Empire Petroleum (EP)
Produces oil, natural gas and natural-gas liquids from mature U.S. onshore wells.
EP Stock Jumps 16% as Q2 Loss Narrows, Revenues Rise Y/Y
Empire Petroleum's stock climbs as Q2 product revenues rise 27% y/y and its net loss narrows despite lower production and derivative losses.
Hungary urges EU parliament to drop lawsuit over funds release
Hungarian Prime Minister Peter Magyar said on Thursday he would ask the European Parliament (EP) to withdraw its 2024 lawsuit against the European Commission over the release of European Union funds to Hungary.
Empire Petroleum Provides Encouraging North Dakota Drilling Program Update and Reports Q1 2024 Results
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, today provided an update on its North Dakota development drilling program and reported results for the first quarter of 2024. FIRST QUARTER 2024 HIGHLIGHTS Reported Q1-24 net sales volumes of 2,207 barrels of oil equivalent per day (“Boe/d”); 65% oil, 17% natural gas liquids (“NGLs”), and 18% nat.
Empire Petroleum Announces Full Subscription of Rights Offering
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum Corporation (NYSE American: EP) ("Empire" or the "Company"), an oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, announced today its previously announced rights offering (the “Rights Offering”) was fully subscribed. The subscription period for the Rights Offering expired at 5:00 p.m., New York City time, on April 10, 2024. The Company received subscriptions for more than 100% of the shar.
Empire Petroleum Announces Modification of Terms of Previously Announced Rights Offering
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum Corporation (NYSE American: EP) ("Empire" or the "Company"), an oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, announced today that it has modified the terms of its previously announced subscription rights offering (“Rights Offering”). The Company has distributed at no charge to holders of its common stock, par value $0.001 per share (“Common Stock”), as of the close of business on Mar.
Empire Petroleum to Participate in the 36th Annual ROTH Conference
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas and Louisiana today announced that the Company is scheduled to participate in the 36th Annual ROTH Conference to be held at the Ritz Carlton Laguna Nigel in Dana Point, California, on March 17-19, 2024. Michael Morrisett, President & Chief Executive Officer of Empire, will host one-on-one meetings with inves.
EMPIRE PETROLEUM ANNOUNCES COMMENCEMENT OF PREVIOUSLY ANNOUNCED RIGHTS OFFERING
TULSA, Okla., March 7, 2024 – Empire Petroleum Corporation (NYSE American: EP) (“Empire” or the “Company”), an oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, announced today that it has commenced its previously announced subscription rights offering (“Rights Offering”) pursuant to which it intends to raise gross proceeds of up to approximately $25.0 million.
Empire Petroleum Announces Commencement of Previously Announced Rights Offering
TULSA, Okla., March 07, 2024 (GLOBE NEWSWIRE) -- Empire Petroleum Corporation (NYSE American: EP) ("Empire" or the "Company"), an oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, announced today that it has commenced its previously announced subscription rights offering (“Rights Offering”) pursuant to which it intends to raise gross proceeds of up to approximately $25.0 million.
Empire Petroleum Issues Correction for Previously Announced Proposed Rights Offering
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum Corporation (NYSE American: EP) ("Empire" or the "Company"), an oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, announced today a correction to its prior announcement regarding its subscription rights offering (“Rights Offering”) with a record date of the close of business on March 7, 2024 (the “Record Date”) pursuant to which it intends to raise gross proceeds of up to approximately $2.
Empire Petroleum Announces Record Date for Proposed Rights Offering
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum Corporation (NYSE American: EP) ("Empire" or the "Company"), an oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, announced today that its Board of Directors has fixed the close of business on March 7, 2024 as the record date (the “Record Date”) for a subscription rights offering (“Rights Offering”) pursuant to which it intends to raise gross proceeds of up to approximately $25 million. T.
Empire Petroleum Announces Operational Update and Preliminary Financial Results for Fourth Quarter 2023
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas and Louisiana, today provided an update on its program to further develop its Starbuck Field located in North Dakota (the “Starbuck Drilling Program”). In addition, the Company announced preliminary operational and financial results for Q4 2023. Empire expects 2024 to be a year of progress as it continues to adv.
