Empire Petroleum Q2 production up 24% YoY to 2,638 Boe/d; net loss $4.4M

EMPIRE PETROLEUM CORP

2024-Q2 EPS reported -$0.30 revenue$22,185,483

Q2 product revenue $12.8M (+31% YoY); net loss $4.4M ($0.15/sh).
Adjusted net loss $2.9M ($0.10/sh); adjusted EBITDA $1.7M vs $0.2M in Q2-2023.
North Dakota drilling costs cut ~50% to $2.4M/well; EOR infrastructure by Q3-2024.
Production expected to ramp in H2 2024 with 4 new wells and EOR injection start.
Company plans pilot drilling program in New Mexico Permian in 2025.

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