2023 Q1 Form 10-K Financial Statement

#000107261323000285 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $10.05M $8.508M $52.89M
YoY Change -22.95% -22.58% 89.53%
Cost Of Revenue $7.278M $5.176M $27.53M
YoY Change 19.47% -31.93% 69.94%
Gross Profit $2.774M $3.332M $25.36M
YoY Change -60.11% -1.6% 116.65%
Gross Profit Margin 27.6% 39.17% 47.95%
Selling, General & Admin $3.613M $3.744M $12.33M
YoY Change 47.14% 54.59% 45.73%
% of Gross Profit 130.24% 112.34% 48.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $563.0K $519.4K $1.949M
YoY Change 29.59% 8.92% -22.1%
% of Gross Profit 20.3% 15.59% 7.69%
Operating Expenses $12.27M $4.612M $44.10M
YoY Change 281.23% 42.72% 262.13%
Operating Profit -$2.223M -$1.279M $8.784M
YoY Change -159.53% -923.33% -1955.67%
Interest Expense -$237.3K -$161.8K -$509.5K
YoY Change 114.46% -97.22% -96.11%
% of Operating Profit -5.8%
Other Income/Expense, Net -$237.3K $297.2K -$509.5K
YoY Change 114.46% -110.07% -81.54%
Pretax Income -$2.460M -$2.081M $7.293M
YoY Change -167.88% -75.86% -139.18%
Income Tax $208.9K $208.9K
% Of Pretax Income 2.86%
Net Earnings -$2.460M -$2.290M $7.084M
YoY Change -167.88% -73.44% -138.06%
Net Earnings / Revenue -24.47% -26.91% 13.39%
Basic Earnings Per Share -$0.11 $0.34
Diluted Earnings Per Share -$0.11 -$0.10 $0.30
COMMON SHARES
Basic Shares Outstanding 22.44M shares 22.10M shares 21.00M shares
Diluted Shares Outstanding 22.10M shares 23.39M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.764M $11.94M $11.94M
YoY Change 26.34% 230.7% 230.7%
Cash & Equivalents $6.764M $11.94M $11.94M
Short-Term Investments
Other Short-Term Assets $1.507M $1.170M $1.170M
YoY Change 142.98% 59.32% 59.32%
Inventory $2.261M $1.840M $1.840M
Prepaid Expenses $1.413M $1.048M
Receivables $6.504M $7.780M $7.780M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $17.04M $22.73M $22.73M
YoY Change 10.33% 73.31% 73.31%
LONG-TERM ASSETS
Property, Plant & Equipment $46.90M $45.31M $45.31M
YoY Change 53.08% 47.7% 47.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $746.9K $3.499M $3.499M
YoY Change -88.92% -44.41% -44.41%
Total Long-Term Assets $47.65M $48.81M $48.81M
YoY Change 27.47% 32.02% 32.02%
TOTAL ASSETS
Total Short-Term Assets $17.04M $22.73M $22.73M
Total Long-Term Assets $47.65M $48.81M $48.81M
Total Assets $64.68M $71.55M $71.55M
YoY Change 22.46% 42.83% 42.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.733M $5.843M $5.843M
YoY Change 114.32% 34.97% 34.97%
Accrued Expenses $6.280M $9.461M $9.718M
YoY Change -2.86% 61.89% 66.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.595M $4.063M $2.059M
YoY Change 131.4% 116.03% 9.49%
Total Short-Term Liabilities $14.75M $17.62M $17.62M
YoY Change 37.94% 46.18% 46.18%
LONG-TERM LIABILITIES
Long-Term Debt $4.668M $5.140M $5.140M
YoY Change -29.49% -32.01% -32.01%
Other Long-Term Liabilities $25.66M $25.55M $25.55M
YoY Change 18.96% 23.78% 23.78%
Total Long-Term Liabilities $30.33M $30.69M $30.69M
YoY Change 7.58% 8.82% 8.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.75M $17.62M $17.62M
Total Long-Term Liabilities $30.33M $30.69M $30.69M
Total Liabilities $45.08M $48.31M $48.31M
YoY Change 15.93% 20.01% 20.01%
SHAREHOLDERS EQUITY
Retained Earnings -$54.61M -$52.15M
YoY Change -11.96%
Common Stock $81.63K $81.62K
YoY Change 2.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.60M $23.24M $23.24M
YoY Change
Total Liabilities & Shareholders Equity $64.68M $71.55M $71.55M
YoY Change 22.46% 42.83% 42.83%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.460M -$2.290M $7.084M
YoY Change -167.88% -73.44% -138.06%
Depreciation, Depletion And Amortization $563.0K $519.4K $1.949M
YoY Change 29.59% 8.92% -22.1%
Cash From Operating Activities -$5.067M $3.149M $18.06M
YoY Change -265.54% 23.97% 469.53%
INVESTING ACTIVITIES
Capital Expenditures $2.237M $9.160M $13.18M
YoY Change -615.86% -759.97% -166.66%
Acquisitions
YoY Change
Other Investing Activities $2.692M $2.537M $1.762M
YoY Change -614.98% -508.85% -135.59%
Cash From Investing Activities $455.3K -$6.623M -$11.41M
YoY Change -147.6% 229.72% -53.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $569.1K $1.700M
YoY Change 23.74% -71.16%
Cash From Financing Activities -$569.1K -315.5K $1.690M
YoY Change 57.02% 194.82% -93.24%
NET CHANGE
Cash From Operating Activities -$5.067M 3.149M $18.06M
Cash From Investing Activities $455.3K -6.623M -$11.41M
Cash From Financing Activities -$569.1K -315.5K $1.690M
Net Change In Cash -$5.181M -3.789M $8.333M
YoY Change -397.44% -992.97% 141.23%
FREE CASH FLOW
Cash From Operating Activities -$5.067M $3.149M $18.06M
Capital Expenditures $2.237M $9.160M $13.18M
Free Cash Flow -$7.304M -$6.011M $4.880M
YoY Change -309.02% -253.04% -78.72%

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CY2021 us-gaap General And Administrative Expense
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CY2021 us-gaap Operating Expenses
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CY2022 empr Loss On Settlement Of Asset Retirement Obligation
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CY2021 empr Loss On Embedded Conversion Option
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Net Income Loss
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CY2021 us-gaap Net Income Loss
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 empr Stock Issued During Period Value Stock Option Exercised
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CY2021 empr Stock Issued During Period Value Shares And Warrants Issued
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CY2021 empr Stock Issued During Period Value Shares And Warrants Issued For Secured Convertible Note
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CY2021 empr Stock Issued During Period Value Warrants Isuued With Unsecured Convertible Notes
