Empire Petroleum Corporation · AMEX:EP
Empire Petroleum — Q3 2025 Earnings Presentation
14 slides from Empire Petroleum's earnings presentation, December 2025
Slide 1: Empire Petroleum Corporation Results for 3rd Quarter 2025
Empire Petroleum Corporation RESULTS for 3rd 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: Q3-2025 Operational and Financial Performance
Q3-2025 Operational and Financial Performance Empire continues to advance its enhanced oil recovery (“EOR”) efforts in the Starbuck Drilling Program (“Starbuck”) in North Dakota, where modified wellhead installations were completed during Q3-2025, and base vaporizations were completed in November 20
Slide 4: Q3-2025 Operational and Financial Performance
Q3-2025 Operational and Financial Performance Q3-2025 Net Oil Production of 1,566 Bbls /d, an increase of 5% compared to Q2-2025 ▪ Reported 2,398 barrels of oil equivalent per day (“Boe(1)/d”) ▪ Boe/d is comprised ~65% oil, ~19% natural gas liquids (“NGLs”) and ~16% natural gas Completed a subscript
Slide 5: Operating Strategy – 2025 Outlook: North Dakota
Operating Strategy – 2025 Outlook 1 North Dakota – Williston Basin ▪ Empire continues to execute targeted enhancements to the Starbuck EOR program in North Dakota, where system performance and production consistency have shown measurable improvement through 2025 ▪ The Company is installing a new pip
Slide 6: Operating Strategy – 2025 Outlook: New Mexico
Operating Strategy – 2025 Outlook 2 New Mexico – Permian Basin ▪ On September 12, 2025, the New Mexico Oil Conservation Commission(1) issued Order No. R-24004(2) affirming the existence of a Residual Oil Zone(3) in the Eunice Monument South Unit’s(4) Unitized Interval and confirming Empire’s rights
Slide 7: Operating Strategy – 2025 Outlook: Texas
Operating Strategy – 2025 Outlook 3 Texas – East Texas Basin ▪ Empire continues to advance its development program in Texas, maintaining readiness for its inaugural drilling campaign as part of the Company’s broader growth strategy in the region ▪ Technical groundwork completed to date, including se
Slide 8: Financial Performance
Financial Performance ▪ Total Capital expenditures of ~$4.2MM through 9/30/2025 ▪ 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 9/30/2025, Empire has ~$4.6MM 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 3Q 2025 Revenue: Oil Sales $9,442 $12,287 $10,341 $9,445 $8,049 $8,005 $8,790 Gas Sales 377 (116) 9 74 548 221 196 NGL Sales 416 617 542 558 395 521 388 Total Product Revenues 10,235 12,788 10,892 10,0
Slide 12: Operating Data (Condensed)
Operating Data (Condensed) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Net Production Volumes: Oil (Bbl) 130,760 160,283 144,674 145,442 119,635 135,854 144,098 Natural Gas (Mcf) 211,820 241,242 255,195 208,698 199,868 237,133 207,677 Natural Gas Liquids (Bbl) 34,785 39,612 39,137 36,556
Slide 13: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (1) (in thousands) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Net Loss ($3,974) ($4,390) ($3,640) ($4,193) ($4,221) ($5,056) ($3,844) Add Back: Interest expense 315 735 196 269 296 334 388 DD&A 1,490 2,677 2,596 2,493 2,226 2,576 2,794 Accretion 485 492 51
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