Welcome to our dedicated page for Empire Petroleum news (Ticker: EP), a resource for investors and traders seeking the latest updates and insights on Empire Petroleum stock.
Empire Petroleum Corporation (NYSE American: EP) is a Tulsa-based oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana. This news page aggregates press releases and third-party coverage related to Empire’s operations, financial performance, capital structure, and regulatory developments.
Readers following EP news can expect regular updates on quarterly and interim results, including reported production volumes, product revenue, net income or loss metrics, and operating cost trends as disclosed in the company’s press releases and Form 8-K filings. Empire frequently reports on activity in its core areas, such as enhanced oil recovery efforts in North Dakota’s Williston Basin, CO₂ EOR initiatives and regulatory outcomes in New Mexico’s Eunice Monument South Unit, and development preparations in the East Texas Basin.
News items also cover financing and capital initiatives, including amendments to the company’s revolving credit facility with Equity Bank, subscription rights offerings to existing stockholders, and shareholder-linked financing such as convertible promissory notes and warrants. These announcements provide insight into how Empire funds its drilling programs, EOR projects, and working capital needs.
In addition, Empire issues updates on regulatory and legal milestones, such as decisions by the New Mexico Oil Conservation Commission related to the Residual Oil Zone and saltwater disposal wells, which the company views as important to the long-term value and cost structure of its New Mexico assets.
Investors, analysts, and interested observers can use this news feed to monitor Empire’s operational momentum, changes in its capital structure, and management’s commentary on commodity markets and development plans. For a fuller picture, readers often review these news items alongside the company’s SEC filings and official financial statements.
Empire Petroleum (NYSE American: EP) reported Q2 2024 results and provided an update on its North Dakota drilling program. Key highlights include:
- Q2 2024 net production volumes increased 20% sequentially and 24% year-over-year to 2,638 Boe/d
- Average daily oil sales volumes grew by 23% sequentially and 25% year-over-year
- Total product revenue of $12.8 million, a net loss of $4.4 million, and Adjusted EBITDA of $1.7 million
- Successful completion of the first stage of North Dakota horizontal wells for EOR development
- Significant production increase in the Starbuck field, up ~500% from initial purchase
The company expects further production improvements in North Dakota throughout 2024 and 2025, with plans to shift focus to Permian assets in New Mexico's Lea County in 2025.
Empire Petroleum (NYSE American: EP) reported its Q1 2024 results and provided an update on its North Dakota drilling program. The company reported net sales volumes of 2,207 barrels of oil equivalent per day (Boe/d), with a significant increase in daily oil sales volumes. The company initiated a $20.66M Rights Offering at $5.00 per share to fund ongoing projects, successfully completed in Q2 2024. Q1 2024 revenue was $9.4 million, with a net loss of $4 million, or $0.15 per share. Adjusted EBITDA was negative at $0.7 million. The ongoing North Dakota development program includes a 3-D seismic survey, Enhanced Oil Recovery (EOR) initiatives, and optimization of waterflood units in New Mexico. The company aims for production growth in the latter half of 2024 and significant opportunities in New Mexico’s Lea County for 2025.
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