Empire Petroleum reports FY 2024 net loss $16.2M on $44M revenue; Q4 oil output up 22% YoY

EMPIRE PETROLEUM CORP

Full year 2024 product revenue of $44.0M; net loss of $16.2M ($0.54 diluted EPS); adjusted EBITDA of $0.7M.
Q4 2024 net sales 2,356 Boe/d (1,581 Bbl/d oil), up 22% YoY oil volumes; product revenue $10.1M, net loss $4.2M.
Year-end 2024 proved reserves: 9.2 MMBoe; SEC PV-10 value $98.4M; future net cash flows $156.4M (undiscounted).
Completed two oversubscribed rights offerings totaling $30.7M in 2024; credit facility raised from $10M to $20M.
EOR progress: NDIC approved two more injector conversions; patent filed for hydrocarbon vaporization tech; expects to resolve production issues in Q2 2025.

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