EMPIRE PETROLEUM CORP
For the period ended Mar 31, 2024. Filed May 15, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 15, 2024
EP$2.44+21.4%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023
EMPIRE PETROLEUM CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| ASSETS | ||
| Current Assets: | ||
| Cash | $3,491,465 | $7,792,508 |
| Accounts Receivable | 7,290,007 | 8,354,636 |
| Derivative Instruments | — | 406,806 |
| Inventory | 1,797,342 | 1,433,454 |
| Prepaids | 1,250,672 | 757,500 |
| Total Current Assets | 13,829,486 | 18,744,904 |
| Property and Equipment: | ||
| Oil and Natural Gas Properties, Successful Efforts | 107,020,654 | 93,509,803 |
| Less: Accumulated Depreciation, Depletion and Impairment | (24,427,923) | (22,996,805) |
| Total Oil and Gas Properties, Net | 82,592,731 | 70,512,998 |
| Other Property and Equipment, Net | 1,729,316 | 1,883,211 |
| Total Property and Equipment, Net | 84,322,047 | 72,396,209 |
| Other Noncurrent Assets | 1,931,161 | 1,474,503 |
| Total Assets | $100,082,694 | $92,615,616 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current Liabilities: | ||
| Accounts Payable | $17,194,236 | $16,437,219 |
| Accrued Expenses | 7,436,586 | 7,075,302 |
| Derivative Instruments | 440,644 | — |
| Current Portion of Lease Liability | 430,273 | 432,822 |
| Current Portion of Note Payable - Related Party (Note 8) | 1,060,004 | 1,060,004 |
| Current Portion of Long-Term Debt | 486,483 | 44,225 |
| Total Current Liabilities | 27,048,226 | 25,049,572 |
| Long-Term Debt | 8,533,693 | 4,596,775 |
| Long-Term Note Payable - Related Party (Note 8) | 2,970,000 | — |
| Long Term Lease Liability | 441,748 | 544,382 |
| Derivative Instruments (Note 8) | 1,292,000 | — |
| Asset Retirement Obligations | 28,105,761 | 27,468,427 |
| Total Liabilities | 68,391,428 | 57,659,156 |
| Commitments and Contingencies (Note 15) | ||
| Stockholders' Equity: | ||
| Series A Preferred Stock - $.001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively | — | — |
| Common Stock - $.001 Par Value, 190,000,000 Shares Authorized, 25,623,674 and 25,503,530 Shares Issued and Outstanding, Respectively | 85,145 | 85,025 |
| Additional Paid-in Capital | 100,200,135 | 99,490,253 |
| Accumulated Deficit | (68,594,014) | (64,618,818) |
| Total Stockholders' Equity | 31,691,266 | 34,956,460 |
| Total Liabilities and Stockholders' Equity | $100,082,694 | $92,615,616 |
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