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News: $EMPR Empire Petroleum Corporation Announces a Joint Development Agreement with Petroleum Independent & Exploration LLC
Petroleum Independent and Exploration Corporation to jointly develop the Ft. Trinidad Field with Empire Texas LLC Contract Operator, PIE, has identified the first of many workover/recompletion programs to potentially uplift field production Technical Services Agreement i...
Find out more EMPR - Empire Petroleum Corporation Announces a Joint Development Agreement with Petroleum Independent & Exploration LLC
Need to dig more into this last PR. They just picked up a big package.
appears to have decent sales now. expenses up but......
I am not in it. Just posted for others.
Hasnt done much since your post. Need some good news.
News: $EMPR Empire Petroleum Corporation Announces Acquisition of Oil and Gas Assets and a $20 Million Credit Facility with CrossFirst Bank
Completes EnergyQuest II Acquisition Credit Facility Increased with CrossFirst Bank Empire Petroleum Corporation (“Empire”) (OTCQB:EMPR) announced today that it has acquired producing oil and gas assets located in Billings, Bottineau, Bowman, Burke, McHenry, McKenz...
In case you are interested https://marketwirenews.com/news-releases/empire-petroleum-corporation-announces-acquisition-of-oil-and-gas-assets-and-a-20-million-credit-facility-with-crossfirst-bank-7940036.html
EMPR.28 News...
Empire Petroleum Corporation Announces Acquisition of Oil and Gas Assets and a $20 Million Credit Facility with CrossFirst Bank
https://www.otcmarkets.com/stock/EMPR/news/Empire-Petroleum-Corporation-Announces-Acquisition-of-Oil-and-Gas-Assets-and-a-20-Million-Credit-Facility-with-CrossFirs?id=223701
News from yesterday
Where are you getting this number?
Is anything happening with Empire? What happened to the plans to drill last August?
EMPR one for 12 reverse split:
http://www.otcbb.com/asp/dailylist_detail.asp?d=08/09/2013&mkt_ctg=NON-OTCBB
bout to be an RS here(12-1)...But I kinda like this one still...Still deciding if I want to throw a few bucks this way. Directors own a lot of shares
EMPR after extreme disparate volume day, 1/16, holding steady at .02 http://www.profitspi.com/stock/view.aspx?v=price-and-chart&p=8363&i=EMPR&pv=recent-symbols&pp=EMPR#&&vs=634961037033243322
EMPR .02 close last 13 trading sessions, no-change.. a good thing http://www.profitspi.com/stock/view.aspx?v=price-and-chart&p=8363&i=EMPR&pv=recent-symbols&pp=EMPR#&&vs=634954157154518667
on watch...insider confidence
EMPR Shares Outstanding 85,564,235 a/o Nov 05, 2012
EMPR .02 Form 4/A: Jan 14, 2013 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9016662
EMPR excellent move today from .0099 to a high of .0179 and close HOD http://stockcharts.com/c-sc/sc?s=EMPR&p=d&b=9&g=0&id=p17970548896
sc
Real cheap one here,loaded at .01 likes to run after 1st of the year.CEO owns 24 mill shs.
Yes, I saw that also.
It's definitely not a purchase on the open market (the stock is barely traded). Probably some kind of private placement.
Insider buys 2 million shares:
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7788714
August is finally here and we will hear something within 30 days or so.
The CEO stated the fact that they will drill sometime this August. That's not saying that they will definitley succeed in getting to the oil, however, I'm personally banking on success, and I have been for a while.
Thanks.
From whom or from where did you get that? That would be great.
The company will be drilling this August.
Why August? Can you expand on that?
I'm with you. Come August, we'll have some significant activity with Empire.
I hear your concern, but no need to worry about that type of thing. I know many sucessful companies that have active leaders such as Empire's. All the companies have plans in place for succession when that time comes.
Regarding the annual report just filed, it was reassuring to see that Empire's management will financially support the company until they get a more solid financing in place.
Form 10-K is out:
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7814590
I'm kind of concerned about the age of EMPR insiders:
Albert E. Whitehead - 80
John C. Kinard - 77
Montague H. Hackett, Jr. - 78
All current directors and executive officers as a group (3 persons) hold 35,348,853 shares - 41.98% . What will happen with those shares (many of them belong to trusts, wives, and other relatives) and EMPR business in general if... Of course, I wish them all to be healthy and active. :)
No wonder why EMPR went to the pink sheets...it's really not a big deal..
OTCBB Delistings and Rule 15c2-11: What Happened?
