Empire Petroleum reports preliminary Q4 2023 revenue ~$9.9M; production 2,011 BOE/D; updates Starbuck Drilling Program

EMPIRE PETROLEUM CORP

2023-FY EPS reported -$0.55 revenue$40,076,291

Preliminary Q4 2023 production: 185,000 BOE (2,011 BOE/D, ~64% oil); revenue ~$9.9M.
Capex Q4 2023 ~$18-20M, mostly Starbuck; working capital deficit ~$5M at Dec 31.
Starbuck Field production increased >500% since purchase; goal of 2,000%-5,000% growth by end of 2024.
Entered $5M convertible bridge loan with EEF (largest stockholder); $2.5M funded, 7% interest payable in stock.
Additional $10M revolver established with regional bank; technical work started for New Mexico/Texas drilling later 2024.

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 Q4 2023 results: revenue approximately $9.9 million.

Period: Q4 2023
Revenue: approximately $9.9 million
Result: preliminary results

Exact text from the filing

The Company’s Q4 2023 total production is estimated at 185,000 barrels oil equivalent or approximately 2,011 barrels of oil equivalent per day (BOE/D) (approximately 64% oil), with estimated production revenue of approximately $9.9 million.

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Source: SEC EDGAR

accession 0001072613-24-000268

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