Empire Petroleum Corporation (EP)

Empire Petroleum Corp. has experienced stock price fluctuations, declining by 48.93% between April 10, 2025, and April 9, 2026, with a one-year change of -32.58% and a 52-week range between $2.63 and $6.30, showing weekly volatility of 10-12% over the past three months. Key events include rights offerings to raise approximately $10.0 million, financial results reporting a net loss of $3.8 million for Q3 2025, operational developments including participation in a Louisiana oil and natural gas development program and advancing plans for drilling in the East Texas Basin in 2026, insider trading with the Chief Accounting Officer selling shares, and a regulatory win securing rights to the Residual Oil Zone in the Eunice Monument South Unit for a CO₂ enhanced oil recovery pilot project.

Demand for Empire Petroleum Corp.'s products and services is subject to seasonal fluctuations. Winter typically sees a surge in demand for heating oil and natural gas, leading to higher prices, while summer often brings a rise in gasoline demand. Seasonal demand shifts can create temporary supply and demand imbalances, influencing prices, and impacting revenue, profitability, and capital allocation decisions. The company employs a multi-year hedging program to manage pricing risks.

Empire Petroleum Corporation is an independent oil and gas company focused on optimizing and developing conventional oil and natural gas interests within the United States onshore, operating in the Energy sector, specifically the Oil & Gas Exploration & Production industry. The company primarily produces oil, with natural gas and natural gas liquids accompanying oil production, and aims to generate low-risk cash flows through operational efficiencies and economical well maintenance.

Empire Petroleum Corp. has producing assets across several U.S. states, including New Mexico, North Dakota, Montana, Texas, and Louisiana. In New Mexico, assets are in Lea County, including the Eunice Monument South Unit, with approximately 48,000 gross acres and around 714 gross producing and injection wells. In North Dakota and Western Montana, the company operates approximately 232 gross injection wells, with acreage in Bottineau, Renville, Burke, and McKenzie Counties in North Dakota, and Richland County in Montana. In Texas, Empire Petroleum owns over 119 gross wells and approximately 43,000 gross acres, along with 77 miles of gathering lines and pipelines, in areas such as Houston, Leon, and Madison Counties. Operations in Louisiana are in St. Landry and Beauregard Parishes.

Empire Petroleum Corp.'s reputation has been significantly impacted by a lawsuit filed in New Mexico District Court in August 2025 (unsealed in April 2026). The lawsuit alleges that Empire Petroleum, along with ExxonMobil and their subsidiaries, engaged in accounting fraud by undervaluing debt obligations related to the sale of several hundred old wells in 2021. The plaintiffs claim this undervaluation violated New Mexico's Fraud Against Taxpayers Act and could cost the state nearly $200 million, suggesting that Empire Petroleum took on wells it could not realistically afford to plug, potentially making the company insolvent.

Empire Petroleum Corp. is owned by a mix of institutional shareholders, insiders, and retail investors. As of Q1 2026, 103 institutions held shares, with a combined market value of approximately $3.25 million. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, Geode Capital Management, Llc, State Street Corp, Northern Trust Corp, and Wellington Management Group Llp. Significant individual and insider owners include Energy Evolution Master Fund Ltd (largest individual shareholder, owning 37.12% of the company), Phil E. Mulacek (Independent Chairman of the Board, 29.00% ownership), Mason H. Matschke (Director), Tony Kamin (Chairman of the Board), Thomas W. Pritchard (CEO and Director), and Michael R. Morrisett (President and Director).