Empire Petroleum Announces Results for Third Quarter 2023
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas and Louisiana, today announced operational and financial results for the third quarter of 2023. In addition, the Company provided an update on its targeted drilling program underway at its Starbuck field in North Dakota (the “Starbuck Drilling Program”). KEY THIRD QUARTER 2023 AND RECENT HIGHLIGHTS Posted net sa.
Empire Petroleum Commences 2023 Development Program
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum Corporation (NYSE American: EP) ("Empire" or the "Company"), an oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, today announced the formal commencement of its 2023 drilling program with the recent spud of a new well at its North Dakota asset (the “Starbuck” Field). The Company's capital development programs in 2023 and 2024 have been designed to ensure cost-effective production growth w.
Empire Petroleum Announces Results for Second Quarter 2023
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas and Louisiana, today announced operational and financial results for the second quarter of 2023. KEY SECOND QUARTER AND RECENT HIGHLIGHTS Grew average daily oil sales volumes by 6% sequentially and 4% year-over-year; Produced sales volumes of 2,135 barrels of oil equivalent per day (“Boe/d”) (66% oil, 16% natura.
Empire Petroleum Announces Acquisition of Additional Interests in New Mexico Units
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), an oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana, and New Mexico, today announced that on August 9, 2023, it closed on the acquisition of COERT Holdings 1 LLC's (“COERT”) interests in Empire's three New Mexico assets, Eunice Monument South Unit A, Eunice Monument South Unit B, and Arrowhead Grayburg Unit, all of which are located in Lea County (the “Tra.
Empire Petroleum Corporation (EP) Q3 2022 Earnings Call Transcript
Empire Petroleum Corporation (NYSE:EP ) Q3 2022 Results Conference Call November 15, 2022 12:00 PM ET Company Participants Wes Harris - Al Petrie Advisors Tommy Pritchard - Chief Executive Officer and Director Mike Morrisett - President and Director Eugene Sweeney - Chief Operating Officer Kevin Vann - Vice President of Finance and Strategic Planning Operator Good day, and welcome to the Empire Petroleum Corporation Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode.
Empire Petroleum Announces Results for Third Quarter of 2022
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), today reported operational and financial results for the third quarter of 2022. KEY THIRD QUARTER 2022 HIGHLIGHTS Increased sales volumes by 3% to 2,232 barrels of oil equivalent per day (“Boe/d”) (60% oil, 19% natural gas and 21% natural gas liquids (“NGLs”)) from 2,158 Boe/d (62% oil, 18% natural gas and 20% NGLs) for the second quarter of 2022; Recorded revenue of $14.8 million that resulted in net income of $0.2 million, or $0.01 per diluted share, and Adjusted Net Income1 of $3.7 million, or $0.16 per diluted share; Generated Adjusted EBITDA1 of $4.8 million, or $23.36 per barrel of oil equivalent (“Boe”); Increased cash position in the third quarter by 27% to $15.7 million, reduced debt $0.4 million to $7.8 million during the quarter, and ended the period with $16.0 million of liquidity; and Made significant progress on the Company’s Starbuck Field Enhancement Program (the “Starbuck Program”), including beginning the waterflood conformance phase, re-perforated and stimulated productive intervals to ensure maximum hydrocarbon recovery, completed seven sidetracks, and finished certain surface facility upgrades that began in 2021. The Starbuck Program is targeted