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CY2021 empr Stock Issued During Period Value Right To Buy Issued With Unsecured Convertible Notes
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CY2021 empr Stock Issued During Period Value Unsecured Convertible Notes
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CY2021 empr Stock Issued During Period Value Shares Issued For Convertible Notes Interes Including Payment Of Accrued Interestt
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CY2022Q4 us-gaap Stockholders Equity
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CY2021 empr Amortization Of Right Of Use Assets
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CY2022 empr Depreciation Depletion Amortization
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CY2021 empr Depreciation Depletion Amortization
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CY2022 us-gaap Asset Retirement Obligation Accretion Expense
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CY2021 us-gaap Asset Retirement Obligation Accretion Expense
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CY2022 us-gaap Impairment Of Oil And Gas Properties
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 empr Loss On Xto Final Settlement
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CY2022 empr Pierelated Expense See Note5
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CY2021 us-gaap Amortization Of Financing Costs
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CY2021 empr Payments Of Stock Issuance Costs1
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CY2021 empr Loss On Embedded Conversion Option Senior Secured Convertible Note
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CY2021 empr Amortization Of Discount On Convertible Notes
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CY2021 empr Loss On Extinguishment Of Debt
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CY2021 empr Convertible Debt Modification Inducement Expense
ConvertibleDebtModificationInducementExpense
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CY2021 empr Stock Issued For Interest Expense Payment
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CY2021 empr Forgiveness Of Payroll Protection Plan Loan
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CY2022 us-gaap Increase Decrease In Accounts Receivable
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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2021 us-gaap Increase Decrease In Derivative Assets
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CY2022 us-gaap Increase Decrease In Inventories
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CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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CY2022 us-gaap Increase Decrease In Prepaid Expense
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CY2021 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2021 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Payments To Acquire Oil And Gas Property
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CY2021 us-gaap Payments To Acquire Oil And Gas Property
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CY2022 empr Additions To Oil And Natural Gas Properties
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CY2022 us-gaap Payments For Purchase Of Other Assets1
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CY2021 us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
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CY2022 empr Cash Paid For Right Of Use Assets
CashPaidForRightOfUseAssets
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CY2021 empr Cash Paid For Right Of Use Assets
CashPaidForRightOfUseAssets
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CY2022 empr Sinking Fund Deposit
SinkingFundDeposit
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CY2021 empr Sinking Fund Deposit
SinkingFundDeposit
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021 us-gaap Proceeds From Issuance Of Debt
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CY2022 us-gaap Repayments Of Long Term Debt
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CY2021 us-gaap Repayments Of Long Term Debt
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CY2021 empr Proceeds From Stock And Warrant Issuances
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CY2022 us-gaap Proceeds From Warrant Exercises
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CY2021 empr Paycheck Protection Program Loan Proceeds
PaycheckProtectionProgramLoanProceeds
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022 us-gaap Interest Paid Capitalized
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CY2021 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
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CY2022 empr Noncash Additions And Revisions To Asset Retirement Obligations
NoncashAdditionsAndRevisionsToAssetRetirementObligations
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CY2021 empr Noncash Additions And Revisions To Asset Retirement Obligations
NoncashAdditionsAndRevisionsToAssetRetirementObligations
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CY2022 empr Note Payable Activity Pie Agreement See Note5
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CY2022 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
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CY2021 empr Common Stock Issued In Exchange For Outstanding Notes Payable
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CY2021 us-gaap Increase Decrease In Interest Payable Net
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CY2022 empr Organization And Basis Of Presentation
OrganizationAndBasisOfPresentation
