
Empire Petroleum Corp. said it believes it has “alleviated the substantial doubt” regarding its ability to stay in business. (Source: Shutterstock, Empire Petroleum Corp.)
Empire Petroleum Corp. said it believes it has “alleviated the substantial doubt” regarding its ability to stay in business after raising $10 million in a subscription rights equity offering in November.
Empire, based in Tulsa, Oklahoma, also reported in its 10-Q filing with the U.S. Securities and Exchange Commission that it received a waiver from its lender after determining on Sept. 30 that it was not in compliance with the current ratio covenant in its revolving line of credit agreement.
The company reported a net loss of $3.64 million in the third quarter of 2024 on revenue of $10.9 million. Net production was 2,460 boe/d.
Empire said it completed the first stage of enhanced oil recovery for its Starbuck drilling program in North Dakota, converting three wells into injectors. The company produces oil and gas from mature wells in New Mexico, North Dakota, Montana, Louisiana and Texas.
Recommended Reading
Report: Will Civitas Sell D-J Basin, Buy Permian’s Double Eagle?
2025-01-15 - Civitas Resources could potentially sell its legacy Colorado position and buy more assets in the Permian Basin— possibly Double Eagle’s much-coveted position, according to analysts and media reports.
Permian EOR Firm Plans Reverse Merger with Coconut Water Brand
2024-12-05 - Roosevelt Resources, which is developing an EOR project in the Texas Permian Basin, aims to go public through a reverse merger.
Scout Taps Trades, Farm-Outs, M&A for Uinta Basin Growth
2024-11-29 - With M&A activity all around its Utah asset, private producer Scout Energy Partners aims to grow larger in the emerging Uinta horizontal play.
M&A Target Double Eagle Ups Midland Oil Output 114% YOY
2025-01-27 - Double Eagle IV ramped up oil and gas production to more than 120,000 boe/d in November 2024, Texas data shows. The E&P is one of the most attractive private equity-backed M&A targets left in the Permian Basin.
Report: Diamondback in Talks to Buy Double Eagle IV for ~$5B
2025-02-14 - Diamondback Energy is reportedly in talks to potentially buy fellow Permian producer Double Eagle IV. A deal could be valued at over $5 billion.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.