On this page of StockholderLetter.com we present the 5/1/2023 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.

 •  5/1/2023 Letter Continued (Full PDF)
 •  4/29/2024 EP Stockholder Letter
 •  4/30/2025 EP Stockholder Letter
 •  4/30/2026 EP Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters
 •  EP Benford's Law Stock Score = 76

EP 5/1/2023 Shareholder/Stockholder Letter Transcript:

2022 Annual Report

p2018roxy Statement Notice of Annual Meeting of Stockholders to be held on May 16, 2018
Dear shareholders:
We are pleased to report that 2022 was a strong year for Empire Petroleum with meaningful growth
achieved in year-over-year production, net income and adjusted EBITDA, while positioning the company
to target additional organic production growth through our planned enhanced investment program in our
asset base. As we review last year   s performance, we are proud to highlight Empire   s key accomplishments
including:

Increased full year net sales volumes by 46% to 2,163 barrels of oil equivalent per day from 1,479
barrels of oil equivalent per day in 2021

Higher net sales volumes and pricing drove a 95% increase in revenue to $52.9 million for full year
2022 that resulted in net income of $7.1 million ($0.30 per diluted share)

Ended 2022 in a strong financial position with $12.2 million of liquidity (including $11.9 million of
cash)

Reduced debt 16% from $8.6 million at year-end 2021 to $7.2 million at year-end 2022 (represents
less than three percent of current market capitalization)

Continued to make significant progress on the Empire operated Pilot Project in North Dakota
including a four well drilling program in the fourth quarter of 2022
Going forward, we expect to invest $20 to $30 million per year over the next several years as we look to
generate meaningful organic production growth. The assets acquired over the past several years place us
in a great position to launch our 2023 capital spending program, which is designed to strategically invest
in some of our highest rate-of-return projects through a combination of activities including drilling and
completions, capital workovers, recompletions, and related infrastructure. Many of our near-term
projects, in our five core regions, have less than one-year paybacks at current commodity prices. In
support of these efforts, we are adding to the depth of our technical and operations teams through the
hiring of experienced professionals with a proven history of success. I look forward to working closely with
our expanded team as we execute our 2023 capital spending program and further build the business.
On behalf of everyone at Empire Petroleum, we appreciate the continued support of our shareholders
and look forward to keeping you apprised of our progress.
Michael R. Morrisett
President and CEO

5/1/2023 Letter Continued (Full PDF)

 

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.