<p id="xdx_803_ecustom--OrganizationAndBasisOfPresentation_zdF5uRzG7hy" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Note 1 - <span id="xdx_82C_zT83owE4Jreg">Organization and Basis of Presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Empire Petroleum Corporation (the “Company”, collectively with its subsidiaries) is an independent energy company operator engaged in optimizing developed production by employing field management methods to maximize reserve recovery while minimizing costs. Empire operates the following wholly-owned subsidiaries in its areas of operations:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire New Mexico, LLC (“Empire New Mexico”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire Rockies Region</span></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"/></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 72px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire North Dakota LLC (“Empire North Dakota”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire North Dakota A</span><span style="font-family: Times New Roman, Times, Serif">cquisition <span style="font-size: 10pt">LLC (“Empire NDA”)</span></span></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"/></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire Texas (“Empire Texas”), consisting of the following entities:</span></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"/></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 72px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire Texas LLC</span></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"/></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 72px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire Texas Operating LLC</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire Texas GP LLC</span></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"/></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 72px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pardus Oil &amp; Gas Operating, LP (owned 1% by Empire Texas GP LLC and 99% by Empire Texas LLC)</span></td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"/></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire Louisiana LLC (“Empire Louisiana”)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On August 27, 2021, the Company’s Board of Directors, in conjunction with the majority of the common stockholders, approved a one for four reverse stock split such that every holder of the Company’s common stock shall receive one share of Common Stock for every four shares owned. In addition, the Board authorized the Company to issue ten million shares of $0.001 par value Preferred Stock. The reverse stock split was made effective on March 7, 2022, simultaneous with the Company’s listing to the NYSE American. All shares amounts have retrospectively been stated at post-reverse split amounts and pricing.</span></p>
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zBP60FNDtyl6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><span id="xdx_861_zPjeZ22ygoN2">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated quantities of crude oil, natural gas and natural gas liquids (“NGL”) reserves are the most significant of the Company’s estimates. All reserve data used in the preparation of the Consolidated Financial Statements, as well as included in <i>Supplemental Information of Oil and Natural Gas Producing Activities (Unaudited)</i>,</span><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">  </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">are based on estimates. Reservoir engineering is a subjective process of estimating underground accumulations of crude oil, natural gas and NGL. There are numerous uncertainties inherent in estimating quantities of proved crude oil, natural gas and NGL reserves. The accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. As a result, reserve estimates may be different from the quantities of crude oil, natural gas and NGLs that are ultimately recovered.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.35pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Other items subject to estimates and assumptions include, but are not limited to, the carrying amounts of property, plant and equipment, asset retirement obligations, valuation allowances for deferred income tax assets, and valuation of derivative instruments. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. The volatility of commodity prices results in increased uncertainty inherent in such estimates and assumptions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6.25pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Although management believes these estimates are reasonable, actual results may differ from estimates and assumptions of future events and these revisions could be material. Future production may vary materially from estimated oil and natural gas proved reserves. Actual future prices may vary significantly from price assumptions used for determining proved reserves and for financial reporting.</span></p>
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
1300000 usd
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
797000 usd
CY2021 empr Gathering And Processing Costs
GatheringAndProcessingCosts
800000 usd
CY2022Q4 us-gaap Oil And Gas Joint Interest Billing Receivables
OilAndGasJointInterestBillingReceivables
3060341 usd
CY2021Q4 us-gaap Oil And Gas Joint Interest Billing Receivables
OilAndGasJointInterestBillingReceivables
4173116 usd
CY2022Q4 empr Joint Interest Billing Receivables
JointInterestBillingReceivables
2057719 usd
CY2021Q4 empr Joint Interest Billing Receivables
JointInterestBillingReceivables
2893122 usd
CY2022Q4 empr Receivable From Former Ceo
ReceivableFromFormerCEO
2130614 usd
CY2022Q4 us-gaap Other Receivables
OtherReceivables
531565 usd
CY2021Q4 us-gaap Other Receivables
OtherReceivables
