Empire Petroleum Corporation · AMEX:EP
Empire Petroleum — FY2025 Earnings Presentation
15 slides from Empire Petroleum's earnings presentation, Mar 16, 2026
Slide 1: Empire Petroleum Corporation Results for 4th Quarter and Full Year 2025
Empire Petroleum Corporation RESULTS for 4th QUARTER and FULL YEAR 2025 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: Q4 and FY 2025 Operational and Financial Performance
Q4 and FY 2025 Operational and Financial Performance During Q4-2025, Empire advanced its multi-phase Texas gas development program, designed to unlock incremental production, enhance system reliability, and position the field for scalable long-term growth ▪ The Company’s three phase development prog
Slide 4: Q4 and FY 2025 Operational and Financial Performance
Q4 and FY 2025 Operational and Financial Performance During Q4-2025, Empire continued to advance the conceptual and technical redesign of its hydrocarbon vaporization technology, with a focus on improving thermal efficiency, enhancing heat utilization, and strengthening long-term operating stability
Slide 5: Q4 and FY 2025 Operational and Financial Performance
Q4 and FY 2025 Operational and Financial Performance In Q1-2026, Empire launched a subscription rights offering (“Rights Offering”) that was initially sized at $6.0 million, which has since been expanded to raise gross proceeds of up to approximately $10.0 million, due to increased shareholder inter
Slide 6: Operating Strategy – 2026 Outlook: Texas – East Texas Basin & Louisiana
Operating Strategy – 2026 Outlook 1 Texas – East Texas Basin & Louisiana ▪ In 2026, Empire expects to scale its Texas gas development program by transitioning from early reactivation and recompletion work into broader field optimization and targeted production growth initiatives, which shifts the in
Slide 7: Operating Strategy – 2026 Outlook: North Dakota – Williston Basin
Operating Strategy – 2026 Outlook 2 North Dakota – Williston Basin ▪ Empire is evaluating enhanced water purification and filtration solutions for feedwater supplying steam units, aimed at improving water quality control, mitigating scaling risk, and extending equipment life ▪ A technical issue on o
Slide 8: Operating Strategy – 2026 Outlook: New Mexico – Permian Basin
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 Adres formation
Slide 9: Operational and Financial Performance
Operational and Financial Performance EQUIVALENT PRODUCTION (BOE (1) /D) OIL PRODUCTION BY REGION (BBLS/D) 2024 2025 6% ND / MT 2,416 2,242 NM FY 2025 49% TX / LA 1,435 1,272 45% 721 739 (2) TOTAL MT / ND NM ▪ Total Capital expenditures of ~$4.6MM for 2025 ▪ Primarily related to the continued drilli
Slide 10: 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 11: Appendix
APPENDIX
Slide 12: Statement of Operations (Condensed)
Statement of Operations (Condensed) (in thousands) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Revenue: Oil Sales $9,442 $12,287 $10,341 $9,445 $8,049 $8,005 $8,790 $6,804 Gas Sales 377 (116) 9 74 548 221 196 (67) Natural Gas Liquids Sales 416 617 542 558 395 521 388 312 Total Pr
Slide 13: Operating Data (Condensed)
Operating Data (Condensed) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Net Sales Volumes: Oil (Bbl) 130,760 160,283 144,674 145,442 119,635 135,854 144,098 125,059 Natural Gas (Mcf) 211,820 241,242 255,195 208,698 199,868 237,133 207,677 215,921 Natural Gas Liquids (Bbl) 34,785 3
Slide 14: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (1) (in thousands) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Net Loss ($3,974) ($4,390) ($3,641) ($4,193) ($4,221) ($5,056) ($3,844) ($58,953) Add Back: Interest expense 315 735 196 269 296 334 388 529 Depreciation, Depletion & Amortization 1,490
Slide 15: 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