Empire Petroleum Corporation · AMEX:EP
Empire Petroleum — Q1 2025 Earnings Presentation
14 slides from Empire Petroleum's earnings presentation, May 14, 2025
Slide 1: Empire Petroleum Corporation Results for 1st Quarter 2025
Empire Petroleum Corporation RESULTS for 1st 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: Q1-2025 Operational and Financial Performance
Q1-2025 Operational and Financial Performance Initiating Phase 1 of Enhanced Oil Recovery (“EOR”) efforts North Dakota Starbuck Drilling Program yielded encouraging early results ▪ Daily production increasing significantly from ~80 bbls/d to more than 1,200 bbls/d during initial operations ▪ Extreme
Slide 4: Q1-2025 Operational and Financial Performance
Q1-2025 Operational and Financial Performance Q1-2025 Net Production of 2,049 Boe (1) /d including 1,329 Bbls/d ▪ Boe/d is comprised ~65% oil, ~17% NGLs and ~18% Natural Gas Financial Performance ▪ Q1-2025 total product revenue of $9.0MM and net loss of ~$4.2MM ▪ Reported Q1-2025 Adjusted EBITDA of
Slide 5: Operating Strategy – 2025 Outlook: North Dakota – Williston Basin
Operating Strategy – 2025 Outlook 1 North Dakota – Williston Basin ▪ Empire remains focused on stabilizing and optimizing EOR operations in the Starbuck region following extreme weather conditions and technical setbacks ▪ Since restoring partial operations, production has already increased ~70% ▪ Ex
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 is nearing a resolution with the New Mexico Oil Conservation Commission (“NMOCD”) related to Empire’s applications to revoke the existing four permits granted and deny the five new applications
Slide 7: Operating Strategy – 2025 Outlook: Texas – East Texas Basin
Operating Strategy – 2025 Outlook 3 Texas – East Texas Basin ▪ Advancements in technology, reservoir modeling, and improved hydraulic fracturing techniques have significantly enhanced the development potential of the region ▪ These improvements allow for more precise targeting of productive zones, i
Slide 8: Financial Performance
Financial Performance ▪ Capital spend of ~$2.7MM for Q1-2025 ▪ Primarily related to the continued drilling and completions activity related to Empire’s Starbuck Drilling Program in North Dakota ▪ As of 3/31/2025, Empire has ~$1.1MM cash on hand and ~$7.8MM available on its credit facility OPERATING
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 Revenue: Oil Sales $9,442 $12,287 $10,341 $9,445 $8,049 Gas Sales 377 (116) 9 74 548 NGL Sales 416 617 542 558 395 Total Product Revenues 10,235 12,788 10,892 10,077 8,992 Other 10 11 15 11 10 Gain (Loss) on D
Slide 12: Operating Data (Condensed)
Operating Data (Condensed) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Net Production Volumes: Oil (Bbl) 130,760 160,283 144,674 145,442 119,635 Natural Gas (Mcf) 211,820 241,242 255,195 208,698 199,868 Natural Gas Liquids (Bbl) 34,785 39,612 39,137 36,556 31,453 Total Equivalent (Boe) 200,848 240,103 2
Slide 13: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (1) (in thousands) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Net Loss ($3,974) ($4,390) ($3,640) ($4,193) ($4,221) Add Back: Interest Expense 315 735 196 269 296 DD&A 1,490 2,677 2,596 2,493 2,226 Accretion 485 492 509 520 526 Amortization of right of use assets 136 136
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