Empire Petroleum Q3 2024 net loss $3.6M, production 2,460 Boe/d; rights offering oversubscribed

EMPIRE PETROLEUM CORP

2024-Q3 EPS reported -$0.41 revenue$33,563,051

Total product revenue $10.9M, net loss $3.6M ($0.12/share), adjusted net loss $3.8M ($0.12/share).
Net production 2,460 Boe/d (64% oil); down 7% from Q2 on well conversions, up 20% YoY.
Completed $10M rights offering at $5.05/share in Q4; oversubscribed, proceeds for drilling and EOR.
First EOR stage in Starbuck field: 3 wells converted to injectors; patent application filed.
New Mexico trespass litigation costs estimated $25-30M since May 2021; potential upside 300M-1.5B BOE.

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