secwatch.observer — SEC 8-K summary
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Issuer:     EMPIRE PETROLEUM CORP (EP)
CIK:        0000887396
Form:       8-K
Filed at:   2023-11-13T23:59:59+00:00
Accession:  0001072613-23-000575
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/887396/000107261323000575/0001072613-23-000575-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/887396/000107261323000575/emp_8k-18773.htm
  HTML page:      https://secwatch.observer/filing/0001072613-23-000575

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