Production and Sales Performance - Q3-2025 net production volumes reached 1,566 barrels of oil per day, a 5% increase from Q2-2025, with total equivalent production at 2,398 Boe/d[2] - Total product revenue for Q3-2025 was $9.4 million, down 14% from $10.9 million in Q3-2024, primarily due to lower realized prices for oil and NGLs[11] - Oil sales revenue increased to $8,790 million for the three months ended September 30, 2025, compared to $8,005 million in the previous quarter, reflecting a 9.8% increase[22] - Average daily equivalent sales for the three months ended September 30, 2025, were 2,398 Boe/d, up from 2,357 Boe/d in the previous quarter[24] - Average price per barrel of oil was $61.00 for the three months ended September 30, 2025, compared to $58.92 in the previous quarter, representing a 3.7% increase[24] Financial Performance - The company reported a net loss of $3.8 million in Q3-2025, or ($0.11) per diluted share, compared to a net loss of $3.6 million in Q3-2024[15] - Adjusted EBITDA for Q3-2025 was $0.1 million, a significant improvement from an adjusted EBITDA of ($0.1) million in Q3-2024[15] - Total revenue for the three months ended September 30, 2025, was $9,388 million, a decrease of 7.5% compared to $10,892 million for the same period in 2024[22] - Net loss for the three months ended September 30, 2025, was $3,844 million, an improvement from a net loss of $5,056 million in the same quarter of 2024[22] - Adjusted net loss for the three months ended September 30, 2025, was $3,934,000, compared to $5,231,000 for the previous quarter, reflecting a decrease of 24.8%[32] - EBITDA for the three months ended September 30, 2025, was $(11,000), a significant improvement from $(1,492,000) in the previous quarter[35] - Adjusted EBITDA for the nine months ended September 30, 2025, was $940,000, compared to $(1,597,000) for the same period in 2024, indicating a turnaround in performance[35] Operational Developments - Empire successfully completed a Rights Offering in Q3-2025, generating approximately $2.5 million in gross proceeds, with over 100% subscription of available securities[2] - The company is advancing its enhanced oil recovery efforts in North Dakota, with system upgrades expected to improve reliability and reduce long-term operating costs[4] - Empire plans to initiate its first drilling campaign in Texas in 2026, aligning capital development with market conditions[2] - The company is building operational flexibility by progressing a series of drilled-but-uncompleted wells, positioning for higher-value gas development in 2026[3] Cost Management - Lease operating expenses decreased to $5.7 million in Q3-2025 from $6.7 million in Q3-2024, primarily due to lower workover costs[12] - Lease operating expenses per Boe decreased to $25.99 for the three months ended September 30, 2025, from $29.78 in the previous quarter, indicating a 12.5% reduction[24] Cash and Assets - As of September 30, 2025, Empire had approximately $4.6 million in cash and $3.3 million available on its credit facility[17] - Total current assets increased to $14,686 million as of September 30, 2025, compared to $12,351 million at the end of December 2024[26] - Total liabilities rose to $69,329 million as of September 30, 2025, compared to $61,103 million at the end of December 2024, reflecting a 13.7% increase[26] - Total stockholders' equity decreased to $53,663 million as of September 30, 2025, down from $62,765 million at the end of December 2024[26] - The company reported a net cash increase of $2,308,000 for the three months ended September 30, 2025, compared to an increase of $1,212,000 in the previous quarter[29] - Total cash at the end of the period was $4,601,000, up from $2,293,000 at the beginning of the period[29] Shareholder Information - The company reported a weighted-average number of common shares outstanding of 34,043,173 for the three months ended September 30, 2025[22] - The diluted weighted-average number of common shares outstanding increased to 34,043,173 for the three months ended September 30, 2025, from 33,853,310 in the previous quarter[32] - Stock-based compensation for the three months ended September 30, 2025, was $238,000, down from $486,000 in the previous quarter[35]

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 reported operational and financial results for the third quarter 2025. THIRD QUARTER 2025 HIGHLIGHTS Produced Q3-2025 net production volumes of 1,566 barrels of oil per day ("Bbls/d†), an increase of 5% compared to Q2-2025; Reported 2,398 barrels of oil equivalent per day ("Boe/d†); Boe/d i. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-16653 EMPIRE PETROLEUM CORPORATION (Exact name of registrant as specified in its charter) (State or Other Jurisdiction o ...

Core Viewpoint - Empire Petroleum Corporation (NYSE:EP) experienced a significant decline in share price, falling by 9.52% from September 26 to October 3, 2025, making it one of the worst-performing energy stocks during that period [1]. Group 1: Company Overview - Empire Petroleum Corporation is primarily engaged in conventional oil and natural gas production, focusing on the US onshore market [2]. Group 2: Market Dynamics - The share price of Empire Petroleum surged by nearly 20% last month due to rising crude oil prices amid escalating tensions between Russia and Ukraine. However, oil prices have since dropped to a four-month low, influenced by increased supply from OPEC+ and concerns over a potential US government shutdown [3]. Group 3: Financial Activities - Recently, Empire Petroleum issued a $4 million promissory note to investor Phil E. Mulacek, with $2 million already advanced. The note carries a 5.5% annual interest rate and includes options for conversion into common stock and prepayment without penalty [4].

The share price of Empire Petroleum Corporation (NYSEAMERICAN:EP) fell by 18.15% between September 5 and September 12, 2025, putting it among the Energy Stocks that Lost the Most This Week. Empire Petroleum (EP) Dipped Recently. Here's Why. Empire Petroleum Corporation (NYSEAMERICAN:EP) is a conventional oil and natural gas producer with a main focus in the US onshore. Empire Petroleum Corporation (NYSEAMERICAN:EP) faced downward pressure following reports that Matthew E. Watson, the company’s Chief Acc ...

EXHIBIT 99 Empire Petroleum Reports Results for Second Quarter 2025 and Demonstrates Operational Momentum TULSA, OK – (August 13, 2025) – 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 reported operational and financial results for the second quarter 2025. o Produced Q2-2025 net production volumes of 2,357 barrels of oil equivalent per day ("Boe/d"), an increase of 15% compared t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: ____________to ____________ _____________________ EMPIRE PETROLEUM CORPORATION (Exact name of registrant as specified in its charter) _____________________ FORM ...

EXHIBIT 99 Empire Petroleum Reports Results for First Quarter 2025 and Advances Operational Initiatives TULSA, OK – (May 14, 2025) – 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 reported operational and financial results for the first quarter 2025. FIRST QUARTER 2025 HIGHLIGHTS 2025 OUTLOOK o Produced Q1-2025 net production volumes of 2,049 barrels of oil equivalent per day ("B ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ FORM 10-Q _________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: ____________to ____________ _____________________ EMPIRE PETROLEUM CORPORATION (Exact name of registrant as specified in ...

EXHIBIT 99 Empire Petroleum Reports Results for Fourth Quarter and Full Year 2024 and Provides Operational Updates TULSA, OK – (March 27, 2025) – 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 reported operational and financial results for the fourth quarter and full year 2024, including year-end 2024 proved reserves. FOURTH QUARTER AND FULL YEAR 2024 HIGHLIGHTS 1 o Produced Q4-2 ...