Jordan Posted in Stocks Tags: bulletin board, market makers, otcbb, OTCQB, Pink Sheets, Rule 15c2-11, Small-Cap Stock 5 Comments »
On February 15, 2011, below the radar of the financial community and with no publicity, they started dropping. First it was 48, then 4 on the following two days. Then on February 22, the floodgates opened and 569 companies were delisted from the OTC Bulletin Board and moved to the relatively new OTCQB, officially part of the OTC Market Group’s OTC Link quotation system. The reason given in each case? “Failure to comply with Rule 15c2-11.” What has changed so drastically in the past week, and why has it resulted in the sudden delisting of 622 OTCBB companies?
The reason isn’t that these companies have failed to meet certain quality standards or are delinquent in their reporting to the SEC. Quite the opposite – the OTCQB is a new market (launched in April 2010) for OTC-traded companies that are registered and current in their reporting obligations to the SEC, so a move from the BB to the QB by no means signals delinquency or lower reporting quality.
The root cause, as with almost any aspect of the financial world, comes down to money. All companies quoted on the OTCBB must maintain at least one registered market maker (see FAQ #14) to remain on the OTCBB. The issuer can’t voluntarily withdraw from the OTCBB, but when the last market maker withdraws from the stock, it is removed from the OTCBB after 4 days pursuant to Rule 15c2-11.
When this happens, the stock is usually quoted solely on the OTC Link system, rather than the typical dual BB/OTC Link quotation. The stock will trade on the OTCQB, the middle tier of the OTC marketplace reserved for fully reporting issuers that are quoted on one or both quotation platforms (Bulletin Board and OTC Link). The new OTC tier system classifies all OTC companies, whether quoted on the BB, OTC Link or both, into one of three tiers (OTCQX, OTCQB, or OTC Pink) based on the amount and quality of information they provide to investors. This tier system separates SEC-compliant issuers in the OTCQB tier from the speculative marketplace known as the “Pink Sheets” (now called “OTC Pink”), which is the bottom of the three tiers.
FINRA’s fee for OTCBB market makers is $6.00 per security traded during a given month. For market makers quoting hundreds of securities per month, these costs can quickly become prohibitive. According to the CCH Washington Service Bureau:
OTC Bulletin Board market markers [sic] are billed participation fees by The Financial Industry Regulatory Authority (FINRA) based on the number of positions during a given month. Because such fees have made it challenging for market maker firms to maintain markets in stocks that are not active, such firms are increasingly moving market making in OTCBB stocks from the OTCBB, which is a telephonic only market, to a new electronic interdealer quotation system [OTC Link] created by Pink OTC Markets, Inc. that lacks any participation fees. [Full article here]
One possible reason for the mass Bulletin Board delistings in the past week is that a large broker-dealer acting as the sole market maker for a number of stocks completely withdrew from the OTCBB, leaving hundreds of stocks, like this one, with no market maker and sending them to the OTC Markets four days later. This is difficult to prove, but a similar situation happened last year when major broker-dealer Knight Equity Markets stopped quoting securities on the phone-based, fee-laden OTCBB and switched primarily to the no-fee, electronic OTC Link.
The accompanying graphs, with data provided by www.otcbb.com, show a consistent and meaningful trend away from Bulletin Board quotations both in terms of the number of market makers participating and the number of securities quoted. More and more, it simply makes financial sense for market makers who quote a large number of securities to quote solely on the electronic OTC Markets and avoid the OTCBB participation fees.
Ted Campbell, CEO of GrowPublic, Inc., sums up the situation well:
It may take awhile for investors and issuers to come to the conclusion there is no real difference between an OTCBB® listed security and a Fully Reporting Issuer trading on the Pink Sheets now under the OTCQB designation. The recent move by many market makers to pull quotes on the OTCBB® platform causing a mass delisting to the Pink Sheets may be a precursor to the end of the importance of being listed on the OTCBB.
UPDATE (2/28/11): From OTCBB.com – FINRATM is updating the comment on the OTCBB Daily List used to indicate an issue is no longer eligible for quotation on the OTCBB due to a lack of quotation activity. The new comment will be “Ineligible for quotation on OTCBB due to quoting inactivity under SEC Rule 15c2-11”. This replaces the previous comment “Failure to comply with Rule 15c2-11”.
UPDATE (3/1/11): Another batch of 104 OTCBB stocks received the boot today, but this time with the new “Ineligible for quotation on OTCBB due to quoting activity…” comment.
someone is eating all the shares since .055 :)
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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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