to provide a material increase in production and reserves, with the first three phases of the project expected to be completed by the end of 2022.; and Spudded four new non-operated Bakken wells with completion expected during the fourth quarter of 2022. MANAGEMENT COMMENTARY Tommy Pritchard, Chief Executive Officer of Empire, commented, “We were pleased with our overall results for the third quarter, which included increased collective production levels across our portfolio of assets. While the industry saw some pull back in commodity pricing levels during the third quarter, we continue to expect pricing levels to remain strong through the fourth quarter and into next year given current and projected supply and demand dynamics. I am also pleased to report that we continue to make significant progress on our Starbuck Program. We look forward to providing the market more details on our development activities as appropriate as we move through the program.” Mike Morrisett, President of Empire, added, “During the third quarter we remained focused on improving our financial standing, including further paydown of our outstanding debt as well as enjoying an enhanced liquidity position that increased more than 25% since the end of the second quarter that benefits our Company and its shareholders. We will continue to execute on targeted field development opportunities to organically expand our production while evaluating additional strategic opportunities to prudently expand our operational footprint and ensure our long-term success.” FINANCIAL AND OPERATIONAL RESULTS FOR THIRD QUARTER 2022 Q3 2022 Q2 2022 % Change Q3 2022 vs. Q2 2022 Q3 2021 % Change Q3 2022 vs. Q3 2021 Net sales (Boe/d) 2,232 2,158 3 % 2,090 7 % Net sales (Boe) 205,380 196,412 5 % 192,303 7 % Realized price ($/Boe) $ 71.30 $ 83.48 (15 %) $ 50.11 42 % Revenue ($M) $ 14,792 $ 16,540 (11 %) $ 10,096 47 % Net income ($M) $ 216 $ 5,534 (96 %) $ (3,726) 106 % Adjusted Net Income ($M) $ 3,747 $ 5,967 (37 %) $ (2,434) 254 % Adjusted EBITDA ($M) $ 4,799 $ 6,922 (31 %) $ 7,778 (38 %) Net sales for the third quarter of 2022 were 2,232 Boe/d, including 1,346 net barrels of oil per day; 2,517 thousand cubic feet per day (“Mcf/d”), or 419 Boe/d, of natural gas; and 19,625 gallons per day, or 467 Boe/d, of NGLs. Contributing to the sequential increase from the second quarter of 2022 was increased sales volumes associated with Empire’s assets in New Mexico, Texas and Louisiana. This was partially offset by transitory declines in production for the Company’s assets in the Rockies Region primarily associated with taking certain well production offline temporarily as the Company completes the execution of the Starbuck Program. Empire reported $14.8 million of revenue for the third quarter of 2022 versus $16.5 million for the second quarter of 2022. The increase in sales volumes for all products was offset by lower realized pricing as compared to the second quarter. Operating expenses for the third quarter of 2022 were $8.5 million, which included a $1.4 million non-cash write-off associated with the Company’s joint development agreement with Petroleum & Independent Exploration, LLC and related entities (“PIE”). Excluding the PIE write-off, operating expenses were $7.1 million compared to $5.5 million for the second quarter of 2022 primarily as a result of increased workovers and other activities executed in advance of capital development programs at our New Mexico and Rockies Region assets. General and administrative expenses, excluding non-cash share-based compensation, was $2.0 million, or $9.93 per Boe, in the third quarter of 2022 versus $2.8 million, or $14.23 per Boe, for the second quarter of 