Form 8-K - Current report
October 12 2023 - 4:21PM
Edgar (US Regulatory)
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2023-10-11
2023-10-11
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_________________
FORM
8-K
_________________
Current
Report
Pursuant
To Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date
of Report (date of earliest event reported):
OCTOBER 11, 2023
_______________________________
EMPIRE
PETROLEUM CORPORATION
(Exact name of registrant as specified in its charter)
_______________________________
Delaware |
001-16653 |
73-1238709 |
(State or Other Jurisdiction |
(Commission |
(I.R.S. Employer |
of Incorporation) |
File Number) |
Identification No.) |
2200
S. Utica Place, Suite 150,
Tulsa Oklahoma
74114
(Address of Principal
Executive Offices) (Zip Code)
Registrant’s
telephone number, including area code: (539) 444-8002
(Former name or former address,
if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock $.001 par value
|
EP
|
NYSE
American
|
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item
7.01 | Regulation FD Disclosure. |
On October 11, 2023, Empire Petroleum Corporation (the “Company”)
issued a press release announcing commencement of its 2023 drilling program with the recent spud of a new well at its North Dakota asset
commonly referred to as the Starbuck field. A copy of the press release is being furnished and is attached as Exhibit 99 hereto and is
incorporated into this Item 7.01 by reference. In accordance with General Instruction B.2 of Form 8-K of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), the press release shall not be deemed to be “filed” for purposes of Section
18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information and such exhibit be deemed
incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly
set forth by specific reference in such filing.
| Item
9.01 | Financial
Statements and Exhibits. |
(d) | | Exhibits. |
| | |
| | The following exhibits
are filed or furnished herewith. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
|
EMPIRE
PETROLEUM CORPORATION
|
|
Date:
October 12, 2023 |
By: |
/s/ Michael
R. Morrisett |
|
|
|
Michael
R. Morrisett
President
and Chief Executive Officer |
|
3
EXHIBIT
99
EMPIRE
PETROLEUM COMMENCES 2023 DEVELOPMENT PROGRAM
TULSA,
Okla., October 11,
2023 --
(BUSINESS WIRE) -- Empire Petroleum Corporation (NYSE American: EP) ("Empire" or the "Company"), an oil and gas company
with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, today announced the formal commencement of
its 2023 drilling program with the recent spud of a new well at its North Dakota asset (the “Starbuck” Field).
The
Company’s capital development programs in 2023 and 2024 have been designed to ensure cost-effective production growth with a strong
rate of return. By applying lessons learned from multiple testing methods during the pilot program at Starbuck in 2022, Empire formally
moved to the initial phase of the Company’s overall development efforts with the Starbuck drilling program. A pilot drilling program
on Empire’s New Mexico assets is expected to begin in 2024. For additional discussion of the Company’s development programs,
financial performance and other corporate information, please see the Company’s second quarter of 2023 presentation located on
Empire’s website under the “Investor Relations” section.
Additional
specifics concerning the Starbuck drilling program include:
| • | Average
lateral length per well of approximately 2,300 feet in Phase 1, with a 5,900-foot length
in Phase 2; |
| • | Average
capital spend per well of $1.6-$1.8 million; and |
| • | Total
capital spending for the program of $20-$22 million. |
Mike
Morrisett, President and Chief Executive Officer of Empire, said, “Yesterday, we spudded our first well in North Dakota marking
the beginning of redevelopment plans aimed at unlocking significant opportunities across all of Empire Petroleum’s assets. Starbuck
surface facilities are nearing completion and ready to bring additional production online in 2023 Q4. Our drilling and development programs
are well-designed and focused on our highest potential rate-of-return assets as we focus on growing our core oil assets through enhanced
oil & gas recovery methods to materially improve performance. We are clearly excited to begin our Starbuck drilling program and also
move forward with the further development of our New Mexico assets in 2024 through a targeted pilot drilling program. We look forward
to providing more specifics concerning the Starbuck drilling program and our development efforts in New Mexico over the coming months.”
Mr.
Morrisett continued, “As important,
we thank all of our employees and team members for their tireless work and dedication as we focus on responsibly growing the Company
for the benefit of our shareholders.”
Phil
Mulacek, Chairman of the Board at Empire, said, “My investment in Empire is based on my conviction
in our management team’s ability to execute on our strategy to strategically develop the Company’s collective group of assets
by focusing on the highest rate-of-return opportunities – meaning areas that have the strongest multiple for growth. As such, I
am excited to formally embark on the Company’s targeted drilling program in North Dakota.”
About
Empire Petroleum
Empire
Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in New Mexico, North Dakota,
Montana, Texas, and Louisiana. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies
with its existing portfolio of wells. More information about Empire can be found at www.empirepetroleumcorp.com.
Safe
Harbor Statement
This
release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations,
statements with respect to the Company’s estimates, strategy and prospects. Such statements are subject to certain risks and uncertainties
which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31,
2022, and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially
from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s
ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties,
general economic conditions both domestically and abroad, and other risks and uncertainties related to the conduct of business by the
Company. Other than as required by applicable securities laws, the Company does not assume a duty to update these forward-looking statements,
whether as a result of new information, subsequent events or circumstances, changes in expectations, or otherwise.
Contacts
Empire
Petroleum Corporation:
Mike Morrisett, President and CEO
539-444-8002
info@empirepetrocorp.com
Investor
Relations:
Al Petrie Advisors
Wes Harris, Partner
281-740-1334
wes@alpetrie.com
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