BOSTON, March 27, 2026 (GLOBE NEWSWIRE) -- Roland Mineral Enterprises Corp. (TSX.V: RME) announces it has commenced a Venezuelan Mineral Rights Acquisition Program to aggressively seek out and acquire interests in Venezuelan mineral properties, including mining rights to known gold, silver and copper mineral deposits, and exploration areas. Recent material events in Venezuela, including the removal of Nicolas Maduro and his wife, Cilia Flores, from Venezuela on January 3, 2026, the focus of Venezuela and t ...

Core Insights - Empire Petroleum Corporation has announced its participation in a new oil and natural gas development program in Louisiana, which is expected to enhance the company's ongoing development activities [1][5]. Development Program Details - The company will participate in a three-well development program targeting proven hydrocarbon formations in Louisiana, holding a 25% working interest in the initial well [2]. - The drilling and completion costs for the company's share will be funded through the issuance of approximately 700,000 shares of common stock [2]. - The operator has already drilled and logged the initial test location, confirming the presence of liquid and gas hydrocarbons with strong reservoir pressure indicated by over 9,100 psi back pressure [3]. Timeline and Future Prospects - Completion operations for the initial well are expected to begin in April 2026, followed by initial production testing [4]. - This development opportunity is part of a broader prospect area that includes two additional locations, providing further potential development targets [4]. Strategic Alignment - The participation in the Louisiana program aligns with the company's strategy to grow production and reserves through selective development of established resource areas [5]. - The company is also looking to evaluate potential future midstream-adjacent opportunities that could provide stable and recurring cash flow over time [5].

Financial Performance - Empire reported full year 2025 total product revenue of $34.2 million, a decrease from $44.0 million in 2024, primarily due to lower average oil and NGLs realized pricing and reduced oil production[15]. - Empire's net loss for Q4-2025 was $58.95 million, compared to a net loss of $3.84 million in Q3-2025[12]. - Empire recorded a net loss of $72.1 million in 2025, or ($2.12) per diluted share, compared to a net loss of $16.2 million, or ($0.54) per diluted share in 2024[21]. - Net loss for the three months ended December 31, 2025, was $58,953,000 compared to a loss of $4,193,000 in the same period last year[39]. - Adjusted net loss for the year ended December 31, 2025, was $21,564,000, while the adjusted net loss for 2024 was $14,793,000[43]. - The company reported a significant impairment of $51,289,000 for the three months ended December 31, 2025[45]. Production and Sales - In Q4-2025, net production volumes were 2,161 Boe/d, including 1,359 Bbl/d of oil, reflecting a 10% decrease from Q3-2025 and a 14% decrease from Q4-2024[12]. - For the three months ended December 31, 2025, net sales volumes for oil were 125,059 Bbl, a decrease of 13.3% from 144,098 Bbl in the previous quarter[35]. - Average daily equivalent sales for the year ended December 31, 2025, were 2,242 Boe/d, a decrease of 7.2% from 2,416 Boe/d in 2024[35]. Pricing and Costs - The realized price per Boe in Q4-2025 was $35.46, down 17% from Q3-2025 and down 24% from Q4-2024[12]. - Average price per barrel of oil decreased to $54.41 from $61.00 in the previous quarter, representing a decline of 11.8%[35]. - Lease operating expenses decreased to $25.2 million in 2025 from $27.5 million in 2024, primarily due to lower workover activities[16]. - Lease operating expense per Boe increased to $36.90 from $25.99 in the previous quarter, an increase of 42.5%[35]. Assets and Liabilities - Year-end 2025 proved reserves were 7.6 MMBoe, down from 9.2 MMBoe at year-end 2024, with 77% being crude oil[22]. - The standardized measure of SEC proved reserves at year-end 2025 was $58.6 million, down from $98.4 million in 2024, reflecting lower future cash inflows and higher production costs[24]. - Total current assets decreased to $8,180,000 from $12,351,000 year-over-year, a decline of 33.5%[37]. - Total liabilities increased to $70,479,000 from $61,103,000 year-over-year, an increase of 15.5%[37]. - Total stockholders' equity turned to a deficit of $4,606,000 from a positive equity of $62,765,000 year-over-year[37]. Capital Expenditures and Cash Flow - Capital expenditures for 2025 were approximately $4.6 million, primarily for projects in Texas and North Dakota[25]. - Cash flows from operating activities for the year ended December 31, 2025, showed a net cash used of $3,946,000 compared to a net cash provided of $6,157,000 in 2024[39]. - Capital expenditures for oil and natural gas properties were $1,130,000 for the three months ended December 31, 2025, compared to $4,460,000 in the previous year[39]. - Cash at the end of the period was $1,189,000, down from $2,251,000 at the end of the previous year[43]. - The company reported a net change in cash of $(3,412,000) for the three months ended December 31, 2025[43]. Strategic Initiatives - The company plans to increase its Texas gas development program from an initial target of 10-12 wells in 2026 to a target of 12-30 wells by year-end 2026[10]. - Empire is in final due diligence for a three-well participation opportunity in Louisiana, which would expand its economic footprint in developing oil and gas properties[10]. - Empire is focused on organic growth and targeted acquisitions of proved developed assets to enhance its portfolio[29]. - Compression capacity at Empire's Texas Midstream plant is expected to increase over 600% from 1.5 MMcfd in 2025 to 9.5 MMcfd in Q2-2026[2]. - The company is advancing hydrocarbon vaporization technology to improve thermal efficiency and support enhanced oil recovery operations[5]. Expenses - General and administrative expenses for 2025 were $12.0 million, or $14.66 per Boe, slightly down from $12.6 million, or $14.23 per Boe in 2024[20]. - Depreciation, Depletion, and Amortization (DD&A) for 2025 was $12.7 million, an increase from $11.3 million in 2024, attributed to new drilling activities and acquisitions[18]. - Interest expense for the year ended December 31, 2025, was $1,547,000, slightly up from $1,515,000 in 2024[45]. - Depreciation, depletion, and amortization for the year ended December 31, 2025, totaled $10,595,000, compared to $9,256,000 in 2024[45]. - The company experienced a loss on financial derivatives of $(581,000) for the year ended December 31, 2025[45].

