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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_________________
FORM
10-Q
_________________
|
(Mark One) |
|
|
|
|
|
☑ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024 |
or
|
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from: ____________to ____________ |
_____________________
EMPIRE
PETROLEUM CORPORATION
(Exact name of registrant
as specified in its charter)
_____________________
delaware |
001-16653 |
73-1238709 |
(State
or Other Jurisdiction of
Incorporation
or Organization) |
(Commission
File
Number) |
(I.R.S.
Employer
Identification
No.)
|
2200
S. Utica Place, Suite 150, Tulsa, OK 74114
|
(Address
of principal executive offices)(Zip Code) |
|
(539)
444-8002
(Registrant’s
telephone number, including area code)
(Former
name, former address and former fiscal year, if changed since last report)
_________________
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No
☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and "emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
|
Accelerated filer ☐ |
Non-accelerated filer ☒ |
Smaller reporting company ☒ |
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. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of the registrant's common stock,
$0.001 par value, outstanding as of the latest practicable date of August 9, 2024 was 31,381,647.
EMPIRE PETROLEUM CORPORATION
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)
EMPIRE PETROLEUM CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | 9,257,773 | | |
$ | 7,792,508 | |
Accounts Receivable | |
| 8,783,051 | | |
| 8,354,636 | |
Derivative Instruments | |
| — | | |
| 406,806 | |
Inventory | |
| 1,451,195 | | |
| 1,433,454 | |
Prepaids | |
| 788,073 | | |
| 757,500 | |
Total Current Assets | |
| 20,280,092 | | |
| 18,744,904 | |
| |
| | | |
| | |
Property and Equipment: | |
| | | |
| | |
Oil and Natural Gas Properties, Successful Efforts | |
| 123,509,574 | | |
| 93,509,803 | |
Less: Accumulated Depreciation, Depletion and Impairment | |
| (27,040,862 | ) | |
| (22,996,805 | ) |
Total Oil and Gas Properties, Net | |
| 96,468,712 | | |
| 70,512,998 | |
Other Property and Equipment, Net | |
| 1,625,870 | | |
| 1,883,211 | |
Total Property and Equipment, Net | |
| 98,094,582 | | |
| 72,396,209 | |
| |
| | | |
| | |
Other Noncurrent Assets | |
| 1,570,531 | | |
| 1,474,503 | |
| |
| | | |
| | |
Total Assets | |
$ | 119,945,205 | | |
$ | 92,615,616 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts Payable | |
$ | 13,641,835 | | |
$ | 16,437,219 | |
Accrued Expenses | |
| 8,105,002 | | |
| 7,075,302 | |
Derivative Instruments | |
| 189,468 | | |
| — | |
Current Portion of Lease Liability | |
| 425,528 | | |
| 432,822 | |
Current Portion of Note Payable - Related Party (Note 8) | |
| 1,060,004 | | |
| 1,060,004 | |
Current Portion of Long-Term Debt | |
| 339,825 | | |
| 44,225 | |
Total Current Liabilities | |
| 23,761,662 | | |
| 25,049,572 | |
| |
| | | |
| | |
Long-Term Debt | |
| 8,523,756 | | |
| 4,596,775 | |
Long Term Lease Liability | |
| 338,953 | | |
| 544,382 | |
Asset Retirement Obligations | |
| 28,649,500 | | |
| 27,468,427 | |
Total Liabilities | |
| 61,273,871 | | |
| 57,659,156 | |
| |
| | | |
| | |
Commitments and Contingencies (Note 15) | |
| | | |
| | |
| |
| | | |
| | |
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, 31,375,375 and 25,503,530
Shares Issued and Outstanding, Respectively | |
| 90,897 | | |
| 85,025 | |
Additional Paid-in Capital | |
| 131,564,222 | | |
| 99,490,253 | |
Accumulated Deficit | |
| (72,983,785 | ) | |
| (64,618,818 | ) |
Total Stockholders' Equity | |
| 58,671,334 | | |
| 34,956,460 | |
| |
| | | |
| | |
Total Liabilities and Stockholders' Equity | |
$ | 119,945,205 | | |
$ | 92,615,616 | |
See accompanying notes to condensed consolidated
financial statements.
EMPIRE PETROLEUM CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
|
|
|
|
|
| | |
|
|
|
|
|
| |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenue: | |
| | |
| | |
| | |
| |
Oil Sales | |
$ | 12,287,272 | | |
$ | 9,147,611 | | |
$ | 21,729,236 | | |
$ | 18,086,326 | |
Gas Sales | |
| (115,833 | ) | |
| 248,686 | | |
| 261,297 | | |
| 904,721 | |
NGL Sales | |
| 617,029 | | |
| 362,181 | | |
| 1,033,240 | | |
| 867,135 | |
Total Product Revenues | |
| 12,788,468 | | |
| 9,758,478 | | |
| 23,023,773 | | |
| 19,858,182 | |
Other | |
| 11,227 | | |
| 18,361 | | |
| 21,313 | | |
| 37,725 | |
Loss on Commodity Derivatives | |
| (1,453 | ) | |
| (66,657 | ) | |
| (859,603 | ) | |
| (133,480 | ) |
Total Revenue | |
| 12,798,242 | | |
| 9,710,182 | | |
| 22,185,483 | | |
| 19,762,427 | |
| |
| | | |
| | | |
| | | |
| | |
Costs and Expenses: | |
| | | |
| | | |
| | | |
| | |
Lease Operating Expense | |
| 7,542,685 | | |
| 7,099,000 | | |
| 14,930,108 | | |
| 13,619,163 | |
Production and Ad Valorem Taxes | |
| 1,065,718 | | |
| 721,275 | | |
| 1,899,165 | | |
| 1,479,389 | |
Depletion, Depreciation & Amortization | |
| 2,676,981 | | |
| 711,042 | | |
| 4,167,111 | | |
| 1,333,531 | |
Accretion of Asset Retirement Obligation | |
| 492,449 | | |
| 405,361 | | |
| 977,798 | | |
| 806,636 | |
General and Administrative Expense: | |
| | | |
| | | |
| | | |
| | |
General and Administrative Expense | |
| 2,354,080 | | |
| 1,894,204 | | |
| 5,233,117 | | |
| 4,917,483 | |
Stock-Based Compensation | |
| 591,635 | | |
| 1,180,806 | | |
| 1,301,637 | | |
| 2,130,445 | |
Total General and Administrative Expense | |
| 2,945,715 | | |
| 3,075,010 | | |
| 6,534,754 | | |
| 7,047,928 | |
| |
| | | |
| | | |
| | | |
| | |
Total Costs and Expenses | |
| 14,723,548 | | |
| 12,011,688 | | |
| 28,508,936 | | |
| 24,286,647 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Income (Loss) | |
| (1,925,306 | ) | |
| (2,301,506 | ) | |
| (6,323,453 | ) | |
| (4,524,220 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other Income and (Expense): | |
| | | |
| | | |
| | | |
| | |
Interest Expense | |
| (735,220 | ) | |
| (184,887 | ) | |
| (1,050,269 | ) | |
| (422,186 | ) |
Other Income (Expense) (Note 8) | |
| (1,729,245 | ) | |
| 21,484 | | |
| (991,245 | ) | |
| 21,906 | |
| |
| | | |
| | | |
| | | |
| | |
Income Tax (Provision) Benefit | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Net Income (Loss) | |
$ | (4,389,771 | ) | |
$ | (2,464,909 | ) | |
$ | (8,364,967 | ) | |
$ | (4,924,500 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Income (Loss) per Common Share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.15 | ) | |
$ | (0.11 | ) | |
$ | (0.30 | ) | |
$ | (0.22 | ) |
Diluted | |
$ | (0.15 | ) | |
$ | (0.11 | ) | |
$ | (0.30 | ) | |
$ | (0.22 | ) |
Weighted Average Number of Common Shares Outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 29,839,853 | | |
| 22,105,704 | | |
| 27,752,816 | | |
| 22,101,264 | |
Diluted | |
| 29,839,853 | | |
| 22,105,704 | | |
| 27,752,816 | | |
| 22,101,264 | |
See accompanying notes to condensed consolidated
financial statements.
EMPIRE PETROLEUM CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS' EQUITY
For the Three and Six Months Ended June 30, 2024
and 2023
(Unaudited)
| |
| | |
| | |
| | |
| | |
Additional | | |
| | |
| |
| |
Common Stock | | |
Preferred Stock | | |
Paid-In | | |
Accumulated | | |
| |
| |
Shares | | |
Par Value | | |
Shares | | |
Par Value | | |
Capital | | |
Deficit | | |
Total | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, December 31, 2023 | |
| 25,503,530 | | |
$ | 85,025 | | |
| 6 | | |
$ | — | | |
$ | 99,490,253 | | |
$ | (64,618,818 | ) | |
$ | 34,956,460 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (3,975,196 | ) | |
| (3,975,196 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-Based Compensation | |
| 120,144 | | |
| 120 | | |
| — | | |
| — | | |
| 709,882 | | |
| — | | |
| 710,002 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, March 31, 2024 | |
| 25,623,674 | | |
$ | 85,145 | | |
| 6 | | |
$ | — | | |
$ | 100,200,135 | | |
$ | (68,594,014 | ) | |
$ | 31,691,266 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (4,389,771 | ) | |
| (4,389,771 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Rights Offering (Note 10) | |
| 4,132,232 | | |
| 4,132 | | |
| — | | |
| — | | |
| 20,507,397 | | |
| — | | |
| 20,511,529 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of Related-Party Note (Note 8) | |
| 800,000 | | |
| 800 | | |
| — | | |
| — | | |
| 6,160,102 | | |
| — | | |
| 6,160,902 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Partial Conversion of Option to Purchase (Note 3) | |
| 600,000 | | |
| 600 | | |
| — | | |
| — | | |
| 3,155,400 | | |
| — | | |
| 3,156,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants Exercised (Note 10) | |
| 128,800 | | |
| 129 | | |
| — | | |
| — | | |
| 949,642 | | |
| — | | |
| 949,771 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-Based Compensation | |
| 90,669 | | |
| 91 | | |
| — | | |
| — | | |
| 591,546 | | |
| — | | |
| 591,637 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, June 30, 2024 | |
| 31,375,375 | | |
| 90,897 | | |
| 6 | | |
| — | | |
$ | 131,564,222 | | |
| (72,983,785 | ) | |
| 58,671,334 | |
| |
| | |
| | |
| | |
| | |
Additional | | |
| | |
| |
| |
Common Stock | | |
Preferred Stock | | |
Paid-In | | |
Accumulated | | |
| |
| |
Shares | | |
Par Value | | |
Shares | | |
Par Value | | |
Capital | | |
Deficit | | |
Total | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, December 31, 2022 | |
| 22,093,503 | | |
$ | 81,615 | | |
| 6 | | |
$ | — | | |
$ | 75,303,479 | | |
$ | (52,149,213 | ) | |
$ | 23,235,881 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,459,591 | ) | |
| (2,459,591 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Impact of Former CEO settlement | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,126,131 | ) | |
| — | | |
| (2,126,131 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-Based Compensation | |
| 11,089 | | |
| 11 | | |
| — | | |
| — | | |
| 949,628 | | |
| — | | |
| 949,639 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, March 31, 2023 | |
| 22,104,592 | | |
$ | 81,626 | | |
| 6 | | |
$ | — | | |
$ | 74,126,976 | | |
$ | (54,608,804 | ) | |
$ | 19,599,798 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,464,909 | ) | |
| (2,464,909 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-Based Compensation | |
| 20,000 | | |
| 20 | | |
| — | | |
| — | | |
| 1,180,786 | | |
| — | | |
| 1,180,806 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, June 30, 2023 | |
| 22,124,592 | | |
| 81,646 | | |
| 6 | | |
| — | | |
| 75,307,762 | | |
| (57,073,713 | ) | |
| 18,315,695 | |
See accompanying notes to condensed consolidated
financial statements.
EMPIRE PETROLEUM CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
|
|
|
|
|
| |
| |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Cash Flows From Operating Activities: | |
| | | |
| | |
Net Income (Loss) | |
$ | (8,364,967 | ) | |
$ | (4,924,500 | ) |
| |
| | | |
| | |
Adjustments to Reconcile Net Income (Loss) to Net Cash | |
| | | |
| | |
Provided By Operating Activities: | |
| | | |
| | |
Stock-Based Compensation | |
| 1,301,637 | | |
| 2,130,445 | |
Amortization of Right of Use Assets | |
| 271,467 | | |
| 163,785 | |
Depreciation, Depletion and Amortization | |
| 4,167,111 | | |
| 1,333,531 | |
Accretion of Asset Retirement Obligation | |
| 977,798 | | |
| 806,636 | |
Loss on Commodity Derivatives | |
| 859,603 | | |
| 133,480 | |
Settlement on or Purchases of Commodity Derivative Instruments | |
| (263,330 | ) | |
| (41,187 | ) |
Loss on Financial Derivatives (Note 8) | |
| 998,000 | | |
| — | |
Amortization of Debt Discount on Convertible Notes | |
| 500,382 | | |
| — | |
Gain on extinguishment of debt | |
| (16,611 | ) | |
| — | |
Change in Operating Assets and Liabilities: | |
| | | |
| | |
Accounts Receivable | |
| (630,061 | ) | |
| (2,039,189 | ) |
Inventory, Oil in Tanks | |
| (17,741 | ) | |
| (265,802 | ) |
Prepaids, Current | |
| 460,201 | | |
| 708,549 | |
Accounts Payable | |
| 1,854,786 | | |
| (1,697,939 | ) |
Accrued Expenses | |
| 1,029,700 | | |
| (3,642,305 | ) |
Other Long-Term Assets and Liabilities | |
| (1,021,396 | ) | |
| (650,134 | ) |
Net Cash Provided By (Used In) Operating Activities | |
| 2,106,579 | | |
| (7,984,630 | ) |
| |
| | | |
| | |
Cash Flows From Investing Activities: | |
| | | |
| | |
Deposit for Acquistion of Oil and Natural Gas Properties | |
| — | | |
| (670,000 | ) |
Additions to Oil and Natural Gas Properties (a) | |
| (30,143,188 | ) | |
| (3,127,847 | ) |
Purchase of Other Fixed Assets | |
| (119,891 | ) | |
| (153,036 | ) |
Cash Paid for Right of Use Assets | |
| (250,475 | ) | |
| (204,105 | ) |
Sinking Fund Deposit | |
| — | | |
| 2,779,000 | |
Net Cash Provided By (Used In) Investing Activities | |
| (30,513,554 | ) | |
| (1,375,988 | ) |
| |
| | | |
| | |
Cash Flows From Financing Activities: | |
| | | |
| | |
Borrowings on Credit Facility | |
| 3,950,000 | | |
| — | |
Proceeds from Promissory Note - Related Party (Note 8) | |
| 5,000,000 | | |
| — | |
Proceeds from Rights Offering (Net of Transaction Costs) (Note 10) | |
| 20,511,529 | | |
| — | |
Principal Payments of Debt | |
| (218,192 | ) | |
| (1,288,974 | ) |
Net Proceeds from Warrant Exercise (Note 10) | |
| 628,903 | | |
| — | |
Net Cash Provided By (Used In) Financing Activities | |
| 29,872,240 | | |
| (1,288,974 | ) |
| |
| | | |
| | |
Net Change in Cash | |
| 1,465,265 | | |
| (10,649,592 | ) |
| |
| | | |
| | |
Cash - Beginning of Period | |
| 7,792,508 | | |
| 11,944,442 | |
| |
| | | |
| | |
Cash - End of Period | |
$ | 9,257,773 | | |
$ | 1,294,850 | |
| |
| | | |
| | |
Supplemental Cash Flow Information: | |
| | | |
| | |
Cash Paid for Interest | |
$ | 436,616 | | |
$ | 272,471 | |
________
| (a) | Incurred capital expenditures were $25,493,019 and $3,696,486 for the respective periods. The differences
between incurred and cash capital expenditures is primarily due to changes in related accounts payable. |
See accompanying notes to condensed consolidated financial
statements.
EMPIRE PETROLEUM CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
Note 1 - Organization and Basis of Presentation
Empire Petroleum Corporation (the “Company”,
collectively with its subsidiaries) is an independent energy company operator engaged in optimizing developed production by employing
field management methods to maximize reserve recovery while minimizing costs. Empire operates the following wholly-owned subsidiaries
in its areas of operations:
|
● |
Empire New Mexico, LLC (“Empire New Mexico”) |
|
o |
Empire New Mexico LLC d/b/a Green Tree New Mexico |
|
o |
Empire EMSU LLC |
|
o |
Empire EMSU-B LLC |
|
o |
Empire AGU LLC |
|
o |
Empire NM Assets LLC |
|
● |
Empire Rockies Region |
|
o |
Empire North Dakota LLC (“Empire North Dakota”) |
|
o |
Empire North Dakota Acquisition LLC (“Empire NDA”) |
|
● |
Empire Texas (“Empire Texas”), consisting of the following entities: |
|
o |
Empire Texas LLC |
|
o |
Empire Texas Operating LLC |
|
o |
Empire Texas GP LLC |
|
o |
Pardus Oil & Gas Operating, LP (owned 1% by Empire Texas GP LLC and 99% by Empire Texas LLC) |
|
● |
Empire Louisiana LLC (“Empire Louisiana”) |
|
|
|
|
|
Empire was incorporated in the State of Delaware in
1985. The consolidated financial statements of Empire Petroleum Corporation and subsidiaries include the accounts of the Company and its
wholly-owned subsidiaries.
The accompanying unaudited condensed consolidated
financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”)
for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes
required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation
of the Company's financial position, the results of operations, and the cash flows for the interim period are included. All adjustments
are of a normal, recurring nature. Certain amounts in prior periods have been reclassified to conform to current presentation. Operating
results for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
The information contained in this Form 10-Q should
be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2023 which are contained
in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2024.
Liquidity and Going Concern
The Company determined that it was not in
compliance with the current ratio covenant contained in its revolving line of credit agreement as of June 30, 2024 (see Note 8).
Upon discovering this issue, the Company notified the lender to request a waiver. The noncompliance is due to a higher level of
payables related to the capital spending program in North Dakota. On August 12, 2024, the Company obtained a compliance waiver from
the lender for June 30, 2024. The Company will require funds to be in compliance with debt covenants and satisfy the payables
discussed above which are greater than estimated cash flows from operations over the next 12
months.
The Company has initiated a plan to raise
additional funds for the payables discussed above as well as the additional capital spending in 2024 in an anticipated form of
either a subscription rights equity offering, related party warrants, or a related party note payable that may or may not have
conversion rights into shares of common stock of the Company. These fundraising forms are supported through committed financial
support from Phil Mulacek and Energy Evolution Master Fund, Ltd ("Energy Evolution"), both related parties of the Company (see Note
14) and our largest stockholders collectively holding 51% of the common shares outstanding. Mr. Mulacek and Energy Evolution have
indicated and are willing and able to provide these additional funds, if required, for the Company to continue to meet its
obligations over the next 12 months.
Management has considered these plans, including if they are within the control of the Company, in evaluating ASC 205-40,
Presentation of Financial Statements-Going Concern. Management believes the above actions are sufficient to allow the Company to meet
its obligations as they become due for a period of at least 12 months from the issuance of these financial statements. Management believes
that its plans, and support from the existing related-party stockholders discussed above, is probable and has alleviated the substantial
doubt regarding the Company's ability to continue as a going concern.
Note 2 – Summary of Significant Accounting
Policies
Significant Accounting Policies
During the six months ended June
30, 2024, the Company added one significant accounting policy and estimate relating to convertible debt and derivative liability. Besides
this, there have been no material changes to significant accounting policies and estimates from the information provided in the Form 10-K
for the year ended December 31, 2023.
Convertible Debt and Derivative
Liability
In connection with the
Company’s issuance of a Promissory Note in the first quarter of 2024, the Company bifurcated the embedded conversion option,
and recorded the embedded conversion option as a long-term derivative liability in the Company’s Condensed Consolidated
Balance Sheet in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) 815, Derivatives and Hedging. The convertible debt and the derivative liability associated with the
Promissory Note were presented on the Condensed Consolidated Balance Sheet as the Long-Term Note Payable – Related Party and
long-term Derivative Instruments. The convertible debt was carried at amortized cost. The derivative liability was remeasured at
each reporting period using a binomial lattice model with changes in fair value recorded in the Condensed Consolidated Statements of
Operations in Other Income (Expense). The conversion option related to the Promissory Note was exercised in the second quarter of
2024. See Note 8 for further details.
Fair Value Measurements
FASB ASC Topic 820, Fair Value Measurement
(ASC Topic 820), defines fair value, establishes a consistent framework for measuring fair value and establishes a fair value hierarchy
based on the observability of inputs used to measure fair value.
The three-level fair value hierarchy for disclosure of fair
value measurements defined by ASC Topic 820 is as follows:
Level 1 – Unadjusted,
quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active
market is defined as a market where transactions for the financial instrument occur with sufficient frequency and volume to provide pricing
information on an ongoing basis.
Level 2 – Inputs, other
than quoted prices within Level 1, that are either directly or indirectly observable for the asset or liability through correlation with
market data at the measurement date and for the duration of the instrument’s anticipated life.
Level 3 – Prices
or valuations that require unobservable inputs that are both significant to the fair value measurement and unobservable. Valuation under
Level 3 generally involves a significant degree of judgment from management.
A financial instrument’s level
within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available,
fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs
are not available, valuation models are applied. These valuation techniques involve a degree of management estimation and judgment, the
degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity. The Company
reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no
longer justifies classification in the original level. There were no transfers between fair value hierarchy levels for the period ended
June 30, 2024.