2022. Contributing to the sequential decrease was lower professional service fees. Other expense for the third quarter of 2022 was $1.1 million compared to $0.2 million in the second quarter of 2022. Driving the increase was a non-cash $1.4 million settlement related to the purchase of Empire’s New Mexico assets. Net income for the third quarter was $0.2 million, or $0.01 per diluted share, versus $5.5 million, or $0.24 per diluted share, in the second quarter of 2022. Contributing to the sequential decrease was lower realized pricing partially offset by higher production, the non-cash $1.4 million PIE write-off and the non-cash $1.4 million settlement related to the purchase of the Company’s New Mexico assets. Adjusted Net Income for the third quarter was $3.7 million, or $0.16 per diluted share, versus $6.0 million, or $0.26 per diluted share, in the second quarter of 2022, with the decrease substantially due to lower realized pricing partially offset by higher production. Adjusted EBITDA was $4.8 million for the third quarter compared to $6.9 million in the second quarter of 2022, with the decrease substantially due to lower realized pricing partially offset by higher production. CAPITAL SPENDING, BALANCE SHEET & LIQUIDITY For the nine months ended September 30, 2022, the Company spent approximately $500,000 on additions to oil and natural gas properties as a result of non-operated drilling, and an additional $1.0 million on capitalized additions to oil and natural gas properties. The Company anticipates additional capital expenditures in the coming quarters that will be funded with cash flows from operations, debt, and/or equity issuances. Total liquidity at the end of the third quarter of 2022 was $16.0 million, including $15.7 million of cash and $0.3 million available on the Company’s Credit Facility. This represents a more than 25% increase in liquidity from $12.7 million as of June 30, 2022. As of September 30, 2022, the Company had total debt of $7.8 million and working capital of $11.3 million, which was a material increase from Empire’s working capital position of $1.1 million at December 31, 2021. Empire remains squarely focused on continuing to execute on its proven strategy to remain financially conservative as it evaluates additional opportunities to prudently invest in its current business and expand through targeted acquisitions that provide long-term value for its shareholders. CONFERENCE CALL INFORMATION An investor conference call to review the Company’s results will be held on Tuesday, November 15, 2022, at 12:00 p.m. Eastern (11:00 a.m. Central). The call will be hosted by Tommy Pritchard, the Company’s Chief Executive Officer, and Mike Morrisett, Empire’s President. Details for the conference call are as follows: Date: Tuesday, November 15, 2022 Time: 12:00 p.m. Eastern (11:00 a.m. Central) Telephone: 1-877-270-2148 (Toll free); 1-412-902-6510 (International); participants should ask to be joined into the Empire Petroleum Corporation call. Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=foO19cFK Replay: A webcast replay will be available on Empire’s website (www.empirepetroleumcorp.com) under "Investors Relations" on the "Events & Presentations" page following the call or via the webcast link listed above. The replay will be available through November 15, 2023. ABOUT EMPIRE PETROLEUM Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana, and New Mexico. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. More information about Empire can be found at www.empirepetroleumcorp.com. SAFE HARBOR STATEMENT This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company’s estimates, strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2021, and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and other risks and uncertainties related to the conduct of business by the Company. 