Production and Sales - Empire Petroleum Corporation's net production volumes for 2025 included 524,646 barrels of oil, 860,599 Mcf of natural gas, and 150,224 barrels of natural gas liquids, totaling 818,303 Boe[59]. - The average price per barrel of oil in 2025 was $60.32, down from $71.44 in 2024, while natural gas prices increased to $1.04 per Mcf from $0.37[59]. - For 2025, 66% of revenues from oil, natural gas, and NGLs sales were generated from three customers, down from 78% from four customers in 2024[71]. - The company sold 66% of its oil, natural gas, and NGLs revenues to three customers, with no other customer accounting for more than 10%[120]. - Oil sales dropped by $9.87 million, or 24%, from $41.52 million in 2024 to $31.65 million in 2025[234]. - Gas sales increased significantly by 161%, from $0.34 million in 2024 to $0.90 million in 2025[234]. - NGLs sales decreased by 24%, from $2.13 million in 2024 to $1.62 million in 2025[234]. Reserves and Production Capacity - Proved developed reserves at December 31, 2025, were 5,878 MBbls of oil, 4,300 MMcf of natural gas, and 1,030 MBbls of NGLs, totaling 7,625 MBoe, a decrease from 9,227 MBoe in 2024[62]. - The company operates approximately 1,077 gross (753 net) wells as of December 31, 2025[60]. - The company has logged five vertical pilot wells in the Starbuck Field, confirming three additional primary zones of interest and two secondary zones of interest for future development[54]. - In 2024, Empire completed a program for enhanced oil recovery (EOR) in the Starbuck Field, resulting in increased production anticipated to continue into 2026[53]. Financial Performance - Total product revenues for 2025 decreased to $34.16 million from $43.99 million in 2024, a decline of approximately 22%[234]. - The operating loss for 2025 was $71.32 million, compared to a loss of $13.67 million in 2024, indicating a substantial deterioration in performance[234]. - The company recorded a total impairment loss of $51.3 million for the year ended December 31, 2025, due to annual analysis of oil and natural gas properties[124]. - Impairment charges of $51.29 million were recorded in 2025, a significant increase from zero in 2024[234]. - The average price per barrel of oil in 2025 was $60.32, down 15.5% from $71.44 in 2024[232]. - The company experienced a negative working capital of approximately $16.2 million as of December 31, 2025, a decrease of $7.2 million from the prior year[217]. Operational Costs and Expenses - Empire's total lease operating expenses per Boe were $30.83 in 2025, slightly down from $31.16 in 2024[59]. - Lease operating expenses decreased by 8%, from $27.55 million in 2024 to $25.22 million in 2025[234]. - Production and ad valorem taxes decreased by 24%, from $3.77 million in 2024 to $2.85 million in 2025[234]. - Depreciation, depletion, amortization, and accretion increased by 13%, from $11.26 million in 2024 to $12.73 million in 2025[234]. Debt and Financial Obligations - Total indebtedness as of December 31, 2025, was approximately $16.2 million, including a $16.8 million revolving loan agreement, with $2.5 million unused[94]. - The company may be required to restructure or refinance its existing debt if unable to service its indebtedness and other obligations[111]. - The company may not be able to generate sufficient cash flow to service its debt obligations, potentially leading to asset sales or additional equity financing[104]. - The company has $2.5 million available remaining on its Credit Facility, decreasing by $0.25 million monthly[110]. Market and Regulatory Risks - The company faces significant competition in acquiring properties and contracting for oil field services, with many competitors having larger financial and technical resources[72]. - The oil and natural gas industry is subject to extensive regulations that increase operational costs and affect profitability[76]. - The company may face substantial liabilities related to environmental regulations and clean-up costs[78]. - Legislative changes regarding greenhouse gas emissions could impose additional costs and affect the company's financial performance[159]. - The company is subject to various environmental regulations that could increase operating costs and potential liabilities associated with hazardous materials[128]. Strategic Initiatives and Future Outlook - Empire initiated a return-to-production program on four wells in the fourth quarter of 2024, focusing on facility work, which was completed in 2025[56]. - The company relies on capital from its two largest stockholders, which is critical for funding growth and drilling programs[100]. - The company has implemented a cybersecurity strategy that includes various security tools and employee training to manage cybersecurity risks[191]. - The company intends to retain future earnings for business development and debt repayment, rather than distributing dividends[175]. Environmental and Climate Risks - The company faces risks from climate change that could increase operating costs and limit exploration and production activities[137]. - The company may incur significant costs related to compliance with new or more stringent regulations on GHG emissions, which could adversely affect financial condition and results of operations[141]. - The company is exposed to risks associated with operating in limited geographic areas, as all proved reserves are concentrated in New Mexico, North Dakota, Montana, Texas, and Louisiana[119]. Stockholder and Corporate Governance - Approximately 55.3% of the company's common stock is held by two stockholders, which may influence corporate decisions[186]. - The company has not declared or paid any dividends on its common stock and does not anticipate doing so in the foreseeable future[174]. - The company is classified as a "smaller reporting company" with annual revenues of less than $100 million and a public float of less than $700 million[177].