Financial instruments and other
– The fair values determined for accounts receivable, accrued expenses and other current liabilities were equivalent to the
carrying value due to their short-term nature.
Derivatives – Derivative
financial instruments are carried at fair value and measured on a recurring basis. The Company’s commodity price hedges are valued
based on discounted future cash flow models that are primarily based on published forward commodity price curves; thus, these inputs are
designated as Level 2 within the valuation hierarchy.
The fair values of derivative instruments
in asset positions include measures of counterparty nonperformance risk, and the fair values of derivative instruments in liability positions
include measures of the Company’s nonperformance risk. These measurements were not material to the Condensed Consolidated Financial
Statements.
Assets and Liabilities Measured
at Fair Value on a Recurring Basis - The Company uses a binomial lattice valuation model to value Level 3 derivative liabilities at
inception and on subsequent valuation dates. This model incorporates transaction details such as the Company’s stock price, contractual
terms of the Promissory Note, and unobservable inputs classified as Level 3 including risk-free rate and expected volatility. As of the
conversion option exercise date of May 24, 2024, these unobservable inputs were 5.0% and 46.9%, respectively.
Fair Value on a Nonrecurring
Basis
The Company applies the provisions of
fair value measurement on a non-recurring basis to its non-financial assets and liabilities, including oil and gas properties and asset
retirement obligations. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value
adjustments if events or changes in certain circumstances indicate that adjustments may be necessary. No triggering events that require
assessment of such items were observed during the six months ended June 30, 2024.
Related Party Transactions
Transactions between related parties
are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC
850, Related Party Disclosures requires that transactions with related parties that would have influence in decision
making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions
typically occur within the context of the following relationships: affiliates of the entity; entities for which investments in their
equity securities is typically accounted for under the equity method by the investing entity; trusts for the benefit of employees;
principal owners of the entity and members of their immediate families; management of the entity and members of their immediate
families; and other parties that can significantly influence the management or operating policies of the transacting parties and can
significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing
its own separate interests.
Concentrations of Credit Risk
The Company’s
accounts receivable are primarily receivables from oil and natural gas purchasers and joint interest owners. The purchasers of the Company’s
oil and natural gas production consist primarily of independent marketers, major oil and natural gas companies and gas pipeline companies.
Historically, the Company has not experienced any significant losses from uncollectible accounts from its oil and natural gas purchasers.
The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full
payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their
share of those costs. Joint operating agreements govern the operations of an oil or natural gas well and, in most instances, provide for
offsetting of amounts payable or receivable between the Company and its joint interest owners. The Company’s joint interest partners
consist primarily of independent oil and natural gas producers. If the oil and natural gas exploration and production industry in general
was adversely affected, the ability of the Company’s joint interest partners to reimburse the Company could be adversely affected.
Recently Adopted Accounting Standards
The FASB periodically issues new accounting standards
in a continuing effort to improve standards of financial accounting and reporting. The Company has reviewed the recently issued pronouncements
and concluded that the following new accounting standards are applicable:
In August 2020, the FASB issued ASU 2020-06, Debt—Debt
with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendments in this ASU affect entities
that issue convertible instruments and/or contracts in an entity’s own equity. The amendments in this ASU primarily affect convertible
instruments issued with beneficial conversion features or cash conversion features because the accounting models for those specific features
are removed. However, all entities that issue convertible instruments are affected by the amendments to the disclosure requirements of
this ASU. For contracts in an entity’s own equity, the contracts primarily affected are freestanding instruments and embedded features
that are accounted for as derivatives under the current guidance because of failure to meet the settlement conditions of the derivatives
scope exception related to certain requirements of the settlement assessment. Also affected is the assessment of whether an embedded conversion
feature in a convertible instrument qualifies for the derivatives scope exception. Additionally, the amendments in this ASU affect the
diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. The amendments in this
ASU are effective for public business entities, excluding entities eligible to be smaller reporting companies, for fiscal years beginning
after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for
fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Board specified that an entity
should adopt the guidance as of the beginning of its annual fiscal year. The Board decided to allow entities to adopt the guidance through
either a modified retrospective method of transition or a fully retrospective method of transition. The Company has adopted this standard
for the current year and does not expect it to have a material impact on our consolidated financial statements.
Note 3 – Property
The Company follows the successful efforts method
of accounting for its oil and natural gas activities. Under this method, costs to acquire oil and natural gas properties and costs incurred
to drill and equip development and exploratory wells are deferred until exploration and completion results are evaluated. Exploration
drilling costs are expensed if recoverable reserves are not found. Upon sale or retirement of oil and natural gas properties, the costs
and related accumulated depreciation, depletion and amortization are eliminated from the accounts and the resulting gain or loss is recognized.
Costs incurred to maintain wells and related equipment and lease and
well operating costs are charged to expense as incurred.
Depletion is calculated on a units-of-production basis at the field
level based on total proved developed reserves.
Proved oil and natural gas properties are reviewed for impairment
at least annually, or as indicators of impairment arise. There have been no indicators of impairment during the six months ended June
30, 2024.
Aggregate capitalized costs of oil and
natural gas properties are as follows:
| |
June 30, 2024 | | |
December 31, 2023 | |
Proved properties | |
$ | 119,421,112 | | |
$ | 75,346,623 | |
Unproved properties | |
| 3,820,480 | | |
| 3,245,431 | |
Work in process | |
| 267,982 | | |
| 14,917,749 | |
Gross capitalized costs | |
| 123,509,574 | | |
| 93,509,803 | |
| |
| | | |
| | |
Depreciation, depletion, amortization and impairment | |
| (27,040,862 | ) | |
| (22,996,805 | ) |
Total oil and gas properties, net | |
$ | 96,468,712 | | |
$ | 70,512,998 | |
| |
| | | |
| | |
Depletion and amortization expense related to oil and gas properties
for the three months ended June 30, 2024 and 2023 was approximately $2,613,000 and $657,000, respectively. Depletion and amortization
expense related to oil and gas properties for the six months ended June 30, 2024 and 2023 was approximately $4,044,000 and $1,221,000,
respectively.
The Company has completed eight wells in North Dakota related to
our Starbuck Drilling program during the first half of 2024.
On April 9, 2024, the Company partially exercised
a purchase option originally issued on August 9, 2023 (the “Purchase Option”) to acquire additional working interests in certain
of the Company’s New Mexico properties from Energy Evolution, a related party.
The additional assets acquired represent approximately 60% of the total assets collectively acquired by the Company and Energy Evolution
in the third quarter of 2023 (the “Option Assets”). As consideration, upon closing of the partial exercise of the Purchase
Option, the Company issued Energy Evolution 600,000 shares of common stock of the Company based on an agreed upon price of $5.00 per share
for an aggregate agreed upon value of $3,000,000 which was 60% of the purchase price of $5,000,000 under the Purchase Option. Pursuant
to the remaining unexercised portion of the Purchase Option, the Company had the right to extend the initial one-year Purchase Option
period for two successive one-year periods by agreeing to issue additional shares of common stock prior to the end of the one-year period
then in effect. On August 8, 2024, the Company successfully extended the Purchase Option with the issuance of 16,800 shares of common
stock to Energy Evolution, and as such, the Company has the right to acquire the remaining Option Assets for an exercise price of $2,000,000,
subject to certain adjustments and payable in cash, unless the parties agree that some or all may be paid by issuance of common stock
to Energy Evolution. The Purchase Option now expires on August 9, 2026.
Other property and equipment consists of operating lease assets, vehicles,
office furniture, and equipment with lives ranging from three to five years. The capitalized costs of other property and equipment are
as follows:
Schedule of other property plant and equipment
| |
June 30, 2024 | | |
December 31, 2023 | |
Other property and equipment, at cost | |
$ | 3,117,909 | | |
$ | 2,998,018 | |
Less: Accumulated depreciation | |
| (1,492,039 | ) | |
| (1,114,807 | ) |
Other property and equipment, net | |
$ | 1,625,870 | | |
$ | 1,883,211 | |
| |
| | | |
| | |
Depreciation expense related to other property and equipment for the
three months ended June 30, 2024 and 2023 was approximately $64,000 and $54,000, respectively. Depreciation expense related to other property
and equipment for the six months ended June 30, 2024 and 2023 was approximately $123,000 and $113,000, respectively.
Note 4 - Asset Retirement Obligations
The Company’s asset retirement obligations represent the estimated
present value of the estimated cash flows the Company will incur to plug, abandon, and remediate its producing properties at the end of
their productive lives, in accordance with applicable state laws. Market risk premiums associated with asset retirement obligations are
estimated to represent a component of the Company’s credit-adjusted risk-free rate that is utilized in the calculations of asset
retirement obligations.
The Company’s asset retirement obligation activity is as follows:
| |
|
|
|
|
|
| |
| |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Asset retirement obligations, beginning of period | |
$ | 28,168,427 | | |
$ | 25,000,740 | |
Additions | |
| 788,473 | | |
| — | |
Liabilities settled | |
| (585,198 | ) | |
| (656,249 | ) |
Revisions | |
| — | | |
| 2,303,939 | |
Accretion expense | |
| 977,798 | | |
| 806,636 | |
Asset retirement obligation, end of period | |
$ | 29,349,500 | | |
$ | 27,455,066 | |
Less current portion included in Accrued Expenses | |
| 700,000 | | |
| — | |
Asset retirement obligation, long-term | |
$ | 28,649,500 | | |
$ | 27,455,066 | |
| |
| | | |
| | |
The additions in 2024 primarily relate to the completion of new wells
as part of the Company’s North Dakota Starbuck Drilling Program and additional working interest acquired in New Mexico (see Note
3).
Note 5 – Commodity Derivative Financial Instruments
The Company uses derivative financial instruments to manage its exposure
to commodity price fluctuations. Commodity derivative instruments are used to reduce the effect of volatility of price changes on the
oil and natural gas the Company produces and sells. The Company does not enter into derivative financial instruments for speculative or
trading purposes. The Company’s derivative financial instruments consist of swaps and put options.
The Company does not designate its derivative instruments in such
a way that would qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments
in its consolidated statements of operations as they occur. Unrealized gains and losses related to the contracts are recognized and recorded
as changes to the derivative asset or liability on the Company’s consolidated balance sheets.
The following table summarizes the net realized and unrealized losses
reported in earnings related to the commodity derivative instruments for the three and six months ended June 30, 2024 and 2023:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Loss on Derivatives: | |
| | | |
| | | |
| | | |
| | |
Oil derivatives (a) | |
$ | (1,453 | ) | |
$ | (66,657 | ) | |
$ | (859,603 | ) | |
$ | (133,480 | ) |
________
The following represents the Company’s net settlements related
to derivatives for the three and six months ended June 30, 2024 and 2023:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | | |
| | | |
| | | |
| | |
Oil derivatives | |
$ | (252,630 | ) | |
$ | — | | |
$ | (263,330 | ) | |
$ | (41,187 | ) |
The following table sets forth the Company’s outstanding derivative
contracts at June 30, 2024:
| |
3rd Quarter 2024 | | |
4th Quarter 2024 | |
| |
| | |
| |
WTI Fixed-Price Swaps: | |
| | | |
| | |
Quarterly volume (MBbls) | |
| 30.00 | | |
| 30.00 | |
Weighted-average fixed price (Bbl) | |
$ | 77.02 | | |
$ | 75.57 | |
Note 6 – Accounts Receivable
The following table represents the Company’s
accounts receivable as of June 30, 2024 and December 31, 2023:
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Oil, Gas and NGL Receivables | |
$ | 3,572,430 | | |
$ | 2,784,745 | |
Joint Interest Billings | |
| 5,066,830 | | |
| 5,444,331 | |
Other | |
| 143,791 | | |
| 125,560 | |
Total Accounts Receivable | |
$ | 8,783,051 | | |
$ | 8,354,636 | |
Note 7 – Accrued Expenses
The following table represents the Company’s
accrued expenses as of June 30, 2024 and December 31, 2023:
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | | |
| | |
Accrued and suspended third-party revenue | |
$ | 5,340,541 | | |
$ | 4,049,984 | |
Accrued salaries and payroll taxes | |
| 678,678 | | |
| 1,059,295 | |
Accrued production taxes | |
| 1,016,238 | | |
| 829,226 | |
Other | |
| 1,069,545 | | |
| 1,136,797 | |
| |
$ | 8,105,002 | | |
$ | 7,075,302 | |
Note 8 – Debt Including Debt with Related
Parties
The following table represents the Company’s
outstanding debt as of June 30, 2024 and December 31, 2023:
| |
As of
June 30, 2024 | | |
As of
December 31, 2023 | |
| |
| | |
| |
Equity Bank Credit Facility | |
$ | 8,442,484 | | |
$ | 4,492,484 | |
| |
| | | |
| | |
| |
| | | |
| | |
Note Payable – Related Party | |
| 1,060,004 | | |
| 1,060,004 | |
| |
| | | |
| | |
Equipment and vehicle notes, 0.00% to 9.00% interest rates, due in 2025 to 2028 with monthly payments ranging from $900 to $1,400 per month | |
| 126,632 | | |
| 148,516 | |
| |
| | | |
| | |
Note Payable to insurance provider, bears 7.29% interest, matures January 2025, monthly payments of principal and interest of $51,067 | |
| 294,465 | | |
| — | |
| |
| | | |
| | |
Total Debt | |
| 9,923,585 | | |
| 5,701,004 | |
Less: Current Maturities | |
| (339,825 | ) | |
| (44,225 | ) |
Less: Note Payable – Related Party | |
| (1,060,004 | ) | |
| (1,060,004 | ) |
Long-Term debt | |
$ | 8,523,756 | | |
$ | 4,596,775 | |
On December 29, 2023, Empire North Dakota and Empire
NDA ("Borrowers”), entered into a Revolver Loan Agreement with Equity Bank (the "Credit Facility”). Pursuant to
the Credit Facility (a) the initial revolver commitment amount is $10,000,000; (b) the maximum revolver commitment amount is $15,000,000;
(c) commencing on January 31, 2024, and occurring on the last day of each calendar month thereafter, the revolver commitment amount is
reduced by $150,000; (d) commencing on March 31, 2024, there are scheduled semiannual collateral borrowing base redeterminations each
year on March 31 and September 30; (e) the final maturity date is December 29, 2026; (f) outstanding borrowings bear interest at a rate
equal to the prime rate of interest plus 1.50%, and in no event lower than 8.50%; (g) a quarterly commitment fee is based on the unused
portion of the commitments; and (h) Borrowers have the right to prepay loans under the Credit Facility at any time without a prepayment
penalty.
The Credit Facility is guaranteed by the Company.
Borrowers entered into a security agreement, pursuant to which the obligations under the Credit Facility are secured by liens on substantially
all of the assets of Borrowers. Furthermore, the obligations under the Credit Facility are secured by a continuing, first priority mortgage
lien, pledge of and security interest in not less than 80% of Borrowers’ producing oil, gas and other leasehold and mineral interests,
including without limitation, those situated in the States of North Dakota and Montana.
The Credit Facility requires Borrowers to, commencing
as of the fiscal quarter ended December 31, 2023, maintain (a) a current ratio of 1.0 to 1.0 or more and (b) a ratio of funded debt to
EBITDAX, calculated quarterly and annually based on a trailing twelve-month basis, of no more than 3.50 to 1.00. The Company was not
in compliance with the current ratio covenant as of June 30, 2024, however the Company received a compliance waiver from the lender for
June 30, 2024.
Promissory Note – Related Party
On February 16, 2024, the Company issued a Promissory Note in the
aggregate principal amount of $5,000,000 (the "Note”) to Energy Evolution. Energy Evolution advanced the Company $5,000,000
under the Note. The proceeds of the Note were used by the Company to fund, in part, its ongoing oil and gas drilling program and for working
capital purposes.
The Note matures on February 15, 2026 (the "Maturity
Date”) and accrues interest at the rate of 7% per annum. After the Maturity Date, any principal balance of the Note remaining unpaid
accrues interest at the rate of 9% per annum. At the option of Energy Evolution, interest payments will be paid either in cash or in shares
of common stock of the Company on each of the following dates (or if any such date is not a business day, the next following business
day) (each an "Interest Payment Date”), except upon the occurrence of an Event of Default, in which case interest will accrue
and be paid in cash on demand: (i) March 31, 2024; (ii) June 30, 2024; (iii) September 30, 2024; (iv) December 31,
2024; (v) March 31, 2025; (vi) June 30, 2025; (vii) September 30, 2025; (viii) December 31, 2025; and (ix) the Maturity
Date. All or any portion of the outstanding principal amount of the Note may be converted into shares of common stock of the Company at
a conversion price of $6.25 per share (the "Conversion Price”), at the option of Energy Evolution, at any time and from time
to time. If the full principal amount of the Note is drawn and converted into shares of common stock of the Company, 800,000 shares would
be issued (without giving effect to any interest that may be converted). Accrued interest on the principal amount converted will be due
on the applicable date of conversion in cash or, at the option of Energy Evolution, by issuance of shares of common stock of the Company
in the manner set forth in the Note (where the date of conversion is the relevant Interest Payment Date”). The Conversion Price
is subject to customary adjustments. The Note may be prepaid at any time or from time to time without the consent of Energy Evolution
and without penalty or premium, provided that the Company provides Energy Evolution with at least five business days prior written notice,
each principal payment is made in cash and all accrued interest is paid in cash, or at the option of Energy Evolution, the accrued interest
may be paid by issuance of shares of common stock of the Company in the manner set forth in the Note (where the Interest Payment Date
is the date of prepayment).
The Company determined that an embedded conversion
feature included in the Note required bifurcation from the host contract that is recognized as a separate derivative liability carried
at fair value. The estimated fair value of the derivative liability, which represents a Level 3 valuation, was $1,292,000 as
of March 31, 2024 and was determined using a binomial lattice model using certain assumptions and inputs discussed in Note 2. Accordingly,
the Company recognized a gain on the fair value adjustment of the derivative liability in the amount of approximately $738,000 in Other
Income (Expense) in the Condensed Consolidated Statements of Operations for the quarter ended March 31, 2024. The conversion option was
exercised by Energy Evolution on May 24, 2024, and the fair value of the derivative was revalued as of that date resulting in a loss of
$1,736,000 in the second quarter of 2024. All of the other embedded features of the Note were clearly and closely related to the debt
host and did not require bifurcation as a derivative liability.
On May 24, 2024, Energy Evolution elected to convert
the Note to shares of common stock of the Company and received 800,000 shares under the terms of the Note.
Note Payable – Related Party
In August 2020, the Company, through its wholly owned
subsidiary, Empire Texas, entered into a joint development agreement (the "JDA”) with Petroleum & Independent Exploration,
LLC and related entities ("PIE”), a related party (see Note 14), dated August 1, 2020. Under the terms of the JDA, PIE will
perform recompletion or workover on specified mutually agreed upon wells ("Workover Wells”) owned by Empire Texas. Concurrent
with the JDA with PIE, the Company entered into a term loan agreement dated August 1, 2020, whereby PIE will loan up to $2,000,000, at
an interest rate of 6% per annum, maturing August 6, 2024 unless terminated earlier by PIE. The loan proceeds were used for recompletion
or workover of certain designated wells. In addition, the Company assigned 85% working and revenue interest to PIE in the designated wells
which will be applied to repayment of the loan. As of June 30, 2024, $1,060,004 has been advanced from the PIE loan.
On July 31, 2024, PIE, Empire Texas, and the
Company entered into a note repayment and loan termination agreement providing for the payment in full of the remaining outstanding
amount of the $1,060,004 PIE loan and extending the loan maturity date to December 31, 2024 unless terminated earlier by PIE. As
payment in full, the Company will issue PIE 205,427 shares of common stock of the Company following the approval of a supplemental
listing application by the NYSE American stock exchange.
Note 9 - Leases
As a lessee, the Company leases its corporate office
headquarters in Tulsa, Oklahoma and one field office. The leases expire between 2024 and 2027. The corporate office has an option to renew
for an additional five-year term. The option to renew the lease is generally not considered reasonably certain to be exercised. Therefore,
the period covered by such optional period is not included in the determination of the term of the lease and the lease payments during
these periods are similarly excluded from the calculation of right-of-use lease asset and lease liability balances.
The Company also leases vehicles primarily used in
our field operations. These vehicle leases typically have a three-year life.
The Company recognizes right-of use lease expense
on a straight-line basis, except for certain variable expenses that are recognized when the variability is resolved, typically during
the period in which they are paid. Variable right-of-use lease payments typically include charges for property taxes, insurance, and variable
payments related to non-lease components, including common area maintenance.
Right-of-use lease expense was approximately $271,000
and $164,000 for the six months ended June 30, 2024 and 2023, respectively. Cash paid for right-of-use leases was approximately $250,000
and $164,000 for the same periods.
Supplemental balance sheet information related to the right-of-use leases
is as follows:
Schedule of right of use leases
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | | |
| | |
Net operating lease asset (included in Other Property and Equivpment) | |
$ | 840,309 | | |
$ | 1,077,031 | |
| |
| | | |
| | |
Current portion of lease liability | |
$ | 425,528 | | |
$ | 432,822 | |
Long-term lease liability | |
| 338,953 | | |
| 544,382 | |
Total right-of-use lease liabilities | |
$ | 764,481 | | |
$ | 977,204 | |
| |
| | | |
| | |
The weighted-average remaining term for the Company’s right-of-use
leases is 1.8 years. The weighted-average discount rate was 8.44% for the second quarter of 2024.
