sales  $9,147,611   $8,938,715   $13,329,366   $18,086,326   $23,745,788 
Gas Sales (1)   248,686    656,035    1,321,896    904,721    2,205,798 
Natural Gas Liquids ("NGLs") Sales (1)   362,181    504,954    1,041,136    867,135    2,256,630 
Total Product Revenues   9,758,478    10,099,704    15,692,398    19,858,182    28,208,216 
Other   18,361    19,364    24,913    37,725    48,956 
Gain (Loss) on Derivatives   (66,657)   (66,823)   (23,893)   (133,480)   (136,214)
Total Revenue   9,710,182    10,052,245    15,693,418    19,762,427    28,120,958 
                          
Costs and Expenses:                         
Lease Operating Expense   7,099,000    6,520,163    4,656,901    13,619,163    9,229,302 
Production and Ad Valorem Taxes   721,275    758,114    1,137,841    1,479,389    2,039,079 
Depletion, Depreciation & Amortization   711,042    622,489    455,799    1,333,531    890,245 
Accretion of Asset Retirement Obligation   405,361    401,275    336,488    806,636    666,488 
General and Administrative Expense:                         
General and Administrative   1,894,204    3,023,279    2,795,548    4,917,483    4,874,650 
Stock-Based Compensation   1,180,806    949,639    486,904    2,130,445    863,182 
Total General and Administrative Expense   3,075,010    3,972,918    3,282,452    7,047,928    5,737,832 
                          
Total Cost and Expenses   12,011,688    12,274,959    9,869,481    24,286,647    18,562,946 
                          
Operating Income (Loss)   (2,301,506)   (2,222,714)   5,823,937    (4,524,220)   9,558,012 
                          
Other Income and (Expense):                         
Interest Expense   (184,887)   (237,299)   (111,785)   (422,186)   (222,433)
Other Income (Expense)   21,484    422    (177,872)   21,906    (177,872)
                          
Income (Loss) before Taxes   (2,464,909)   (2,459,591)   5,534,280    (4,924,500)   9,157,707 
                          
Income Tax (Provision) Benefit   —    —    —    —    — 
                          
Net Income (Loss)  $(2,464,909)  $(2,459,591)  $5,534,280   $(4,924,500)  $9,157,707 
                          
Net Income  (Loss) per Common Share:                         
Basic  $(0.11)  $(0.11)  $0.27   $(0.22)  $0.45 
Diluted  $(0.11)  $(0.11)  $0.24   $(0.22)  $0.41 
Weighted Average Number of Common Shares Outstanding:                         
Basic   22,105,704    22,096,796    20,424,970    22,101,264    20,145,955 
Diluted   22,105,704    22,096,796    23,294,723    22,101,264    22,233,826 

 

(1) Presentation for the three and six months ended June 30, 2022 reflects reclassification of gathering and processing costs from lease operating expense, which is consistent with the presentation of results for the three and six months ended June 30, 2023 and three months ended March 31, 2023.

 

 


5 

 

EMPIRE PETROLEUM CORPORATION

Condensed Operating Data

(Unaudited)

 

 

   Three Months Ended   Six Months Ended 
   June 30,   March 31,   June 30,   June 30, 
   2023   2023   2022   2023   2022 
                     
Net Production Volumes:                         
Oil (Bbl)   128,413    120,257    123,167    248,670    237,422 
Natural gas (Mcf)   211,293    231,218    208,363    442,511    422,308 
Natural gas liquids (Bbl)   30,678    39,756    38,518    70,434    78,670 
Total (Boe)   194,306    198,549    196,412    392,856    386,477 
                          
Average daily equivalent sales (Boe/d)   2,135    2,206    2,158    2,170    2,135 
                          
Average Price per Unit:                         
Oil ($/Bbl)  $71.24   $74.33   $108.22   $72.73   $100.02 
Natural gas ($/Mcf)  $1.18   $2.84   $6.34   $2.04   $5.22 
Natural gas liquids ($/Bbl)  $11.81   $12.70   $27.03   $12.31   $28.68 
Total ($/Boe)  $50.22   $50.87   $79.90   $50.55   $72.99 
                          
Operating Costs and Expenses per Boe:                         
Lease operating expense  $36.54   $32.84   $23.71   $34.67   $23.88 
Production and ad valorem taxes  $3.71   $3.82   $5.79   $3.77   $5.28 
Depreciation, depletion, amortization and accretion  $5.75   $5.16   $4.03   $5.45   $4.03 
General & administrative expense:                         
General & administrative expense  $9.75   $15.23   $14.23   $12.52   $12.61 
Stock-based compensation  $6.08   $4.78   $2.48   $5.42   $2.23 
Total general & administrative expense  $15.83   $20.01   $16.71   $17.94   $14.85 

