Empire Petroleum Corp. said it believes it has “alleviated the substantial doubt” regarding its ability to stay in business. (Source: Shutterstock, Empire Petroleum Corp.)
Empire Petroleum Corp. said it believes it has “alleviated the substantial doubt” regarding its ability to stay in business after raising $10 million in a subscription rights equity offering in November.
Empire, based in Tulsa, Oklahoma, also reported in its 10-Q filing with the U.S. Securities and Exchange Commission that it received a waiver from its lender after determining on Sept. 30 that it was not in compliance with the current ratio covenant in its revolving line of credit agreement.
The company reported a net loss of $3.64 million in the third quarter of 2024 on revenue of $10.9 million. Net production was 2,460 boe/d.
Empire said it completed the first stage of enhanced oil recovery for its Starbuck drilling program in North Dakota, converting three wells into injectors. The company produces oil and gas from mature wells in New Mexico, North Dakota, Montana, Louisiana and Texas.
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