Maturities of lease liabilities are as follows as of June 30, 2024:
|
| |
| | |
Year 1 |
| |
$ | 472,636 | |
Year 2 |
| |
| 315,124 | |
Year 3 |
| |
| 39,996 | |
Year 4 |
| |
| — | |
Year 5 |
| |
| — | |
Total lease payments |
| |
| 827,756 | |
Less imputed interest |
| |
| (63,275 | ) |
Total lease obligation |
| |
$ | 764,481 | |
Note 10 – Equity
Pursuant to the Company’s Amended and
Restated Certificate of Incorporation (“Charter”), effective as of March 4, 2022, the total number of shares of all classes
of stock that the Company has the authority to issue is 200,000,000, consisting of 190,000,000 shares of common stock, par value $0.001
per share, and 10,000,000 shares of preferred stock, par value $0.001 per share.
Preferred Stock
Preferred stock may be issued from time to time
in one or more series at the direction of the Board of Directors and the directors also have the ability to fix dividend rates and rights,
liquidation preferences, voting rights, conversion rights, rights and terms of redemption and other rights, preferences, privileges and
restrictions as determined by the Board of Directors, subject to certain limitations set forth in the Charter.
Series
A Voting Preferred Stock
On March 8, 2022, the Company formalized the
issuance of preferred stock as was required under the terms of the Company's May 2021 financing agreements with Energy Evolution and issued
six shares of Series A Voting Preferred Stock. The Series A Voting Preferred Stock was issued in
connection with the strategic investment in the Company by Energy Evolution. For so long as the Series A Voting Preferred Stock is outstanding,
the Company’s Board of Directors will consist of six directors. Three of the directors are designated as the Series A Directors
and the three other directors (each, a “common director”) are elected by the holders of common stock and/or any preferred
stock (other than the Series A Voting Preferred Stock) granted the right to vote on the common directors. Any Series A Director may be
removed with or without cause but only by the affirmative vote of the holders of a majority of the Series A Voting Preferred Stock voting
separately and as a single class. The holders of the Series A Voting Preferred Stock have the exclusive right, voting separately and as
a single class, to vote on the election, removal and/or replacement of the Series A Directors. Holders of common stock or other preferred
stock do not have the right to vote on the Series A Directors. The approval of the holders of the Series A Voting Preferred Stock, voting
separately and as a single class, is required to authorize any resolution or other action to issue or modify the number, voting rights
or any other rights, privileges, benefits, or characteristics of the Series A Voting Preferred Stock, including without limitation, any
action to modify the number, structure and/or composition of the Company’s current Board of Directors.
The Series
A Voting Preferred Stock is held by Phil Mulacek, chairman of the Board of Directors and one of the principals of Energy Evolution, as
Energy Evolution’s designee (the “Initial Holder”). The Series A Voting Preferred Stock may be transferred only to certain
controlled affiliates of the Initial Holder (“Permitted Transferees”), and the voting rights of the Series A Voting Preferred
Stock are contingent upon the Initial Holder and Permitted Transferees (collectively, the “Series A Holders”) holding together
at least 3,000,000 shares of the Company’s outstanding common stock.
The Series A Voting Preferred
Stock is not entitled to receive any dividends or distributions of cash or other property except in the event of any liquidation, dissolution
or winding up of the Company’s affairs. In such event, before any amount is paid to the holders of the Company’s common stock
but after any amount is paid to the holders of the Company’s senior securities, the holders of the Series A Voting Preferred Stock
will be entitled to receive an amount per share equal to $1.00.
Except as discussed above
or as otherwise set forth in the certificate of designation of the Series A Voting Preferred Stock, the holders of the Series A Voting
Preferred Stock have no voting rights.
The Series A Voting
Preferred Stock is not redeemable at the Company’s election or the election of any holder, except the Company may elect to redeem
the Series A Voting Preferred Stock for $1.00 per share following satisfaction of its notice and cure requirements in the event that:
|
• |
any or all shares of Series A Voting Preferred Stock are held by anyone other than the Initial Holder or a Permitted Transferee; or |
|
• |
the Series A Holders together hold less than 3,000,000 shares of the Company’s outstanding common stock. |
The Series A Voting Preferred
Stock is not convertible into common stock or any other security.
Common Stock
On August 27, 2021, the Company’s Board of Directors
approved a one-for-four reverse stock split such that every holder of the Company’s common stock would receive one share of common
stock for every four shares owned. The reverse stock split was effective as of 6:00 p.m. Eastern Time on March 7, 2022, immediately prior
to the Company’s listing of its common stock on the NYSE American.
The holders of shares of common stock are entitled
to one vote per share for all matters on which common stockholders are authorized to vote on. Examples of matters that common stockholders
are entitled to vote on include, but are not limited to, election of three of the six directors and other common voting situations afforded
to common stockholders.
In April 2024, the Company completed a
subscription rights offering (“Rights Offering”) which raised gross proceeds of $20.66 million. The Company distributed
at no charge to holders of its common stock, as of the close of business on March 7, 2024 (the record date for the Rights Offering),
one subscription right for each share of common stock held. Each subscription right entitled the holder to purchase 0.161 shares of
common stock at a subscription price of $5.00 per share per one whole share of common stock. The subscription rights were
non-transferable and not listed for trading on any stock exchange or market.
On May 29, 2024, the Company issued Energy Evolution
a warrant certificate granting them the right to purchase 128,800 shares of common stock of the Company at $5.00 per share. On June 28,
2024, Energy Evolution exercised the warrants and received 128,800 shares in exchange for $644,000.
Earnings Per Share
The computation of diluted shares outstanding for
the three and six months ended June 30, 2024 excluded 1,086,673 and 1,078,029 shares, respectively, related to stock options, warrants,
outstanding RSUs, and convertible debt as their effect would have been anti-dilutive. The computation of diluted shares outstanding for
the three and six months ended June 30, 2023 excluded 2,102,635 and 2,153,158 shares, respectively, related to stock options, warrants,
and outstanding RSUs, as their effect would have been anti-dilutive.
Note 11 – Stock-Based Compensation
The Company recognizes stock-based compensation expense
associated with granted stock options and restricted stock units (RSUs). The Company accounts for forfeitures of equity-based incentive
awards as they occur. Stock-based compensation expense related to time-based restricted stock units is based on the price of the common
stock on the grant date and recognized as vesting occurs. For options, the fair value is determined using the Black-Scholes option valuation
assumptions on dividend yield, expected annual volatility, risk-free interest rate and an expected useful life. Stock-based compensation
is recorded with a corresponding increase in Additional Paid-in Capital within the Condensed Consolidated Balance Sheets.
The following summary reflects nonvested restricted
stock unit activity and related information for the six months ended June 30, 2024.
Schedule of non vested restricted stock unit activity
| |
| | |
Weighted Average | |
| |
RSUs | | |
Fair Value (a) | |
| |
| | | |
| | |
Outstanding, December 31, 2023 | |
| 204,817 | | |
$ | 10.61 | |
Granted | |
| 36,060 | | |
| 5.18 | |
Vested | |
| (104,874 | ) | |
| 11.71 | |
Forfeited | |
| (22,500 | ) | |
| 11.05 | |
Outstanding, June 30, 2024 | |
| 113,503 | | |
$ | 7.79 | |
| |
| | | |
| | |
(a) Shares are valued at the grant-date market price. | |
| | | |
| | |
The following summary reflects stock option activity
and related information:
| |
| | |
Weighted Average | |
| |
Options | | |
Exercise Price | |
| |
| | | |
| | |
Outstanding, December 31, 2023 | |
| 2,065,381 | | |
$ | 4.89 | |
Granted | |
| — | | |
| — | |
Exercised | |
| (184,100 | ) | |
| 1.35 | |
Cancelled | |
| — | | |
| — | |
Outstanding, June 30, 2024 | |
| 1,881,281 | | |
$ | 5.23 | |
| |
| | | |
| | |
The following table summarizes information about stock options outstanding
as of June 30, 2024.
Schedule of summarizes information about stock options outstanding
Range of |
|
Options |
|
Weighted Average |
|
Weighted |
|
Options |
|
Weighted |
Exercise |
|
Outstanding |
|
Remaining |
|
Average |
|
Exercisable |
|
Average |
Prices |
|
at 6/30/24 |
|
Contractual Life |
|
Exercise Price |
|
at 6/30/24 |
|
Exercise Price |
|
|
|
|
|
|
|
|
|
|
|
$1.32 to $12.36 |
|
1,881,281 |
|
4.35 years |
|
$5.23 |
|
1,620,860 |
|
$4.25 |
|
|
|
|
|
|
|
|
|
|
|
Note 12 – Executive Separations
On March 16, 2023, Thomas W. Pritchard resigned as
Chief Executive Officer and a director of the Company to pursue other opportunities. Although not required under Mr. Pritchard’s
Employment Agreement with the Company, in recognition of Mr. Pritchard’s past service to the Company, the Company will pay Mr. Pritchard
severance benefits in the amount of approximately $360,000, as set forth in Section 4.2 of his Employment Agreement, in one lump sum payment
within 30 days after March 23, 2023, rather than in monthly installments. This was accrued as of March 31, 2023, and payment was made
in April 2023. The Company also extended the period under which Mr. Pritchard has the right to exercise his outstanding vested non-qualified
stock options from three months after the date of his termination of employment to September 16, 2024. In addition, Mr. Pritchard
has surrendered to the Company 340,234 RSUs and options as satisfaction for the $2.1 million receivable that primarily resulted from incorrect
withholdings associated with an April 2022 option exercise by Mr. Pritchard. The Company also had a $2.1 million liability recorded at
December 31, 2022, related to withholding payables that were remitted in 2023.
On March 17, 2023, the Board of Directors appointed
Michael R. Morrisett to the position of Chief Executive Officer. Mr. Morrisett did not receive any additional compensation for assuming
the role of Chief Executive Officer.
Note 13 – Income Taxes
For all periods presented, the Company’s effective
tax rate is 0%. Other than the full year of 2022, the Company has generated net operating losses since inception, which would normally
reflect a tax benefit in the Condensed Consolidated Statement of Operations and a deferred asset on the Condensed Consolidated Balance
Sheet. However, because of the current uncertainty as to the Company’s ability to achieve sustained profitability, a valuation reserve
has been established that offsets the amount of any tax benefit available for each period presented in the Condensed Consolidated Statements
of Operations. The following table presents a reconciliation of its effective income tax rate to the U.S. statutory income tax rate for
the three and six months ended June 30, 2024 and 2023.
Schedule of reconciliation of effective
income tax rate
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
$ | | |
% | | |
$ | | |
% | | |
$ | | |
% | | |
$ | | |
% | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Provision (benefit) at statutory rate | |
| (921,852 | ) | |
| 21.0% | | |
| (517,631 | ) | |
| 21.0% | | |
| (1,756,643 | ) | |
| 21.0% | | |
| (1,034,145 | ) | |
| 21.0% | |
State Taxes (net of federal impact) | |
| (210,849 | ) | |
| 4.8% | | |
| (118,589 | ) | |
| 4.8% | | |
| (401,786 | ) | |
| 4.8% | | |
| (236,923 | ) | |
| 4.8% | |
Nondeductible Expenses | |
| 3,123 | | |
| -0.1% | | |
| 1,972 | | |
| -0.1% | | |
| 9,524 | | |
| -0.1% | | |
| 3,940 | | |
| -0.1% | |
Stock Options Exercised | |
| (26,831 | ) | |
| 0.6% | | |
| — | | |
| 0.0% | | |
| (130,627 | ) | |
| 1.6% | | |
| — | | |
| 0.0% | |
Valuation Allowance | |
| 1,156,409 | | |
| -26.3% | | |
| 634,248 | | |
| -25.7% | | |
| 2,279,532 | | |
| -27.3% | | |
| 1,267,128 | | |
| -25.7% | |
Income tax provision (benefit) | |
| — | | |
| 0.0% | | |
| — | | |
| 0.0% | | |
| — | | |
| 0.0% | | |
| — | | |
| 0.0% | |
Note 14 – Related Party Transactions
Energy Evolution is a related party of the Company
as it beneficially owns approximately 31.6% of the Company’s outstanding shares of common stock as of June 30, 2024. Additionally,
a board member of Energy Evolution was appointed to the Company’s board in October 2021. This board member separately beneficially
owns approximately 19.9% of the Company’s outstanding shares of common stock as of June 30, 2024. The board member also is a majority
owner of PIE. In October 2021 another Energy Evolution member was appointed to the Company’s board of directors.
The Company has a JDA with PIE to perform completions
or workovers on specified mutually agreed upon wells. As of June 30, 2024, the Company has incurred obligations of approximately $1.1
million as a part of the JDA. In July 2024, the Company agreed to issue PIE 205,427 shares of common stock of the Company as payment in
full for this outstanding note balance (see Note 8).
On February 16, 2024, the Company issued the
Note to Energy Evolution. Energy Evolution advanced the Company $5,000,000 under the Note in the first quarter of 2024. On May 24, 2024,
Energy Evolution elected to convert the Note to shares of common stock of the Company and received 800,000 shares under the terms of the
Note (see Note 8).
The Company elected to partially exercise a Purchase Option in
the second quarter of 2024 and acquired 60% of certain New Mexico interests from Energy Evolution. See Note 3 for additional information.
On June 28, 2024, Energy Evolution exercised warrants
of the Company and received 128,800 shares in exchange for $644,000. See Note 10 for additional information.
Accounts Receivable on the Condensed Consolidated
Balance Sheet includes approximately $1,080,000 receivable from Energy Evolution. Accrued Expenses includes approximately $121,000 of
revenue payable to Energy Evolution.
Note 15 – Commitments and Contingencies
From time to time, the Company is subject
to various legal proceedings arising in the ordinary course of business, including proceedings for which the Company may not have insurance
coverage. While many of these matters involve inherent uncertainty, as of the date hereof, the Company does not currently believe that
any such legal proceedings will have a material adverse effect on the Company’s business, financial position, results of operations
or liquidity.
The Company is subject to extensive federal,
state, and local environmental laws and regulations. These laws, among other things, regulate the discharge of materials into the environment
and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances
at various sites. Management believes no materially significant liabilities of this nature existed as of the balance sheet date.
Agreed Compliance Order
In January 2024, the Company deposited
$1 million into an escrow account in accordance with an Agreed Compliance Order (“ACO”) with the New Mexico Oil Conservation
Division (“OCD”) for compliance work on certain inactive wells in New Mexico. Under the terms of the ACO, the escrow funds
will be returned to the Company at a rate of $10,000 for each well as the compliance work is completed. As of June 30, 2024, all work
has been completed, and the remaining escrow balance receivable of $450,000 is included in Other Noncurrent Assets in the Condensed Consolidated
Balance Sheet. The Company received $250,000 of the outstanding escrow funds in July 2024 and expects to receive the remaining $200,000
later in the third quarter of 2024.
Item 2. |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q, including this
section, includes certain statements that may be deemed “forward-looking statements” within the meaning of federal securities
laws. All statements, other than statements of historical facts, which address activities, events, or developments that the Company expects,
believes, or anticipates will or may occur in the future, including future sources of financing and other possible business developments,
are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties and could be affected
by a number of distinct factors, including the Company’s failure to secure short and long-term financing necessary to sustain and
grow its operations, increased competition, changes in the markets in which the Company participates and the technology utilized by the
Company and new legislation regarding environmental matters. These risks and other risks that could affect the Company's business are
more fully described in reports the Company files with the SEC, including its Annual Report on Form 10-K for the year ended December 31,
2023. Actual results may vary materially from the forward-looking statements. The Company undertakes no duty to update any of the forward-looking
statements in this Form 10-Q.
Overview
Our primary business is the optimization and development
of oil and gas interests. In 2022 we had net income from operations but have incurred losses from operations in 2023 and 2024 and in years
prior to 2022. There is no assurance that we will be profitable or obtain funds necessary to finance our future operations.
We seek to increase shareholder value by growing reserves,
production, revenues, and cash flow from operating activities by executing our mission to use highly-skilled personnel to thoughtfully
and expertly spend capital to realize reserves on producing properties as well as further develop fields.
Management places emphasis on operating cash flow
in managing our business, as operating cash flow considers the cash expenses incurred during the period and excludes non-cash expenditures
not related directly to our operations.
Business Strategy
Our business strategy is to obtain long-term growth
in reserves and cash flow on a cost-effective basis. Management regularly evaluates potential acquisitions of properties that would enhance
current core areas of operation.
Critical Accounting
Policies
The preparation of financial statements
in conformity with GAAP requires management to use judgment to make estimates and assumptions that affect certain amounts reported in
the consolidated financial statements. As additional information becomes available, these estimates and assumptions are subject to change
and thus impact amounts reported in the future. Critical accounting policies are those accounting policies that involve judgment and uncertainties
affecting the application of those policies and the likelihood that materially different amounts would be reported under different conditions
or using differing assumptions. Management periodically updates the estimates used in the preparation of the financial statements based
on management’s latest assessment of the current and projected business and general economic environment. There have been no significant
changes to the Company’s critical accounting policies during the six months ended June 30, 2024.
LIQUIDITY AND CAPITAL RESOURCES
General
The Company’s primary sources of short-term
liquidity are cash and cash equivalents, net cash provided by operating activities, and issuance of debt or equity securities. The Company’s
short- and long-term liquidity requirements consist primarily of capital expenditures, acquisitions of oil and natural gas properties,
payments of contractual obligations, and working capital obligations. Funding for these requirements may be provided by any combination
of the Company’s sources of liquidity. Although the Company expects that its sources of funding will be adequate to fund its liquidity
requirements, no assurance can be given that such funding sources will be adequate to meet the Company’s future needs.
Liquidity
As noted below, our working capital is negative
as of June 30, 2024 and is primarily a result of a higher level of payables related to capital spending in North Dakota. In
addition, the Company was not in compliance with the current ratio covenant under its Credit Facility as of June 30, 2024; however,
the Company obtained a compliance waiver from the lender for June 30, 2024. As of June 30, 2024, we had approximately $9 million in
cash on hand and approximately $0.7 million available on the Credit Facility. For additional information regarding the Credit
Facility, see Note 8 of Notes to Unaudited Condensed Consolidated Financial Statements presented elsewhere in this document. The
Company will require additional funds to be in compliance with debt covenants and satisfy the payables discussed above which are
greater than estimated cash flows from operations over the next 12 months. Management is initiating plans to raise the necessary
funds for the capital spending program. Phil Mulacek and Energy Evolution Master Fund, Ltd, both related parties of the Company and
largest shareholders collectively owning 51% of the common shares outstanding, have indicated that they intend to participate in
management's plans to raise these additional funds. See Note 1 - Liquidity and Going Concern of Notes to Unaudited Condensed
Consolidated Financial Statements presented elsewhere in this document for further discussion of management's plans.
The Company expects to incur costs related to drilling
activities in core areas as well as future oil and natural gas acquisitions in core areas. As of June 30, 2024, the Company has incurred
approximately $34 million of cumulative costs related to the drilling program in the Starbuck field of North Dakota. It is expected that
the Company will use a combination of debt or equity issuances, cash on hand, and cash flows from operations to fund capital programs,
ongoing operations, and any potential acquisitions.
Working Capital
Working capital (presented below) increased by approximately
$2.8 million between December 31, 2023 and June 30, 2024. This change was primarily due to a higher cash balance and lower accounts payable
period over period following the closing of the Rights Offering (see Note 10).
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Current Assets | |
$ | 20,280,092 | | |
$ | 18,744,904 | |
Current Liabilities | |
| 23,761,662 | | |
| 25,049,572 | |
Working Capital | |
$ | (3,481,570 | ) | |
$ | (6,304,668 | ) |
| |
| | | |
| | |
Cash Flows
| |
Six Months Ended June 30, | | |
| |
Cash Flows Provided By (Used In): | |
2024 | | |
2023 | | |
Variance | |
| |
| | | |
| | | |
| | |
Operating Activities | |
$ | 2,106,579 | | |
$ | (7,984,630 | ) | |
$ | 10,091,209 | |
Investing Activities | |
| (30,513,554 | ) | |
| (1,375,988 | ) | |
| (29,137,566 | ) |
Financing Activities | |
| 29,872,240 | | |
| (1,288,974 | ) | |
| 31,161,214 | |
Cash Flows from Operating Activities
The impact of higher oil production, higher commodity
prices, and lower workover expenses in 2024 compared to 2023 contributed to the increase in cash flows from operating activities.
Cash Flows from Investing Activities
Cash flows from investing activities in the first
half of 2024 include approximately $30 million of additions to oil and natural gas properties primarily due to the development of our
operations in North Dakota.
Cash Flows from Financing Activities
Cash flow from financing activities in 2024 includes
net proceeds from a Rights Offering of approximately $20.5 million (see Note 10). In addition, cash flows from financing activities in
2024 includes $5 million from a promissory note issued to the Company by a related party and approximately $4 million borrowed on the
Company’s Credit Facility (see Note 8).
Capital Resources
Capital Expenditures
For the six months ended June 30, 2024, the Company
incurred approximately $25 million of additions to oil and natural gas properties which primarily reflects continued drilling and completions
activity in North Dakota.
Production and Operating Data
The following table sets forth a summary of the Company’s
production and operating data for the three and six months ended June 30, 2024 and 2023. Because of normal production declines, increased
or decreased production due to future acquisitions, divestitures, and development, and fluctuations in commodity prices, the historical
information presented below should not be interpreted as being indicative of future results.
