Empire Petroleum Corporation · AMEX:EP
Empire Petroleum — Q1 2024 Earnings Presentation
14 slides from Empire Petroleum's earnings presentation, May 15, 2024
Slide 1: Empire Petroleum Corporation Results for 1st Quarter 2024
Empire Petroleum Corporation RESULTS for 1st QUARTER 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: 1st Quarter 2024 Financial and Operational Performance
1st Quarter 2024 Financial and Operational Performance 1Q 2024 Net Production of 2,207 Boe/d (1) ▪ ~65% oil, ~17% NGLs and ~18% Natural Gas ▪ Average daily oil sales grew by 11% sequentially and 8% year-over-year MONTANA & NORTH DAKOTA Initiated 3-D & 2-D seismic survey for the North Dakota drilling
Slide 4: Operating Strategy – 2024 Outlook
Operating Strategy – 2024 Outlook 1 North Dakota – Williston Basin ▪ 70% of the horizontal wells completed or in progress and more under development over the next 2 quarters; the remaining 30% of the horizontal laterals will be completed for initial Enhanced Oil Recovery (EOR) development in Q2-Q3 2
Slide 5: Financial Performance
Financial Performance ▪ Completed a $20.66MM Rights Offering at $5.00 OPERATING INCOME (LOSS) ($MM) per share ▪ Closed on 4/10/2024 $0.0 ($0.5) ▪ 1Q-24 Capital spend of ~$13.4MM ($1.0) ▪ Primarily reflecting the completion of 4 wells in ($1.5) North Dakota ($2.0) ($2.5) ▪ ~$3.5MM cash and ~$1.1MM av
Slide 6: 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 7: Appendix
APPENDIX
Slide 8: Statement of Operations (Condensed)
Statement of Operations (Condensed) 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Revenue: Oil Sales $10,416,422 $13,329,366 $11,501,521 $9,731,245 $8,938,715 $9,147,611 $9,492,127 $9,106,041 $9,441,964 Gas Sales (1) 883,902 1,321,896 1,526,148 802,425 656,035 248,686 411,2
Slide 9: Operating Data (Condensed)
Operating Data (Condensed) 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Net Production Volumes: Oil (Bbl) 114,255 123,167 123,804 121,592 120,257 128,413 120,177 119,022 130,760 Natural Gas (Mcf) 213,945 208,363 231,522 221,818 231,218 211,293 195,908 215,855 211,820 Natur
Slide 10: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (1) 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Net Income (Loss) $3,623,427 $5,534,280 $215,941 ($2,289,519) ($2,459,591) ($2,464,909) ($2,747,628) ($4,797,477) ($3,975,196) Add Back: Interest Expense 110,648 111,785 125,330 161,777 237,299
Slide 11: Rockies
Rockies ▪ Current BOE per day: 607 (1) ▪ Large working interest in several prolific fields centered around Bottineau County and Elm Coulee Field in Richland County, Montana ▪ Production gained from 3,000 bbls/mon. to 7,000 bbls/mon. on a small pilot program. ▪ We have identified strong upside in oth
Slide 12: New Mexico
New Mexico ▪ Current BOE per day: 1,348 (1) ▪ Purchased from Exxon/XTO in May 2021 ▪ Contiguous 48,000 gross acre position in prolific Central Basin Platform, Permian, of Lea County, NM ▪ Substantial oil in place with additional recovery potential from infills and waterflood optimization ▪ Upgrading
Slide 13: Texas
Texas ▪ Current BOE per day: 240 (1) ▪ Principal producing asset in the Fort Trinidad Field in Houston and Madison Counties, Texas ▪ Over 30,000 net acres held-by-production Eagle Ford ▪ Stacked plays in multiple geologic horizons Group Woodbine ▪ Well activation program underway with focus on bypas
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