EMPIRE PETROLEUM CORP
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
View on SEC.govAbout this filing
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.
Sep 30, 2024 · Filed Nov 13, 2024
EP$2.44+21.4%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| ASSETS | ||
| Current Assets: | ||
| Cash | $3,149,716 | $7,792,508 |
| Accounts Receivable | 6,505,741 | 8,354,636 |
| Derivative Instruments | — | 406,806 |
| Inventory | 1,499,206 | 1,433,454 |
| Prepaids | 576,340 | 757,500 |
| Total Current Assets | 11,731,003 | 18,744,904 |
| Property and Equipment: | ||
| Oil and Natural Gas Properties, Successful Efforts | 136,391,055 | 93,509,803 |
| Less: Accumulated Depreciation, Depletion and Impairment | (29,561,539) | (22,996,805) |
| Total Oil and Gas Properties, Net | 106,829,516 | 70,512,998 |
| Other Property and Equipment, Net | 1,436,491 | 1,883,211 |
| Total Property and Equipment, Net | 108,266,007 | 72,396,209 |
| Other Noncurrent Assets | 1,245,519 | 1,474,503 |
| Total Assets | $121,242,529 | $92,615,616 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current Liabilities: | ||
| Accounts Payable | $18,238,400 | $16,437,219 |
| Accrued Expenses | 8,146,457 | 7,075,302 |
| Current Portion of Lease Liability | 415,850 | 432,822 |
| Current Portion of Note Payable - Related Party (Note 8) | — | 1,060,004 |
| Current Portion of Long-Term Debt | 193,178 | 44,225 |
| Total Current Liabilities | 26,993,885 | 25,049,572 |
| Long-Term Debt | 8,512,020 | 4,596,775 |
| Long Term Lease Liability | 238,674 | 544,382 |
| Asset Retirement Obligations | 28,968,173 | 27,468,427 |
| Total Liabilities | 64,712,752 | 57,659,156 |
| Commitments and Contingencies (Note 15) | ||
| Stockholders' Equity: | ||
| Series A Preferred Stock - $0.001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively | — | — |
| Common Stock - $0.001 Par Value, 190,000,000 Shares Authorized, 31,656,934 and 25,503,530 Shares Issued and Outstanding, Respectively | 91,179 | 85,025 |
| Additional Paid-in Capital | 133,061,997 | 99,490,253 |
| Accumulated Deficit | (76,623,399) | (64,618,818) |
| Total Stockholders' Equity | 56,529,777 | 34,956,460 |
| Total Liabilities and Stockholders' Equity | $121,242,529 | $92,615,616 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue: | ||||
| Oil Sales | $10,341,280 | $9,492,127 | $32,070,516 | $27,578,453 |
| Gas Sales | 8,547 | 411,217 | 269,844 | 1,315,938 |
| NGL Sales | 541,755 | 411,624 | 1,574,995 | 1,278,759 |
| Total Product Revenues | 10,891,582 | 10,314,968 | 33,915,355 | 30,173,150 |
| Other | 15,269 | 17,050 | 36,582 | 54,775 |
| Gain (Loss) on Commodity Derivatives | 470,717 | (1,185,921) | (388,886) | (1,319,401) |
| Total Revenue | 11,377,568 | 9,146,097 | 33,563,051 | 28,908,524 |
| Costs and Expenses: | ||||
| Lease Operating Expense | 6,733,611 | 7,050,054 | 21,663,719 | 20,669,217 |
| Production and Ad Valorem Taxes | 984,075 | 792,241 | 2,883,240 | 2,271,630 |
| Depletion, Depreciation & Amortization | 2,596,360 | 727,943 | 6,763,471 | 2,061,474 |
| Accretion of Asset Retirement Obligation | 509,131 | 470,505 | 1,486,929 | 1,277,141 |
| General and Administrative Expense: | ||||
| General and Administrative Expense | 3,635,917 | 2,580,464 | 8,869,034 | 7,497,947 |
| Stock-Based Compensation | 335,077 | 158,792 | 1,636,714 | 2,289,237 |
| Total General and Administrative Expense | 3,970,994 | 2,739,256 | 10,505,748 | 9,787,184 |
| Total Costs and Expenses | 14,794,171 | 11,779,999 | 43,303,107 | 36,066,646 |
| Operating Loss | (3,416,603) | (2,633,902) | (9,740,056) | (7,158,122) |
| Other Income and (Expense): | ||||
