Welcome to our dedicated page for Empire Petroleum Corporation news (Ticker: $EP), a resource for investors and traders seeking the latest updates and insights on Empire Petroleum Corporation stock.
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Rhea-AI Summary
Empire Petroleum (EP) successfully completed its fully subscribed rights offering, exceeding the target with over 100% subscriptions. The offering is expected to generate approximately $20.66 million in gross proceeds for the company, which will be used for drilling activities, 3D seismic, land and lease purchases, enhanced oil recovery facilities, and general corporate purposes.
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End-of-Day
-3.54%
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Empire Petroleum (EP) reports operational and financial results for Q4 and full year 2023, highlighting net sales volumes, net losses, proved reserves, and upcoming projects. The company posted a net loss of $4.8 million in Q4 and $12.5 million for the full year 2023. Despite higher expenses, Empire's year-end 2023 proved reserves were 9.1 MMBoe, with a standardized measure of $83.0 million. The company initiated technical work for production uplift opportunities in New Mexico and completed a $20 million equity raise. Looking ahead to 2024, Empire is focusing on the Starbuck Field EOR development project in North Dakota, evaluating flood performance optimization in New Mexico, and reviewing potential development opportunities in Texas. Management is optimistic about the future growth prospects and the significant potential of their asset base.
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End-of-Day
-2.15%
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Empire Petroleum (EP) announces modified terms for its subscription rights offering, allowing holders of common stock to purchase shares at $5.00 per share, with gross proceeds of up to $20.66 million. The Rights Offering has been extended to April 10, 2024, with over-subscription rights available. Chairman and largest shareholders intend to participate fully. Holders of subscription rights must review provided materials and deliver full payment to the subscription agent.
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-2.15%
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Empire Petroleum (EP) to participate in the 36th Annual ROTH Conference, showcasing recent operations and results.
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-4.4%
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Rhea-AI Summary
Empire Petroleum Corporation (EP) has initiated a subscription rights offering to raise up to $25.0 million, distributing one subscription right for each share of Common Stock held. The Rights Offering allows holders to purchase 0.161 shares of Common Stock at $6.05 per share, with the opportunity to over-subscribe for additional shares. The offering is expected to expire on April 3, 2024, with key shareholders, including Phil E. Mulacek and Energy Evolution Fund, Ltd., indicating their participation and full subscription. Holders can obtain more information from the prospectus supplement filed with the SEC.
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-0.17%
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Empire Petroleum Corporation (EP) corrects information regarding its Rights Offering to raise up to $25 million, offering 4,132,232 shares at $6.05 per share. The correction does not alter other details from the initial announcement.
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0.34%
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Empire Petroleum Corporation (NYSE American: EP) announces a Rights Offering to raise up to $25 million by offering 4,132,232 shares of Common Stock at $6.05 per share. The Record Date is March 7, 2024, with an Expiration Date of March 25, 2024. Holders of Common Stock will receive one subscription right for each share held, with the opportunity to over-subscribe for additional shares. The Rights Offering is non-transferable and not tradable on any stock exchange.
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Rhea-AI Sentiment
End-of-Day
0.34%
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Empire Petroleum (EP) provides updates on its Starbuck Drilling Program in North Dakota, reporting positive operational and financial results for Q4 2023. The company aims for significant production growth in 2024 and focuses on asset development in New Mexico and Texas. Despite higher expenses and a deficit in working capital, Empire shows progress with increased production and ongoing development efforts.
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-2.51%
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Empire Petroleum (NYSE American: EP) announced operational and financial results for Q3 2023, including net sales volumes, product revenue, net income, and adjusted EBITDA. The company made significant progress on its Starbuck Drilling Program in North Dakota and executed strategic initiatives to support its capital structure and asset development plans. The targeted drilling program is expected to drive a meaningful increase in production levels and cash flow, with initial well log results exceeding expectations.
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11.74%
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Empire Petroleum Corporation announces the commencement of its 2023 drilling program with a new well in North Dakota.
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1.24%
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Empire Petroleum Corporation
NYSE:EP
EP Rankings
EP Stock Data
146.57M
19.15M
50.93%
12.58%
3.47%
Crude Petroleum and Natural Gas Extraction
Mining, Quarrying, and Oil and Gas Extraction
United States of America
HOUSTON
About EP
empire petroleum corporation is a conventional oil and natural gas producer with a main focus in the us onshore. the company possesses long-life, low operational cost, mature, producing assets with slow decline profiles in the permian basin, bakken region and central gulf coast region, in the states of new mexico, north dakota, montana, louisiana and texas. leveraging operational efficiencies, empire focuses on economical well rehabilitation, stimulation, field maintenance and management to generate low-risk cash flows that provides stability and growth for shareholders. lastly, we employ a multi-year hedging program to lock in pricing. empire has production from operated and non-operated wells in lea county in new mexico, bottineau, renville, burke, and mckenzie counties in north dakota, richland county in montana, st. landry, beauregard parishes in louisiana and houston, leon and madison counties in texas. in addition to current production from wellbores, empire maintains leases h