 

 

 

 

 

 


6 

 

EMPIRE PETROLEUM CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

 

   June 30,   December 31, 
   2023   2022 
         
ASSETS          
Current Assets:          
Cash  $1,294,850   $11,944,442 
Accounts Receivable   7,693,297    7,780,239 
Derivative Instruments   26,511    121,584 
Inventory - Oil in Tanks   1,538,429    1,840,274 
Prepaids   1,464,599    1,048,434 
Total Current Assets   12,017,686    22,734,973 
           
Property and Equipment:          
Oil and Natural Gas Properties, Successful Efforts   69,985,772    63,986,339 
Less: Accumulated Depreciation, Depletion and Impairment   (21,336,969)   (20,116,696)
  Total Oil and Gas Properties, Net   48,648,803    43,869,643 
Other Property and Equipment, Net   1,526,558    1,441,529 
Total Property and Equipment, Net   50,175,361    45,311,172 
           
Sinking Fund   —    2,779,000 
Utility and Other Deposits   746,886    719,930 
           
TOTAL ASSETS  $62,939,933   $71,545,075 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current Liabilities:          
Accounts Payable  $4,158,650   $5,843,366 
Accrued Expenses   5,815,927    9,461,010 
Current Portion of Lease Liability   310,422    256,975 
Current Portion of Long-Term Debt   2,315,816    2,059,309 
Total Current Liabilities   12,600,815    17,620,660 
           
Long-Term Debt   2,994,500    4,063,115 
Long-Term Note Payable - PIE   1,060,004    1,076,987 
Long Term Lease Liability   513,853    547,692 
Asset Retirement Obligations   27,455,066    25,000,740 
Total Liabilities   44,624,238    48,309,194 
          
Stockholders' Equity:          
Series A Preferred Stock - $.001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively   —    — 
Common Stock - $.001 Par Value, 190,000,000 Shares Authorized, 22,124,592 and 22,093,503 Shares Issued and Outstanding, Respectively   81,646    81,615 
Additional Paid-in Capital   75,307,762    75,303,479 
Accumulated Deficit   (57,073,713)   (52,149,213)
Total Stockholders' Equity   18,315,695    23,235,881 
           
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $62,939,933   $71,545,075 

 

 

7 

 

EMPIRE PETROLEUM CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

   Three Months Ended   Six Months Ended 
   June 30,   March 31,   June 30,   June 30,   June 30, 
   2023   2023   2022   2023   2022 
                     
Cash Flows From Operating Activities:                         
Net Income (Loss)  $(2,464,909)  $(2,459,591)  $5,534,280   $(4,924,500)  $9,157,707 
                          
Adjustments to Reconcile Net Income (Loss) to Net Cash                         
Provided By Operating Activities:                         
Stock Compensation   1,180,806    949,639    486,903    2,130,445    863,187 
Amortization of Right of Use Assets   87,560    76,225    50,901    163,785    90,607 
Depreciation, Depletion and Amortization   711,042    622,489    455,799    1,333,531    890,245 
Accretion of Asset Retirement Obligation   405,361    401,275    336,488    806,636    666,488 
(Gain) Loss on Derivatives   66,657    66,823    23,893    133,480    136,214 
Settlement on or Purchases of Derivative Instruments   —    (41,187)   (77,631)   (41,187)   (160,891)
Change in Operating Assets and Liabilities:                         
Accounts Receivable   (1,189,280)   (849,909)   (355,618)   (2,039,189)   (1,113,084)
Inventory, Oil in Tanks   155,057    (420,859)   (216,911)   (265,802)   (154,709)
Prepaids, Current   618,737    89,812    2,586    708,549    139,596 
Other Long Term Assets and Liabilities   (436,523)   (213,611)   (156,211)   (650,134)   (156,211)
Accounts Payable   (1,587,886)   (110,053)   649,861    (1,697,939)   (1,004,576)
Accrued Expenses   (464,538)   (3,177,767)   1,249,044    (3,642,305)   1,689,515 
Net Cash Provided By Operating Activities   (2,917,916)   (5,066,714)   7,983,384    (7,984,630)   11,044,088 
                          