2022 2022 2021 2022 2021 $ 11,501,521 $ 13,329,366 $ 7,761,584 $ 35,247,309 $ 13,882,077 1,587,542 1,446,435 855,507 4,019,400 1,536,569 1,637,808 1,763,546 1,439,799 5,133,872 1,913,191 22,921 24,913 71,043 71,877 154,018 42,474 (23,893 ) (32,271 ) (93,740 ) (572,220 ) 14,792,266 16,540,367 10,095,662 44,378,718 16,913,635 8,505,640 5,503,850 3,597,124 19,200,436 7,328,066 1,112,246 1,137,841 678,295 3,151,325 1,266,808 539,543 455,799 1,279,534 1,429,788 2,025,407 342,619 336,488 327,018 1,009,107 881,638 2,850,059 3,282,452 1,914,326 8,587,891 6,040,475 13,350,107 10,716,430 7,796,297 33,378,547 17,542,394 1,442,159 5,823,937 2,299,365 11,000,171 (628,759 ) - - (2,276,813 ) - (2,276,813 ) - - 689,215 - 92,931 (1,100,888 ) (177,872 ) 29,687 (1,278,760 ) 190,387 (125,330 ) (111,785 ) (4,467,679 ) (347,763 ) (7,373,113 ) $ 215,941 $ 5,534,280 $ (3,726,225 ) $ 9,373,648 $ (9,995,367 ) $ 0.01 $ 0.27 $ (0.23 ) $ 0.45 $ (0.75 ) $ 0.01 $ 0.24 $ (0.23 ) $ 0.41 $ (0.75 ) 21,651,383 20,424,970 16,560,705 20,654,294 13,278,341 24,065,485 23,294,723 16,560,705 22,778,836 13,278,341 2022 2022 2021 2022 2021 123,804 123,167 114,495 361,226 220,780 231,522 208,363 224,118 653,829 379,600 1,805,523 1,617,751 1,699,112 5,109,649 2,598,655 205,380 196,412 192,303 591,856 345,919 2,232 2,158 2,090 2,168 1,267 $ 92.22 $ 108.06 $ 64.98 $ 96.90 $ 59.80 $ 6.86 $ 6.37 $ 3.82 $ 6.15 $ 4.05 $ 0.91 $ 1.09 $ 0.85 $ 1.00 $ 0.74 $ 71.30 $ 83.48 $ 50.11 $ 74.45 $ 50.10 $ 41.41 $ 28.02 $ 18.71 $ 32.44 $ 21.18 $ 5.42 $ 5.79 $ 3.53 $ 5.32 $ 3.66 $ 4.30 $ 4.03 $ 8.35 $ 4.12 $ 8.40 $ 13.88 $ 16.71 $ 9.95 $ 14.51 $ 17.46 $ 9.93 $ 14.23 $ 9.95 $ 11.68 $ 16.29 2022 2021 $ 15,733,842 $ 3,611,871 5,981,533 7,733,905 348,665 55,242 1,605,357 1,037,880 724,484 679,122 24,393,881 13,118,020 53,064,338 46,914,326 (18,703,073 ) (17,525,918 ) 34,361,265 29,388,408 1,535,765 1,288,611 35,897,030 30,677,019 51,660 194,018 5,450,000 4,810,000 449,811 1,290,594 $ 66,242,382 $ 50,089,651 $ 4,226,799 $ 4,329,535 7,325,010 5,844,184 251,117 180,105 1,258,804 1,700,663 13,061,730 12,054,487 5,174,783 6,117,091 1,399,030 797,010 613,899 646,311 21,722,407 20,640,599 41,971,849 40,255,498 - - 81,550 79,362 74,048,678 68,988,134 (49,859,695 ) (59,233,343 ) 24,270,533 9,834,153 $ 66,242,382 $ 50,089,651 2022 2022 2021 2022 2021 $ 215,941 $ 5,534,280 $ (3,726,225 ) $ 9,373,648 $ (9,995,367 ) 809,641 486,903 - 1,672,823 406,250 44,627 50,901 47,935 135,234 54,363 539,543 455,799 1,279,534 1,429,788 2,025,407 342,619 336,488 327,018 1,009,107 881,638 - (342,344 ) - (342,344 ) - - 181,386 - 181,386 - 1,448,363 - - 1,448,363 - 1,399,030 - - 1,399,030 - - - - - 14,587 - - - - 989,115 - - (689,215 ) - (92,931 ) - - 4,090,214 - 6,670,129 - - 2,276,813 - 2,276,813 - - 241,054 - 241,054 - - - - (160,700 ) 1,417,093 (355,618 ) (3,217,479 ) 304,009 (5,566,084 ) (126,400 ) (53,726 ) (295,668 ) (151,065 ) (113,943 ) (412,768 ) (216,911 ) 159,611 (567,477 ) (681,208 ) (184,958 ) 2,586 25,614 (45,362 ) 115,670 39,033 4,735 200,100 43,773 (6,807 ) (1,459,997 ) 649,861 1,901,185 (2,464,573 ) 2,326,752 (208,689 ) 1,249,044 521,251 1,480,826 1,245,653 3,863,078 7,983,384 3,141,742 14,907,166 630,391 - (2,205,000 ) - (2,205,000 ) (17,869,779 ) (276,024 ) (802,225 ) - (1,502,900 ) - (189,179 ) (109,578 ) (424,760 ) (307,787 ) (508,571 ) (44,009 ) (48,402 ) - (135,244 ) - - (160,000 ) (480,000 ) (640,000 ) (4,330,000 ) - - 1,250,000 - - (509,212 ) (3,325,205 ) 345,240 (4,790,931 ) (22,708,350 ) - - - - 19,599,850 (461,779 ) (462,436 ) (1,899,452 ) (1,384,167 ) (5,546,738 ) - - 583,102 - 11,054,661 405,220 2,887,183 - 3,389,903 - (56,559 ) 2,424,747 (1,316,350 ) 2,005,736 25,107,773 3,297,307 7,082,926 2,170,632 12,121,971 3,029,814 12,436,535 5,353,609 1,016,877 3,611,871 157,695 $ 15,733,842 $ 12,436,535 $ 3,187,509 $ 15,733,842 $ 3,187,509 Empire Petroleum Corporation Non-GAAP Information Certain financial information included in Empire’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures include “Adjusted Net Income”, “EBITDA” and “Adjusted EBITDA”. