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Empire Petroleum Corporation reports operating and financing developments as a NYSE American-listed oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana. The company focuses on conventional onshore production, organic development and targeted acquisitions of proved developed assets that fit its existing well portfolio.
Recurring updates cover production and reserves, quarterly and annual financial results, Louisiana and Texas development activity, enhanced oil recovery work tied to its hydrocarbon vaporization technology, and weather or field conditions affecting output. Company news also includes capital actions such as rights offerings and credit-facility amendments.
Empire Petroleum (NYSE American: EP) announced the successful 21,006-foot re-entry and subsurface evaluation of the Wakefield-Harrison GU B #1 well in the Fort Trinidad field, Madison County, Texas, described as a strategic milestone in its Western Haynesville gas development program.
The company drilled, underreamed, and cleaned out the legacy well to 21,006 feet measured depth (20,949 feet true vertical depth), acquired a full modern open-hole log suite, and recovered sidewall cores, with gas and liquid hydrocarbon shows recorded. This represents the deepest modern subsurface evaluation in the emerging Western Haynesville play completed with full open-hole logs and cores, reaching approximately 1,713 feet deeper than Comstock Resources’ McCullough GLR #3 and 2,398 feet deeper than Expand Energy’s Bobby Yancey #1.
According to Empire, the work was completed for about $4.4 million by re-entering an existing wellbore, compared with reported $30–$45 million costs for new ultra-deep wells by other operators. The well opens roughly 11,000 feet of previously untested section below historical Fort Trinidad development and underpins a phased development strategy targeting Intermediate Production Zones and Deep Productive Zones, supported by Empire’s owned midstream infrastructure and plans to deepen two additional wells.
Empire Petroleum (NYSE American: EP) reported Q2-2026 net production of 1,825 Boe/d (70% oil), including 1,278 Bbl/d of oil. Product revenue was $11.1 million, up 27% year over year, with a net loss of $1.9 million or ($0.05) per diluted share. Adjusted EBITDA turned positive at $0.4 million, versus ($1.2) million in Q2-2025, helped by higher realized pricing, lower lease operating costs, and reduced DD&A.
Operationally, Empire expanded Texas activity, lifting compression capacity about 700% and system throughput to 9.5 MMcfd, bringing five wells online and advancing four more. The company re-entered and logged the Wakefield-Harrison GU B #1 to 21,006 ft, opening nine potential reservoirs. In Louisiana, Empire secured a 25% working interest in a three-well program funded via about 1.8 million shares at $3.00. In North Dakota, a major thermal retrofit was completed with steam injection expected in Q3-2026, and Empire added roughly 1,200 gross acres of federal leases. The company ended June 30, 2026 with $3.1 million cash and $2.0 million of credit facility availability.
Empire Petroleum (NYSE American: EP) reported Q1 2026 net production of 1,880 Boe/d (66% oil) and total product revenue of $7.7 million, with a net loss of $6.6 million and adjusted EBITDA of ($0.7) million.
Empire advanced its Texas gas reactivation program (compression capacity up >500% to ~3 MMcfd), progressed Louisiana and North Dakota projects, completed a $10 million rights offering, and converted a $3 million note into equity, reducing debt and enhancing liquidity.
Empire Petroleum (NYSE American: EP) announced its rights offering was fully subscribed, generating approximately $10.0 million in gross proceeds at a subscription price of $2.99 per whole share. The subscription period expired March 18, 2026 at 5:00 p.m. ET.
The company received subscriptions for more than 100% of available securities, so basic subscription privileges will be honored and remaining shares will be allocated pro‑rata among oversubscribing stockholders after eliminating fractional shares. The offering size was increased from $6.0 million to $10.0 million via a February 25, 2026 supplement.
Empire Petroleum (NYSE American: EP) will participate in a three-well oil and natural gas development program in Louisiana, taking a 25% working interest in the initial well funded by issuance of ~700,000 shares of common stock.
The operator's logs and core confirmed liquid and gas hydrocarbons, high reservoir pressure (flare while holding over 9,100 psi), and several productive sand zones. Completion operations begin in April 2026, with initial production testing to follow; two additional prospect locations exist in the same trend.
Empire Petroleum (NYSE:EP) reported full year 2025 production of 2,242 Boe/d (1,437 Bbl/d oil) and total product revenue of $34.2 million. The company posted a $72.1 million net loss for 2025 and Adjusted EBITDA of ($5.4) million, driven by lower realized prices and a $51.3 million impairment.
Operationally, Empire expanded Texas compression capacity, advanced a 3-phase Texas gas program (12–30 wells planned in 2026), extended its $20.0 million revolver to Dec 29, 2028, and launched a Rights Offering sized up to $10.0 million.
Empire Petroleum (NYSE: EP) modified its previously announced subscription rights offering: each distributed subscription right now purchases 0.095 shares at a subscription price of $2.99 per one whole share, for gross proceeds of up to approximately $10.0 million.
The Rights Offering expires at 5:00 p.m. ET on March 18, 2026, is non-transferable, allows over-subscriptions subject to proration, and the company’s largest shareholder has indicated intent to fully subscribe and fully exercise over-subscription rights.
Empire Petroleum (NYSE: EP) has commenced a previously announced subscription rights offering to raise up to approximately $6.0 million. Each recorded shareholder on Feb 2, 2026 receives one non-transferable subscription right per share to buy 0.057 shares at a $2.99 subscription price per one whole share.
The offering expires at 5:00 p.m. ET on Feb 27, 2026, subject to extension or early termination. Energy Evolution Master Fund and the chairman indicated intent to participate and fully exercise over-subscription rights.
Empire Petroleum (NYSE:EP) set Feb 2, 2026 as the record date for a subscription rights offering to raise gross proceeds of up to approximately $6.0 million. Shareholders of record will receive one non-transferable subscription right per share, each allowing purchase of 0.057 shares at a subscription price of $2.99 per whole share. If fully subscribed, the offering would issue ~2.0 million shares. The offering is expected to expire at 5:00 p.m. ET on Feb 27, 2026, with over-subscription and proration options available. The company may amend or terminate the Rights Offering; funds will be returned without interest if terminated.
Empire Petroleum (NYSE American: EP) entered a third amendment to its Revolver Loan Agreement with Equity Bank (NYSE: EQBK) to extend the maturity of its revolving credit facility. The amendment maintains the $20.0 million maximum principal and pushes the maturity date from December 29, 2026 to December 29, 2028. Management said the extension provides additional flexibility to support strategic growth initiatives and reflects Equity Bank's continued confidence in Empire's business strategy.