Core Viewpoint - Empire Petroleum Corporation has modified the terms of its subscription rights offering, allowing shareholders to purchase additional shares of Common Stock at a set price, aiming to raise approximately $10 million through this initiative [1]. Group 1: Rights Offering Details - The subscription rights offering allows holders of Common Stock to purchase 0.095 shares at a price of $2.99 per whole share, requiring a minimum of 11 shares to receive subscription rights [1]. - The expiration date for the Rights Offering has been extended to March 18, 2026, with the possibility of further extensions or early termination [2]. - Holders of subscription rights will receive a prospectus and related materials to guide them through the process of exercising their rights [4]. Group 2: Shareholder Participation - Energy Evolution Master Fund, Ltd., the largest shareholder, intends to fully participate in the Rights Offering and exercise over-subscription rights for any remaining shares [3]. - Phil E. Mulacek, the Chairman of the Board, has also expressed intent to participate in the offering [3]. Group 3: Company Overview - Empire Petroleum Corporation is a publicly traded oil and gas company with assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, focusing on organic growth and strategic acquisitions [7].

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]

Core Viewpoint - Empire Petroleum reported operational and financial results for Q3 2025, highlighting an increase in production volumes and overall performance in the oil and gas sector [1]. Group 1: Operational Highlights - The company produced net production volumes of 1,566 barrels of oil per day (Bbls/d) in Q3 2025, representing a 5% increase compared to Q2 2025 [1]. - Reported production included 2,398 barrels of oil equivalent per day (Boe/d) [1].

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].

Group 1 - The share price of Empire Petroleum Corporation (NYSEAMERICAN:EP) fell by 18.15% between September 5 and September 12, 2025, making it one of the energy stocks that lost the most during that week [1] - Empire Petroleum Corporation is primarily focused on conventional oil and natural gas production in the US onshore market [2] - The company's share price has decreased by almost 21% over the last month, indicating ongoing downward pressure [3] Group 2 - The decline in share price was influenced by the recent sale of 3,377 shares by Matthew E. Watson, the Chief Accounting Officer, for a total value of $15,239 [2] - Despite the recent dip, there is acknowledgment of Empire Petroleum's potential as an investment, although certain AI stocks are considered to offer greater upside potential with less downside risk [3]