667667 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
7780239 usd
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
7733905 usd
CY2022 empr Inventory
Inventory
<p id="xdx_84C_ecustom--Inventory_zovOBlNTy1q1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Inventory</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Inventory consists of oil in tanks which has not been delivered and is valued at the lower of cost or net realizable value.</span></p>
CY2022 empr Segment Reporting
SegmentReporting
<p id="xdx_848_ecustom--SegmentReporting_zGh9txh8bhAj" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><b><span id="xdx_867_zYaQpJJl31v3">Segment Reporting</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Operating segments are components of an enterprise that engage in activities from which it may earn revenues and incur expenses and for which separate operational financial information is available and is regularly evaluated by management. Based on the Company’s organization and management, it has only one reportable operating segment, which is oil and natural gas exploration and production.</span></p>
CY2022 empr Stock Based Compensation
StockBasedCompensation
<p id="xdx_84B_ecustom--StockBasedCompensation_zsxGFBIpRSo5" style="font: 10pt Times New Roman, Times, Serif; margin: 6.15pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><span id="xdx_86F_z4iBX1rEKRJ">Stock-Based Compensation</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 5pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company recognized stock-based compensation expense associated with granted stock options. The Company accounts for forfeitures of equity-based incentive awards as they occur. Stock-based compensation expense related to time-based restricted stock units is based on the price of the common stock on the grant date and recognized as vesting occurs.</span></p>
CY2022Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
1400000 usd
CY2022Q2 us-gaap Acquisition Cost Ratio
AcquisitionCostRatio
0.80 pure
CY2022 empr Fair Value Measurements
FairValueMeasurements
<p id="xdx_848_ecustom--FairValueMeasurements_zLlxsV88R4fi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><span id="xdx_865_zi2dZEuFCnM">Fair Value Measurements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Financial Accounting Standards Board ("FASB") fair value measurement standards define fair value, establish a consistent framework for measuring fair value and establish a fair value hierarchy based on the observability of inputs used to measure fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 5.9pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The three-level fair value hierarchy for disclosure of fair value measurements defined by ASC Topic 820 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 5.9pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Level 1</b> – Unadjusted, quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active market is defined as a market where transactions for the financial instrument occur with sufficient frequency and volume to provide pricing information on an ongoing basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 5.7pt; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Level 2</b> – Inputs, other than quoted prices within Level 1, that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Level 3</b> – Prices or valuations that require unobservable inputs that are both significant to the fair value measurement and unobservable. Valuation under Level 3 generally involves a significant degree of judgment from management.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. There were no transfers between fair value hierarchy levels for the years ended December 31, 2022 and 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Impairment of oil and natural gas properties - </i>The fair value of proved and unproved oil and natural gas properties was measured using valuation techniques that convert the future cash flows to a single discounted amount. Significant inputs to the valuation of proved and unproved oil and natural gas properties include estimates of: (i) recoverable reserves; (ii) production rates; (iii) future operating and development costs; (iv) future commodity prices; and (v) a market-based weighted average costs of capital. The Company utilized a combination of the New York Mercantile Exchange ("NYMEX") strip pricing and consensus pricing to value the reserves, then applied various discount rates depending on the classification of reserves and other risk characteristics. For significant acquisitions, management utilized the assistance of a third-party valuation expert to estimate the value of the oil and natural gas properties acquired.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The fair value of asset retirement obligations is included in proved oil and natural gas properties with a corresponding liability. The fair value was determined based on a discounted cash flow model, which included assumptions of the estimated current abandonment costs, discount rate, inflation rate and timing associated with the incurrence of these costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The inputs used to value oil and natural gas properties for impairments and asset retirement obligations require significant judgment and estimates made by management and represent Level 3 inputs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Financial instruments and other- </i>The fair values determined for accounts receivable, accrued expenses and other current liabilities were equivalent to the carrying value due to their short-term nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Derivatives </i>– Derivative financial instruments are carried at fair value and measured on a recurring basis. The Company’s commodity price hedges are valued based on discounted future cash flow models that are primarily based on published forward commodity price curves; thus, these inputs are designated as Level 2 within the valuation hierarchy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The fair values of derivative instruments in asset positions include measures of counterparty nonperformance risk, and the fair values of derivative instruments in liability positions include measures of the Company’s nonperformance risk. These measurements were not material to the Consolidated Financial Statements.</span></p>