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Production and Operating Data:
| |
| | | |
| | | |
| | | |
| | |
Net Production Volumes: | |
| | | |
| | | |
| | | |
| | |
Oil (Bbl) | |
| 160,283 | | |
| 128,413 | | |
| 291,043 | | |
| 248,670 | |
Natural Gas (Mcf) | |
| 241,242 | | |
| 211,293 | | |
| 453,063 | | |
| 442,511 | |
Natural Gas Liquids (Bbl) | |
| 39,612 | | |
| 30,678 | | |
| 74,397 | | |
| 70,434 | |
Total (Boe) | |
| 240,102 | | |
| 194,306 | | |
| 440,951 | | |
| 392,856 | |
| |
| | | |
| | | |
| | | |
| | |
Average Price per Unit: | |
| | | |
| | | |
| | | |
| | |
Oil (Bbl) | |
$ | 76.66 | | |
$ | 71.24 | | |
$ | 74.66 | | |
$ | 72.73 | |
Natural Gas (Mcf) | |
$ | (0.48 | ) | |
$ | 1.18 | | |
$ | 0.58 | | |
$ | 2.04 | |
Natural Gas Liquids (Bbl) | |
$ | 15.58 | | |
$ | 11.81 | | |
$ | 13.89 | | |
$ | 12.31 | |
Total (Boe) | |
$ | 53.26 | | |
$ | 50.22 | | |
$ | 52.21 | | |
$ | 50.55 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Costs and Expenses per Boe: | |
| | | |
| | | |
| | | |
| | |
Lease Operating Expense | |
$ | 31.41 | | |
$ | 36.54 | | |
$ | 33.86 | | |
$ | 34.67 | |
Production and Ad Valorem Taxes | |
$ | 4.44 | | |
$ | 3.71 | | |
$ | 4.31 | | |
$ | 3.77 | |
Depreciation, Depletion, Amortization and Accretion | |
$ | 13.20 | | |
$ | 5.75 | | |
$ | 11.67 | | |
$ | 5.45 | |
General and Administrative Expense: | |
| | | |
| | | |
| | | |
| | |
General and Administrative Expense | |
$ | 9.80 | | |
$ | 9.75 | | |
$ | 11.87 | | |
$ | 12.52 | |
Stock-Based Compensation | |
$ | 2.46 | | |
$ | 6.08 | | |
$ | 2.95 | | |
$ | 5.42 | |
Total General and Administrative Expense | |
$ | 12.27 | | |
$ | 15.83 | | |
$ | 14.82 | | |
$ | 17.94 | |
Bbl – One stock tank barrel,
of 42 U.S. gallons liquid volume, used herein in reference to oil, condensate, or natural gas liquids.
Mcf – One thousand cubic feet
of natural gas.
Boe – One barrel of oil equivalent,
a standard convention used to express oil and natural gas volumes on a comparable oil equivalent basis. Natural gas equivalents are determined
under the relative energy content method by using the ratio of 6.0 Mcf of natural gas to 1.0 Bbl of oil or condensate.
Three Months Ended June 30, 2024 and 2023
Results of Operations
The following table reflects the Company’s summary
operating information. Because of normal production declines, increased or decreased drilling activity and the effects of acquisitions,
the historical information presented below should not be interpreted as indicative of future results.
| |
Three Months Ended June 30, | | |
| | |
| |
| |
2024 | | |
2023 | | |
Variance | | |
Variance % | |
| |
| | |
| | |
| | |
| |
Oil Revenues | |
$ | 12,287,272 | | |
$ | 9,147,611 | | |
$ | 3,139,661 | | |
| 34% | |
Natural Gas Revenues | |
| (115,833 | ) | |
| 248,686 | | |
| (364,519 | ) | |
| -147% | |
NGL Revenues | |
| 617,029 | | |
| 362,181 | | |
| 254,848 | | |
| 70% | |
Total Product Revenues | |
| 12,788,468 | | |
| 9,758,478 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Lease Operating Expense (Including Workovers) | |
| 7,542,685 | | |
| 7,099,000 | | |
| 443,685 | | |
| 6% | |
Production and Ad Valorem Taxes | |
| 1,065,718 | | |
| 721,275 | | |
| 344,443 | | |
| 48% | |
Depreciation, Depletion, Amortization and Accretion | |
| 3,169,430 | | |
| 1,116,403 | | |
| 2,053,027 | | |
| 184% | |
General and Administrative Expense: | |
| | | |
| | | |
| | | |
| | |
General and Administrative Expense | |
| 2,354,080 | | |
| 1,894,204 | | |
| 459,876 | | |
| 24% | |
Stock-based Compensation | |
| 591,635 | | |
| 1,180,806 | | |
| (589,171 | ) | |
| -50% | |
Total General and Administrative Expense | |
| 2,945,715 | | |
| 3,075,010 | | |
| (129,295 | ) | |
| -4% | |
| |
| | | |
| | | |
| | | |
| | |
Interest Expense | |
| 735,220 | | |
| 184,887 | | |
| 550,333 | | |
| NM | |
| |
| | | |
| | | |
| | | |
| | |
Operating Income (Loss) | |
| (1,925,306 | ) | |
| (2,301,506 | ) | |
| 376,200 | | |
| -16% | |
Net Income (Loss) | |
| (4,389,771 | ) | |
| (2,464,909 | ) | |
| (1,924,862 | ) | |
| 78% | |
| |
| | | |
| | | |
| | | |
| | |
NM: A percentage calculation
is not meaningful due to change in signs, a zero-value denominator or a percentage change that is greater than 200.
Revenues
Revenues for the three months ended June 30, 2024
increased compared to the prior year primarily due to higher oil sales volumes, higher realized oil prices and higher NGL prices.
Net oil sales volumes were approximately 160,000 Bbls
for the three months ended June 30, 2024, an increase of approximately 25% over the same period in the prior year. Oil volumes in second-quarter
2024 increased primarily due to new wells completed in North Dakota during the period as well as the acquisition of additional working
interest in New Mexico.
Realized oil prices for the three months ended June
30, 2024 were approximately $76.66 per barrel, while realized prices for the same period in the prior year were approximately $71.24 per
barrel, an increase in price of approximately 8%.
Realized natural gas prices for the three months ended
June 30, 2024 were approximately $(.48) per mcf, while realized prices for the same period in the prior year were approximately $1.18
per mcf. This is primarily due to the depressed natural gas prices in the second quarter of 2024 in New Mexico leading to below zero prices
as deductions exceeded the natural gas prices.
Realized NGL prices for the three months ended June
30, 2024 were approximately $15.58 per barrel, while realized prices for the same period in the prior year were approximately $11.81 per
barrel, an increase in price of approximately 32%.
Lease Operating Expense and Production Taxes
Lease operating expense was higher in second-quarter
2024 compared to 2023 primarily associated with an increase in production, partially offset by lower workover costs. Lease operating expense
includes approximately $1.6 million of workover expense for the three months ended June 30, 2024 as compared to $2.9 million for the same
period in 2023. The higher workover expense in 2023 was primarily in New Mexico as the Company continued to work over wells in the region
to enhance production.
Production taxes were higher for the second quarter
2024 compared to 2023 as a result of the higher product revenues discussed above.
Depreciation, Depletion, Amortization and Accretion
The higher DD&A for the second quarter of 2024
is due in part to the increase in production, the acquisition of additional working interest as well as the impact of the capitalized
costs associated with the new drilling activity in North Dakota.
General and Administrative Expense
General and administrative expense, excluding stock-based
compensation, increased in the second quarter of 2024 compared to 2023 primarily due to an increase in salaries and benefits period over
period associated with an increase in employee headcount.
Stock-based Compensation
The Company utilizes stock-based compensation
to compensate the Board, members of management, and retain talented personnel. The Company anticipates stock-based compensation to continue
to be utilized in 2024 and beyond to attract and retain talented personnel and compensate Board members and consultants.
Interest Expense
Interest expense increased in the second quarter of 2024 compared to the
same period in 2023 primarily due to higher cash interest expense and the amortization of the debt discount both associated with the Promissory
Note that was issued in 2024 (see Note 8).
Six Months Ended June 30, 2024 and 2023
Results of Operations
The following table reflects the Company’s summary
operating information. Because of normal production declines, increased or decreased drilling activity and the effects of acquisitions,
the historical information presented below should not be interpreted as indicative of future results.
| |
Six Months Ended June 30, | | |
| | |
| |
| |
2024 | | |
2023 | | |
Variance | | |
Variance % | |
| |
| | |
| | |
| | |
| |
Oil Revenues | |
$ | 21,729,236 | | |
$ | 18,086,326 | | |
$ | 3,642,910 | | |
| 20% | |
Natural Gas Revenues | |
| 261,297 | | |
| 904,721 | | |
| (643,424 | ) | |
| -71% | |
NGL Revenues | |
| 1,033,240 | | |
| 867,135 | | |
| 166,105 | | |
| 19% | |
Total Product Revenues | |
| 23,023,773 | | |
| 19,858,182 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Lease Operating Expense (Including Workovers) | |
| 14,930,108 | | |
| 13,619,163 | | |
| 1,310,945 | | |
| 10% | |
Production and Ad Valorem Taxes | |
| 1,899,165 | | |
| 1,479,389 | | |
| 419,776 | | |
| 28% | |
Depreciation, Depletion, Amortization and Accretion | |
| 5,144,909 | | |
| 2,140,167 | | |
| 3,004,742 | | |
| 140% | |
General and Administrative Expense: | |
| | | |
| | | |
| | | |
| | |
General and Administrative Expense | |
| 5,233,117 | | |
| 4,917,483 | | |
| 315,634 | | |
| 6% | |
Stock-based Compensation | |
| 1,301,637 | | |
| 2,130,445 | | |
| (828,808 | ) | |
| -39% | |
Total General and Administrative Expense | |
| 6,534,754 | | |
| 7,047,928 | | |
| (513,174 | ) | |
| -7% | |
| |
| | | |
| | | |
| | | |
| | |
Interest Expense | |
| 1,050,269 | | |
| 422,186 | | |
| 628,083 | | |
| 149% | |
| |
| | | |
| | | |
| | | |
| | |
Operating Income (Loss) | |
| (6,323,453 | ) | |
| (4,524,220 | ) | |
| (1,799,233 | ) | |
| 40% | |
Net Income (Loss) | |
| (8,364,967 | ) | |
| (4,924,500 | ) | |
| (3,440,467 | ) | |
| 70% | |
Revenues
Revenues for the six months ended June 30, 2024 increased
compared to the prior year primarily due to higher oil sales volumes and higher realized oil prices.
Net oil sales volumes were approximately 291,000 Bbls
for the six months ended June 30, 2024, an increase of approximately 17% over the same period in the prior year. Oil volumes in 2024 increased
primarily due to new wells completed in North Dakota during the period as well as the acquisition of additional working interest in New
Mexico.
Realized oil prices for the six months ended June
30, 2024, were approximately $74.66 per barrel, while realized prices for the same period in the prior year were approximately $72.73,
an increase in price of approximately 3%.
Realized natural gas prices for the six months ended
June 30, 2024, were approximately $.58 per mcf, while realized prices for the same period in the prior year were approximately $2.04,
a decrease in price of approximately 72%. The lower prices in 2024 are primarily due to depressed natural gas prices in New Mexico during
the period.
Realized NGL prices for the six months ended June
30, 2024, were approximately $13.89 per barrel, while realized prices for the same period in the prior year were approximately $12.31
per barrel, an increase in price of approximately 13%.
Lease Operating Expense and Production Taxes
Lease operating expense was higher in 2024 primarily
associated with an increase in production, partially offset by lower workover expenses year over year. Lease operating expense includes
approximately $3.6 million of workover expense for the six months ended June 30, 2024 as compared to $5.7 million for the same period
in 2023. The higher workover expense in 2023 was primarily in New Mexico as the Company continued to work over wells in the region to
enhance production.
Production taxes were higher for the first half of
2024 compared to 2023 as a result of the higher product revenues discussed above.
Depreciation, Depletion, Amortization and Accretion
The higher DD&A in 2024 is due in part to the
increase in production, the acquisition of additional working interest as well as the impact of the capitalized costs associated with
the new drilling activity in North Dakota.
General and Administrative Expense
General and administrative expense, excluding stock-based
compensation, increased in 2024 compared to 2023 primarily due to an increase in salaries and benefits period over period associated with
an increase in employee headcount.
Stock-based Compensation
The Company utilizes stock-based compensation to compensate
members of the Board, management, and retain talented personnel. The Company anticipates stock-based compensation to continue to be utilized
in 2024 and beyond to attract and retain talented personnel and compensate Board members and consultants. The decrease year over year
is primarily due to Board awards in 2023.
Interest Expense
Interest expense increased in 2024 compared to the same period in 2023
primarily due to higher cash interest expense and the amortization of the debt discount both associated with the Promissory Note that
was issued in 2024 (see Note 8).
Item 3. QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
Item 4. CONTROLS
AND PROCEDURES
Evaluation of Disclosure Controls and
Procedures
As of the end of the period covered by
this report, the Company carried out an evaluation under the supervision and participation of the Company’s Principal Executive
Officer and Principal Financial Officer, along with our management, of the effectiveness of the design and operation of the Company’s
disclosure controls and procedures as defined in Securities Exchange Act Rule 13a-15(e). Based on this evaluation, the Company’s
Principal Executive Officer and Principal Financial Officer concluded that the disclosure controls and procedures were effective, as of
the end of the period covered by this report, in ensuring the information required to be disclosed by the Company in the reports it files
or submits under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Company’s Chief
Executive Officer (principal executive officer and principal financial officer) to allow timely decisions regarding required disclosure.
Changes in Internal
Control Over Financial Reporting
While we continue to
implement design enhancements to our internal control procedures, there were no changes to our internal control over financial reporting
during the three months ended June 30, 2024, which were identified in connection with the evaluation that have materially affected, or are
reasonably likely to materially affect, our internal control over financial reporting. It is management’s expectation that
the Company will implement enhanced controls throughout 2024 with additional controls implemented as they are identified by management.
Management will continue to diligently and rigorously review the financial reporting controls and procedures on an ongoing basis.
Inherent Limitations on Effectiveness
of Controls
The Company’s
disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving
their desired objectives. Management recognizes that a control system, no matter how well designed and operated, can provide only reasonable,
not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact
that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of their inherent
limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect all errors or
misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial
statement preparation and presentation.
PART II. OTHER INFORMATION
Item 1. |
Legal Proceedings |
For information regarding legal
proceedings, see Note 15 of the Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
Not applicable.
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
None.
Item 3. |
Defaults Upon Senior Securities |
None.
Item 4. |
Mine Safety Disclosures |
Not applicable.
Item 5. |
Other Information |
The Company was not informed by
any of its directors or Section 16 officers of the adoption or termination of a "Rule 10b5-1 trading arrangement” or "non-Rule
10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K, during the second quarter of 2024.
4 |
|
Common Share Warrant Certificate No. Energy Evolution – 2 dated May 31, 2024 (incorporated herein by reference to Exhibit 4 to the Company’s Form 8-K dated May 24, 2024, which was filed on May 31, 2024).
|
10.1 |
|
Empire Petroleum Corporation 2024 Stock and Incentive Compensation Plan (incorporated herein by reference to Annex A to the Company’s Proxy Statement on Schedule 14A filed on April 29, 2024).
|
10.2 |
|
Note Repayment and Loan Termination Agreement dated as of July 31, 2024 by and among Petroleum Independent & Exploration, LLC, Empire Texas LLC and Empire Petroleum Corporation (incorporated herein by reference to Exhibit 10 to the Company’s Form 8-K dated July 31, 2024, which was filed on August 6, 2024).
|
31.1 |
|
Rule 13a - 14 (a)/15(d) - 14(a) Certification of Michael R. Morrisett, Chief Executive Officer (submitted herewith).
|
|
|
|
31.2 |
|
Rule 13a - 14 (a)/15(d) - 14(a) Certification of Michael R. Morrisett, Chief Executive Officer (principal financial officer) (submitted herewith).
|
32.1 |
|
Section 1350 Certification of Michael R. Morrisett, Chief Executive Officer (submitted herewith).
|
32.2 |
|
Section 1350 Certification of Michael R. Morrisett, Chief Executive Officer (principal financial officer) (submitted herewith).
|
101 |
|
Financial
Statements for Inline XBRL format (submitted herewith).
|
104 |
|
Cover Page Interactive Data
File (embedded within Inline XBRL document).
|
|
|
|
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 thereunto duly authorized.
|
Empire Petroleum Corporation
|
|
|
|
|
|
Date: August 14, 2024 |
By: |
/s/ Michael R. Morrisett |
|
|
|
Michael R. Morrisett |
|
|
|
Chief Executive Officer and President |
|
|
|
(Principal Executive Officer and Principal Financial Officer) |
|
26
Exhibit
31.1
CERTIFICATION
I,
Michael R. Morrisett, certify that:
| 1. | I
have reviewed this quarterly report on Form 10-Q of Empire Petroleum Corporation; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The
registrant’s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and |
| (d) | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and |
| 5. | The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize and report financial information; and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
August 14, 2024 |
|
/s/
Michael
R. Morrisett |
|
|
Michael
R. Morrisett President
and Chief Executive Officer |
Exhibit
31.2
CERTIFICATION
I, Michael R. Morrisett,
certify that:
| 1. | I have reviewed this quarterly report
on Form 10-Q of Empire Petroleum Corporation; |
| 2. | Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying
officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have: |
| (a) | Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared; |
| (b) | Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles; |
| (c) | Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and |
| (d)
| Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and |
| 5. | The registrant’s other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the
registrant’s board of directors (or persons performing the equivalent functions): |
| (a) | All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process,
summarize and report financial information; and |
| (b) | Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
August 14, 2024 |
|
/s/
Michael R. Morrisett |
|
|
Michael R. Morrisett
President and Chief Executive Officer
(principal financial officer)
|
Exhibit
32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the quarterly report of Empire Petroleum Corporation (the “Company”) on Form 10-Q for the period ended
June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael R.
Morrisett, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that:
| (1) | The Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) | The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
August 14, 2024 |
|
/s/
Michael R. Morrisett |
|
|
Michael R. Morrisett President and
Chief Executive Officer |
A signed original of
this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to
the Securities and Exchange Commission or its staff upon request.
The foregoing certification
is being furnished to the Securities and Exchange Commission as an exhibit to the Report and shall not be considered filed as part of
the Report.
Exhibit
32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the quarterly report of Empire Petroleum Corporation (the “Company”) on Form 10-Q for the period ended
June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael R.
Morrisett, President and Chief Executive Officer (principal financial officer) of the Company, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
| (1) | The Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) | The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
August 14, 2024 |
|
/s/
Michael R. Morrisett |
|
|
Michael R. Morrisett President and Chief Executive Officer
(principal financial officer) |
A signed original of
this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to
the Securities and Exchange Commission or its staff upon request.
The foregoing certification
is being furnished to the Securities and Exchange Commission as an exhibit to the Report and shall not be considered filed as part of
the Report.
v3.24.2.u1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 09, 2024 |
Cover [Abstract] |
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Document Type |
10-Q
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Document Period End Date |
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|
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Q2
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Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
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
|
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Entity Address, Address Line One |
2200
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Suite 150
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Tulsa
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OK
|
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Entity Address, Postal Zip Code |
74114
|
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City Area Code |
(539)
|
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Local Phone Number |
444-8002
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Title of 12(b) Security |
Common
Stock $.001 par value
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EP
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NYSEAMER
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets: |
|
|
Cash |
$ 9,257,773
|
$ 7,792,508
|
Accounts Receivable |
8,783,051
|
8,354,636
|
Derivative Instruments |
|
406,806
|
Inventory |
1,451,195
|
1,433,454
|
Prepaids |
788,073
|
757,500
|
Total Current Assets |
20,280,092
|
18,744,904
|
Property and Equipment: |
|
|
Oil and Natural Gas Properties, Successful Efforts |
123,509,574
|
93,509,803
|
Less: Accumulated Depreciation, Depletion and Impairment |
(27,040,862)
|
(22,996,805)
|
Total Oil and Gas Properties, Net |
96,468,712
|
70,512,998
|
Other Property and Equipment, Net |
1,625,870
|
1,883,211
|
Total Property and Equipment, Net |
98,094,582
|
72,396,209
|
Other Noncurrent Assets |
1,570,531
|
1,474,503
|
Total Assets |
119,945,205
|
92,615,616
|
Current Liabilities: |
|
|
Accounts Payable |
13,641,835
|
16,437,219
|
Accrued Expenses |
8,105,002
|
7,075,302
|
Derivative Instruments |
189,468
|
|
Current Portion of Lease Liability |
425,528
|
432,822
|
Current Portion of Note Payable - Related Party (Note 8) |
1,060,004
|
1,060,004
|
Current Portion of Long-Term Debt |
339,825
|
44,225
|
Total Current Liabilities |
23,761,662
|
25,049,572
|
Long-Term Debt |
8,523,756
|
4,596,775
|
Long Term Lease Liability |
338,953
|
544,382
|
Asset Retirement Obligations |
28,649,500
|
27,468,427
|
Total Liabilities |
61,273,871
|
57,659,156
|
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, 31,375,375 and 25,503,530 Shares Issued and Outstanding, Respectively |
90,897
|
85,025
|
Additional Paid-in Capital |
131,564,222
|
99,490,253
|
Accumulated Deficit |
(72,983,785)
|
(64,618,818)
|
Total Stockholders' Equity |
58,671,334
|
34,956,460
|
Total Liabilities and Stockholders' Equity |
$ 119,945,205
|
$ 92,615,616
|
X |
- DefinitionThe element represents current portion of long term notes payable net of discount.