Cash Flows from Investing Activities:                         
Acquisition of Oil and Natural Gas Properties   —    —    (2,205,000)   —    (2,205,000)
Deposit for Acquisition of Oil ad Natural Gas Properties   (670,000)   —    —    (670,000)   — 
Additions to Oil and Natural Gas Properties   (917,843)   (2,210,004)   (802,225)   (3,127,847)   (1,226,876)
Purchase of Other Fixed Assets   (125,866)   (27,170)   (109,578)   (153,036)   (118,608)
Cash Paid for Right of Use Assets   (117,560)   (86,545)   (48,402)   (204,105)   (91,235)
Sinking Fund Deposit   —    2,779,000    (160,000)   2,779,000    (640,000)
Net Cash Used In Investing Activities   (1,831,269)   455,281    (3,325,205)   (1,375,988)   (4,281,719)
                          
Cash Flows from Financing Activities:                         
Principal Payments of Debt   (719,838)   (569,136)   (462,436)   (1,288,974)   (922,388)
Proceeds from Option and Warrant Exercise   —    —    2,887,183    —    2,984,683 
Net Cash Provided By (Used In) Financing Activities   (719,838)   (569,136)   2,424,747    (1,288,974)   2,062,295 
                          
Net Change in Cash   (5,469,023)   (5,180,569)   7,082,926    (10,649,592)   8,824,664 
                          
Cash - Beginning of Period   6,763,873    11,944,442    5,353,609    11,944,442    3,611,871 
                          
Cash - End of Period  $1,294,850   $6,763,873   $12,436,535   $1,294,850   $12,436,535 

 

 


8 

 

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 Income (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 Income (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.

 

   Three Months Ended   Six Months Ended 
   June 30,   March 31,   June 30,   June 30, 
   2023   2023   2022   2023   2022 
                     
Net Income (Loss)  $(2,464,909)  $(2,459,591)  $5,534,280   $(4,924,500)  $9,157,707 
                          
Adjusted for:                         
(Gain) loss on derivatives   66,657    66,823    23,893    133,480    136,214 
Settlement on or purchases of derivative instruments   —    (41,187)   (77,631)   (41,187)   (160,891)
Stock-based compensation expense related to CEO separation   —    201,453    —    201,453    — 
CEO severance (including employer taxes)   —    374,820    —    374,820    — 
Settlement and fees related to Texas sales tax audit   —    —    439,318    —    1,089,318 
                          
Adjusted Net Income (Loss)  $(2,398,252)  $(1,857,682)  $5,919,860   $(4,255,934)  $10,222,348 
                          
Diluted Weighted Average Shares Outstanding   22,105,704    22,096,796    23,294,723    22,101,264    22,233,826 
                          
Adjusted Net Income (Loss) Per Share  $(0.11)  $(0.08)  $0.25   $(0.19)  $0.46 

 

 

The Company defines Adjusted EBITDA as net income (loss) plus net interest expense, depreciation, depletion and amortization (“DD&A”), accretion, amortization of right of use assets and other non-cash items. 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, 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   Six Months Ended 
   June 30,   March 31,   June 30,   June 30, 
   2023   2023   2022   2023   2022 
                     
Net Income (Loss)  $(2,464,909)  $(2,459,591)  $5,534,280   $(4,924,500)  $9,157,707 
                          
Add Back:                         
Interest expense   184,887    237,299    111,785    422,186    222,433 
DD&A   711,042    622,489    455,799    1,333,531    890,245 
Accretion   405,361    401,275    336,488    806,636    666,488 
Amortization of right of use assets   87,560    76,225    50,901    163,785    90,607 
EBITDA  $(1,076,059)  $(1,122,303)  $6,489,253   $(2,198,362)  $11,027,480 
                          
Consideration of noncash items:                         
Stock compensation and issuances   1,180,806    949,639    486,903    2,130,445    863,182 
(Gain) loss on derivatives   66,657    66,823    23,893    133,480    136,214 
Settlement on or purchases of derivative instruments   —    (41,187)   (77,631)   (41,187)   (160,891)
CEO severance (including employer taxes)   —    374,820    —    374,820    — 
Settlement and fees related to Texas sales tax audit   —    —    439,318    —    1,089,318 
                          
Adjusted EBITDA  $171,404   $227,792   $7,361,736   $399,196   $12,955,303 

 

 

9

 

v3.23.2
Cover
Aug. 15, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 15, 2023
Entity File Number 001-16653
Entity Registrant Name EMPIRE PETROLEUM CORPORATION
Entity Central Index Key 0000887396
Entity Tax Identification Number 73-1238709
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 2200 S. Utica Place
Entity Address, Address Line Two Suite 150
Entity Address, City or Town Tulsa
Entity Address, State or Province OK
Entity Address, Postal Zip Code   74114
City Area Code 539
Local Phone Number 444-8002
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
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