Empire Petroleum posts FY2025 net loss of $72.1M; production 2,242 Boe/d, expands Texas gas plan to 12-30 wells

EMPIRE PETROLEUM CORP

Full-year 2025 total product revenue $34.2M, net loss $72.1M ($2.12/sh), adjusted EBITDA -$5.4M (vs +$0.7M in 2024).
Texas gas development program target expanded from 10-12 to 12-30 wells in 2026; compression capacity to reach 9.5 MMcfd in Q2-2026.
Subscription rights offering expanded to up to $10M; convertible note of $3M settled with 1,003,344 shares.
Hedged ~90% of estimated 2026 oil production at blended price >$72/bbl, vs $54 realized in Q4-2025.
New Mexico Commission denied Goodnight's SWD wells; both parties appealed; Empire plans further litigation.

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