Empire Petroleum Q1 2023: revenue $10.1M, net loss $2.5M, volumes up 4% YoY

Tulsa, Oklahoma – May 15, 2023 – Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), today announced operational and financial results for the first quarter of 2023. KEY FIRST QUARTER HIGHLIGHTS · Increased year-over-year per day sales volumes by 4% to 2,206 barrels of oil equivalent per day (“Boe/d”) (61% oil, 19% natural gas liquids (“NGLs”) and 20% natural gas) from 2,112 Boe/d (60% oil, 19% NGLs, and 21% natural gas) for the first quarter of 2022; · Reported revenue of $10.1 million, a net loss of $2.5 million, or $0.11 per diluted share, and an Adjusted Net Loss 1 of $1.9 million, or $0.08 per diluted share;