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 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 (EP) reported Q3 2024 results with net production of 2,460 barrels of oil equivalent per day, including 1,573 barrels of oil per day. The company posted total product revenue of $10.9 million and a net loss of $3.6 million ($0.12 per share). Key developments include completion of first-stage Enhanced Oil Recovery activities in North Dakota, filing a provisional patent for hydrocarbon vaporization technology, and successful completion of a $10.0 million oversubscribed rights offering at $5.05 per share. Production mix comprised 64% oil, 17% natural gas liquids, and 19% natural gas.
Empire Petroleum (NYSE American: EP) announced the full subscription of its Rights Offering, which expired on October 24, 2024. The offering was oversubscribed with more than 100% of available shares requested. Stockholders will receive their basic subscription rights, with remaining shares allocated pro-rata among oversubscribing stockholders. The company's Chairman Phil E. Mulacek and largest shareholder Energy Evolution Master Fund fully participated in both basic and over-subscription rights. The offering is expected to generate approximately $10 million in gross proceeds, which will fund drilling activities in North Dakota and New Mexico, workovers in Texas, land purchases, and enhanced oil recovery facilities in the Starbuck field.
Empire Petroleum (NYSE American: EP) has extended the expiration date of its previously announced subscription rights offering to October 24, 2024. The company aims to raise gross proceeds of up to $10.0 million. The extension allows stockholders more time to consider participation and arrange finances, partly due to disruption caused by Hurricane Milton.
Key points:
- One subscription right distributed for each share of Common Stock held as of September 30, 2024
- Each right allows purchase of 0.063 shares at $5.05 per whole share
- Minimum 16 shares required to purchase at least one new share
- Over-subscription rights available for full subscribers
- Chairman Phil E. Mulacek and largest shareholder Energy Evolution Fund, intend to fully participate
Empire Petroleum (NYSE American: EP) has commenced its previously announced subscription rights offering to raise up to $10.0 million. The company is distributing one subscription right for each share of common stock held as of September 30, 2024. Each right allows the purchase of 0.063 shares at $5.05 per share. Stockholders must hold at least 16 shares to receive rights to purchase one whole share. The offering includes over-subscription rights and is set to expire on October 16, 2024. Chairman Phil E. Mulacek and Energy Evolution Fund, , the largest shareholders, have indicated their intention to fully participate and exercise over-subscription rights. The offering is described in detail in the prospectus supplement filed with the SEC on October 1, 2024.
Empire Petroleum (NYSE American: EP) has announced a subscription rights offering to raise up to $10 million. The company will distribute one subscription right for each share of common stock held as of the record date of September 30, 2024. Each right allows the purchase of 0.063 shares at $5.05 per share, potentially issuing 1.98 million new shares if fully subscribed.
The offering is set to expire on October 16, 2024. Shareholders can over-subscribe for additional shares, subject to proration. The rights are non-transferable and won't be listed for trading. Detailed information will be provided in a prospectus supplement filed with the SEC. Securities Transfer will act as the subscription and information agent for the offering.
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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