Empire Petroleum Corp. Files 10-Q for Period Ended March 31, 2024

TL;DR

<b>Empire Petroleum Corp. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and operational status.</b>

AI Summary

EMPIRE PETROLEUM CORP (EP) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Empire Petroleum Corp. filed a 10-Q for the period ended March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is Crude Petroleum & Natural Gas. Empire Petroleum Corp. was formerly known as Americomm Resources Corp. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking EMPIRE PETROLEUM CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational insights into Empire Petroleum Corp.'s performance during the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, its position in the crude petroleum and natural gas sector, and any potential risks or opportunities.

Risk Assessment

Risk Level: medium — EMPIRE PETROLEUM CORP shows moderate risk based on this filing. The company operates in the Crude Petroleum & Natural Gas industry, which is subject to significant price volatility and regulatory changes, posing inherent risks to financial performance.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to understand Empire Petroleum Corp.'s performance and outlook in the volatile energy market.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-15 — Filing Date (FILED AS OF DATE)
• 001-16653 — SEC File Number (SEC FILE NUMBER)
• 1311 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• EMPIRE PETROLEUM CORP (company) — FILER
• AMERICOMM RESOURCES CORP (company) — FORMER COMPANY
• AMERICOMM CORP (company) — FORMER COMPANY
• DE (company) — STATE OF INCORPORATION
• TULSA (company) — CITY
• OK (company) — STATE

FAQ

Risk Factors

• Market Price Volatility [high — market]: The company's financial results are significantly impacted by fluctuations in the market prices of crude oil and natural gas.
• Regulatory Changes [medium — regulatory]: Changes in environmental regulations and energy policies could adversely affect the company's operations and profitability.
• Operational Risks [medium — operational]: The company faces operational risks inherent in the exploration, production, and transportation of oil and gas.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and condition during the quarter.)

Crude Petroleum & Natural Gas

Industry classification for companies involved in the extraction of crude oil and natural gas. (Indicates the primary business sector of Empire Petroleum Corp., subject to industry-specific risks and market dynamics.)

Key Financial Figures

• $0.001 — hares of the registrant's common stock, $0.001 par value, outstanding as of the latest
• $13,358,866 — (a) Incurred capital expenditures were $13,358,866 and $2,210,004 for the respective perio
• $2,210,004 — pital expenditures were $13,358,866 and $2,210,004 for the respective periods. The differe
• $847,450 — $ ( 66,823 ) ________ (a) Includes $847,450 and $25,636 of unrealized derivative lo
• $25,636 — ________ (a) Includes $847,450 and $25,636 of unrealized derivative losses for the

Filing Documents

• empire_form10q033124.htm (10-Q) — 615KB
• exh31-1_18833.htm (EX-31.1) — 14KB
• exh31-2_18833.htm (EX-31.) — 12KB
• exh32-1_18833.htm (EX-32.1) — 6KB
• exh32-2_18833.htm (EX-32.2) — 6KB
• 0001072613-24-000499.txt (&nbsp;) — 4119KB
• empr-20240331.xsd (EX-101.SCH) — 89KB
• empr-20240331_cal.xml (EX-101.CAL) — 55KB
• empr-20240331_def.xml (EX-101.DEF) — 98KB
• empr-20240331_lab.xml (EX-101.LAB) — 435KB
• empr-20240331_pre.xml (EX-101.PRE) — 222KB
• empire_form10q033124_htm.xml (XML) — 477KB

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 23 Item 3. Defaults Upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 23

Signatures

Signatures 24 1 PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) EMPIRE PETROLEUM CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, 2024 2023 ASSETS Current Assets: Cash $ 3,491,465 $ 7,792,508 Accounts Receivable 7,290,007 8,354,636 Derivative Instruments — 406,806 Inventory 1,797,342 1,433,454 Prepaids 1,250,672 757,500 Total Current Assets 13,829,486 18,744,904 Property and Equipment: Oil and Natural Gas Properties, Successful Efforts 107,020,654 93,509,803 Less: Accumulated Depreciation, Depletion and Impairment ( 24,427,923 ) ( 22,996,805 ) Total Oil and Gas Properties, Net 82,592,731 70,512,998 Other Property and Equipment, Net 1,729,316 1,883,211 Total Property and Equipment, Net 84,322,047 72,396,209 Other Noncurrent Assets 1,931,161 1,474,503 Total Assets $ 100,082,694 $ 92,615,616 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable $ 17,194,236 $ 16,437,219 Accrued Expenses 7,436,586 7,075,302 Derivative Instruments 440,644 — Current Portion of Lease Liability 430,273 432,822 Current Portion of Note Payable - Related Party (Note 8) 1,060,004 1,060,004 Current Portion of Long-Term Debt 486,483 44,225 Total Current Liabilities 27,048,226 25,049,572 Long-Term Debt 8,533,693 4,596,775 Long-Term Note Payable - Related Party (Note 8) 2,970,000 — Long Term Lease Liability 441,748 544,382 Derivative Instruments (Note 8) 1,292,000 — Asset Retirement Obligations 28,105,761 27,468,427 Total Liabilities 68,391,428 57,659,156 Commitments and Contingencies (Note 15) Stockholders' Equity: Series A Preferred Stock - $ .001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively — — Common Stock - $ .001 Par Value, 190,000,000 Shares Authorized, 25,623,674 and 25,503,530 Shares Issued and Ou

View Full Filing

View this 10-Q filing on SEC EDGAR