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, authorized |
10,000,000
|
10,000,000
|
Preferred stock, issued |
6
|
6
|
Preferred stock, outstanding |
6
|
6
|
Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, authorized |
190,000,000
|
190,000,000
|
Common stock, issued |
31,375,375
|
25,503,530
|
Common stock, outstanding |
31,375,375
|
25,503,530
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenue: |
|
|
|
|
Oil Sales |
$ 12,287,272
|
$ 9,147,611
|
$ 21,729,236
|
$ 18,086,326
|
Gas Sales |
(115,833)
|
248,686
|
261,297
|
904,721
|
NGL Sales |
617,029
|
362,181
|
1,033,240
|
867,135
|
Total Product Revenues |
12,788,468
|
9,758,478
|
23,023,773
|
19,858,182
|
Other |
11,227
|
18,361
|
21,313
|
37,725
|
Loss on Commodity Derivatives |
(1,453)
|
(66,657)
|
(859,603)
|
(133,480)
|
Total Revenue |
12,798,242
|
9,710,182
|
22,185,483
|
19,762,427
|
Costs and Expenses: |
|
|
|
|
Lease Operating Expense |
7,542,685
|
7,099,000
|
14,930,108
|
13,619,163
|
Production and Ad Valorem Taxes |
1,065,718
|
721,275
|
1,899,165
|
1,479,389
|
Depletion, Depreciation & Amortization |
2,676,981
|
711,042
|
4,167,111
|
1,333,531
|
Accretion of Asset Retirement Obligation |
492,449
|
405,361
|
977,798
|
806,636
|
General and Administrative Expense: |
|
|
|
|
General and Administrative Expense |
2,354,080
|
1,894,204
|
5,233,117
|
4,917,483
|
Stock-Based Compensation |
591,635
|
1,180,806
|
1,301,637
|
2,130,445
|
Total General and Administrative Expense |
2,945,715
|
3,075,010
|
6,534,754
|
7,047,928
|
Total Costs and Expenses |
14,723,548
|
12,011,688
|
28,508,936
|
24,286,647
|
Operating Income (Loss) |
(1,925,306)
|
(2,301,506)
|
(6,323,453)
|
(4,524,220)
|
Other Income and (Expense): |
|
|
|
|
Interest Expense |
(735,220)
|
(184,887)
|
(1,050,269)
|
(422,186)
|
Other Income (Expense) (Note 8) |
(1,729,245)
|
21,484
|
(991,245)
|
21,906
|
Income (Loss) Before Income Taxes |
(4,389,771)
|
(2,464,909)
|
(8,364,967)
|
(4,924,500)
|
Income Tax (Provision) Benefit |
|
|
|
|
Net Income (Loss) |
$ (4,389,771)
|
$ (2,464,909)
|
$ (8,364,967)
|
$ (4,924,500)
|
Net Income (Loss) per Common Share: |
|
|
|
|
Basic |
$ (0.15)
|
$ (0.11)
|
$ (0.30)
|
$ (0.22)
|
Diluted |
$ (0.15)
|
$ (0.11)
|
$ (0.30)
|
$ (0.22)
|
Weighted Average Number of Common Shares Outstanding: |
|
|
|
|
Basic |
29,839,853
|
22,105,704
|
27,752,816
|
22,101,264
|
Diluted |
29,839,853
|
22,105,704
|
27,752,816
|
22,101,264
|
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
|
Common Stock [Member] |
Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
$ 81,615
|
|
$ 75,303,479
|
$ (52,149,213)
|
$ 23,235,881
|
Beginning balance (in shares) at Dec. 31, 2022 |
22,093,503
|
6
|
|
|
|
Net Loss |
|
|
|
(2,459,591)
|
(2,459,591)
|
Stock-Based Compensation |
$ 11
|
|
949,628
|
|
949,639
|
Stock-Based Compensation (in shares) |
11,089
|
|
|
|
|
Impact of Former CEO settlement |
|
|
(2,126,131)
|
|
(2,126,131)
|
Ending balance, value at Mar. 31, 2023 |
$ 81,626
|
|
74,126,976
|
(54,608,804)
|
19,599,798
|
Ending balance (in shares) at Mar. 31, 2023 |
22,104,592
|
6
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 81,615
|
|
75,303,479
|
(52,149,213)
|
23,235,881
|
Beginning balance (in shares) at Dec. 31, 2022 |
22,093,503
|
6
|
|
|
|
Net Loss |
|
|
|
|
(4,924,500)
|
Ending balance, value at Jun. 30, 2023 |
$ 81,646
|
|
75,307,762
|
(57,073,713)
|
18,315,695
|
Ending balance (in shares) at Jun. 30, 2023 |
22,124,592
|
6
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 81,626
|
|
74,126,976
|
(54,608,804)
|
19,599,798
|
Beginning balance (in shares) at Mar. 31, 2023 |
22,104,592
|
6
|
|
|
|
Net Loss |
|
|
|
(2,464,909)
|
(2,464,909)
|
Stock-Based Compensation |
$ 20
|
|
1,180,786
|
|
1,180,806
|
Stock-Based Compensation (in shares) |
20,000
|
|
|
|
|
Ending balance, value at Jun. 30, 2023 |
$ 81,646
|
|
75,307,762
|
(57,073,713)
|
18,315,695
|
Ending balance (in shares) at Jun. 30, 2023 |
22,124,592
|
6
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 85,025
|
|
99,490,253
|
(64,618,818)
|
34,956,460
|
Beginning balance (in shares) at Dec. 31, 2023 |
25,503,530
|
6
|
|
|
|
Net Loss |
|
|
|
(3,975,196)
|
(3,975,196)
|
Stock-Based Compensation |
$ 120
|
|
709,882
|
|
710,002
|
Stock-Based Compensation (in shares) |
120,144
|
|
|
|
|
Ending balance, value at Mar. 31, 2024 |
$ 85,145
|
|
100,200,135
|
(68,594,014)
|
31,691,266
|
Ending balance (in shares) at Mar. 31, 2024 |
25,623,674
|
6
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 85,025
|
|
99,490,253
|
(64,618,818)
|
34,956,460
|
Beginning balance (in shares) at Dec. 31, 2023 |
25,503,530
|
6
|
|
|
|
Net Loss |
|
|
|
|
(8,364,967)
|
Ending balance, value at Jun. 30, 2024 |
$ 90,897
|
|
131,564,222
|
(72,983,785)
|
58,671,334
|
Ending balance (in shares) at Jun. 30, 2024 |
31,375,375
|
6
|
|
|
|
Beginning balance, value at Mar. 31, 2024 |
$ 85,145
|
|
100,200,135
|
(68,594,014)
|
31,691,266
|
Beginning balance (in shares) at Mar. 31, 2024 |
25,623,674
|
6
|
|
|
|
Net Loss |
|
|
|
(4,389,771)
|
(4,389,771)
|
Stock-Based Compensation |
$ 91
|
|
591,546
|
|
591,637
|
Stock-Based Compensation (in shares) |
90,669
|
|
|
|
|
Rights Offering (Note 10) |
$ 4,132
|
|
20,507,397
|
|
20,511,529
|
Rights Offering (Note 10) (in shares) |
4,132,232
|
|
|
|
|
Conversion of Related-Party Note (Note 8) |
$ 800
|
|
6,160,102
|
|
6,160,902
|
Conversion of Related-Party Note (Note 8) (in shares) |
800,000
|
|
|
|
|
Partial Conversion of Option to Purchase (Note 3) |
$ 600
|
|
3,155,400
|
|
3,156,000
|
Partial Conversion of Option to Purchase (Note 3) (in shares) |
600,000
|
|
|
|
|
Warrants Exercised (Note 10) |
$ 129
|
|
949,642
|
|
949,771
|
Warrants Exercised (Note 10) (in shares) |
128,800
|
|
|
|
|
Ending balance, value at Jun. 30, 2024 |
$ 90,897
|
|
$ 131,564,222
|
$ (72,983,785)
|
$ 58,671,334
|
Ending balance (in shares) at Jun. 30, 2024 |
31,375,375
|
6
|
|
|
|
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash Flows From Operating Activities: |
|
|
Net Income (Loss) |
$ (8,364,967)
|
$ (4,924,500)
|
Adjustments to Reconcile Net Income (Loss) to Net Cash |
|
|
Stock-Based Compensation |
1,301,637
|
2,130,445
|
Amortization of Right of Use Assets |
271,467
|
163,785
|
Depreciation, Depletion and Amortization |
4,167,111
|
1,333,531
|
Accretion of Asset Retirement Obligation |
977,798
|
806,636
|
Loss on Commodity Derivatives |
859,603
|
133,480
|
Settlement on or Purchases of Commodity Derivative Instruments |
(263,330)
|
(41,187)
|
Loss on Financial Derivatives (Note 8) |
998,000
|
|
Amortization of Debt Discount on Convertible Notes |
500,382
|
|
Gain on extinguishment of debt |
(16,611)
|
|
Change in Operating Assets and Liabilities: |
|
|
Accounts Receivable |
(630,061)
|
(2,039,189)
|
Inventory, Oil in Tanks |
(17,741)
|
(265,802)
|
Prepaids, Current |
460,201
|
708,549
|
Accounts Payable |
1,854,786
|
(1,697,939)
|
Accrued Expenses |
1,029,700
|
(3,642,305)
|
Other Long-Term Assets and Liabilities |
(1,021,396)
|
(650,134)
|
Net Cash Provided By (Used In) Operating Activities |
2,106,579
|
(7,984,630)
|
Cash Flows From Investing Activities: |
|
|
Deposit for Acquistion of Oil and Natural Gas Properties |
|
(670,000)
|
Additions to Oil and Natural Gas Properties (a) |
(30,143,188)
|
(3,127,847)
|
Purchase of Other Fixed Assets |
(119,891)
|
(153,036)
|
Cash Paid for Right of Use Assets |
(250,475)
|
(204,105)
|
Sinking Fund Deposit |
|
2,779,000
|
Net Cash Provided By (Used In) Investing Activities |
(30,513,554)
|
(1,375,988)
|
Cash Flows From Financing Activities: |
|
|
Borrowings on Credit Facility |
3,950,000
|
|
Proceeds from Promissory Note - Related Party (Note 8) |
5,000,000
|
|
Proceeds from Rights Offering (Net of Transaction Costs) (Note 10) |
20,511,529
|
|
Principal Payments of Debt |
(218,192)
|
(1,288,974)
|
Net Proceeds from Warrant Exercise (Note 10) |
628,903
|
|
Net Cash Provided By (Used In) Financing Activities |
29,872,240
|
(1,288,974)
|
Net Change in Cash |
1,465,265
|
(10,649,592)
|
Cash - Beginning of Period |
7,792,508
|
11,944,442
|
Cash - End of Period |
9,257,773
|
1,294,850
|
Supplemental Cash Flow Information: |
|
|
Cash Paid for Interest |
$ 436,616
|
$ 272,471
|
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v3.24.2.u1
Organization and Basis of Presentation
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Basis of Presentation |
Note 1 - Organization and Basis of Presentation
Empire Petroleum Corporation (the “Company”,
collectively with its subsidiaries) is an independent energy company operator engaged in optimizing developed production by employing
field management methods to maximize reserve recovery while minimizing costs. Empire operates the following wholly-owned subsidiaries
in its areas of operations:
|
● |
Empire New Mexico, LLC (“Empire New Mexico”) |
|
o |
Empire New Mexico LLC d/b/a Green Tree New Mexico |
|
o |
Empire EMSU LLC |
|
o |
Empire EMSU-B LLC |
|
o |
Empire AGU LLC |
|
o |
Empire NM Assets LLC |
|
● |
Empire Rockies Region |
|
o |
Empire North Dakota LLC (“Empire North Dakota”) |
|
o |
Empire North Dakota Acquisition LLC (“Empire NDA”) |
|
● |
Empire Texas (“Empire Texas”), consisting of the following entities: |
|
o |
Empire Texas LLC |
|
o |
Empire Texas Operating LLC |
|
o |
Empire Texas GP LLC |
|
o |
Pardus Oil & Gas Operating, LP (owned 1% by Empire Texas GP LLC and 99% by Empire Texas LLC) |
|
● |
Empire Louisiana LLC (“Empire Louisiana”) |
|
|
|
|
|
Empire was incorporated in the State of Delaware in
1985. The consolidated financial statements of Empire Petroleum Corporation and subsidiaries include the accounts of the Company and its
wholly-owned subsidiaries.
The accompanying unaudited condensed consolidated
financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”)
for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes
required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation
of the Company's financial position, the results of operations, and the cash flows for the interim period are included. All adjustments
are of a normal, recurring nature. Certain amounts in prior periods have been reclassified to conform to current presentation. Operating
results for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
The information contained in this Form 10-Q should
be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2023 which are contained
in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2024.
Liquidity and Going Concern
The Company determined that it was not in
compliance with the current ratio covenant contained in its revolving line of credit agreement as of June 30, 2024 (see Note 8).
Upon discovering this issue, the Company notified the lender to request a waiver. The noncompliance is due to a higher level of
payables related to the capital spending program in North Dakota. On August 12, 2024, the Company obtained a compliance waiver from
the lender for June 30, 2024. The Company will require funds to be in compliance with debt covenants and satisfy the payables
discussed above which are greater than estimated cash flows from operations over the next 12
months.
The Company has initiated a plan to raise
additional funds for the payables discussed above as well as the additional capital spending in 2024 in an anticipated form of
either a subscription rights equity offering, related party warrants, or a related party note payable that may or may not have
conversion rights into shares of common stock of the Company. These fundraising forms are supported through committed financial
support from Phil Mulacek and Energy Evolution Master Fund, Ltd ("Energy Evolution"), both related parties of the Company (see Note
14) and our largest stockholders collectively holding 51% of the common shares outstanding. Mr. Mulacek and Energy Evolution have
indicated and are willing and able to provide these additional funds, if required, for the Company to continue to meet its
obligations over the next 12 months.
Management has considered these plans, including if they are within the control of the Company, in evaluating ASC 205-40,
Presentation of Financial Statements-Going Concern. Management believes the above actions are sufficient to allow the Company to meet
its obligations as they become due for a period of at least 12 months from the issuance of these financial statements. Management believes
that its plans, and support from the existing related-party stockholders discussed above, is probable and has alleviated the substantial
doubt regarding the Company's ability to continue as a going concern.
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note 2 – Summary of Significant Accounting
Policies
Significant Accounting Policies
During the six months ended June
30, 2024, the Company added one significant accounting policy and estimate relating to convertible debt and derivative liability. Besides
this, there have been no material changes to significant accounting policies and estimates from the information provided in the Form 10-K
for the year ended December 31, 2023.
Convertible Debt and Derivative
Liability
In connection with the
Company’s issuance of a Promissory Note in the first quarter of 2024, the Company bifurcated the embedded conversion option,
and recorded the embedded conversion option as a long-term derivative liability in the Company’s Condensed Consolidated
Balance Sheet in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) 815, Derivatives and Hedging. The convertible debt and the derivative liability associated with the
Promissory Note were presented on the Condensed Consolidated Balance Sheet as the Long-Term Note Payable – Related Party and
long-term Derivative Instruments. The convertible debt was carried at amortized cost. The derivative liability was remeasured at
each reporting period using a binomial lattice model with changes in fair value recorded in the Condensed Consolidated Statements of
Operations in Other Income (Expense). The conversion option related to the Promissory Note was exercised in the second quarter of
2024. See Note 8 for further details.
Fair Value Measurements
FASB ASC Topic 820, Fair Value Measurement
(ASC Topic 820), defines fair value, establishes a consistent framework for measuring fair value and establishes a fair value hierarchy
based on the observability of inputs used to measure fair value.
The three-level fair value hierarchy for disclosure of fair
value measurements defined by ASC Topic 820 is as follows:
Level 1 – Unadjusted,
quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active
market is defined as a market where transactions for the financial instrument occur with sufficient frequency and volume to provide pricing
information on an ongoing basis.
Level 2 – Inputs, other
than quoted prices within Level 1, that are either directly or indirectly observable for the asset or liability through correlation with
market data at the measurement date and for the duration of the instrument’s anticipated life.
Level 3 – Prices
or valuations that require unobservable inputs that are both significant to the fair value measurement and unobservable. Valuation under
Level 3 generally involves a significant degree of judgment from management.
A financial instrument’s level
within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available,
fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs
are not available, valuation models are applied. These valuation techniques involve a degree of management estimation and judgment, the
degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity. The Company
reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no
longer justifies classification in the original level. There were no transfers between fair value hierarchy levels for the period ended
June 30, 2024.
Financial instruments and other
– The fair values determined for accounts receivable, accrued expenses and other current liabilities were equivalent to the
carrying value due to their short-term nature.
Derivatives – Derivative
financial instruments are carried at fair value and measured on a recurring basis. The Company’s commodity price hedges are valued
based on discounted future cash flow models that are primarily based on published forward commodity price curves; thus, these inputs are
designated as Level 2 within the valuation hierarchy.
The fair values of derivative instruments
in asset positions include measures of counterparty nonperformance risk, and the fair values of derivative instruments in liability positions
include measures of the Company’s nonperformance risk. These measurements were not material to the Condensed Consolidated Financial
Statements.
Assets and Liabilities Measured
at Fair Value on a Recurring Basis - The Company uses a binomial lattice valuation model to value Level 3 derivative liabilities at
inception and on subsequent valuation dates. This model incorporates transaction details such as the Company’s stock price, contractual
terms of the Promissory Note, and unobservable inputs classified as Level 3 including risk-free rate and expected volatility. As of the
conversion option exercise date of May 24, 2024, these unobservable inputs were 5.0% and 46.9%, respectively.
Fair Value on a Nonrecurring
Basis
The Company applies the provisions of
fair value measurement on a non-recurring basis to its non-financial assets and liabilities, including oil and gas properties and asset
retirement obligations. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value
adjustments if events or changes in certain circumstances indicate that adjustments may be necessary. No triggering events that require
assessment of such items were observed during the six months ended June 30, 2024.
Related Party Transactions
Transactions between related parties
are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC
850, Related Party Disclosures requires that transactions with related parties that would have influence in decision
making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions
typically occur within the context of the following relationships: affiliates of the entity; entities for which investments in their
equity securities is typically accounted for under the equity method by the investing entity; trusts for the benefit of employees;
principal owners of the entity and members of their immediate families; management of the entity and members of their immediate
families; and other parties that can significantly influence the management or operating policies of the transacting parties and can
significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing
its own separate interests.
Concentrations of Credit Risk
The Company’s
accounts receivable are primarily receivables from oil and natural gas purchasers and joint interest owners. The purchasers of the Company’s
oil and natural gas production consist primarily of independent marketers, major oil and natural gas companies and gas pipeline companies.
Historically, the Company has not experienced any significant losses from uncollectible accounts from its oil and natural gas purchasers.
The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full
payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their
share of those costs. Joint operating agreements govern the operations of an oil or natural gas well and, in most instances, provide for
offsetting of amounts payable or receivable between the Company and its joint interest owners. The Company’s joint interest partners
consist primarily of independent oil and natural gas producers. If the oil and natural gas exploration and production industry in general
was adversely affected, the ability of the Company’s joint interest partners to reimburse the Company could be adversely affected.
Recently Adopted Accounting Standards
The FASB periodically issues new accounting standards
in a continuing effort to improve standards of financial accounting and reporting. The Company has reviewed the recently issued pronouncements
and concluded that the following new accounting standards are applicable:
In August 2020, the FASB issued ASU 2020-06, Debt—Debt
with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendments in this ASU affect entities
that issue convertible instruments and/or contracts in an entity’s own equity. The amendments in this ASU primarily affect convertible
instruments issued with beneficial conversion features or cash conversion features because the accounting models for those specific features
are removed. However, all entities that issue convertible instruments are affected by the amendments to the disclosure requirements of
this ASU. For contracts in an entity’s own equity, the contracts primarily affected are freestanding instruments and embedded features
that are accounted for as derivatives under the current guidance because of failure to meet the settlement conditions of the derivatives
scope exception related to certain requirements of the settlement assessment. Also affected is the assessment of whether an embedded conversion
feature in a convertible instrument qualifies for the derivatives scope exception. Additionally, the amendments in this ASU affect the
diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. The amendments in this
ASU are effective for public business entities, excluding entities eligible to be smaller reporting companies, for fiscal years beginning
after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for
fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Board specified that an entity
should adopt the guidance as of the beginning of its annual fiscal year. The Board decided to allow entities to adopt the guidance through
either a modified retrospective method of transition or a fully retrospective method of transition. The Company has adopted this standard
for the current year and does not expect it to have a material impact on our consolidated financial statements.
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v3.24.2.u1
Property
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property |
Note 3 – Property
The Company follows the successful efforts method
of accounting for its oil and natural gas activities. Under this method, costs to acquire oil and natural gas properties and costs incurred
to drill and equip development and exploratory wells are deferred until exploration and completion results are evaluated. Exploration
drilling costs are expensed if recoverable reserves are not found. Upon sale or retirement of oil and natural gas properties, the costs
and related accumulated depreciation, depletion and amortization are eliminated from the accounts and the resulting gain or loss is recognized.
Costs incurred to maintain wells and related equipment and lease and
well operating costs are charged to expense as incurred.
Depletion is calculated on a units-of-production basis at the field
level based on total proved developed reserves.
Proved oil and natural gas properties are reviewed for impairment
at least annually, or as indicators of impairment arise. There have been no indicators of impairment during the six months ended June
30, 2024.
Aggregate capitalized costs of oil and
natural gas properties are as follows:
| |
June 30, 2024 | | |
December 31, 2023 | |
Proved properties | |
$ | 119,421,112 | | |
$ | 75,346,623 | |
Unproved properties | |
| 3,820,480 | | |
| 3,245,431 | |
Work in process | |
| 267,982 | | |
| 14,917,749 | |
Gross capitalized costs | |
| 123,509,574 | | |
| 93,509,803 | |
| |
| | | |
| | |
Depreciation, depletion, amortization and impairment | |
| (27,040,862 | ) | |
| (22,996,805 | ) |
Total oil and gas properties, net | |
$ | 96,468,712 | | |
$ | 70,512,998 | |
| |
| | | |
| | |
Depletion and amortization expense related to oil and gas properties
for the three months ended June 30, 2024 and 2023 was approximately $2,613,000 and $657,000, respectively. Depletion and amortization
expense related to oil and gas properties for the six months ended June 30, 2024 and 2023 was approximately $4,044,000 and $1,221,000,
respectively.
