On this page of StockholderLetter.com we present the 4/30/2025 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.

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

EP 4/30/2025 Shareholder/Stockholder Letter Transcript:

2024 Annual Report

p201 8roxy Statemen t Not ice o f An nual Meetin g of Stockhold ers to be held o n May 16 , 2018
Dear Shareholders,
Empire Petroleum entered 2025 with strong momentum and renewed confidence in our strategy
for disciplined, long-term growth. 2024 marked a meaningful turning point for the company, as
technical advancements, improved production understanding, and targeted investments
strengthened our position across our core basins. Our largest insiders are fully aligned with our
stakeholders as demonstrated by substantive continued equity increases, participating in both
public offerings and open market purchases.
With technical advancements in our patented production technology, currently deployed in the
North Dakota Starbuck Field, we enhanced field execution, optimized production facilities, and
laid the groundwork for continued progress across our portfolio.
Looking ahead, we believe Empire is well-positioned to close 2025 in a strong operational and
financial position. We are committed to delivering long-term value through thoughtful capital
allocation, disciplined execution, and the flexibility to pivot based on new data and evolving
market conditions. Currently, our 2025 capex targets development and leasehold expansion in
North Dakota and Texas.
Our strategic priorities for the year ahead remain clear and consistent:
Operational Excellence    driving efficient, safe, and reliable production across our asset
base while maintaining strong environmental stewardship.
Financial Discipline    managing capital prudently, prioritizing free cash flow, and
maintaining a strong balance sheet.
Growth Through Technical Insight    applying reservoir learnings and field data to
guide development and maximize recovery.
Stakeholder Engagement    fostering trusted relationships with employees, investors,
partners, and the communities where we operate.
ESG Leadership    upholding responsible resource development, transparent
governance, and a culture grounded in accountability and care.
We are energized by the opportunities ahead and confident in our ability to execute. On behalf of
the entire team at Empire Petroleum, thank you for your continued support and trust. We also
extend our appreciation to our employees, consultants, and vendors. Your hard work and
commitment continue to move this company forward.
Sincerely,
Phil E. Mulacek
Chairman, Board of Directors
Michael R. Morrisett
President and CEO

4/30/2025 Letter Continued (Full PDF)

 

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