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Empire Petroleum Corporation (EMPR)

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Last Post: 3/15/2021 12:48:29 PM - Followers: 18 - Board type: Free - Posts Today: 0

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Empire Petroleum Corporation Announces Acquisition of Oil and Gas Assets and a $20 Million Credit Facility with CrossFirst BankPress Release | 04/03/2019

Empire Petroleum Corporation (“Empire”) (OTCQB:EMPR) announced today that it has acquired producing oil and gas assets located in Billings, Bottineau, Bowman, Burke, McHenry, McKenzie, Mountrail, Renville, Stark & Williams counties in North Dakota and Richland & Sheridan counties in Montana through its wholly owned subsidiary, Empire North Dakota LLC. The assets were acquired from EnergyQuest II, LLC, in a transaction that has been previously reported by Empire in its filings with the Securities and Exchange Commission.

In connection with financing for the acquisition, Empire’s wholly owned subsidiaries, Empire Louisiana LLC d/b/a Empire Louisiana of Delaware and Empire North Dakota LLC entered into a first amendment of Empire’s existing senior revolver loan agreement with CrossFirst Bank located in Tulsa, Oklahoma. The first amendment increased (a) the initial revolver commitment from $1,350,000 to $9,000,000 and (b) and the maximum principal amount that may be advanced from $5,000,000 to $20,000,000.

The acquired producing assets are comprised of 184 producing oil and gas wells with predictable, low decline production profiles, low risk workover opportunities, undeveloped new drilling opportunities and other potential operating and production enhancements to improve unit operating costs and improve existing margins. The properties are currently producing approximately 375 BOEPD (Barrels of Oil Equivalent per Day), net to the Empire’s working interest and encompasses approximately 20,700 acres of leasehold. Empire North Dakota LLC will operate 139 wells, 19 in Montana and 120 in North Dakota.

“Our combined assets are now producing over 450 BOEPD, primarily oil,” stated Mike Morrisett, President. “The experienced team at CrossFirst Bank did an outstanding job processing an amendment to our original loan and facilitating the timely acquisition of these assets.”

CEO Tommy Pritchard added, “This acquisition continues our disciplined growth strategy to acquire and manage mature producing oil properties with predictable, low decline, long life production. These assets also have additional upside in undeveloped resources that we believe will allow Empire to maximize production while minimizing costs through a low-risk, low-cost drill program. The pipeline of growth opportunities remains robust and we are currently evaluating deal flow with a focus on building scale within our core geographical areas of operation.”

About Empire Petroleum Corporation

Empire Petroleum Corporation is a publicly-traded, Tulsa-based oil and gas company with current producing assets in Louisiana, North Dakota and Montana. Management is focused on targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. Empire looks for assets where its operational team can deploy rigorous field/well management techniques to reduce unit operating costs and improve margins while optimizing production. Empire works to create shareholder value through strong free cash flow generation.

