On this page of StockholderLetter.com we present the latest annual shareholder letter from EMPIRE PETROLEUM CORP — ticker symbol EP. Reading current and past EP letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
Dear Fellow Shareholders, Empire Petroleum entered 2026 following a year shaped by market volatility, vastly lower oil prices, operational variability, and the continued need to optimize capital allocation. These conditions reinforced the importance of sound execution, flexibility, and clear decision-making. Throughout 2025, management and the Board remained focused on Empire s core responsibilities: setting strategic direction for production growth, overseeing operations, and maintaining a commitment to transparency and accountability. In Texas, our efforts focused on infrastructure readiness by increasing field compression over 500% allowing for selective in-field development. The increase in compression de-bottlenecked the choke points in our production capacity, advancing our Texas gas development. Our focus to increase production includes recompletions, reactivations, deeper completions, and deeper new drills in provedproducing intervals. This work remains guided by geologic/geophysical controls, operational execution, and improved infrastructure conditions. In North Dakota, the continued application of Empire s production technology in the Starbuck Field improved operational visibility and facility performance. Refinements to field execution and infrastructure provided greater clarity around operating results and future development opportunities. Looking ahead, Empire expects its second-generation thermal recovery approach to remain an important component of our regional development strategy. Ongoing technical evaluation and field results will continue to inform future capital decisions and support the potential application of these methods to other fields within our portfolio. In New Mexico, activity remained limited as matters subject to ongoing legal proceedings continue to be addressed. We remain focused on protecting the value of these assets while pursuing the appropriate legal, regulatory, and operational pathways available to the company. As Empire moved into 2026, management and the Board took additional steps to strengthen the company s financial and operational position while preserving flexibility. We also expanded our operational footprint through participation in three wells in Louisiana. We expect these wells to contribute to overall production, broaden our operating base, and provide additional insight into future opportunities in the region. Empire s progress reflects the experience and commitment of our employes, field teams, and service providers, whose work supports the company s daily operations. We appreciate the continued support and engagement of our shareholders. On behalf of the Board and management team, we remain committed to responsible oversight, sound operations, and clear communication as Empire moves forward. Sincerely, Phil E. Mulacek Chairman, Board of Directors p2018roxy Statemen t Notice of Annual Meeting of St ockholders t o be held on May 16, 2 018 Michael R. Morrisett President and Chief Executive Officer
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EP Shareholder/Stockholder Letter Transcript:

2025 Annual Report

Dear Fellow Shareholders,
Empire Petroleum entered 2026 following a year shaped by market volatility, vastly lower oil prices,
operational variability, and the continued need to optimize capital allocation. These conditions reinforced
the importance of sound execution, flexibility, and clear decision-making. Throughout 2025, management
and the Board remained focused on Empire   s core responsibilities: setting strategic direction for
production growth, overseeing operations, and maintaining a commitment to transparency and
accountability.
In Texas, our efforts focused on infrastructure readiness by increasing field compression over 500%
allowing for selective in-field development. The increase in compression de-bottlenecked the choke
points in our production capacity, advancing our Texas gas development. Our focus to increase
production includes recompletions, reactivations, deeper completions, and deeper new drills in provedproducing intervals. This work remains guided by geologic/geophysical controls, operational execution,
and improved infrastructure conditions.
In North Dakota, the continued application of Empire   s production technology in the Starbuck Field
improved operational visibility and facility performance. Refinements to field execution and
infrastructure provided greater clarity around operating results and future development opportunities.
Looking ahead, Empire expects its second-generation thermal recovery approach to remain an important
component of our regional development strategy. Ongoing technical evaluation and field results will
continue to inform future capital decisions and support the potential application of these methods to other
fields within our portfolio.
In New Mexico, activity remained limited as matters subject to ongoing legal proceedings continue to be
addressed. We remain focused on protecting the value of these assets while pursuing the appropriate
legal, regulatory, and operational pathways available to the company.
As Empire moved into 2026, management and the Board took additional steps to strengthen the
company   s financial and operational position while preserving flexibility. We also expanded our
operational footprint through participation in three wells in Louisiana. We expect these wells to contribute
to overall production, broaden our operating base, and provide additional insight into future opportunities
in the region.
Empire   s progress reflects the experience and commitment of our employes, field teams, and service
providers, whose work supports the company   s daily operations. We appreciate the continued support and
engagement of our shareholders. On behalf of the Board and management team, we remain committed to
responsible oversight, sound operations, and clear communication as Empire moves forward.
Sincerely,
Phil E. Mulacek
Chairman, Board of Directors
p2018roxy Statemen t Notice of Annual Meeting of St ockholders t o be held on May 16, 2 018
Michael R. Morrisett
President and Chief Executive Officer


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