Empire Petroleum Q3 net loss $2.7M, revenue $10.3M; Starbuck drilling shows positive initial results

EMPIRE PETROLEUM CORP

2023-Q3 EPS reported -$0.34 revenue$28,908,524

Net sales volumes 2,048 Boe/d (64% oil), down from 2,135 Boe/d in Q2 2023 and 2,232 Boe/d in Q3 2022.
Revenue $10.3M, net loss $2.7M ($0.12/diluted share), Adjusted Net Loss $1.5M ($0.06/share), Adjusted EBITDA $0.1M.
Liquidity $11.3M at quarter-end; secured $10M bridge loans from Chairman Mulacek and largest shareholder EEMF.
Starbuck Drilling Program commenced October 2023; plans 10-14 wells at $20-22M total cost; first two wells exceed expectations on porosity/thickness.
Acquired additional working interests in New Mexico properties alongside EEMF to support near-term development.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

EMPIRE PETROLEUM CORP reported third quarter 2023 results: revenue $10.3 million, net income $2.7 million, EPS $0.12 per diluted share.

Period: third quarter 2023
Revenue: $10.3 million
Net income: $2.7 million
EPS: $0.12 per diluted share
Result: reported results

Exact text from the filing

gas) for the second quarter of 2023. Sales volumes for the third quarter of 2022 were 2,232 Boe/d (60% oil, 21% NGLs, and 19% natural gas); · Reported product revenue of $10.3 million, a net loss of $2.7 million, or $0.12 per diluted share, and an Adjusted Net Loss 1 of $1.5 million, or $0.06 per diluted share; · Generated Adjusted EBITDA 1 of $0.1 million;

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Source: SEC EDGAR

accession 0001072613-23-000575

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