14 Aug 2020quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported quarterly revenue of $592 thousand and a net loss of $3.0 million for the period ended 2020-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Aug 2020capital raising announcement▲ GoodMajor
Empire brought in Petroleum Independent & Exploration (PIE) as both financier and operating partner for its Texas wells: PIE bought $525,000 of stock and warrants, and lent Empire Texas up to $2 million to fund well workovers, taking a majority working interest in the reworked wells until the loan is repaid, after which most of the interest reverts to Empire and a partner.
23 June 2020material agreement termination▼ BadMajor
The $8.5 million Ovintiv acquisition collapsed: Empire tried to terminate citing COVID-19 government restrictions, the seller disputed the right to do so and ultimately terminated for breach, keeping Empire's $850,000 deposit as liquidated damages -- a real loss on top of the lost deal.
15 May 2020quarterly activities report● Neutral
EMPIRE PETROLEUM CORP reported quarterly revenue of $3.8 million and net income of $1.6 million for the period ended 2020-03-31.
7 May 2020substantial holder notice● Neutral
Tony Kamin reported a EMPIRE PETROLEUM CORP shareholding of 4,340,971 shares (17.80% of votes) in a periodic institutional filing.
10 Apr 2020asset acquisition disposition▲ GoodMajor
Separately, new subsidiary Empire Texas signed and immediately closed a deal to buy Pardus Oil & Gas's Texas assets (139 wells, about 30,400 net acres in Houston, Madison and Leon Counties, plus 77 miles of gathering pipeline and a stake in the operating partnership) for assumed obligations and a contingent payment of up to $2 million -- Empire's entry into Texas.
4 Mar 2020material agreement● NeutralMajor
Empire North Dakota agreed to buy a large Bakken-area package from Ovintiv (94 wells, about 35,900 gross acres in Richland County, Montana and McKenzie County, North Dakota) for $8.5 million, wiring an $850,000 deposit -- Empire's biggest acquisition attempt yet at that point.
11 Feb 2020substantial holder notice● Neutral
James Alan Schoonover reported a EMPIRE PETROLEUM CORP shareholding of 666,667 shares (3.40% of votes) in a periodic institutional filing.
11 Feb 2020substantial holder notice● Neutral
Thomas E. Warren reported a EMPIRE PETROLEUM CORP shareholding of 574,165 shares (2.90% of votes) in a periodic institutional filing.
14 Nov 2019quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported quarterly revenue of $2.2 million and a net loss of $947 thousand for the period ended 2019-09-30.
14 Aug 2019quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported quarterly revenue of $2.5 million and a net loss of $2.0 million for the period ended 2019-06-30.
14 June 2019asset acquisition disposition▲ Good
A small Louisiana tuck-in: Empire Louisiana bought a bank's superior-lienholder position in two producing wells it was already operating (St. Landry Parish) for $450,000, funded from the CrossFirst credit line.
15 May 2019quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported quarterly revenue of $256 thousand and a net loss of $588 thousand for the period ended 2019-03-31.
12 Apr 2019substantial holder notice● Neutral
Michael R. Morrisett disclosed a new substantial EMPIRE PETROLEUM CORP shareholding (16.46% of votes).
12 Apr 2019substantial holder notice● Neutral
Empire Petroleum Holdings, LLC, J. C. Whorton, Jr, Michael R. Morrisett, J. Ryan Sacra reported a EMPIRE PETROLEUM CORP shareholding of 3,443,128 shares (16.46% of votes) in a periodic institutional filing.
12 Apr 2019substantial holder notice● Neutral
Tony Kamin reported a EMPIRE PETROLEUM CORP shareholding of 4,664,304 shares (20.72% of votes) in a periodic institutional filing.
12 Apr 2019substantial holder notice● Neutral
J. C. Whorton, Jr disclosed a new substantial EMPIRE PETROLEUM CORP shareholding (8.73% of votes).
5 Apr 2019director interest notice● Neutral
EMPIRE PETROLEUM CORP President Michael R. Morrisett received a stock option grant for 2,500,000 shares.
5 Apr 2019director interest notice● Neutral
EMPIRE PETROLEUM CORP Chief Executive Officer Thomas W. Pritchard received a stock option grant for 2,500,000 shares.
2 Apr 2019asset acquisition disposition▲ GoodMajor
Empire North Dakota closed the EnergyQuest acquisition for an adjusted $5.42 million, funded by expanding the CrossFirst revolver nearly two-fold (commitment raised from $1.35 million to $9 million, maximum advance from $5 million to $20 million) and extending its maturity to March 2021.
26 Mar 2019substantial holder notice● Neutral
Puckett Land Company reported a EMPIRE PETROLEUM CORP shareholding of 10,000,000 shares (44.75% of votes) in a periodic institutional filing.
26 Mar 2019director interest notice● Neutral
EMPIRE PETROLEUM CORP 10%+ owner Puckett Land CO bought 3,957,618 shares on the open market.
5 Mar 2019material agreement▲ GoodMajor
Empire moved beyond Louisiana for the first time: new subsidiary Empire North Dakota agreed to buy a much larger package from EnergyQuest II -- 183 wells and about 20,700 net acres across Montana and North Dakota producing roughly 355 net barrels of oil per day -- for $5.6 million.
14 Nov 2018quarterly activities report▼ Bad
EMPIRE PETROLEUM CORP reported quarterly revenue of $24 thousand and a net loss of $234 thousand for the period ended 2018-09-30.
2 Nov 2018asset acquisition disposition▲ Good
A further Louisiana tuck-in: Empire Louisiana bought non-operated interests in four producing wells and two saltwater disposal wells from Riviera Upstream (formerly Linn Energy Holdings) for $205,000.
27 Sept 2018securities registration● Neutral
EMPIRE PETROLEUM CORP filed notice of an exempt private placement.
25 Sept 2018asset acquisition disposition▲ GoodMajor
Empire Louisiana completed the Exodus Energy acquisition for an adjusted $866,901, funded partly by a new senior secured revolving credit facility with CrossFirst Bank ($1.35 million initial commitment, up to $5 million maximum, guaranteed by the parent company) -- the lending relationship that would fund Empire's growth for years to come.
18 Sept 2018director interest notice● Neutral
Puckett Land CO became a EMPIRE PETROLEUM CORP 10%+ owner and company insider (initial ownership filing).
18 Sept 2018substantial holder notice● Neutral
Puckett Land Company disclosed a new substantial EMPIRE PETROLEUM CORP shareholding (33.16% of votes).
18 Sept 2018securities registration● Neutral
EMPIRE PETROLEUM CORP filed notice of an exempt private placement.