Empire Petroleum Corporation · AMEX:EP
Empire Petroleum — Q1 2026 Earnings Presentation
14 slides from Empire Petroleum's earnings presentation, May 15, 2026
Slide 1: Empire Petroleum Corporation Results for 1st Quarter 2026
Empire Petroleum Corporation RESULTS for 1st QUARTER 2026 empirepetroleumcorp.com NYSE American: EP
Slide 2: Disclaimer
Disclaimer Forward Looking Statements This presentation has been prepared by Empire Petroleum Corporation (the “Company”) to assist Investor in making its own evaluation of the Company and any proposed transaction between the Company and Investor. This presentation does not purport to be all-inclusi
Slide 3: Q1 2026 Operational and Financial Performance
Q1 2026 Operational and Financial Performance In Q1-2026, Empire continued advancement of its Texas natural gas development program, with activity focused on reactivation, recompletion, and related field work to restore baseline production and improve overall field deliverability ▪ Texas natural gas
Slide 4: Q1 2026 Operational and Financial Performance
Q1 2026 Operational and Financial Performance In March 2026, Empire completed a subscription rights offering (“Rights Offering”) that generated approximately $10.0 million in gross proceeds, before transaction costs ▪ The Company received subscriptions for more than 100% of the securities available
Slide 5: Operating Strategy – 2026 Outlook: Texas
Operating Strategy – 2026 Outlook 1 Texas – East Texas Basin & Louisiana ▪ In Q2-2026, Empire expects Texas gas volumes to increase as additional reactivated wells are tied in and low-pressure booster compression units are installed, supporting throughput increases toward approximately 9 MMcfd ▪ The
Slide 6: Operating Strategy – 2026 Outlook: North Dakota
Operating Strategy – 2026 Outlook 2 North Dakota – Williston Basin ▪ Empire continues to work on steam unit performance enhancements, including improved insulation and burner repositioning initiatives scheduled to begin in May 2026, aimed at strengthening heat retention, combustion efficiency, and l
Slide 7: Operating Strategy – 2026 Outlook: New Mexico
Operating Strategy – 2026 Outlook 3 New Mexico – Permian Basin ▪ On September 12, 2025, the Commission(1) issued the Order(2) regarding Empire’s rights to the ROZ(3) in the EMSU’s(4) Unitized Interval. The Commission unanimously affirmed the existence of a ROZ in the Grayburg and San Andres formatio
Slide 8: Operational and Financial Performance
Operational and Financial Performance EQUIVALENT PRODUCTION (BOE (1) /D) OIL PRODUCTION BY REGION (BBLS/D) Q1 2025 Q1 2026 6% 2,049 ND / MT 1,880 NM 1,193 1,119 Q1 2026 47% TX / LA 47% 603 615 (2) TOTAL MT / ND NM ▪ Total Capital expenditures of ~$1.9MM for Q1 2026 ▪ Primarily related to total addit
Slide 9: Thank you
Thank you Phil Mulacek, Chairman of the Board Mike Morrisett, President, CEO & Director 539.444.8002 info@empirepetrocorp.com Disclaimer: This presentation is for information purposes only and does not constitute an offer to sell or issue, or the solicitation of an offer to buy, acquire or subscribe
Slide 10: Appendix
APPENDIX
Slide 11: Statement of Operations (Condensed)
Statement of Operations (Condensed) (in thousands) 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Revenue: Oil Sales $8,049 $8,005 $8,790 $6,804 $7,302 Gas Sales 548 221 196 (67) 185 Natural Gas Liquids Sales 395 521 388 312 197 Total Product Revenues 8,992 8,747 9,374 7,049 7,684 Other 10 7 14 10 10 Loss
Slide 12: Operating Data (Condensed)
Operating Data (Condensed) 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Net Sales Volumes: Oil (Bbl) 119,635 135,854 144,098 125,059 112,317 Natural Gas (Mcf) 199,868 237,133 207,677 215,921 235,517 Natural Gas Liquids (Bbl) 31,453 39,091 41,938 37,743 17,628 Total Equivalent (Boe) 184,400 214,467 220,64
Slide 13: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (1) (in thousands) 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Net Loss ($4,221) ($5,056) ($3,844) ($58,953) ($6,642) Add Back: Interest expense 296 334 388 529 480 Depreciation, Depletion & Amortization 2,226 2,576 2,794 2,999 1,417 Impairment - - - 51,289 - Accretion 526
Slide 14: Corporate Responsibility and ESG
Corporate Responsibility and ESG Environmental ▪ Good corporate citizenship is a key part of our cultural identity, which includes being positive stewards to the environment and the communities in which we operate. ▪ Our focus on minimizing our operational impact is multi-faceted, including seeking