CY2022 empr Related Party Transactions
RelatedPartyTransactions
<p id="xdx_844_ecustom--RelatedPartyTransactions_zMEtQYqCay41" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><span id="xdx_863_zRr8tsmJOKfa">Related Party Transactions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, <i>Related Party Disclosures</i> (“FASB ASC 850”) requires that transactions with related parties that would have influence in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships: affiliates of the entity; entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; trusts for the benefit of employees; principal owners of the entity and members of their immediate families; management of the entity and members of their immediate families; and other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.</span></p>
CY2022Q4 us-gaap Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
52831131 usd
CY2021Q4 us-gaap Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
44189360 usd
CY2022Q4 us-gaap Capitalized Costs Unproved Properties
CapitalizedCostsUnprovedProperties
2865556 usd
CY2021Q4 us-gaap Capitalized Costs Unproved Properties
CapitalizedCostsUnprovedProperties
2724966 usd
CY2022Q4 empr Capitalized Costs Work In Process
CapitalizedCostsWorkInProcess
8289652 usd
CY2021Q4 empr Capitalized Costs Work In Process
CapitalizedCostsWorkInProcess
0 usd
CY2022Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
63986339 usd
CY2021Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
46914326 usd
CY2022Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities
20116696 usd
CY2021Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities
17525918 usd
CY2022Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
43869643 usd
CY2021Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
29388408 usd
CY2022Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
233659 usd
CY2022 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
1300000 usd
CY2022 empr Schedule Of Operating Lease Tabletextblock
ScheduleOfOperatingLeaseTabletextblock
<p id="xdx_89C_ecustom--ScheduleOfOperatingLeaseTabletextblock_zibG2uOQZaF8" style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Other property and equipment consists of operating lease assets, vehicles, office furniture, and equipment with lives ranging from three to five years. <span id="xdx_8BD_zzhXsmsOd1le">The capitalized costs of other property and equipment as of December 31, 2022 and 2021 are as follows:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"/></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%; text-align: left">Other property and equipment, at cost</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentOther_iI_c20221231_zlj0ZfadhrRg" style="width: 15%; text-align: right">1,878,325</td><td style="width: 1%; text-align: left"> </td><td style="width: 6%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentOther_iI_c20211231_z61N9gJmZTz8" style="width: 15%; text-align: right">1,547,325</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--PropertyPlantAndEquipmentOtherAccumulatedDepreciation_iNI_di_c20221231_zE2DFXgYRkD9" style="border-bottom: Black 1pt solid; text-align: right">(436,796</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentOtherAccumulatedDepreciation_iNI_di_c20211231_z7x01C0mJUS7" style="border-bottom: Black 1pt solid; text-align: right">(258,714</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Oher property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_dxL_c20211231_zp5nwEQ6jqgg" style="border-bottom: Black 2.5pt double; text-align: right" title="::XDX::1288611"><span style="-sec-ix-hidden: xdx2ixbrl0684">1,441,529</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentOtherNet_iI_c20211231_zF4vxTe8gba9" style="border-bottom: Black 2.5pt double; text-align: right">1,288,611</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
CY2022Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
1878325 usd
CY2021Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
1547325 usd
CY2022Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
436796 usd
CY2021Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
258714 usd
CY2021Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
1288611 usd
CY2022 empr Purchase Of Performance Bond
PurchaseOfPerformanceBond
5000000 usd
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3750000 usd
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3750000 usd
CY2021Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.04 pure
CY2022 empr Monthly Payment
MonthlyPayment
160000 usd
CY2022Q2 empr Monthly Payment
MonthlyPayment
5450000 usd
CY2022 empr Collateral
Collateral
2000000 usd
CY2022 empr Schedule Of Purchase And Sales Of Agreementtabletextblock
ScheduleOfPurchaseAndSalesOfAgreementtabletextblock
