EMPIRE PETROLEUM CORP (EP) Business
This page reproduces the company's own Item 1 Business text from the linked SEC filing. It is filer text, not grepcent analysis, scoring, or investment advice.
Informational only - not investment advice. See Disclaimer.
ITEM 1.BUSINESS.
In this Form 10-K, references to “Empire”, the “Company”, “we”, “our”, and “us” refer to Empire Petroleum Corporation and its wholly-owned subsidiaries, unless context indicates otherwise.
Overview
Empire Petroleum Corporation is an independent energy company that engages in unlocking value in developed assets. Empire operates primarily from the following wholly-owned subsidiaries in its areas of operations:
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Empire New Mexico LLC (“Empire New Mexico”) |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Empire North Dakota LLC (“Empire North Dakota”) |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Empire Texas LLC (“Empire Texas”) |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Empire Louisiana LLC (“Empire Louisiana”) |
Empire was incorporated in the state of Delaware in 1985. The consolidated financial statements of Empire Petroleum Corporation and subsidiaries include the accounts of the Company and its wholly-owned subsidiaries.
Our mission is to increase shareholder value by building oil and natural gas reserves in strategic plays in the United States. To accomplish our mission, we plan to execute the following business strategies:
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Cost-effectively optimize well production |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Reduce unit operating costs and improve margins |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Target proved developed producing acquisitions in predictable fields that have historically had low production decline and long lives |
| Column 1 | Column 2 | Column 3 |
|---|---|---|
| ● | Focus on high-quality assets that add scale and provide synergies to our existing portfolio and core areas of operation |
We operate as a single operating segment. For additional information, see Note 17 – Segment Reporting of Notes to Consolidated Financial Statements.
Available Information
Our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as well as proxy statements and other information we file with, or furnish to, the SEC are available free of charge on our website at www.empirepetroleumcorp.com. We make these documents available as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC. The information contained on our website, or available by hyperlink from our website, is not incorporated into this Form 10-K or other documents we file with, or furnish to, the SEC. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation Fair Disclosure. Such disclosures will be included on our website in the “Investor Relations” sections. Accordingly, investors should monitor such portions of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts.
In addition, we use social media to communicate with our investors and the public about our company, our businesses and our results of operations. The information we post on social media could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the social media channels listed in the “Investor Relations” section of our website.