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.
Recommended Reading
ZENRG Capitalizing on New Investments, Tech to Reduce Emissions
2025-01-07 - ZENRG Services recently secured funding from Chevron, BP Energy Partners and EIC Rose Rock to support its expansion of compression technology that keeps methane from being vented or flared.
Novel EOR Process Could Save Shale from a Dry Future
2024-12-17 - Shale Ingenuity’s SuperEOR, which has been field tested with positive results, looks to remedy the problem of production declines.
Microseismic Tech Breaks New Ground in CO2 Storage
2025-01-02 - Microseismic technology has proved its value in unconventional wells, and new applications could enable monitoring of sequestered CO2 and facilitate geothermal energy extraction.
BYOP (Bring Your Own Power): The Great AI Race for Electrons
2025-01-06 - Data-center developers, scrambling to secure 24/7 power, are calling on U.S. producers to meet demand as natgas offers the quickest way to get more electrons into the taps.
Pioneer Energy’s Tech Offers More Pad Throughput, Fewer Emissions
2025-01-14 - Pioneer Energy’s Emission Control Treater technology reduces emissions and can boost a well’s crude yield by 5% to10%, executives say.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.