Empire Petroleum Corp 2025年度报告

Dear Fellow Shareholders, Empire Petroleum entered 2026 following a year shaped by market volatility, vastly lower oil prices,operational variability, and the continued need to optimize capital allocation. These conditions reinforcedthe importance of sound execution, flexibility, and clear decision-making. Throughout 2025, managementand the Board remained focused on Empire’s core responsibilities: setting strategic direction forproduction growth, overseeing operations, and maintaining a commitment to transparency andaccountability. In Texas, our efforts focused on infrastructure readiness by increasing field compression over 500%allowing for selective in-field development. The increase in compression de-bottlenecked the chokepoints in our production capacity, advancing our Texas gas development. Our focus to increaseproduction includes recompletions, reactivations, deeper completions, and deeper new drills in proved-producing intervals. This work remains guided by geologic/geophysical controls, operational execution,and improved infrastructure conditions. In North Dakota, the continued application of Empire’s production technology in the Starbuck Fieldimproved operational visibility and facility performance. Refinements to field execution andinfrastructure provided greater clarity around operating results and future development opportunities.Looking ahead, Empire expects its second-generation thermal recovery approach to remain an importantcomponent of our regional development strategy. Ongoing technical evaluation and field results willcontinue to inform future capital decisions and support the potential application of these methods to otherfields within our portfolio. In New Mexico, activity remained limited as matters subject to ongoing legal proceedings continue to beaddressed. We remain focused on protecting the value of these assets while pursuing the appropriatelegal, regulatory, and operational pathways available to the company. As Empire moved into 2026, management and the Board took additional steps to strengthen thecompany’s financial and operational position while preserving flexibility. We also expanded ouroperational footprint through participation in three wells in Louisiana. We expect these wells to contributeto overall production, broaden our operating base, and provide additional insight into future opportunitiesin the region. Empire’s progress reflects the experience and commitment of our employes, field teams, and serviceproviders, whose work supports the company’s daily operations. We appreciate the continued support andengagement of our shareholders. On behalf of the Board and management team, we remain committed toresponsible oversight, sound operations, and clear communication as Empire moves forward. Sincerely, Michael R. MorrisettPresident and Chief Executive Officer (539) 444-8002(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.☐Yes☑No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.☐Yes☑No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.☑Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).☑Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☑Emerging growth company☐Smaller reporting 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 anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or iss