<p id="xdx_894_ecustom--ScheduleOfPurchaseAndSalesOfAgreementtabletextblock_zNQw3GGmBVk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_8BB_zplQy75QvLve">The following table sets forth the Company's purchase price allocation:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Fair Value of Assets Acquired</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 70%; text-align: left; padding-left: 15px">Oil and natural gas properties</td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--OilAndGasPropertyFullCostMethodNet_iI_c20221231__us-gaap--FairValueByAssetClassAxis__custom--PreliminaryFairValueOfAssetsAcquiredMember_z9DbJURM9Dfl" style="width: 18%; text-align: right">17,662,402</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 15px">Inventory of oil in tanks</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--InventoryNet_iI_c20221231__us-gaap--FairValueByAssetClassAxis__custom--PreliminaryFairValueOfAssetsAcquiredMember_z8IuzGTguXxj" style="text-align: right">318,546</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 15px">Vehicles</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--VehiclesGross_iI_c20221231__us-gaap--FairValueByAssetClassAxis__custom--PreliminaryFairValueOfAssetsAcquiredMember_zYpISjI7emZ9" style="text-align: right" title="Vehicles">179,156</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 15px">Asset retirement obligations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--AssetRetirementObligationLegallyRestrictedAssetsFairValue_iI_c20221231__us-gaap--FairValueByAssetClassAxis__custom--PreliminaryFairValueOfAssetsAcquiredMember_zInhOQDkokE3" style="border-bottom: Black 1pt solid; text-align: right">6,117,709</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total  assets acquired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_c20221231__us-gaap--FairValueByAssetClassAxis__custom--PreliminaryFairValueOfAssetsAcquiredMember_zFiBZRfd3UGi" style="border-bottom: Black 1pt solid; text-align: right">24,277,813</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Fair Value of Liabilities Assumed</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 15px">Royalty suspense</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RoyaltySuspense_iI_c20221231__us-gaap--FairValueByAssetClassAxis__custom--PreliminaryFairValueOfLiabilitiesAcquiredMember_z7K0VtjrHRyh" style="text-align: right" title="Royalty suspense">290,325</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 15px">Asset retirement obligations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--AssetRetirementObligation_iI_c20221231__us-gaap--FairValueByAssetClassAxis__custom--PreliminaryFairValueOfLiabilitiesAcquiredMember_zCm7MHe95v8f" style="border-bottom: Black 1pt solid; text-align: right">6,117,709</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left">Total  liabilities assumed</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--FairValueNetLiability_iI_c20221231__us-gaap--FairValueByAssetClassAxis__custom--PreliminaryFairValueOfLiabilitiesAcquiredMember_zRkgyOr4M5y4" style="border-bottom: Black 1pt solid; text-align: right" title="Total preliminary liabilities assumed">6,408,034</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2.5pt">Purchase Price</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_iI_c20221231__us-gaap--FairValueByAssetClassAxis__custom--PreliminaryFairValueOfLiabilitiesAcquiredMember_zLtwbt8sNt0j" style="border-bottom: Black 2.5pt double; text-align: right">17,869,779</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p>
CY2022 empr Joint Devlopment Agreement Disclosure Textblock
JointDevlopmentAgreementDisclosureTextblock
<p id="xdx_802_ecustom--JointDevlopmentAgreementDisclosureTextblock_zbHzdWbf7sBk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 5 – <span id="xdx_82E_z88nb7PjVhDb">Joint Development Agreement</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On August 6, 2020 the Company, through its wholly owned subsidiary, Empire Texas, entered into a joint development agreement (the “JDA”) with Petroleum &amp; Independent Exploration, LLC and related entities (“PIE”), a related party (See Note 12), dated August 1, 2020. Under the terms of the JDA, PIE will perform recompletion or workover on specified mutually agreed upon wells (“Workover Wells”) owned by Empire Texas. To fund the work, PIE entered into a term loan agreement with Empire Texas dated August 1, 2020, whereby PIE will loan up to $<span id="xdx_908_eus-gaap--LoansPayable_iI_c20221231_zAa8d84uNCS5" title="Loan from related party">2,000,000</span>, at an interest rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20220101__20221231_zkUNb7KpQfZe">6</span>% per annum, maturing <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_dd_c20220101__20221231_zrCFGwUjLms4" title="Maturity date">August 7, 2024</span> unless terminated earlier by PIE. Proceeds of the loan will be used for recompletion or workover of the Workover Wells. As of December 31, 2022 and 2021 approximately $<span id="xdx_90E_eus-gaap--ProceedsFromLoanOriginations1_c20220101__20221231_zy8HsqotCLf8" title="Proceeds from loan">1,100,000</span> and $<span id="xdx_909_eus-gaap--ProceedsFromLoanOriginations1_c20210101__20211231_zV5YdTPNnSN9" title="Proceeds from loan">800,000</span>, respectively was outstanding on this loan and is included in Long Term Notes Payable on the Consolidated Balance Sheet. <span id="xdx_90B_ecustom--DescriptionOfWorkingAndRevenueInterests_c20220101__20221231_z0lBcTscUX5l" title="Description of working and revenue interest">As part of the JDA, Empire Texas will assign to PIE a combined 85% working and revenue interest in the Workover Wells; an assignment was completed in October 2020 for the initial three Workover Wells. Of the assigned interest, 70% working and revenue interest will be used to repay the obligations under the term loan agreement. Once the term loan is repaid, PIE will reassign a 35% working and revenue interest to Empire Texas in each of the Workover Wells and retain a 50% working and revenue interest (See Note 8)</span>. To the extent the cash flows from the revenue interest are insufficient to repay the obligations under the term loan, the Company remains required to repay the obligation. <span style="background-color: white">In the third quarter of 2022, a $<span id="xdx_90B_ecustom--LeaseOperatingExpense_pn5n6_c20220101__20221231_z6Y34TwrVb67" title="Lease operating expense">1.4</span> million long-term asset that had previously been recorded as an offset to the note payable was expensed to workovers within Lease Operating Expense on the Consolidated Statements of Operations. