EMPIRE PETROLEUM Business Summary

Empire Petroleum Corporation (EP) is an independent energy company primarily engaged in the exploration, development, and sale of oil, natural gas, and natural gas liquids (NGLs). The company’s business model is centered on a "Proved Developed Producing" (PDP) strategy, which focuses on acquiring and optimizing mature, low-decline assets to generate steady cash flow while minimizing the high capital risks associated with greenfield exploration. Revenue is generated through the direct sale of produced hydrocarbons from its core operating areas in New Mexico, North Dakota, Montana, Texas, and Louisiana. Empire operates as a single reportable segment, leveraging enhanced oil recovery (EOR) techniques and field management efficiencies to maximize the economic life of its wellbore inventory. Direct competitors include small-cap upstream producers such as PEDEVCO Corp. (PED), Kolibri Global Energy Inc. (KGEI), and Prairie Operating Co. (PROP). Within this peer group, Empire distinguishes itself as a consolidation-focused operator that prioritizes balance sheet flexibility and low-risk production growth over aggressive drilling campaigns. The leadership team is led by Michael Morrisett, who serves as Chief Executive Officer and Director, having previously held the roles of President and Principal Financial Officer since 2015. The company’s strategic direction is heavily influenced by Chairman of the Board Phil E. Mulacek, a veteran petroleum engineer and the founder of InterOil Corporation, who brings over 35 years of experience in global energy development and remains the company’s largest individual shareholder. Other key executives include J. Kevin Vann, Vice President of Finance and Strategic Planning, who joined the firm following a successful tenure as CFO of WPX Energy. The company is backed by significant institutional and private investment, most notably from the Energy Evolution Master Fund, Ltd., which maintains a dominant equity position. The board of directors includes industry specialists such as Mason Matschke and Benjamin Marchive II, providing a deep pedigree in portfolio management and Gulf Coast land operations.