The Company has completed eight wells in North Dakota related to
our Starbuck Drilling program during the first half of 2024.
On April 9, 2024, the Company partially exercised
a purchase option originally issued on August 9, 2023 (the “Purchase Option”) to acquire additional working interests in certain
of the Company’s New Mexico properties from Energy Evolution, a related party.
The additional assets acquired represent approximately 60% of the total assets collectively acquired by the Company and Energy Evolution
in the third quarter of 2023 (the “Option Assets”). As consideration, upon closing of the partial exercise of the Purchase
Option, the Company issued Energy Evolution 600,000 shares of common stock of the Company based on an agreed upon price of $5.00 per share
for an aggregate agreed upon value of $3,000,000 which was 60% of the purchase price of $5,000,000 under the Purchase Option. Pursuant
to the remaining unexercised portion of the Purchase Option, the Company had the right to extend the initial one-year Purchase Option
period for two successive one-year periods by agreeing to issue additional shares of common stock prior to the end of the one-year period
then in effect. On August 8, 2024, the Company successfully extended the Purchase Option with the issuance of 16,800 shares of common
stock to Energy Evolution, and as such, the Company has the right to acquire the remaining Option Assets for an exercise price of $2,000,000,
subject to certain adjustments and payable in cash, unless the parties agree that some or all may be paid by issuance of common stock
to Energy Evolution. The Purchase Option now expires on August 9, 2026.
Other property and equipment consists of operating lease assets, vehicles,
office furniture, and equipment with lives ranging from three to five years. The capitalized costs of other property and equipment are
as follows:
Schedule of other property plant and equipment
| |
June 30, 2024 | | |
December 31, 2023 | |
Other property and equipment, at cost | |
$ | 3,117,909 | | |
$ | 2,998,018 | |
Less: Accumulated depreciation | |
| (1,492,039 | ) | |
| (1,114,807 | ) |
Other property and equipment, net | |
$ | 1,625,870 | | |
$ | 1,883,211 | |
| |
| | | |
| | |
Depreciation expense related to other property and equipment for the
three months ended June 30, 2024 and 2023 was approximately $64,000 and $54,000, respectively. Depreciation expense related to other property
and equipment for the six months ended June 30, 2024 and 2023 was approximately $123,000 and $113,000, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.2.u1
Asset Retirement Obligations
|
6 Months Ended |
Jun. 30, 2024 |
Asset Retirement Obligation Disclosure [Abstract] |
|
Asset Retirement Obligations |
Note 4 - Asset Retirement Obligations
The Company’s asset retirement obligations represent the estimated
present value of the estimated cash flows the Company will incur to plug, abandon, and remediate its producing properties at the end of
their productive lives, in accordance with applicable state laws. Market risk premiums associated with asset retirement obligations are
estimated to represent a component of the Company’s credit-adjusted risk-free rate that is utilized in the calculations of asset
retirement obligations.
The Company’s asset retirement obligation activity is as follows:
| |
|
|
|
|
|
| |
| |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Asset retirement obligations, beginning of period | |
$ | 28,168,427 | | |
$ | 25,000,740 | |
Additions | |
| 788,473 | | |
| — | |
Liabilities settled | |
| (585,198 | ) | |
| (656,249 | ) |
Revisions | |
| — | | |
| 2,303,939 | |
Accretion expense | |
| 977,798 | | |
| 806,636 | |
Asset retirement obligation, end of period | |
$ | 29,349,500 | | |
$ | 27,455,066 | |
Less current portion included in Accrued Expenses | |
| 700,000 | | |
| — | |
Asset retirement obligation, long-term | |
$ | 28,649,500 | | |
$ | 27,455,066 | |
| |
| | | |
| | |
The additions in 2024 primarily relate to the completion of new wells
as part of the Company’s North Dakota Starbuck Drilling Program and additional working interest acquired in New Mexico (see Note
3).
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- DefinitionThe entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
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v3.24.2.u1
Commodity Derivative Financial Instruments
|
6 Months Ended |
Jun. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
Commodity Derivative Financial Instruments |
Note 5 – Commodity Derivative Financial Instruments
The Company uses derivative financial instruments to manage its exposure
to commodity price fluctuations. Commodity derivative instruments are used to reduce the effect of volatility of price changes on the
oil and natural gas the Company produces and sells. The Company does not enter into derivative financial instruments for speculative or
trading purposes. The Company’s derivative financial instruments consist of swaps and put options.
The Company does not designate its derivative instruments in such
a way that would qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments
in its consolidated statements of operations as they occur. Unrealized gains and losses related to the contracts are recognized and recorded
as changes to the derivative asset or liability on the Company’s consolidated balance sheets.
The following table summarizes the net realized and unrealized losses
reported in earnings related to the commodity derivative instruments for the three and six months ended June 30, 2024 and 2023:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Loss on Derivatives: | |
| | | |
| | | |
| | | |
| | |
Oil derivatives (a) | |
$ | (1,453 | ) | |
$ | (66,657 | ) | |
$ | (859,603 | ) | |
$ | (133,480 | ) |
________
| (a) | Includes $251,177 of unrealized derivative gain and $66,657 of unrealized derivative losses for the
three months ended June 30, 2024 and 2023, respectively, and includes $596,273 and $92,293 of unrealized derivative losses for six months
ended June 30, 2024 and 2023, respectively. |
The following represents the Company’s net settlements related
to derivatives for the three and six months ended June 30, 2024 and 2023:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | | |
| | | |
| | | |
| | |
Oil derivatives | |
$ | (252,630 | ) | |
$ | — | | |
$ | (263,330 | ) | |
$ | (41,187 | ) |
The following table sets forth the Company’s outstanding derivative
contracts at June 30, 2024:
| |
3rd Quarter 2024 | | |
4th Quarter 2024 | |
| |
| | |
| |
WTI Fixed-Price Swaps: | |
| | | |
| | |
Quarterly volume (MBbls) | |
| 30.00 | | |
| 30.00 | |
Weighted-average fixed price (Bbl) | |
$ | 77.02 | | |
$ | 75.57 | |
|
X |
- DefinitionThe entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.
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v3.24.2.u1
Accounts Receivable
|
6 Months Ended |
Jun. 30, 2024 |
Credit Loss [Abstract] |
|
Accounts Receivable |
Note 6 – Accounts Receivable
The following table represents the Company’s
accounts receivable as of June 30, 2024 and December 31, 2023:
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Oil, Gas and NGL Receivables | |
$ | 3,572,430 | | |
$ | 2,784,745 | |
Joint Interest Billings | |
| 5,066,830 | | |
| 5,444,331 | |
Other | |
| 143,791 | | |
| 125,560 | |
Total Accounts Receivable | |
$ | 8,783,051 | | |
$ | 8,354,636 | |
|
X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.24.2.u1
Accrued Expenses
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Accrued Expenses |
Note 7 – Accrued Expenses
The following table represents the Company’s
accrued expenses as of June 30, 2024 and December 31, 2023:
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | | |
| | |
Accrued and suspended third-party revenue | |
$ | 5,340,541 | | |
$ | 4,049,984 | |
Accrued salaries and payroll taxes | |
| 678,678 | | |
| 1,059,295 | |
Accrued production taxes | |
| 1,016,238 | | |
| 829,226 | |
Other | |
| 1,069,545 | | |
| 1,136,797 | |
| |
$ | 8,105,002 | | |
$ | 7,075,302 | |
|
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.2.u1
Debt Including Debt with Related Parties
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Debt Including Debt with Related Parties |
Note 8 – Debt Including Debt with Related
Parties
The following table represents the Company’s
outstanding debt as of June 30, 2024 and December 31, 2023:
| |
As of
June 30, 2024 | | |
As of
December 31, 2023 | |
| |
| | |
| |
Equity Bank Credit Facility | |
$ | 8,442,484 | | |
$ | 4,492,484 | |
| |
| | | |
| | |
| |
| | | |
| | |
Note Payable – Related Party | |
| 1,060,004 | | |
| 1,060,004 | |
| |
| | | |
| | |
Equipment and vehicle notes, 0.00% to 9.00% interest rates, due in 2025 to 2028 with monthly payments ranging from $900 to $1,400 per month | |
| 126,632 | | |
| 148,516 | |
| |
| | | |
| | |
Note Payable to insurance provider, bears 7.29% interest, matures January 2025, monthly payments of principal and interest of $51,067 | |
| 294,465 | | |
| — | |
| |
| | | |
| | |
Total Debt | |
| 9,923,585 | | |
| 5,701,004 | |
Less: Current Maturities | |
| (339,825 | ) | |
| (44,225 | ) |
Less: Note Payable – Related Party | |
| (1,060,004 | ) | |
| (1,060,004 | ) |
Long-Term debt | |
$ | 8,523,756 | | |
$ | 4,596,775 | |
On December 29, 2023, Empire North Dakota and Empire
NDA ("Borrowers”), entered into a Revolver Loan Agreement with Equity Bank (the "Credit Facility”). Pursuant to
the Credit Facility (a) the initial revolver commitment amount is $10,000,000; (b) the maximum revolver commitment amount is $15,000,000;
(c) commencing on January 31, 2024, and occurring on the last day of each calendar month thereafter, the revolver commitment amount is
reduced by $150,000; (d) commencing on March 31, 2024, there are scheduled semiannual collateral borrowing base redeterminations each
year on March 31 and September 30; (e) the final maturity date is December 29, 2026; (f) outstanding borrowings bear interest at a rate
equal to the prime rate of interest plus 1.50%, and in no event lower than 8.50%; (g) a quarterly commitment fee is based on the unused
portion of the commitments; and (h) Borrowers have the right to prepay loans under the Credit Facility at any time without a prepayment
penalty.
The Credit Facility is guaranteed by the Company.
Borrowers entered into a security agreement, pursuant to which the obligations under the Credit Facility are secured by liens on substantially
all of the assets of Borrowers. Furthermore, the obligations under the Credit Facility are secured by a continuing, first priority mortgage
lien, pledge of and security interest in not less than 80% of Borrowers’ producing oil, gas and other leasehold and mineral interests,
including without limitation, those situated in the States of North Dakota and Montana.
The Credit Facility requires Borrowers to, commencing
as of the fiscal quarter ended December 31, 2023, maintain (a) a current ratio of 1.0 to 1.0 or more and (b) a ratio of funded debt to
EBITDAX, calculated quarterly and annually based on a trailing twelve-month basis, of no more than 3.50 to 1.00. The Company was not
in compliance with the current ratio covenant as of June 30, 2024, however the Company received a compliance waiver from the lender for
June 30, 2024.
Promissory Note – Related Party
On February 16, 2024, the Company issued a Promissory Note in the
aggregate principal amount of $5,000,000 (the "Note”) to Energy Evolution. Energy Evolution advanced the Company $5,000,000
under the Note. The proceeds of the Note were used by the Company to fund, in part, its ongoing oil and gas drilling program and for working
capital purposes.
The Note matures on February 15, 2026 (the "Maturity
Date”) and accrues interest at the rate of 7% per annum. After the Maturity Date, any principal balance of the Note remaining unpaid
accrues interest at the rate of 9% per annum. At the option of Energy Evolution, interest payments will be paid either in cash or in shares
of common stock of the Company on each of the following dates (or if any such date is not a business day, the next following business
day) (each an "Interest Payment Date”), except upon the occurrence of an Event of Default, in which case interest will accrue
and be paid in cash on demand: (i) March 31, 2024; (ii) June 30, 2024; (iii) September 30, 2024; (iv) December 31,
2024; (v) March 31, 2025; (vi) June 30, 2025; (vii) September 30, 2025; (viii) December 31, 2025; and (ix) the Maturity
Date. All or any portion of the outstanding principal amount of the Note may be converted into shares of common stock of the Company at
a conversion price of $6.25 per share (the "Conversion Price”), at the option of Energy Evolution, at any time and from time
to time. If the full principal amount of the Note is drawn and converted into shares of common stock of the Company, 800,000 shares would
be issued (without giving effect to any interest that may be converted). Accrued interest on the principal amount converted will be due
on the applicable date of conversion in cash or, at the option of Energy Evolution, by issuance of shares of common stock of the Company
in the manner set forth in the Note (where the date of conversion is the relevant Interest Payment Date”). The Conversion Price
is subject to customary adjustments. The Note may be prepaid at any time or from time to time without the consent of Energy Evolution
and without penalty or premium, provided that the Company provides Energy Evolution with at least five business days prior written notice,
each principal payment is made in cash and all accrued interest is paid in cash, or at the option of Energy Evolution, the accrued interest
may be paid by issuance of shares of common stock of the Company in the manner set forth in the Note (where the Interest Payment Date
is the date of prepayment).
The Company determined that an embedded conversion
feature included in the Note required bifurcation from the host contract that is recognized as a separate derivative liability carried
at fair value. The estimated fair value of the derivative liability, which represents a Level 3 valuation, was $1,292,000 as
of March 31, 2024 and was determined using a binomial lattice model using certain assumptions and inputs discussed in Note 2. Accordingly,
the Company recognized a gain on the fair value adjustment of the derivative liability in the amount of approximately $738,000 in Other
Income (Expense) in the Condensed Consolidated Statements of Operations for the quarter ended March 31, 2024. The conversion option was
exercised by Energy Evolution on May 24, 2024, and the fair value of the derivative was revalued as of that date resulting in a loss of
$1,736,000 in the second quarter of 2024. All of the other embedded features of the Note were clearly and closely related to the debt
host and did not require bifurcation as a derivative liability.
On May 24, 2024, Energy Evolution elected to convert
the Note to shares of common stock of the Company and received 800,000 shares under the terms of the Note.
Note Payable – Related Party
In August 2020, the Company, through its wholly owned
subsidiary, Empire Texas, entered into a joint development agreement (the "JDA”) with Petroleum & Independent Exploration,
LLC and related entities ("PIE”), a related party (see Note 14), dated August 1, 2020. Under the terms of the JDA, PIE will
perform recompletion or workover on specified mutually agreed upon wells ("Workover Wells”) owned by Empire Texas. Concurrent
with the JDA with PIE, the Company entered into a term loan agreement dated August 1, 2020, whereby PIE will loan up to $2,000,000, at
an interest rate of 6% per annum, maturing August 6, 2024 unless terminated earlier by PIE. The loan proceeds were used for recompletion
or workover of certain designated wells. In addition, the Company assigned 85% working and revenue interest to PIE in the designated wells
which will be applied to repayment of the loan. As of June 30, 2024, $1,060,004 has been advanced from the PIE loan.
On July 31, 2024, PIE, Empire Texas, and the
Company entered into a note repayment and loan termination agreement providing for the payment in full of the remaining outstanding
amount of the $1,060,004 PIE loan and extending the loan maturity date to December 31, 2024 unless terminated earlier by PIE. As
payment in full, the Company will issue PIE 205,427 shares of common stock of the Company following the approval of a supplemental
listing application by the NYSE American stock exchange.
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v3.24.2.u1
Leases
|
6 Months Ended |
Jun. 30, 2024 |
Leases |
|
Leases |
Note 9 - Leases
As a lessee, the Company leases its corporate office
headquarters in Tulsa, Oklahoma and one field office. The leases expire between 2024 and 2027. The corporate office has an option to renew
for an additional five-year term. The option to renew the lease is generally not considered reasonably certain to be exercised. Therefore,
the period covered by such optional period is not included in the determination of the term of the lease and the lease payments during
these periods are similarly excluded from the calculation of right-of-use lease asset and lease liability balances.
The Company also leases vehicles primarily used in
our field operations. These vehicle leases typically have a three-year life.
The Company recognizes right-of use lease expense
on a straight-line basis, except for certain variable expenses that are recognized when the variability is resolved, typically during
the period in which they are paid. Variable right-of-use lease payments typically include charges for property taxes, insurance, and variable
payments related to non-lease components, including common area maintenance.
Right-of-use lease expense was approximately $271,000
and $164,000 for the six months ended June 30, 2024 and 2023, respectively. Cash paid for right-of-use leases was approximately $250,000
and $164,000 for the same periods.
Supplemental balance sheet information related to the right-of-use leases
is as follows:
Schedule of right of use leases
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | | |
| | |
Net operating lease asset (included in Other Property and Equivpment) | |
$ | 840,309 | | |
$ | 1,077,031 | |
| |
| | | |
| | |
Current portion of lease liability | |
$ | 425,528 | | |
$ | 432,822 | |
Long-term lease liability | |
| 338,953 | | |
| 544,382 | |
Total right-of-use lease liabilities | |
$ | 764,481 | | |
$ | 977,204 | |
| |
| | | |
| | |
The weighted-average remaining term for the Company’s right-of-use
leases is 1.8 years. The weighted-average discount rate was 8.44% for the second quarter of 2024.
Maturities of lease liabilities are as follows as of June 30, 2024:
|
| |
| | |
Year 1 |
| |
$ | 472,636 | |
Year 2 |
| |
| 315,124 | |
Year 3 |
| |
| 39,996 | |
Year 4 |
| |
| — | |
Year 5 |
| |
| — | |
Total lease payments |
| |
| 827,756 | |
Less imputed interest |
| |
| (63,275 | ) |
Total lease obligation |
| |
$ | 764,481 | |
|
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v3.24.2.u1
Equity
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Equity |
Note 10 – Equity
Pursuant to the Company’s Amended and
Restated Certificate of Incorporation (“Charter”), effective as of March 4, 2022, the total number of shares of all classes
of stock that the Company has the authority to issue is 200,000,000, consisting of 190,000,000 shares of common stock, par value $0.001
per share, and 10,000,000 shares of preferred stock, par value $0.001 per share.
Preferred Stock
Preferred stock may be issued from time to time
in one or more series at the direction of the Board of Directors and the directors also have the ability to fix dividend rates and rights,
liquidation preferences, voting rights, conversion rights, rights and terms of redemption and other rights, preferences, privileges and
restrictions as determined by the Board of Directors, subject to certain limitations set forth in the Charter.
Series
A Voting Preferred Stock
On March 8, 2022, the Company formalized the
issuance of preferred stock as was required under the terms of the Company's May 2021 financing agreements with Energy Evolution and issued
six shares of Series A Voting Preferred Stock. The Series A Voting Preferred Stock was issued in
connection with the strategic investment in the Company by Energy Evolution. For so long as the Series A Voting Preferred Stock is outstanding,
the Company’s Board of Directors will consist of six directors. Three of the directors are designated as the Series A Directors
and the three other directors (each, a “common director”) are elected by the holders of common stock and/or any preferred
stock (other than the Series A Voting Preferred Stock) granted the right to vote on the common directors. Any Series A Director may be
removed with or without cause but only by the affirmative vote of the holders of a majority of the Series A Voting Preferred Stock voting
separately and as a single class. The holders of the Series A Voting Preferred Stock have the exclusive right, voting separately and as
a single class, to vote on the election, removal and/or replacement of the Series A Directors. Holders of common stock or other preferred
stock do not have the right to vote on the Series A Directors. The approval of the holders of the Series A Voting Preferred Stock, voting
separately and as a single class, is required to authorize any resolution or other action to issue or modify the number, voting rights
or any other rights, privileges, benefits, or characteristics of the Series A Voting Preferred Stock, including without limitation, any
action to modify the number, structure and/or composition of the Company’s current Board of Directors.
The Series
A Voting Preferred Stock is held by Phil Mulacek, chairman of the Board of Directors and one of the principals of Energy Evolution, as
Energy Evolution’s designee (the “Initial Holder”). The Series A Voting Preferred Stock may be transferred only to certain
controlled affiliates of the Initial Holder (“Permitted Transferees”), and the voting rights of the Series A Voting Preferred
Stock are contingent upon the Initial Holder and Permitted Transferees (collectively, the “Series A Holders”) holding together
at least 3,000,000 shares of the Company’s outstanding common stock.
The Series A Voting Preferred
Stock is not entitled to receive any dividends or distributions of cash or other property except in the event of any liquidation, dissolution
or winding up of the Company’s affairs. In such event, before any amount is paid to the holders of the Company’s common stock
but after any amount is paid to the holders of the Company’s senior securities, the holders of the Series A Voting Preferred Stock
will be entitled to receive an amount per share equal to $1.00.
Except as discussed above
or as otherwise set forth in the certificate of designation of the Series A Voting Preferred Stock, the holders of the Series A Voting
Preferred Stock have no voting rights.
The Series A Voting
Preferred Stock is not redeemable at the Company’s election or the election of any holder, except the Company may elect to redeem
the Series A Voting Preferred Stock for $1.00 per share following satisfaction of its notice and cure requirements in the event that:
|
• |
any or all shares of Series A Voting Preferred Stock are held by anyone other than the Initial Holder or a Permitted Transferee; or |
|
• |
the Series A Holders together hold less than 3,000,000 shares of the Company’s outstanding common stock. |
The Series A Voting Preferred
Stock is not convertible into common stock or any other security.
Common Stock
On August 27, 2021, the Company’s Board of Directors
approved a one-for-four reverse stock split such that every holder of the Company’s common stock would receive one share of common
stock for every four shares owned. The reverse stock split was effective as of 6:00 p.m. Eastern Time on March 7, 2022, immediately prior
to the Company’s listing of its common stock on the NYSE American.
The holders of shares of common stock are entitled
to one vote per share for all matters on which common stockholders are authorized to vote on. Examples of matters that common stockholders
are entitled to vote on include, but are not limited to, election of three of the six directors and other common voting situations afforded
to common stockholders.
