Empire Petroleum Corporation · AMEX:EP
Empire Petroleum — FY2024 Earnings Presentation
14 slides from Empire Petroleum's earnings presentation, Mar 27, 2025
Slide 1: Empire Petroleum Corporation Results for 4th Quarter and Full Year 2024
Empire Petroleum Corporation RESULTS for 4th QUARTER and FULL YEAR 2024 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: 4Q and FY 2024 Operational and Financial Performance
4Q and FY 2024 Operational and Financial Performance Enhanced Oil Recovery (“EOR”) efforts North Dakota Starbuck Drilling Program ▪ Remains committed to leveraging advanced recovery technologies to optimize production and convert additional wells into injectors ▪ Q4-2024: Empire secured approval fro
Slide 4: 4Q and FY 2024 Operational and Financial Performance
4Q and FY 2024 Operational and Financial Performance Q4 Net Production of 2,356 Boe (1) /day including 1,581 Bbl/day ▪ ~22% Bbl/d increase comparing Q4-2024 vs. Q4-2023 ▪ Boe/day is comprised ~67% oil, ~17% NGLs and ~16% Natural Gas Successful completions of two Rights Offerings in 2024 that was met
Slide 5: Operating Strategy – 2025 Outlook: North Dakota
Operating Strategy – 2025 Outlook 1 North Dakota – Williston Basin ▪ Empire anticipates completing the final portion of the first EOR phase in 2025 ▪ Remains committed to responsible asset management and environmental stewardship, with a total of nine locations successfully plugged and abandoned (“P
Slide 6: Operating Strategy – 2025 Outlook: New Mexico
Operating Strategy – 2025 Outlook 2 New Mexico – Permian Basin ▪ Completed 19 workovers from Q4-2024 to Q1-2025, underscoring Empire’s commitment to maximizing well productivity, extending asset life, and optimizing operational output ▪ Work completed during this period ensures continued production
Slide 7: Operating Strategy – 2025 Outlook: Texas
Operating Strategy – 2025 Outlook 3 Texas – East Texas Basin ▪ Empire continues its technical focus into its Texas region, and successfully completed initial infrastructure to begin a new drilling program in Texas ▪ Expected to begin in 2025 ▪ Continue to use new technology, including the technical
Slide 8: Financial Performance
Financial Performance ▪ Completion of two successful and oversubscribed rights offerings in 2024 ▪ $20.7MM April Rights Offering at $5.00 per share ▪ $10.0MM November Rights Offering at $5.05 per share ▪ Empire increased its revolving credit facility with Equity Bank from $10.0MM to $20.0MM ▪ ~$2.3M
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) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Revenue: Oil Sales $8,938,715 $9,147,611 $9,492,127 $9,106,041 $9,441,964 $12,287,272 $10,341,280 $9,445,145 Gas Sales 656,035 248,686 411,217 410,816 377,130 (115,833) 8,547 73,659 NGL Sales 504,954
Slide 12: Operating Data (Condensed)
Operating Data (Condensed) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Net Production Volumes: Oil (Bbl) 120,257 128,413 120,177 119,022 130,760 160,283 144,674 145,442 Natural Gas (Mcf) 231,218 211,293 195,908 215,855 211,820 241,242 255,195 208,698 Natural Gas Liquids (Bbl) 39,
Slide 13: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (1) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Net Loss ($2,459,591) ($2,464,909) ($2,747,628) ($4,797,477) ($3,975,196) ($4,389,771) ($3,639,614) ($4,193,408) Add Back: Interest Expense 237,299 184,887 249,796 328,445 315,049 735,220 196,306 268,6
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