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current periods to prior periods. 2022 2022 2021 2022 2021 $ 215,941 $ 5,534,280 $ (3,726,225 ) $ 9,373,648 $ (9,995,367 ) 809,641 486,903 - 1,672,823 - (126,400 ) (53,726 ) (295,668 ) (151,065 ) (113,943 ) 1,399,030 - - 1,399,030 - 1,448,363 - - 1,448,363 - - - 2,276,813 - 2,276,813 - - (689,215 ) - (92,931 ) - - - - 989,115 - - - - 406,250 - - - - (160,700 ) $ 3,746,575 $ 5,967,457 $ (2,434,295 ) $ 13,742,799 $ (6,690,763 ) 24,065,485 23,294,723 16,560,705 22,778,836 13,278,341 $ 0.16 $ 0.26 $ (0.15 ) $ 0.60 $ (0.50 ) The Company defines Adjusted EBITDA as net income (loss) plus net interest expense, depreciation, depletion and amortization (“DD&A”), accretion, amortization of loan issuance costs, ROU assets and discount on convertible notes, income tax (benefit) expense, and other non-cash items. Company management believes this presentation is relevant and useful because it helps investors understand Empire’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. In addition, Adjusted EBITDA does not represent funds available for discretionary use. 2022 2022 2021 2022 2021 $ 215,941 $ 5,534,280 $ (3,726,225 ) $ 9,373,648 $ (9,995,367 ) 125,330 111,785 4,467,679 347,763 7,373,113 539,543 455,799 1,279,534 1,429,788 2,025,407 342,619 336,488 327,018 1,009,107 881,638 - - - - 14,587 44,627 50,901 47,935 135,234 54,363 - - 4,090,214 - 6,670,129 $ 1,268,060 $ 6,489,253 $ 6,486,155 $ 12,295,540 $ 7,023,870 809,641 486,903 - 1,672,823 - (126,400 ) (53,726 ) (295,668 ) (151,065 ) (113,943 ) 1,399,030 - - 1,399,030 - 1,448,363 - - 1,448,363 - - - 2,276,813 - 2,276,813 - - (689,215 ) - (92,931 ) - - - - 989,115 - - - - 406,250 - - - - (160,700 ) $ 4,798,694 $ 6,922,430 $ 7,778,085 $ 16,664,691 $ 10,328,474
Empire Petroleum Announces Timing of Third Quarter 2022 Earnings Release and Conference Call
TULSA, Okla.--( BUSINESS WIRE )--Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), today announced that it will release its financial and operational results for the third quarter of 2022 after the market closes on Monday, November 14, 2022. An investor conference call to review its results will be held on Tuesday, November 15, 2022, at 12:00 p.m. Eastern (11:00 a.m. Central). The call will be hosted by Tommy Pritchard, the Company's Chief Executive Officer, and Mike Morrisett, Empire's President. Details for the conference call are as follows:
Empire Petroleum: A Need To Scale Up Production Levels
Empire's general and administrative expense (excluding stock-based compensation) is over $14 per BOE currently. It probably needs to get its production over 8,000 BOEPD to make its G&A costs per BOE competitive.
Empire Petroleum Corp (EP) CEO Thomas Pritchard on Q2 2022 Results - Earnings Call Transcript
Empire Petroleum Corp (NYSE:EP ) Q2 2022 Earnings Conference Call August 16, 2022 11:00 AM ET Company Participants Stephanie Prince - ProActive Capital Group Thomas Pritchard - CEO, Secretary & Director Michael Morrisett - President, Treasurer & Director Eugene Sweeney - COO Conference Call Participants Operator Good day, and welcome to the Empire Petroleum Second Quarter 2022 Earnings Conference Call. [Operator Instructions].