In April 2024, the Company completed a
subscription rights offering (“Rights Offering”) which raised gross proceeds of $20.66 million. The Company distributed
at no charge to holders of its common stock, as of the close of business on March 7, 2024 (the record date for the Rights Offering),
one subscription right for each share of common stock held. Each subscription right entitled the holder to purchase 0.161 shares of
common stock at a subscription price of $5.00 per share per one whole share of common stock. The subscription rights were
non-transferable and not listed for trading on any stock exchange or market.
On May 29, 2024, the Company issued Energy Evolution
a warrant certificate granting them the right to purchase 128,800 shares of common stock of the Company at $5.00 per share. On June 28,
2024, Energy Evolution exercised the warrants and received 128,800 shares in exchange for $644,000.
Earnings Per Share
The computation of diluted shares outstanding for
the three and six months ended June 30, 2024 excluded 1,086,673 and 1,078,029 shares, respectively, related to stock options, warrants,
outstanding RSUs, and convertible debt as their effect would have been anti-dilutive. The computation of diluted shares outstanding for
the three and six months ended June 30, 2023 excluded 2,102,635 and 2,153,158 shares, respectively, related to stock options, warrants,
and outstanding RSUs, as their effect would have been anti-dilutive.
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v3.24.2.u1
Stock-Based Compensation
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
Note 11 – Stock-Based Compensation
The Company recognizes stock-based compensation expense
associated with granted stock options and restricted stock units (RSUs). The Company accounts for forfeitures of equity-based incentive
awards as they occur. Stock-based compensation expense related to time-based restricted stock units is based on the price of the common
stock on the grant date and recognized as vesting occurs. For options, the fair value is determined using the Black-Scholes option valuation
assumptions on dividend yield, expected annual volatility, risk-free interest rate and an expected useful life. Stock-based compensation
is recorded with a corresponding increase in Additional Paid-in Capital within the Condensed Consolidated Balance Sheets.
The following summary reflects nonvested restricted
stock unit activity and related information for the six months ended June 30, 2024.
Schedule of non vested restricted stock unit activity
| |
| | |
Weighted Average | |
| |
RSUs | | |
Fair Value (a) | |
| |
| | | |
| | |
Outstanding, December 31, 2023 | |
| 204,817 | | |
$ | 10.61 | |
Granted | |
| 36,060 | | |
| 5.18 | |
Vested | |
| (104,874 | ) | |
| 11.71 | |
Forfeited | |
| (22,500 | ) | |
| 11.05 | |
Outstanding, June 30, 2024 | |
| 113,503 | | |
$ | 7.79 | |
| |
| | | |
| | |
(a) Shares are valued at the grant-date market price. | |
| | | |
| | |
The following summary reflects stock option activity
and related information:
| |
| | |
Weighted Average | |
| |
Options | | |
Exercise Price | |
| |
| | | |
| | |
Outstanding, December 31, 2023 | |
| 2,065,381 | | |
$ | 4.89 | |
Granted | |
| — | | |
| — | |
Exercised | |
| (184,100 | ) | |
| 1.35 | |
Cancelled | |
| — | | |
| — | |
Outstanding, June 30, 2024 | |
| 1,881,281 | | |
$ | 5.23 | |
| |
| | | |
| | |
The following table summarizes information about stock options outstanding
as of June 30, 2024.
Schedule of summarizes information about stock options outstanding
Range of |
|
Options |
|
Weighted Average |
|
Weighted |
|
Options |
|
Weighted |
Exercise |
|
Outstanding |
|
Remaining |
|
Average |
|
Exercisable |
|
Average |
Prices |
|
at 6/30/24 |
|
Contractual Life |
|
Exercise Price |
|
at 6/30/24 |
|
Exercise Price |
|
|
|
|
|
|
|
|
|
|
|
$1.32 to $12.36 |
|
1,881,281 |
|
4.35 years |
|
$5.23 |
|
1,620,860 |
|
$4.25 |
|
|
|
|
|
|
|
|
|
|
|
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v3.24.2.u1
Executive Separations
|
6 Months Ended |
Jun. 30, 2024 |
Executive Separations |
|
Executive Separations |
Note 12 – Executive Separations
On March 16, 2023, Thomas W. Pritchard resigned as
Chief Executive Officer and a director of the Company to pursue other opportunities. Although not required under Mr. Pritchard’s
Employment Agreement with the Company, in recognition of Mr. Pritchard’s past service to the Company, the Company will pay Mr. Pritchard
severance benefits in the amount of approximately $360,000, as set forth in Section 4.2 of his Employment Agreement, in one lump sum payment
within 30 days after March 23, 2023, rather than in monthly installments. This was accrued as of March 31, 2023, and payment was made
in April 2023. The Company also extended the period under which Mr. Pritchard has the right to exercise his outstanding vested non-qualified
stock options from three months after the date of his termination of employment to September 16, 2024. In addition, Mr. Pritchard
has surrendered to the Company 340,234 RSUs and options as satisfaction for the $2.1 million receivable that primarily resulted from incorrect
withholdings associated with an April 2022 option exercise by Mr. Pritchard. The Company also had a $2.1 million liability recorded at
December 31, 2022, related to withholding payables that were remitted in 2023.
On March 17, 2023, the Board of Directors appointed
Michael R. Morrisett to the position of Chief Executive Officer. Mr. Morrisett did not receive any additional compensation for assuming
the role of Chief Executive Officer.
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v3.24.2.u1
Income Taxes
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note 13 – Income Taxes
For all periods presented, the Company’s effective
tax rate is 0%. Other than the full year of 2022, the Company has generated net operating losses since inception, which would normally
reflect a tax benefit in the Condensed Consolidated Statement of Operations and a deferred asset on the Condensed Consolidated Balance
Sheet. However, because of the current uncertainty as to the Company’s ability to achieve sustained profitability, a valuation reserve
has been established that offsets the amount of any tax benefit available for each period presented in the Condensed Consolidated Statements
of Operations. The following table presents a reconciliation of its effective income tax rate to the U.S. statutory income tax rate for
the three and six months ended June 30, 2024 and 2023.
Schedule of reconciliation of effective
income tax rate
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
$ | | |
% | | |
$ | | |
% | | |
$ | | |
% | | |
$ | | |
% | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Provision (benefit) at statutory rate | |
| (921,852 | ) | |
| 21.0% | | |
| (517,631 | ) | |
| 21.0% | | |
| (1,756,643 | ) | |
| 21.0% | | |
| (1,034,145 | ) | |
| 21.0% | |
State Taxes (net of federal impact) | |
| (210,849 | ) | |
| 4.8% | | |
| (118,589 | ) | |
| 4.8% | | |
| (401,786 | ) | |
| 4.8% | | |
| (236,923 | ) | |
| 4.8% | |
Nondeductible Expenses | |
| 3,123 | | |
| -0.1% | | |
| 1,972 | | |
| -0.1% | | |
| 9,524 | | |
| -0.1% | | |
| 3,940 | | |
| -0.1% | |
Stock Options Exercised | |
| (26,831 | ) | |
| 0.6% | | |
| — | | |
| 0.0% | | |
| (130,627 | ) | |
| 1.6% | | |
| — | | |
| 0.0% | |
Valuation Allowance | |
| 1,156,409 | | |
| -26.3% | | |
| 634,248 | | |
| -25.7% | | |
| 2,279,532 | | |
| -27.3% | | |
| 1,267,128 | | |
| -25.7% | |
Income tax provision (benefit) | |
| — | | |
| 0.0% | | |
| — | | |
| 0.0% | | |
| — | | |
| 0.0% | | |
| — | | |
| 0.0% | |
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.2.u1
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note 14 – Related Party Transactions
Energy Evolution is a related party of the Company
as it beneficially owns approximately 31.6% of the Company’s outstanding shares of common stock as of June 30, 2024. Additionally,
a board member of Energy Evolution was appointed to the Company’s board in October 2021. This board member separately beneficially
owns approximately 19.9% of the Company’s outstanding shares of common stock as of June 30, 2024. The board member also is a majority
owner of PIE. In October 2021 another Energy Evolution member was appointed to the Company’s board of directors.
The Company has a JDA with PIE to perform completions
or workovers on specified mutually agreed upon wells. As of June 30, 2024, the Company has incurred obligations of approximately $1.1
million as a part of the JDA. In July 2024, the Company agreed to issue PIE 205,427 shares of common stock of the Company as payment in
full for this outstanding note balance (see Note 8).
On February 16, 2024, the Company issued the
Note to Energy Evolution. Energy Evolution advanced the Company $5,000,000 under the Note in the first quarter of 2024. On May 24, 2024,
Energy Evolution elected to convert the Note to shares of common stock of the Company and received 800,000 shares under the terms of the
Note (see Note 8).
The Company elected to partially exercise a Purchase Option in
the second quarter of 2024 and acquired 60% of certain New Mexico interests from Energy Evolution. See Note 3 for additional information.
On June 28, 2024, Energy Evolution exercised warrants
of the Company and received 128,800 shares in exchange for $644,000. See Note 10 for additional information.
Accounts Receivable on the Condensed Consolidated
Balance Sheet includes approximately $1,080,000 receivable from Energy Evolution. Accrued Expenses includes approximately $121,000 of
revenue payable to Energy Evolution.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note 15 – Commitments and Contingencies
From time to time, the Company is subject
to various legal proceedings arising in the ordinary course of business, including proceedings for which the Company may not have insurance
coverage. While many of these matters involve inherent uncertainty, as of the date hereof, the Company does not currently believe that
any such legal proceedings will have a material adverse effect on the Company’s business, financial position, results of operations
or liquidity.
The Company is subject to extensive federal,
state, and local environmental laws and regulations. These laws, among other things, regulate the discharge of materials into the environment
and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances
at various sites. Management believes no materially significant liabilities of this nature existed as of the balance sheet date.
Agreed Compliance Order
In January 2024, the Company deposited
$1 million into an escrow account in accordance with an Agreed Compliance Order (“ACO”) with the New Mexico Oil Conservation
Division (“OCD”) for compliance work on certain inactive wells in New Mexico. Under the terms of the ACO, the escrow funds
will be returned to the Company at a rate of $10,000 for each well as the compliance work is completed. As of June 30, 2024, all work
has been completed, and the remaining escrow balance receivable of $450,000 is included in Other Noncurrent Assets in the Condensed Consolidated
Balance Sheet. The Company received $250,000 of the outstanding escrow funds in July 2024 and expects to receive the remaining $200,000
later in the third quarter of 2024.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies |
Significant Accounting Policies
During the six months ended June
30, 2024, the Company added one significant accounting policy and estimate relating to convertible debt and derivative liability. Besides
this, there have been no material changes to significant accounting policies and estimates from the information provided in the Form 10-K
for the year ended December 31, 2023.
|
Convertible Debt and Derivative Liability |
Convertible Debt and Derivative
Liability
In connection with the
Company’s issuance of a Promissory Note in the first quarter of 2024, the Company bifurcated the embedded conversion option,
and recorded the embedded conversion option as a long-term derivative liability in the Company’s Condensed Consolidated
Balance Sheet in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) 815, Derivatives and Hedging. The convertible debt and the derivative liability associated with the
Promissory Note were presented on the Condensed Consolidated Balance Sheet as the Long-Term Note Payable – Related Party and
long-term Derivative Instruments. The convertible debt was carried at amortized cost. The derivative liability was remeasured at
each reporting period using a binomial lattice model with changes in fair value recorded in the Condensed Consolidated Statements of
Operations in Other Income (Expense). The conversion option related to the Promissory Note was exercised in the second quarter of
2024. See Note 8 for further details.
|
Fair Value Measurements |
Fair Value Measurements
FASB ASC Topic 820, Fair Value Measurement
(ASC Topic 820), defines fair value, establishes a consistent framework for measuring fair value and establishes a fair value hierarchy
based on the observability of inputs used to measure fair value.
The three-level fair value hierarchy for disclosure of fair
value measurements defined by ASC Topic 820 is as follows:
Level 1 – Unadjusted,
quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active
market is defined as a market where transactions for the financial instrument occur with sufficient frequency and volume to provide pricing
information on an ongoing basis.
Level 2 – Inputs, other
than quoted prices within Level 1, that are either directly or indirectly observable for the asset or liability through correlation with
market data at the measurement date and for the duration of the instrument’s anticipated life.
Level 3 – Prices
or valuations that require unobservable inputs that are both significant to the fair value measurement and unobservable. Valuation under
Level 3 generally involves a significant degree of judgment from management.
A financial instrument’s level
within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available,
fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs
are not available, valuation models are applied. These valuation techniques involve a degree of management estimation and judgment, the
degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity. The Company
reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no
longer justifies classification in the original level. There were no transfers between fair value hierarchy levels for the period ended
June 30, 2024.
Financial instruments and other
– The fair values determined for accounts receivable, accrued expenses and other current liabilities were equivalent to the
carrying value due to their short-term nature.
Derivatives – Derivative
financial instruments are carried at fair value and measured on a recurring basis. The Company’s commodity price hedges are valued
based on discounted future cash flow models that are primarily based on published forward commodity price curves; thus, these inputs are
designated as Level 2 within the valuation hierarchy.
The fair values of derivative instruments
in asset positions include measures of counterparty nonperformance risk, and the fair values of derivative instruments in liability positions
include measures of the Company’s nonperformance risk. These measurements were not material to the Condensed Consolidated Financial
Statements.
Assets and Liabilities Measured
at Fair Value on a Recurring Basis - The Company uses a binomial lattice valuation model to value Level 3 derivative liabilities at
inception and on subsequent valuation dates. This model incorporates transaction details such as the Company’s stock price, contractual
terms of the Promissory Note, and unobservable inputs classified as Level 3 including risk-free rate and expected volatility. As of the
conversion option exercise date of May 24, 2024, these unobservable inputs were 5.0% and 46.9%, respectively.
|
Fair Value on a Nonrecurring Basis |
Fair Value on a Nonrecurring
Basis
The Company applies the provisions of
fair value measurement on a non-recurring basis to its non-financial assets and liabilities, including oil and gas properties and asset
retirement obligations. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value
adjustments if events or changes in certain circumstances indicate that adjustments may be necessary. No triggering events that require
assessment of such items were observed during the six months ended June 30, 2024.
|
Related Party Transactions |
Related Party Transactions
Transactions between related parties
are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC
850, Related Party Disclosures requires that transactions with related parties that would have influence in decision
making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions
typically occur within the context of the following relationships: affiliates of the entity; entities for which investments in their
equity securities is typically accounted for under the equity method by the investing entity; trusts for the benefit of employees;
principal owners of the entity and members of their immediate families; management of the entity and members of their immediate
families; and other parties that can significantly influence the management or operating policies of the transacting parties and can
significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing
its own separate interests.
|
Concentrations of Credit Risk |
Concentrations of Credit Risk
The Company’s
accounts receivable are primarily receivables from oil and natural gas purchasers and joint interest owners. The purchasers of the Company’s
oil and natural gas production consist primarily of independent marketers, major oil and natural gas companies and gas pipeline companies.
Historically, the Company has not experienced any significant losses from uncollectible accounts from its oil and natural gas purchasers.
The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full
payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their
share of those costs. Joint operating agreements govern the operations of an oil or natural gas well and, in most instances, provide for
offsetting of amounts payable or receivable between the Company and its joint interest owners. The Company’s joint interest partners
consist primarily of independent oil and natural gas producers. If the oil and natural gas exploration and production industry in general
was adversely affected, the ability of the Company’s joint interest partners to reimburse the Company could be adversely affected.
|
Recently Adopted Accounting Standards |
Recently Adopted Accounting Standards
The FASB periodically issues new accounting standards
in a continuing effort to improve standards of financial accounting and reporting. The Company has reviewed the recently issued pronouncements
and concluded that the following new accounting standards are applicable:
In August 2020, the FASB issued ASU 2020-06, Debt—Debt
with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendments in this ASU affect entities
that issue convertible instruments and/or contracts in an entity’s own equity. The amendments in this ASU primarily affect convertible
instruments issued with beneficial conversion features or cash conversion features because the accounting models for those specific features
are removed. However, all entities that issue convertible instruments are affected by the amendments to the disclosure requirements of
this ASU. For contracts in an entity’s own equity, the contracts primarily affected are freestanding instruments and embedded features
that are accounted for as derivatives under the current guidance because of failure to meet the settlement conditions of the derivatives
scope exception related to certain requirements of the settlement assessment. Also affected is the assessment of whether an embedded conversion
feature in a convertible instrument qualifies for the derivatives scope exception. Additionally, the amendments in this ASU affect the
diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. The amendments in this
ASU are effective for public business entities, excluding entities eligible to be smaller reporting companies, for fiscal years beginning
after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for
fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Board specified that an entity
should adopt the guidance as of the beginning of its annual fiscal year. The Board decided to allow entities to adopt the guidance through
either a modified retrospective method of transition or a fully retrospective method of transition. The Company has adopted this standard
for the current year and does not expect it to have a material impact on our consolidated financial statements.
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- DefinitionDisclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.
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v3.24.2.u1
Property (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Aggregate capitalized costs of oil and natural gas properties are as follows: |
Aggregate capitalized costs of oil and
natural gas properties are as follows:
| |
June 30, 2024 | | |
December 31, 2023 | |
Proved properties | |
$ | 119,421,112 | | |
$ | 75,346,623 | |
Unproved properties | |
| 3,820,480 | | |
| 3,245,431 | |
Work in process | |
| 267,982 | | |
| 14,917,749 | |
Gross capitalized costs | |
| 123,509,574 | | |
| 93,509,803 | |
| |
| | | |
| | |
Depreciation, depletion, amortization and impairment | |
| (27,040,862 | ) | |
| (22,996,805 | ) |
Total oil and gas properties, net | |
$ | 96,468,712 | | |
$ | 70,512,998 | |
| |
| | | |
| | |
|
Schedule of other property plant and equipment |
Schedule of other property plant and equipment
| |
June 30, 2024 | | |
December 31, 2023 | |
Other property and equipment, at cost | |
$ | 3,117,909 | | |
$ | 2,998,018 | |
Less: Accumulated depreciation | |
| (1,492,039 | ) | |
| (1,114,807 | ) |
Other property and equipment, net | |
$ | 1,625,870 | | |
$ | 1,883,211 | |
| |
| | | |
| | |
|
X |
- DefinitionTabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.
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- DefinitionTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
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v3.24.2.u1
Asset Retirement Obligations (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Asset Retirement Obligation Disclosure [Abstract] |
|
The Company’s asset retirement obligation activity is as follows: |
The Company’s asset retirement obligation activity is as follows:
| |
|
|
|
|
|
| |
| |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Asset retirement obligations, beginning of period | |
$ | 28,168,427 | | |
$ | 25,000,740 | |
Additions | |
| 788,473 | | |
| — | |
Liabilities settled | |
| (585,198 | ) | |
| (656,249 | ) |
Revisions | |
| — | | |
| 2,303,939 | |
Accretion expense | |
| 977,798 | | |
| 806,636 | |
Asset retirement obligation, end of period | |
$ | 29,349,500 | | |
$ | 27,455,066 | |
Less current portion included in Accrued Expenses | |
| 700,000 | | |
| — | |
Asset retirement obligation, long-term | |
$ | 28,649,500 | | |
$ | 27,455,066 | |
| |
| | | |
| | |
|
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v3.24.2.u1
Commodity Derivative Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
The following table summarizes the net realized and unrealized losses reported in earnings related to the commodity derivative instruments for the three and six months ended June 30, 2024 and 2023: |
The following table summarizes the net realized and unrealized losses
reported in earnings related to the commodity derivative instruments for the three and six months ended June 30, 2024 and 2023:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Loss on Derivatives: | |
| | | |
| | | |
| | | |
| | |
Oil derivatives (a) | |
$ | (1,453 | ) | |
$ | (66,657 | ) | |
$ | (859,603 | ) | |
$ | (133,480 | ) |
________
| (a) | Includes $251,177 of unrealized derivative gain and $66,657 of unrealized derivative losses for the
three months ended June 30, 2024 and 2023, respectively, and includes $596,273 and $92,293 of unrealized derivative losses for six months
ended June 30, 2024 and 2023, respectively. |
|
The following represents the Company’s net settlements related to derivatives for the three and six months ended June 30, 2024 and 2023: |
The following represents the Company’s net settlements related
to derivatives for the three and six months ended June 30, 2024 and 2023:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | | |
| | | |
| | | |
| | |
Oil derivatives | |
$ | (252,630 | ) | |
$ | — | | |
$ | (263,330 | ) | |
$ | (41,187 | ) |
|
The following table sets forth the Company’s outstanding derivative contracts at June 30, 2024: |
The following table sets forth the Company’s outstanding derivative
contracts at June 30, 2024:
| |
3rd Quarter 2024 | | |
4th Quarter 2024 | |
| |
| | |
| |
WTI Fixed-Price Swaps: | |
| | | |
| | |
Quarterly volume (MBbls) | |
| 30.00 | | |
| 30.00 | |
Weighted-average fixed price (Bbl) | |
$ | 77.02 | | |
$ | 75.57 | |
|
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- DefinitionTabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.
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v3.24.2.u1
Accounts Receivable (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Credit Loss [Abstract] |
|
The following table represents the Company’s accounts receivable as of June 30, 2024 and December 31, 2023: |
The following table represents the Company’s
accounts receivable as of June 30, 2024 and December 31, 2023:
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Oil, Gas and NGL Receivables | |
$ | 3,572,430 | | |
$ | 2,784,745 | |
Joint Interest Billings | |
| 5,066,830 | | |
| 5,444,331 | |
Other | |
| 143,791 | | |
| 125,560 | |
Total Accounts Receivable | |
$ | 8,783,051 | | |
$ | 8,354,636 | |
|
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- DefinitionTabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.