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In addition, <span id="xdx_909_ecustom--DescriptionOfSecurityPurchaseAgreement_c20220101__20221231__us-gaap--PlanNameAxis__custom--SecurityPurchaseAgreementMember_z1PleHfnsaNg" title="Description of security purchase agreement">PIE and Empire entered into a Securities Purchase Agreement (“Securities Agreement”) whereby PIE purchased for $525,000 (a) 875,000 shares of Empire common stock, (b) warrants to purchase 656,250 shares of Empire common stock at an exercise price of $0.80 per share, (c) warrants to purchase 450,000 shares of Empire common stock at an exercise price of $1.00 per share, (d) warrants to purchase 2,034,129 shares of Empire common stock at an exercise price of $0.40 per share, and (e) warrants to purchase up to 2,766,666 shares of Empire common stock at an exercise price of $0.564 per share, pursuant to various vesting provisions as detailed in the Securities Agreement</span>. On March 11, 2021 the Company amended the Securities Agreement to remove the vesting provisions for the warrants and PIE exercised all of its warrants for an aggregate exercise price of $<span id="xdx_90F_ecustom--AggregateExercisePrice_c20210310__20210311__us-gaap--PlanNameAxis__custom--SecurityPurchaseAgreementMember_zpKHZPfGzAl5" title="Aggregate exercise price">3,349,052</span>.</span></p> <p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
CY2022Q4 us-gaap Loans Payable
LoansPayable
2000000 usd
CY2022 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.06 pure
CY2022 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2024-08-07
CY2022 us-gaap Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
1100000 usd
CY2021 us-gaap Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
800000 usd
CY2022 empr Description Of Working And Revenue Interests
DescriptionOfWorkingAndRevenueInterests
As part of the JDA, Empire Texas will assign to PIE a combined 85% working and revenue interest in the Workover Wells; an assignment was completed in October 2020 for the initial three Workover Wells. Of the assigned interest, 70% working and revenue interest will be used to repay the obligations under the term loan agreement. Once the term loan is repaid, PIE will reassign a 35% working and revenue interest to Empire Texas in each of the Workover Wells and retain a 50% working and revenue interest (See Note 8)
CY2022 empr Lease Operating Expense
LeaseOperatingExpense
1400000 usd
CY2022 empr Asset Retirement Obligations Beginning Of Period
AssetRetirementObligationsBeginningOfPeriod
20640599 usd
CY2021 empr Asset Retirement Obligations Beginning Of Period
AssetRetirementObligationsBeginningOfPeriod
15364217 usd
CY2022 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
502539 usd
CY2021 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
6117709 usd
CY2022 empr Revision To Estimates
RevisionToEstimates
2660653 usd
CY2021 empr Revision To Estimates
RevisionToEstimates
-2055806 usd
CY2022 empr Liabilities Settled
LiabilitiesSettled
-160957 usd
CY2022 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1357906 usd
CY2021 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1214479 usd
CY2022Q4 empr Asset Retirement Obligation End Of Period
AssetRetirementObligationEndOfPeriod
25000740 usd
CY2021Q4 empr Asset Retirement Obligation End Of Period
AssetRetirementObligationEndOfPeriod
20640599 usd
CY2022 empr Net Cash Receipts From Payments On Derivatives
NetCashReceiptsFromPaymentsOnDerivatives
-259696 usd
CY2021 empr Net Cash Receipts From Payments On Derivatives
NetCashReceiptsFromPaymentsOnDerivatives
-835441 usd
CY2022 empr Schedule Of Unamortize Expense Table Textblock
ScheduleOfUnamortizeExpenseTableTextblock
<p id="xdx_892_ecustom--ScheduleOfUnamortizeExpenseTableTextblock_zQ23d2duQ4o" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_8B1_zJVrhblB01S6">The following table represents the Company’s outstanding debt.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%; text-align: left">Senior Revolver Loan Agreement</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_ecustom--NotesPayableCurrentNonCurrent_iI_c20221231__us-gaap--PlanNameAxis__custom--SeniorRevolverLoanAgreementMember_zvqbGpE9R7r1" style="width: 15%; text-align: right" title="Total Debt">5,869,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 6%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecustom--NotesPayableCurrentNonCurrent_iI_c20211231__us-gaap--PlanNameAxis__custom--SeniorRevolverLoanAgreementMember_zoa9DbtoVxa" style="width: 15%; text-align: right" title="Total Debt">7,069,500</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Long Term Note Payable – Related Party</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--LongTermDebtCurrent_iI_c20221231__us-gaap--PlanNameAxis__custom--LongTermNotePayableMember_zjjvBZ0g3cOi" style="text-align: right" title="Long-Term Debt, Current Maturities">1,076,987</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--LongTermDebtCurrent_iI_c20211231__us-gaap--PlanNameAxis__custom--LongTermNotePayableMember_zjzUtto0gzal" style="text-align: right" title="Long-Term Debt, Current Maturities">797,010</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Equipment and vehicle notes, <span id="xdx_903_ecustom--EquipmentAndVehicleNotes_iI_pid_dp_uPure_c20221231__srt--RangeAxis__srt--MinimumMember_zNZ4UtEuFM2h" title="Equipment and vehicle notes">0</span>% to <span id="xdx_90D_ecustom--EquipmentAndVehicleNotes_iI_pid_dp_uPure_c20221231__srt--RangeAxis__srt--MaximumMember_z5Cv7CbthQ5h">6.99</span>% interest