Empire Petroleum reports Q4 net loss of $4.8M; modifies rights offering to raise up to $20.66M

EMPIRE PETROLEUM CORP

2024-Q1 EPS reported -$0.15 revenue$9,387,241

Q4 net loss $4.8M ($0.20/diluted); full-year loss $12.5M ($0.55/diluted); revenue $11.2M with derivative gains.
Year-end 2023 proved reserves 9.1 MMBoe; standardized measure $83.0M; decline driven by lower SEC-mandated pricing.
Rights offering modified: each right buys 0.161 shares at $5.00, up to ~$20.66M gross; expiration extended to April 10, 2024.
Starbuck EOR project in ND advancing; initial production impact expected in Q3-Q4 2024 after injector completion in Q2.
Chairman and largest shareholder intend to fully exercise rights and over-subscribe their pro rata share.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

EMPIRE PETROLEUM CORP reported the fourth quarter 2023 results: revenue $11.2 million, net income $4.8 million, EPS $0.20 per diluted share.

Period: the fourth quarter 2023
Revenue: $11.2 million
Net income: $4.8 million
EPS: $0.20 per diluted share
Result: reported results

Exact text from the filing

2,011 Boe/d, including 1,294 barrels of oil per day; 326 barrels of NGLs per day, and 2,346 thousand cubic feet per day (“Mcf/d”), or 391 Boe/d, of natural gas. Empire reported $11.2 million of total revenue for the fourth quarter of 2023 versus $9.1 million for the third quarter of 2023. Contributing to the increase was a $1.3 million net gain on derivatives versus

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

EMPIRE PETROLEUM CORP reported full year 2023 results: net income $12.5 million, EPS $0.55 per diluted share.

Period: full year 2023
Net income: $12.5 million
EPS: $0.55 per diluted share
Result: reported results

Exact text from the filing

Posted a net loss $4.8 million, or $0.20 per diluted share, for the fourth quarter 2023 and a net loss of $12.5 million, or $0.55 per diluted share, for full year 2023

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Source: SEC EDGAR

accession 0001072613-24-000358

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