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Current Assets:
Cash $ 3,149,716 $ 7,792,508
Accounts Receivable 6,505,741 8,354,636
Derivative Instruments - 406,806
Inventory 1,499,206 1,433,454
Prepaids 576,340 757,500
----------- -----------
Total Current Assets 11,731,003 18,744,904
Property and Equipment:
Oil and Natural Gas Properties,
Successful Efforts 136,391,055 93,509,803
Less: Accumulated Depreciation,
Depletion and Impairment (29,561,539) (22,996,805)
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Total Oil and Gas Properties, Net 106,829,516 70,512,998
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Other Property and Equipment, Net 1,436,491 1,883,211
----------- -----------
Total Property and Equipment, Net 108,266,007 72,396,209
----------- -----------
Other Noncurrent Assets 1,245,519 1,474,503
----------- -----------
TOTAL ASSETS $121,242,529 $ 92,615,616
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LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------
Current Liabilities:
Accounts Payable $ 18,238,400 $ 16,437,219
Accrued Expenses 8,146,457 7,075,302
Current Portion of Lease Liability 415,850 432,822
Current Portion of Note Payable -
Related Party - 1,060,004
Current Portion of Long-Term Debt 193,178 44,225
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Total Current Liabilities 26,993,885 25,049,572
Long-Term Debt 8,512,020 4,596,775
Long-Term Lease Liability 238,674 544,382
Asset Retirement Obligations 28,968,173 27,468,427
----------- -----------
Total Liabilities 64,712,752 57,659,156
Stockholders' Equity:
Series A Preferred Stock - $0.001 Par
Value, 10,000,000 Shares Authorized, 6
and 6 Shares Issued and Outstanding,
Respectively - -
Common Stock - $0.001 Par Value,
190,000,000 Shares Authorized,
31,656,934 and 25,503,530 Shares
Issued and Outstanding, Respectively 91,179 85,025
Additional Paid-in-Capital 133,061,997 99,490,253
Accumulated Deficit (76,623,399) (64,618,818)
----------- -----------
Total Stockholders' Equity 56,529,777 34,956,460
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $121,242,529 $ 92,615,616
=========== ===========
EMPIRE PETROLEUM CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended Nine Months Ended
------------------------------------------ -----------------------------
September
September 30, June 30, 30, September 30, September 30,
------------- ------------- ------------ ------------- --------------
2024 2024 2023 2024 2023
------------- ------------- ------------ ------------- --------------
Cash Flows From
Operating Activities:
Net Loss $ (3,639,614) $ (4,389,771) $(2,747,628) $(12,004,581) $(7,672,128)
Adjustments to Reconcile
Net Income (Loss) to
Net Cash
Provided By Operating
Activities:
Stock Compensation
and Issuances 335,077 591,635 158,792 1,636,714 2,289,237
Amortization of
Right of Use
Assets 135,735 135,734 124,171 407,202 287,956
Depreciation,
Depletion and
Amortization 2,596,360 2,676,981 727,943 6,763,471 2,061,474
Accretion of Asset
Retirement
Obligation 509,131 492,449 470,505 1,486,929 1,277,141
(Gain) Loss on
Commodity
Derivatives (470,717) 1,453 1,185,921 388,886 1,319,401
Settlement on or
Purchases of
Derivative
Instruments 281,530 (252,630) (45,855) 18,200 (87,042)
(Gain) Loss on
Financial
Derivatives - 1,736,000 - 998,000 -
Amortization of Debt
Discount on
Convertible Notes - 500,382 - 500,382 -
(Gain) Loss on
Extinguishment of
Debt 26,705 (16,611) - 10,094 -
Change in Operating
Assets and
Liabilities:
Accounts
Receivable 2,277,310 (1,694,690) 467,151 1,647,249 (1,572,038)
Inventory, Oil in
Tanks (48,011) 346,147 (26,255) (65,752) (292,057)
Prepaids, Current 211,733 462,599 202,867 671,934 911,416
Accounts Payable 10,419,209 (2,484,238) 1,892,377 12,273,995 194,438
Accrued Expenses 41,175 668,416 (89,808) 1,070,875 (3,732,113)
Other Long Term
Assets and
Liabilities 135,172 (574,966) (292,782) (886,224) (942,916)
----------- ----------- ---------- ----------- ----------
Net Cash Provided By
(Used In) Operating
Activities 12,810,795 (1,801,110) 2,027,399 14,917,374 (5,957,231)
----------- ----------- ---------- ----------- ----------
Cash Flows from
Investing Activities:
Acquisition of Oil
and Natural Gas
Properties - - (1,424,419) - (2,094,419)
Additions to Oil and
Natural Gas
Properties (18,615,643) (13,202,315) (2,468,688) (48,758,831) (5,596,535)
Purchase of Other
Fixed Assets (19,590) (88,868) (26,478) (139,481) (179,514)
Cash Paid for Right
of Use Assets (125,236) (125,237) (223,606) (375,711) (427,711)
Sinking Fund Deposit - - - - 2,779,000
----------- ----------- ---------- ----------- ----------
Net Cash Provided By
(Used In) Investing
Activities (18,760,469) (13,416,420) (4,143,191) (49,274,023) (5,519,179)
----------- ----------- ---------- ----------- ----------
Cash Flows from
Financing Activities:
Borrowings on Credit
Facility - - - 3,950,000 -
Proceeds from Bridge
Loans from Related
Parties - - 10,000,000 - 10,000,000
Proceeds from
Warrant Exercises - - 2,500,000 - 2,500,000
Proceeds from
Promissory Note - - - 5,000,000 -
Proceeds from Rights
offering (net of
transaction costs) - 20,511,529 - 20,511,529 -
Principal Payments
of Debt (158,383) (156,594) (644,224) (376,575) (1,933,198)
Net Proceeds from
Warrants Exercises - 628,903 - 628,903 -
----------- ----------- ---------- ----------- ----------
Net Cash Provided By
(Used In) Financing
Activities (158,383) 20,983,838 11,855,776 29,713,857 10,566,802
----------- ----------- ---------- ----------- ----------
Net Change in Cash (6,108,057) 5,766,308 9,739,984 (4,642,792) (909,608)
Cash - Beginning of
Period 9,257,773 3,491,465 1,294,850 7,792,508 11,944,442
----------- ----------- ---------- ----------- ----------
Cash - End of Period $ 3,149,716 $ 9,257,773 $11,034,834 $ 3,149,716 $11,034,834
=========== =========== ========== =========== ==========
Empire Petroleum Corporation
Non-GAAP Information
(MORE TO FOLLOW) Dow Jones Newswires
November 14, 2024 07:30 ET (12:30 GMT)
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