| Interest Expense | (196,306) | (249,796) | (1,246,575) | (671,982) |
| Other Income (Expense) (Note 8) | (26,705) | 1,350 | (1,017,950) | 23,256 |
| Loss Before Income Taxes | (3,639,614) | (2,882,348) | (12,004,581) | (7,806,848) |
| Income Tax Benefit | — | 134,720 | — | 134,720 |
| Net Loss | $(3,639,614) | $(2,747,628) | $(12,004,581) | $(7,672,128) |
| Net Loss per Common Share: | ||||
| Basic | $(0.12) | $(0.12) | $(0.41) | $(0.34) |
| Diluted | $(0.12) | $(0.12) | $(0.41) | $(0.34) |
| Weighted Average Number of Common Shares Outstanding: | ||||
| Basic | 31,619,333 | 22,727,639 | 29,055,331 | 22,320,207 |
| Diluted | 31,619,333 | 22,727,639 | 29,055,331 | 22,320,207 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
| Additional | |||||||
|---|---|---|---|---|---|---|---|
| Common Stock · Preferred Stock · Paid-In · Accumulated | |||||||
| Shares | Par Value | Shares | Par Value | Capital | Deficit | Total | |
| Balances, December 31, 2023 | 25,503,530 | $85,025 | 6 | $— | $99,490,253 | $(64,618,818) | $34,956,460 |
| Net Loss | — | — | — | — | — | (3,975,196) | (3,975,196) |
| Stock-Based Compensation | 120,144 | 120 | — | — | 709,882 | — | 710,002 |
| Balances, March 31, 2024 | 25,623,674 | $85,145 | 6 | $— | $100,200,135 | $(68,594,014) | $31,691,266 |
| Net Loss | — | — | — | — | — | (4,389,771) | (4,389,771) |
| Rights Offering (Note 10) | 4,132,232 | 4,132 | — | — | 20,507,397 | — | 20,511,529 |
| Conversion of Related-Party Note (Note 8) | 800,000 | 800 | — | — | 6,160,102 | — | 6,160,902 |
| Partial Conversion of Option to Purchase (Note 3) | 600,000 | 600 | — | — | 3,155,400 | — | 3,156,000 |
| Warrants Exercised (Note 10) | 128,800 | 129 | — | — | 949,642 | — | 949,771 |
| Stock-Based Compensation | 90,669 | 91 | — | — | 591,546 | — | 591,637 |
| Balances, June 30, 2024 | 31,375,375 | 90,897 | 6 | — | $131,564,222 | (72,983,785) | 58,671,334 |
| Net Loss | — | — | — | — | — | (3,639,614) | (3,639,614) |
| Conversion of Related-Party Note (Note 8) | 205,427 | 205 | — | — | 1,086,503 | — | 1,086,708 |
| Stock Issued for Purchase Option (See Note 3) | 16,800 | 17 | — | — | 76,255 | — | 76,272 |
| Stock-Based Compensation | 59,332 | 60 | — | — | 335,017 | — | 335,077 |
| Balances, September 30, 2024 | 31,656,934 | $91,179 | 6 | $— | $133,061,997 | $(76,623,399) | $56,529,777 |
| Additional | |||||||
|---|---|---|---|---|---|---|---|
| Common Stock · Preferred Stock · Paid-In · Accumulated | |||||||
| Shares | Par Value | Shares | Par Value | Capital | Deficit | Total | |
| Balances, December 31, 2022 | 22,093,503 | $81,615 | 6 | $— | $75,303,479 | $(52,149,213) | $23,235,881 |
| Net Loss | — | — | — | — | — | (2,459,591) | (2,459,591) |
| Impact of Former CEO settlement | — | — | — | — | (2,126,131) | — | (2,126,131) |
| Stock-Based Compensation | 11,089 | 11 | — | — | 949,628 | — | 949,639 |
| Balances, March 31, 2023 | 22,104,592 | $81,626 | 6 | $— | $74,126,976 | $(54,608,804) | $19,599,798 |
| Net Loss | — | — | — | — | — | (2,464,909) | (2,464,909) |
| Stock-Based Compensation | 20,000 | 20 | — | — | 1,180,786 | — | 1,180,806 |
| Balances, June 30, 2023 | 22,124,592 | 81,646 | 6 | — | 75,307,762 | (57,073,713) | 18,315,695 |
| Net Loss | — | — | — | — | — | (2,747,628) | (2,747,628) |
| Warrants Exercised | 500,000 | 500 | — | — | 2,499,500 | — | 2,500,000 |
| Stock Issued for Purchase Option (See Note 3) | 67,000 | 67 | — | — | 600,990 | — | 601,057 |
| Stock-Based Compensation | 200,688 | 201 | — | — | 158,591 | — | 158,792 |
| Balances, September 30, 2023 | 22,892,280 | $82,414 | 6 | $— | $78,566,843 | $(59,821,341) | $18,827,916 |
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