Empire Petroleum, an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, has released its financial and operational results for the third quarter of 2025. The company has shown progress in various operational fronts and is positioning itself for growth in 2026.

Financial Highlights

For the third quarter of 2025, Empire Petroleum reported a total product revenue of $9.4 million, a decrease from $10.9 million in Q3-2024. The company recorded a net loss of $3.8 million, or ($0.11) per diluted share, compared to a net loss of $3.6 million, or ($0.12) per diluted share, in the same period last year. Adjusted EBITDA for Q3-2025 was $0.1 million, showing an improvement from the negative adjusted EBITDA of ($0.1) million in Q3-2024.

Business and Operational Highlights

Empire Petroleum’s net production volumes for Q3-2025 were 1,566 barrels of oil per day, a 5% increase compared to Q2-2025. The company reported 2,398 barrels of oil equivalent per day (Boe/d), with the production mix comprising 65% oil, 19% natural gas liquids (NGLs), and 16% natural gas.

In North Dakota, the company advanced its enhanced oil recovery (EOR) efforts in the Starbuck Drilling Program, completing modified wellhead installations and implementing an alternative water injection system to reduce scaling tendencies and improve system reliability. Additionally, Empire filed the final patent for its proprietary hydrocarbon vaporization technology.

In Texas, Empire furthered preparations for its inaugural drilling campaign, finalizing the reprocessing of legacy seismic data and positioning additional locations to support a scalable development plan. The company is strategically pacing the start of drilling operations to align capital development with market conditions, now anticipated in 2026.

Strategic Initiatives and Corporate Developments

Empire successfully completed its subscription rights offering in Q3-2025, generating approximately $2.5 million in gross proceeds. The company received subscriptions for more than 100% of the securities available, with stockholders receiving their basic subscription privilege. Phil E. Mulacek, Chairman of the Board, fully subscribed to his rights and exercised his over-subscription rights.

Management’s Perspective

Phil Mulacek, Chairman of the Board, emphasized the company’s focus on operational excellence, capital efficiency, and strategic development sequencing. He highlighted the significant shift in the natural gas market and Empire’s strategy to build operational flexibility by progressing a series of drilled-but-uncompleted (DUC) wells, positioning the company for higher-value gas development in 2026.

Mike Morrisett, President and CEO, noted the steady operational execution and progress across Empire’s core assets. He mentioned the improvements in North Dakota’s EOR program, preparations for the Texas drilling campaign, and ongoing production maintenance in New Mexico.

Future Outlook

Empire Petroleum is entering 2026 with momentum, flexibility, and a focused path toward scalable growth. The company expects natural gas to play an increasingly meaningful role in its development strategy and earnings growth trajectory. The successful completion of the Rights Offering during a period of commodity price volatility underscores the confidence and alignment of its shareholders.

Original SEC Filing: EMPIRE PETROLEUM CORP [ EP ] – 8-K – Nov. 17, 2025

Disclaimer

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.