Certain statements in this Annual Report on Form 10-K constitute "forward-looking statements” within the meaning Section 27A of the Securities Act of 1933, as amended (the "Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act”). Additionally, forward-looking statements may be made orally or in press releases, conferences, reports, on our website or otherwise, in the future by us or on our behalf. All statements, other than statements of historical facts, which address activities, events, or developments that Empire expects, believes, or anticipates will or may occur in the future, including future sources of financing and other possible business developments, are forward-looking statements.
By their very nature, forward-looking statements require management to make assumptions that may not materialize or that may not be accurate. Forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the results discussed in such forward-looking statements include, but are not limited to, those discussed in Item 1A (“Risk Factors”) and elsewhere in this Form 10-K and in other documents that we file with or furnish to the Securities and Exchange Commission (the “SEC”), and the following:
| · | changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; |
| · | our ability to replace reserves and efficiently develop current reserves; |
| · | uncertainties inherent in estimating oil and gas reserves; |
| · | management’s ability to execute our business plan; |
| · | delays and other difficulties related to producing oil, natural gas and natural gas liquids; |
| · | delays and other difficulties related to regulatory and governmental approvals and restrictions; |
| · | availability of sufficient capital to execute management’s business plan, including future cash flows from operations, available borrowing capacity under revolving credit facilities, from our two largest stockholders and otherwise; |
| · | management's ability to make acquisitions on economically acceptable terms and management's ability to integrate acquisitions; |
| · | weather and environmental conditions; |
| · | unforeseen engineering, mechanical or technological difficulties in working over wells; |
| · | costs of operations and operating hazards; |
| · | competition from other natural resource companies; |
| · | unanticipated reductions in the borrowing base under the revolving credit facility we are party to; |
| · | the availability of sufficient pipeline and other transportation facilities and equipment to carry our production to market and the impact of these facilities on our realized prices; |
| · | our ability to retain key members of senior management and key technical and financial employees; |
| · | the identification of and severity of adverse events and governmental responses to these or other environmental events; |
| · | future Environmental, Social and Governance compliance developments and increased attention to such matters which could adversely affect our ability to raise equity and debt capital; |
| · | the effect of our derivative activities; |
| · | impacts of public health crises, pandemics and epidemics, such as the coronavirus pandemic ("COVID-19"); |
| · | A cyber incident involving our information systems and related infrastructure, or that of our business partners; |
| · | the effects of governmental and environmental regulation; and |
| · | general economic conditions including inflation, tariffs and interest rates. |
All forward-looking statements are expressly qualified in their entirety by the cautionary statements in this section and elsewhere in this Form 10-K. Other than as required by applicable securities laws, we undertake no duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations, or otherwise. Readers should not place undue reliance on these forward-looking statements. All forward-looking statements speak only as of the date of this report or, if earlier, as of the date they were made.
