Empire Petroleum Corporation · AMEX:EP
Empire Petroleum — Q2 2025 Earnings Presentation
14 slides from Empire Petroleum's earnings presentation, August 2025
Slide 1: Empire Petroleum Corporation Results for 2nd Quarter 2025
Empire Petroleum Corporation RESULTS for 2nd QUARTER 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: Q2-2025 Operational and Financial Performance
Q2-2025 Operational and Financial Performance As part of Empire’s Enhanced Oil Recovery (“EOR”) efforts in the Starbuck Drilling Program (“Starbuck”) in North Dakota, modified wellhead installations are underway and expected to be completed in Q3-2025, with advanced fabrication work progressing towa
Slide 4: Q2-2025 Operational and Financial Performance
Q2-2025 Operational and Financial Performance Q2-2025 Net Production of 2,357 Boe (1) /d, an increase of 15% compared to Q1-2025 ▪ Reported 1,493 barrels of oil per day (“Bbls/d”) ▪ Boe/d is comprised ~63% oil, ~19% natural gas liquids (“NGLs”) and ~18% natural gas Launched a subscription rights off
Slide 5: Operating Strategy – 2025 Outlook: North Dakota – Williston Basin
Operating Strategy – 2025 Outlook 1 North Dakota – Williston Basin ▪ Empire remains confident in the trajectory of its EOR program in the Starbuck region and expects to reach steady state production levels by the end of Q4-2025, contingent on continued equipment reliability and seasonal operating st
Slide 6: Operating Strategy – 2025 Outlook: New Mexico – Permian Basin
Operating Strategy – 2025 Outlook 2 New Mexico – Permian Basin ▪ After four years of expenditures, Empire anticipates receiving a ruling from the New Mexico Oil Conservation Commission (“NMOCD”) in Q3-2025, regarding its applications to revoke four existing permits and deny five new applications for
Slide 7: Operating Strategy – 2025 Outlook: Texas – East Texas Basin
Operating Strategy – 2025 Outlook 3 Texas – East Texas Basin ▪ Empire remains on track to initiate drilling operations in Q4-2025, as part of its broader development strategy in the region ▪ The upcoming program is designed to target multiple prospective pay zones identified during technical evaluat
Slide 8: Financial Performance
Financial Performance ▪ Total Capital expenditures of ~$3.3MM through 6/30/2025 ▪ Primarily from finalizing drilling and completions activity related to the Starbuck Drilling Program in North Dakota and continued return-to-production efforts in Texas ▪ As of 6/30/2025, Empire has ~$2.3MM cash on han
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 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Revenue: Oil Sales $9,442 $12,287 $10,341 $9,445 $8,049 $8,005 Gas Sales 377 (116) 9 74 548 221 NGL Sales 416 617 542 558 395 521 Total Product Revenues 10,235 12,788 10,892 10,077 8,992 8,747 Other 10
Slide 12: Operating Data (Condensed)
Operating Data (Condensed) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Net Production Volumes: Oil (Bbl) 130,760 160,283 144,674 145,442 119,635 135,854 Natural Gas (Mcf) 211,820 241,242 255,195 208,698 199,868 237,133 Natural Gas Liquids (Bbl) 34,785 39,612 39,137 36,556 31,453 39,091 Total Equ
Slide 13: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (1) (in thousands) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Net Loss ($3,974) ($4,390) ($3,640) ($4,193) ($4,221) ($5,056) Add Back: Interest Expense 315 735 196 269 296 334 DD&A 1,490 2,677 2,596 2,493 2,226 2,576 Accretion 485 492 509 520 526 534 Amortization
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