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
Mentor Buys Diamondback-Operated Royalty Acres in Permian
2025-03-28 - Mentor Capital Inc. has purchased a 25.127 net royalty acre stake in West Texas’ Permian Basin.
Woodside Divests Greater Angostura Assets to Perenco for $206MM
2025-03-28 - The Greater Angostura field produces approximately 12% of Trinidad and Tobago’s gas supply, said Woodside CEO Meg O’Neill in a press release.
US Energy Corp. Closes Divestiture of East Texas Assets
2025-01-07 - U.S. Energy Corp. said proceeds from the divestiture will be used to fund the company’s industrial gas project in Montana.
GeoPark Ends Plans to Purchase Repsol’s Colombian Assets
2025-01-15 - Repsol’s partners exercised their rights to acquire Repsol Colombia O&G Ltd., which included interest in CPO-9 Block and SierraCol Energy Arauca LLC, after the purchase was announced.
Westgate Energy Adds to Mannville Stack Assets in Canada
2025-03-11 - Westgate Energy Inc. is buying Mannville Stack-focused assets in Alberta for CA$7 million from an undisclosed private oil and gas company.
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.