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v3.24.2.u1
Accrued Expenses (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
The following table represents the Company’s accrued expenses as of June 30, 2024 and December 31, 2023: |
The following table represents the Company’s
accrued expenses as of June 30, 2024 and December 31, 2023:
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | | |
| | |
Accrued and suspended third-party revenue | |
$ | 5,340,541 | | |
$ | 4,049,984 | |
Accrued salaries and payroll taxes | |
| 678,678 | | |
| 1,059,295 | |
Accrued production taxes | |
| 1,016,238 | | |
| 829,226 | |
Other | |
| 1,069,545 | | |
| 1,136,797 | |
| |
$ | 8,105,002 | | |
$ | 7,075,302 | |
|
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v3.24.2.u1
Debt Including Debt with Related Parties (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
The following table represents the Company’s outstanding debt as of June 30, 2024 and December 31, 2023: |
The following table represents the Company’s
outstanding debt as of June 30, 2024 and December 31, 2023:
| |
As of
June 30, 2024 | | |
As of
December 31, 2023 | |
| |
| | |
| |
Equity Bank Credit Facility | |
$ | 8,442,484 | | |
$ | 4,492,484 | |
| |
| | | |
| | |
| |
| | | |
| | |
Note Payable – Related Party | |
| 1,060,004 | | |
| 1,060,004 | |
| |
| | | |
| | |
Equipment and vehicle notes, 0.00% to 9.00% interest rates, due in 2025 to 2028 with monthly payments ranging from $900 to $1,400 per month | |
| 126,632 | | |
| 148,516 | |
| |
| | | |
| | |
Note Payable to insurance provider, bears 7.29% interest, matures January 2025, monthly payments of principal and interest of $51,067 | |
| 294,465 | | |
| — | |
| |
| | | |
| | |
Total Debt | |
| 9,923,585 | | |
| 5,701,004 | |
Less: Current Maturities | |
| (339,825 | ) | |
| (44,225 | ) |
Less: Note Payable – Related Party | |
| (1,060,004 | ) | |
| (1,060,004 | ) |
Long-Term debt | |
$ | 8,523,756 | | |
$ | 4,596,775 | |
|
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v3.24.2.u1
Leases (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Leases |
|
Schedule of right of use leases |
Schedule of right of use leases
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | | |
| | |
Net operating lease asset (included in Other Property and Equivpment) | |
$ | 840,309 | | |
$ | 1,077,031 | |
| |
| | | |
| | |
Current portion of lease liability | |
$ | 425,528 | | |
$ | 432,822 | |
Long-term lease liability | |
| 338,953 | | |
| 544,382 | |
Total right-of-use lease liabilities | |
$ | 764,481 | | |
$ | 977,204 | |
| |
| | | |
| | |
|
Maturities of lease liabilities are as follows as of June 30, 2024: |
Maturities of lease liabilities are as follows as of June 30, 2024:
|
| |
| | |
Year 1 |
| |
$ | 472,636 | |
Year 2 |
| |
| 315,124 | |
Year 3 |
| |
| 39,996 | |
Year 4 |
| |
| — | |
Year 5 |
| |
| — | |
Total lease payments |
| |
| 827,756 | |
Less imputed interest |
| |
| (63,275 | ) |
Total lease obligation |
| |
$ | 764,481 | |
|
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v3.24.2.u1
Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of non vested restricted stock unit activity |
Schedule of non vested restricted stock unit activity
| |
| | |
Weighted Average | |
| |
RSUs | | |
Fair Value (a) | |
| |
| | | |
| | |
Outstanding, December 31, 2023 | |
| 204,817 | | |
$ | 10.61 | |
Granted | |
| 36,060 | | |
| 5.18 | |
Vested | |
| (104,874 | ) | |
| 11.71 | |
Forfeited | |
| (22,500 | ) | |
| 11.05 | |
Outstanding, June 30, 2024 | |
| 113,503 | | |
$ | 7.79 | |
| |
| | | |
| | |
(a) Shares are valued at the grant-date market price. | |
| | | |
| | |
|
The following summary reflects stock option activity and related information: |
The following summary reflects stock option activity
and related information:
| |
| | |
Weighted Average | |
| |
Options | | |
Exercise Price | |
| |
| | | |
| | |
Outstanding, December 31, 2023 | |
| 2,065,381 | | |
$ | 4.89 | |
Granted | |
| — | | |
| — | |
Exercised | |
| (184,100 | ) | |
| 1.35 | |
Cancelled | |
| — | | |
| — | |
Outstanding, June 30, 2024 | |
| 1,881,281 | | |
$ | 5.23 | |
| |
| | | |
| | |
|
Schedule of summarizes information about stock options outstanding |
Schedule of summarizes information about stock options outstanding
Range of |
|
Options |
|
Weighted Average |
|
Weighted |
|
Options |
|
Weighted |
Exercise |
|
Outstanding |
|
Remaining |
|
Average |
|
Exercisable |
|
Average |
Prices |
|
at 6/30/24 |
|
Contractual Life |
|
Exercise Price |
|
at 6/30/24 |
|
Exercise Price |
|
|
|
|
|
|
|
|
|
|
|
$1.32 to $12.36 |
|
1,881,281 |
|
4.35 years |
|
$5.23 |
|
1,620,860 |
|
$4.25 |
|
|
|
|
|
|
|
|
|
|
|
|
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v3.24.2.u1
Income Taxes (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Schedule of reconciliation of effective income tax rate |
Schedule of reconciliation of effective
income tax rate
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
$ | | |
% | | |
$ | | |
% | | |
$ | | |
% | | |
$ | | |
% | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Provision (benefit) at statutory rate | |
| (921,852 | ) | |
| 21.0% | | |
| (517,631 | ) | |
| 21.0% | | |
| (1,756,643 | ) | |
| 21.0% | | |
| (1,034,145 | ) | |
| 21.0% | |
State Taxes (net of federal impact) | |
| (210,849 | ) | |
| 4.8% | | |
| (118,589 | ) | |
| 4.8% | | |
| (401,786 | ) | |
| 4.8% | | |
| (236,923 | ) | |
| 4.8% | |
Nondeductible Expenses | |
| 3,123 | | |
| -0.1% | | |
| 1,972 | | |
| -0.1% | | |
| 9,524 | | |
| -0.1% | | |
| 3,940 | | |
| -0.1% | |
Stock Options Exercised | |
| (26,831 | ) | |
| 0.6% | | |
| — | | |
| 0.0% | | |
| (130,627 | ) | |
| 1.6% | | |
| — | | |
| 0.0% | |
Valuation Allowance | |
| 1,156,409 | | |
| -26.3% | | |
| 634,248 | | |
| -25.7% | | |
| 2,279,532 | | |
| -27.3% | | |
| 1,267,128 | | |
| -25.7% | |
Income tax provision (benefit) | |
| — | | |
| 0.0% | | |
| — | | |
| 0.0% | | |
| — | | |
| 0.0% | | |
| — | | |
| 0.0% | |
|
X |
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v3.24.2.u1
Aggregate capitalized costs of oil and natural gas properties are as follows: (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
|
Proved properties |
$ 119,421,112
|
$ 75,346,623
|
Unproved Properties |
3,820,480
|
3,245,431
|
Work in process |
267,982
|
14,917,749
|
Gross capitalized costs |
123,509,574
|
93,509,803
|
Depreciation, Depletion, Amortization and Impairment |
(27,040,862)
|
(22,996,805)
|
Total Oil and Gas Properties, Net |
$ 96,468,712
|
$ 70,512,998
|
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- DefinitionThe element represents capitalized costs work in process.
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v3.24.2.u1
Schedule of other property plant and equipment (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
|
Other property and equipment, at cost |
$ 3,117,909
|
$ 2,998,018
|
Less: accumulated depreciation |
(1,492,039)
|
(1,114,807)
|
Other property and equipment, net |
$ 1,625,870
|
$ 1,883,211
|
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v3.24.2.u1
Property (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Aug. 09, 2024 |
May 09, 2024 |
Depletion and amortization expense |
$ 2,613,000
|
$ 657,000
|
$ 4,044,000
|
$ 1,221,000
|
|
|
Agreed Value of purchase price for energy evolution |
|
|
|
|
$ 3,000,000
|
|
Actual Value of purchase price for energy evolution |
|
|
|
|
5,000,000
|
|
Exercise price of the remaining option assets |
|
|
|
|
$ 2,000,000
|
|
Depreciation expense |
$ 64,000
|
$ 54,000
|
$ 123,000
|
$ 113,000
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
Common Stock Issued For Energy Evolution |
|
|
|
|
|
600,000
|
Common stock par or stated value per share for energy evolution |
|
|
|
|
$ 5.00
|
|
Common Stock issued for energy evolution purchase option extension |
|
|
|
|
16,800
|
|
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v3.24.2.u1
The Company’s asset retirement obligation activity is as follows: (Details) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Asset Retirement Obligation Disclosure [Abstract] |
|
|
Asset retirement obligations, beginning of period |
$ 28,168,427
|
$ 25,000,740
|
Additions |
788,473
|
|
Liabilities settled |
(585,198)
|
(656,249)
|
Revisions |
|
2,303,939
|
Accretion expense |
977,798
|
806,636
|
Asset retirement obligation, end of period |
29,349,500
|
27,455,066
|
Less current portion included in Accrued Expenses |
700,000
|
|
Asset retirement obligation, long-term |
$ 28,649,500
|
$ 27,455,066
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v3.24.2.u1
The following table summarizes the net realized and unrealized losses reported in earnings related to the commodity derivative instruments for the three and six months ended June 30, 2024 and 2023: (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Credit Derivatives [Line Items] |
|
|
|
|
|
Gain (loss) on derivatives |
|
$ (1,453)
|
$ (66,657)
|
$ (859,603)
|
$ (133,480)
|
Oil Derivatives [Member] |
|
|
|
|
|
Credit Derivatives [Line Items] |
|
|
|
|
|
Gain (loss) on derivatives |
[1] |
$ (1,453)
|
$ (66,657)
|
$ (859,603)
|
$ (133,480)
|
|
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v3.24.2.u1
The following table represents the Company’s accounts receivable as of June 30, 2024 and December 31, 2023: (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Credit Loss [Abstract] |
|
|
Oil, Gas and NGL Receivables |
$ 3,572,430
|
$ 2,784,745
|
Joint Interest Billings |
5,066,830
|
5,444,331
|
Other |
143,791
|
125,560
|
Total Accounts Receivable |
$ 8,783,051
|
$ 8,354,636
|
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|
Jun. 30, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Accrued and suspended third-party revenue |
$ 5,340,541
|
$ 4,049,984
|
Accrued salaries and payroll taxes |
678,678
|
1,059,295
|
Accrued production taxes |
1,016,238
|
829,226
|
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1,069,545
|
1,136,797
|
Accrued Expenses |
$ 8,105,002
|
$ 7,075,302
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|
Jun. 30, 2024 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Total debt |
$ 9,923,585
|
$ 5,701,004
|
Less: current maturities |
(339,825)
|
(44,225)
|
Less: note payable - related party |
(1,060,004)
|
(1,060,004)
|
Long term debt |
8,523,756
|
4,596,775
|
Equity Bank Credit Facility [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Total debt |
8,442,484
|
4,492,484
|
Note Payable Related Party [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Total debt |
1,060,004
|
1,060,004
|
Various Vehicleand Equipment Loans [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Total debt |
126,632
|
148,516
|
Note Payable Insurance Provider Bears Interest Matures [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Total debt |
$ 294,465
|
|
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v3.24.2.u1
Debt Including Debt with Related Parties (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
|
|
|
Feb. 16, 2024 |
Dec. 29, 2023 |
Jun. 30, 2024 |
Jul. 31, 2024 |
Feb. 15, 2024 |
Aug. 01, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Debt description |
|
entered into a Revolver Loan Agreement with Equity Bank (the "Credit Facility”). Pursuant to
the Credit Facility (a) the initial revolver commitment amount is $10,000,000; (b) the maximum revolver commitment amount is $15,000,000;
(c) commencing on January 31, 2024, and occurring on the last day of each calendar month thereafter, the revolver commitment amount is
reduced by $150,000; (d) commencing on March 31, 2024, there are scheduled semiannual collateral borrowing base redeterminations each
year on March 31 and September 30; (e) the final maturity date is December 29, 2026; (f) outstanding borrowings bear interest at a rate
equal to the prime rate of interest plus 1.50%, and in no event lower than 8.50%; (g) a quarterly commitment fee is based on the unused
portion of the commitments; and (h) Borrowers have the right to prepay loans under the Credit Facility at any time without a prepayment
penalty.
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Remaining outstanding amount |
|
|
|
$ 1,060,004
|
|
|
Petroleum And Independent Exploration L L C [Member] | August Six Two Thousand Twenty [Member] | Joint Development Agreement [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Loan from related party |
|
|
|
|
|
$ 2,000,000
|
Interest rate |
|
|
|
|
|
6.00%
|
Description of working and revenue interest |
|
|
In addition, the Company assigned 85% working and revenue interest to PIE in the designated wells
which will be applied to repayment of the loan. As of June 30, 2024, $1,060,004 has been advanced from the PIE loan.
|
|
|
|
Fair Value, Inputs, Level 3 [Member] | Energy Evolution Master Fund Ltd [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Description of fair value of the derivative |
|
|
The estimated fair value of the derivative liability, which represents a Level 3 valuation, was $1,292,000 as
of March 31, 2024 and was determined using a binomial lattice model using certain assumptions and inputs discussed in Note 2. Accordingly,
the Company recognized a gain on the fair value adjustment of the derivative liability in the amount of approximately $738,000 in Other
Income (Expense) in the Condensed Consolidated Statements of Operations for the quarter ended March 31, 2024. The conversion option was
exercised by Energy Evolution on May 24, 2024, and the fair value of the derivative was revalued as of that date resulting in a loss of
$1,736,000 in the second quarter of 2024.
|
|
|
|
Promissory Note [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Interest rate |
|
|
|
|
7.00%
|
|
Remaining unpaid accrues interest |
|
|
|
|
9.00%
|
|
Energy Evolution [Member] | Promissory Note [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Principal amount |
$ 5,000,000
|
|
|
|
|
|
Advances to affiliate |
$ 5,000,000
|
|
|
|
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v3.24.2.u1
Schedule of right of use leases (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Leases |
|
|
Net operating lease asset (included in Other Property and Equivpment) |
$ 840,309
|
$ 1,077,031
|
Current portion of lease liability |
425,528
|
432,822
|
Long-term lease liability |
338,953
|
544,382
|
Total right-of-use lease liabilities |
$ 764,481
|
$ 977,204
|
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Equity (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
May 29, 2024 |
Apr. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 28, 2024 |
Dec. 31, 2023 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock, authorized |
|
|
|
190,000,000
|
|
|
190,000,000
|
Common stock par value |
|
|
|
$ 0.001
|
|
|
$ 0.001
|
Preferred stock, authorized |
|
|
|
10,000,000
|
|
|
10,000,000
|
Preferred stock, par value |
|
|
|
$ 0.001
|
|
|
$ 0.001
|
Preferred stock voting rights |
|
|
|
the voting rights of the Series A Voting Preferred
Stock are contingent upon the Initial Holder and Permitted Transferees (collectively, the “Series A Holders”) holding together
at least 3,000,000 shares of the Company’s outstanding common stock.
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Anti dilutive shares |
|
|
2,102,635
|
1,086,673
|
2,153,158
|
|
|
Energy Evolution Master Fund Ltd [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Description of warrants |
the Company issued Energy Evolution
a warrant certificate granting them the right to purchase 128,800 shares of common stock of the Company at $5.00 per share.
|
|
|
|
|
|
|
Energy Evolution Ltd [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Exercised of warrant share |
|
|
|
|
|
128,800
|
|
Exchange share of warrants |
|
|
|
|
|
$ 644,000
|
|
Rights [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Gross proceeds |
|
$ 20,660,000,000,000
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock voting rights |
|
|
|
Series A Voting Preferred Stock for $1.00 per share following satisfaction of its notice and cure requirements in the event that
|
|
|
|
Number of share oustanding |
|
|
|
3,000,000
|
|
|
|
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v3.24.2.u1
Schedule of non vested restricted stock unit activity (Details) - Restricted Stock Units (RSUs) [Member]
|
6 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Restricted stock unit, outstanding beginning | shares |
204,817
|
Weighted average fair value, beginning | $ / shares |
$ 10.61
|
Restricted stock unit, Granted | shares |
36,060
|
Weighted average fair value, Granted | $ / shares | $ / shares |
$ 5.18
|
Restricted stock unit, Vested | shares |
(104,874)
|
Weighted average fair value, Vested | $ / shares |
$ 11.71
|
Restricted stock unit, Forfeited | shares |
(22,500)
|
Weighted average fair value, Forfeited | $ / shares |
$ 11.05
|
Restricted stock unit, outstanding Ending | shares |
113,503
|
Weighted average fair value, Ending | $ / shares |
$ 7.79
|
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|
6 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Offsetting Assets [Line Items] |
|
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2,065,381
|
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$ 4.89
|
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|
Weighted average exercise price, granted | $ / shares |
|
Options outstanding, exercised | shares |
(184,100)
|
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$ 1.35
|
Options outstanding, cancelled | shares |
|
Weighted average exercise price, cancelled | $ / shares |
|
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1,881,281
|
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$ 5.23
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Schedule of summarizes information about stock options outstanding (Details) - Options Held [Member] - $ / shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Offsetting Assets [Line Items] |
|
|
Range of exercise price, minimum |
$ 1.32
|
|
Range of exercise price, maximum |
$ 12.36
|
|
Options outstanding |
1,881,281
|
2,065,381
|
Weighted average remaining contractual life |
4 years 4 months 6 days
|
|
Weighted average exercise price |
$ 5.23
|
$ 4.89
|
Options exercisable |
1,620,860
|
|
Weighted average exercise price, exercisable |
$ 4.25
|
|
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v3.24.2.u1
Schedule of reconciliation of effective income tax rate (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Provision (benefit) at statutory rate |
$ (921,852)
|
$ (517,631)
|
$ (1,756,643)
|
$ (1,034,145)
|
Provision (benefit) at statutory rate, percentage |
21.00%
|
21.00%
|
21.00%
|
21.00%
|
State Taxes (net of federal impact) |
$ (210,849)
|
$ (118,589)
|
$ (401,786)
|
$ (236,923)
|
State Taxes (net of federal impact), percentage |
4.80%
|
4.80%
|
4.80%
|
4.80%
|
Nondeductible Expenses |
$ 3,123
|
$ 1,972
|
$ 9,524
|
$ 3,940
|
Nondeductible Expenses, percentage |
(0.10%)
|
(0.10%)
|
(0.10%)
|
(0.10%)
|
Return to Provision |
$ (26,831)
|
|
$ (130,627)
|
|
Return to Provision, percentage |
0.60%
|
0.00%
|
1.60%
|
0.00%
|
Valuation Allowance |
$ 1,156,409
|
$ 634,248
|
$ 2,279,532
|
$ 1,267,128
|
Valuation Allowance, percentage |
(26.30%)
|
(25.70%)
|
(27.30%)
|
(25.70%)
|
Income tax provision (benefit) |
|
|
|
|
Income tax provision (benefit), percentage |
0.00%
|
0.00%
|
0.00%
|
0.00%
|
v3.24.2.u1
v3.24.2.u1
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
|
May 24, 2024 |
Feb. 16, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 28, 2024 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts receivable |
|
|
$ 630,061
|
$ 2,039,189
|
|
Term Loan [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Total Debt |
|
|
$ 1,100,000
|
|
|
Energy Evolution Master Fund Ltd [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Percentage of ownership |
|
|
31.60%
|
|
|
Energy Evolution Ltd [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Percentage of ownership |
|
|
19.90%
|
|
|
Advance amount |
|
$ 5,000,000
|
|
|
|
Number of share received |
800,000
|
|
|
|
|
Exercised of warrant share |
|
|
|
|
128,800
|
Exchange share of warrants |
|
|
|
|
$ 644,000
|
Accounts receivable |
|
|
$ 1,080,000
|
|
|
Revenue payable |
|
|
$ 121,000
|
|
|
Energy Evolution Ltd [Member] | Warrant [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Exercised of warrant share |
|
|
|
|
128,800
|
Exchange share of warrants |
|
|
|
|
$ 644,000
|
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v3.24.2.u1
Commitments and Contingencies (Details Narrative) - USD ($)
|
1 Months Ended |
|
|
Jul. 31, 2024 |
Jan. 31, 2024 |
Dec. 31, 2024 |
Jun. 30, 2024 |
Public Utilities, General Disclosures [Line Items] |
|
|
|
|
Remaining escrow balance receivable |
|
|
|
$ 450,000
|
Subsequent Event [Member] |
|
|
|
|
Public Utilities, General Disclosures [Line Items] |
|
|
|
|
Outstanding escrow funds |
$ 250,000
|
|
|
|
Remaining balance |
|
|
$ 200,000
|
|
New Mexico Oil Conservation Division Member |
|
|
|
|
Public Utilities, General Disclosures [Line Items] |
|
|
|
|
Deposited into escrow account |
|
$ 1,000,000
|
|
|
Agreed Compliance Order Member |
|
|
|
|
Public Utilities, General Disclosures [Line Items] |
|
|
|
|
Remaining escrow balance receivable |
|
$ 10,000
|
|
|
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Empire Petroleum (AMEX:EP)
過去 株価チャート
から 7 2024 まで 8 2024
Empire Petroleum (AMEX:EP)
過去 株価チャート
から 8 2023 まで 8 2024