16 Nov 2015quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported a quarterly net loss of $40 thousand for the period ended 2015-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Aug 2015quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported a quarterly net loss of $36 thousand for the period ended 2015-06-30.
15 May 2015quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported a quarterly net loss of $62 thousand for the period ended 2015-03-31.
11 May 2015asset acquisition disposition● Neutral
A companion lease option covering about 10,000 acres in North Dakota and South Dakota with the Anderson Brothers, again paid in stock options rather than cash.
28 Apr 2015asset acquisition disposition● Neutral
Under its new owners, Empire began rebuilding from scratch: a two-year option covering roughly 150,000 acres in Haakon, Meade and Pennington Counties, South Dakota, paid for entirely in stock options (1 million shares at $0.25) rather than cash, reflecting the company's still-threadbare finances.
3 Mar 2015capital raising announcement▲ GoodMajor
Under new President/CEO Michael Morrisett following the December 2014 change of control, Empire Petroleum raised $135,000 (1.08 million shares plus warrants) in its first private placement of the rebuild era.
What it means for a shareholder
1.1m new shares at about US$0.125 to raise about US$135,000. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held US$1,000 of shares (8,000 at the issue price), your slice goes from 0.0918% to 0.0817% of the company. To keep it you'd need 992 more shares - about US$124 at the issue price.
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24 Feb 2015securities registration● Neutral
EMPIRE PETROLEUM CORP filed notice of an exempt private placement.
9 Jan 2015director interest notice● Neutral
Jody Clifford Whorton Jr. became a EMPIRE PETROLEUM CORP 10%+ owner and company insider (initial ownership filing).
9 Jan 2015director interest notice● Neutral
Empire Petroleum Holdings, LLC became a EMPIRE PETROLEUM CORP 10%+ owner and company insider (initial ownership filing).
9 Jan 2015director interest notice● Neutral
Michael R. Morrisett became a EMPIRE PETROLEUM CORP 10%+ owner and company insider (initial ownership filing).
9 Jan 2015substantial holder notice● Neutral
Empire Petroleum Holdings, LLC, J. C. Whorton, Jr, Michael R. Morrisett, J. Ryan Sacra disclosed a new substantial EMPIRE PETROLEUM CORP shareholding (48.73% of votes).
31 Dec 2014asset acquisition disposition▼ BadMajor
An insolvent Empire handed its Gabbs Valley, Nevada leasehold -- by then its only real asset, carried at about $191,715 -- to CEO Albert Whitehead personally, cancelling the roughly $196,451 the company owed his family trust; the company had no funds to pay the property's upcoming lease rentals and was letting them lapse anyway. Simultaneously, Whitehead and director Montague Hackett sold all their Empire shares to Empire Petroleum Holdings, LLC (controlled by J.C. Whorton, Jr. and Michael Morrisett), handing over control of what was now essentially an empty shell.
31 Dec 2014business combination● NeutralMajor
The required Section 14(f) notice formalizing the December 30, 2014 change of control -- Whitehead and Hackett's board seats passing to Empire Petroleum Holdings' designees J.C. Whorton, Jr. and Michael Morrisett -- describing the same transaction disclosed elsewhere, no additional substance.
30 Dec 2014director interest notice● Neutral
EMPIRE PETROLEUM CORP PRESIDENT Albert E Whitehead sold 1,997,388 shares at $0.00.
31 Oct 2014quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported a quarterly net loss of $79 thousand for the period ended 2014-09-30.
1 Aug 2014quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported a quarterly net loss of $34 thousand for the period ended 2014-06-30.
27 June 2014material agreement● Neutral
Empire and Sierra Nevada Oil LLC extended, to September 1, 2014, the deadline under a call option agreement the two had signed in March 2014.
7 May 2014quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported a quarterly net loss of $67 thousand for the period ended 2014-03-31.
6 Mar 2014capital raising announcement● NeutralMajor
Empire and chairman/CEO Albert Whitehead gave Sierra Nevada Oil LLC a 90-day call option over 4,000,000 shares at $0.25, $1,000,000 in aggregate less the $50,000 Sierra had already paid for the option itself. If Sierra exercises, Whitehead is to use commercially reasonable efforts to have the whole existing board resign and three Sierra nominees appointed - so the option is a change-of-control mechanism, not just a financing. The filing does not say whether it was exercised.
What it means for a shareholder
4.0m new shares at US$0.250 to raise about US$1.0m. That's 34% dilution: every existing holder's slice gets 34% smaller. If you held US$1,000 of shares (4,000 at the issue price), your slice goes from 0.0524% to 0.0344% of the company. To keep it you'd need 2,097 more shares - about US$524 at the issue price.
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8 Nov 2013quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported a quarterly net loss of $56 thousand for the period ended 2013-09-30.
22 July 2013quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported a quarterly net loss of $53 thousand for the period ended 2013-06-30.
17 July 2013agm notice● Neutral
EMPIRE PETROLEUM CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
10 June 2013agm notice● Neutral
EMPIRE PETROLEUM CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
13 May 2013quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported a quarterly net loss of $62 thousand for the period ended 2013-03-31.
9 May 2013agm notice● Neutral
EMPIRE PETROLEUM CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
12 Apr 2013director interest notice● Neutral
EMPIRE PETROLEUM CORP President Albert E Whitehead gifted 300,000 shares.
14 Jan 2013director interest notice● Neutral
EMPIRE PETROLEUM CORP PRESIDENT Albert E Whitehead bought 6,000,250 shares on the open market at $0.05.
11 Dec 2012capital raising announcement▼ BadMajor
Empire Petroleum converted $300,013 owed to CEO Albert Whitehead's trust - three separate notes made over nearly two years - into 6,000,250 shares at just $0.05 each, underscoring how thin the company's finances had become before its 2014 change of control.
11 Dec 2012director interest notice● Neutral
EMPIRE PETROLEUM CORP PRESIDENT Albert E Whitehead bought 6,000,250 shares on the open market at $0.05.
5 Nov 2012quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported a quarterly net loss of $50 thousand for the period ended 2012-09-30.