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EMPR News: Amended Statement of Beneficial Ownership (sc 13d/a) 07/13/2021 04:16:07 PM
EMPR News: Amended Statement of Beneficial Ownership (sc 13d/a) 06/29/2021 06:06:20 AM
EMPR News: Small Company Offering and Sale of Securities Without Registration (d) 06/01/2021 05:16:51 PM
EMPR News: Current Report Filing (8-k) 05/20/2021 06:10:14 AM
EMPR News: Quarterly Report (10-q) 05/17/2021 04:43:58 PM
#129   This thing was dead for so long and CashCowMoo 03/15/21 12:48:29 PM
#128   Does this thing not trade anymore? Must be CashCowMoo 12/22/20 08:11:49 PM
#127   I wonder how that is coming along. Been CashCowMoo 11/18/20 12:14:01 PM
#126   News: $EMPR Empire Petroleum Corporation Announces a Joint whytestocks 08/11/20 12:45:16 PM
#125   Need to dig more into this last PR. CashCowMoo 06/05/20 09:15:42 PM
#124   appears to have decent sales now. expenses dshade 08/15/19 09:31:31 AM
#123   I am not in it. Just posted for others. shanak10 06/28/19 06:09:36 AM
#122   Hasnt done much since your post. Need some CashCowMoo 06/27/19 11:16:05 PM
#120   FLOAT: 3,578,887 CashCowMoo 06/24/19 02:25:38 AM
#117   News: $EMPR Empire Petroleum Corporation Announces Acquisition of whytestocks 04/03/19 10:10:42 AM
#116   EMPR.28 News... eom7 04/03/19 09:50:38 AM
#115   Everyone gone? shanak10 12/09/17 05:59:01 PM
#114   This is looking ugly. .04 printing $hellKing 07/20/15 02:50:21 PM
#113   IPO news djran99 05/14/15 01:21:19 PM
#112   More news braetman 03/28/14 09:40:30 AM
#111   News out braetman 03/24/14 09:01:07 AM
#110   News from yesterday braetman 03/12/14 04:37:06 PM
#109   Where are you getting this number? eom7 03/12/14 02:44:21 PM
#108   Starting to make sense braetman 03/12/14 12:21:44 PM
#107   139 million barrels of oil braetman 03/12/14 12:19:56 PM
#106   New filing interesting braetman 03/07/14 05:35:55 PM
#105   WTF .56 braetman 03/07/14 05:28:54 PM
#104   Is anything happening with Empire? What happened Goldbug2000 01/22/14 04:30:07 PM
#103   EMPR one for 12 reverse split: Renee 08/09/13 05:23:17 PM
#102   bout to be an RS here(12-1)...But I kinda Planopenny 06/11/13 09:02:52 AM
#101   EMPR http://www.profitspi.com/stock/view.aspx?v=price-and-chart&p=8363&i=EMPR&pv SuperC 03/23/13 04:16:02 PM
#100   EMPR .021 now SuperC 03/06/13 09:37:36 AM
#99   hmmmmm Planopenny 02/24/13 10:24:23 AM
#98   EMPR after extreme disparate volume day, 1/16, holding SuperC 02/10/13 09:40:18 AM
#97   EMPR .02 close last 13 trading sessions, SuperC 02/02/13 11:48:23 AM
#96   on watch...insider confidence Planopenny 01/27/13 12:14:52 PM
#95   EMPR ihub-data: http://investorshub.advfn.com/boards/msgsearch.aspx?sear SuperC 01/23/13 06:46:47 AM
#94   EMPR Shares Outstanding 85,564,235 a/o Nov 05, 2012 SuperC 01/23/13 06:45:56 AM
#93   EMPR .02 Form 4/A: Jan 14, 2013 http://www.otcmarkets.com/edgar/GetFilingHtml?Fi SuperC 01/23/13 06:45:22 AM
#92   EMPR excellent move today from .0099 to a SuperC 12/12/12 06:58:30 PM
#91   Real cheap one here,loaded at .01 likes talala 12/12/12 02:36:16 PM
#90   Yes, I saw that also. penny-trader1 08/25/11 03:48:05 PM
#89   It's definitely not a purchase on the open eik 08/25/11 03:46:48 PM
#88   Insider buys 2 million shares: penny-trader1 08/25/11 03:23:49 PM
#87   August is finally here and we will hear empirefellow 08/03/11 04:39:42 PM
#86   The CEO stated the fact that they will empirefellow 06/29/11 07:17:51 AM
#85   From whom or from where did you get eom7 06/28/11 09:13:06 PM
#84   The company will be drilling this August. empirefellow 06/28/11 06:09:01 PM
#83   Why August? Can you expand on that? eom7 06/28/11 12:36:06 PM
#82   I'm with you. Come August, we'll have empirefellow 06/24/11 05:00:35 PM
#81   EMPR~~~ ALERTS100%to10000%GAIN 06/24/11 01:31:59 PM
#80   EMPR~~~ ALERTS100%to10000%GAIN 04/30/11 08:55:13 AM
#79   Does this company produce anything at this point? EZmoneyED 04/13/11 11:22:28 AM
#78   I hear your concern, but no need to empirefellow 03/24/11 07:13:34 AM
#77   Form 10-K is out: eik 03/24/11 06:52:32 AM
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