rates, due in 2025  to 2027 with monthly payments ranging from $<span id="xdx_90E_ecustom--MonthlyPayments_iI_c20221231__srt--RangeAxis__srt--MinimumMember_zcFVlzs5b0X7" title="monthly payments">400</span> to $<span id="xdx_90A_ecustom--MonthlyPayments_iI_c20221231__srt--RangeAxis__srt--MaximumMember_z8nulAHbVJB1">1,400</span> per month</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--NotesPayableCurrentNonCurrent_iI_c20221231__us-gaap--PlanNameAxis__custom--VariousVehicleandEquipmentLoansMember_zzTr2qlI4hPk" style="text-align: right" title="Notes payable current non current">252,924</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--NotesPayableCurrentNonCurrent_iI_c20211231__us-gaap--PlanNameAxis__custom--VariousVehicleandEquipmentLoansMember_zxCJMdhpsxlj" style="text-align: right" title="Notes payable current non current">305,739</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -10pt; padding-left: 10pt; text-align: left; padding-bottom: 1pt">Note Payable to Insurance Provider, bears <span id="xdx_903_ecustom--NotePayableToInsuranceProvider_iI_pid_dp_uPure_c20221231_zUDFioZb07V9" title="Note Payable to Insurance Provider">3.63</span>% interest, matures November 2022, monthly payments of principal and interest of $<span id="xdx_908_ecustom--MonthlyPaymentsOfPrincipalAndInterest_iI_c20221231_zcKpPozi542e" title="Monthly payments of principal and interest">50,083</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--NotesPayableCurrentNonCurrent_iI_c20221231__us-gaap--PlanNameAxis__custom--NotePayableToInsuranceMember_zrX0Vc19VFg1" style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0831">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--NotesPayableCurrentNonCurrent_iI_c20211231__us-gaap--PlanNameAxis__custom--NotePayableToInsuranceMember_zqT0Ip8hd0Yb" style="border-bottom: Black 1pt solid; text-align: right">442,515</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Total Debt</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--TotalDebtCurrentnoncurrent_iI_c20221231_zDzvfkXte2C4" style="text-align: right" title="Total Debt">7,199,411</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--TotalDebtCurrentnoncurrent_iI_c20211231_zV2dQQJSH1A8" style="text-align: right" title="Total Debt">8,614,764</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Less: Current Maturities</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--NotesPayableCurrentMaturities_iI_c20221231_zFeRYqX8tcKe" style="text-align: right" title="Current maturities">(2,059,309</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--NotesPayableCurrentMaturities_iI_c20211231_zx2DURLQSF6f" style="text-align: right" title="Current maturities">(1,700,663</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Less: Long Term Note Payable – Related Party</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--LongTermNotesPayable_iNI_di_c20221231_zaUVd4bi2pA8" style="border-bottom: Black 1pt solid; text-align: right" title="Less Long Term Note Payable">(1,076,987</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--LongTermNotesPayable_iNI_di_c20211231_zV9ufQSWuRAl" style="border-bottom: Black 1pt solid; text-align: right">(797,010</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Long-Term Debt</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--LongTermDebtCurrent_iI_c20221231_zWfddqIuPeB9" style="border-bottom: Black 2.5pt double; text-align: right" title="Long Term Debt">4,063,115</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--LongTermDebtCurrent_iI_c20211231_zYOZozHh90C" style="border-bottom: Black 2.5pt double; text-align: right">6,117,091</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
CY2022Q4 empr Note Payable To Insurance Provider
NotePayableToInsuranceProvider
0.0363 pure
CY2022Q4 empr Monthly Payments Of Principal And Interest
MonthlyPaymentsOfPrincipalAndInterest
50083 usd
CY2022Q4 empr Total Debt Currentnoncurrent
TotalDebtCurrentnoncurrent
7199411 usd
CY2021Q4 empr Total Debt Currentnoncurrent
TotalDebtCurrentnoncurrent
8614764 usd
CY2022Q4 empr Notes Payable Current Maturities
NotesPayableCurrentMaturities
-2059309 usd
CY2021Q4 empr Notes Payable Current Maturities
NotesPayableCurrentMaturities
-1700663 usd
CY2022Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
1076987 usd
CY2021Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
797010 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
4063115 usd
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
6117091 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
5530677 usd
CY2022Q4 empr Derivative Fair Value Of Derivative Revalued
DerivativeFairValueOfDerivativeRevalued
5437746 usd
CY2022 empr Stock Issued During Period Shares Issued For Services Closing Fee
StockIssuedDuringPeriodSharesIssuedForServicesClosingFee
375000 shares
CY2021 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
540000 usd
CY2022 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
267000 usd
CY2022 empr Cash Paid
CashPaid
68000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
978548 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
779183 usd
CY2022Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
256975 usd
CY2021Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
180105 usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
547692 usd
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
646311 usd
CY2022Q4 empr Totalrightofuseleaseliabilities
Totalrightofuseleaseliabilities
804667 usd
CY2021Q4 empr Totalrightofuseleaseliabilities
Totalrightofuseleaseliabilities
826416 usd
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
309095 usd
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
309808 usd
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
231573 usd
CY2022Q4 empr Capital Leases Future Minimum Payments Due In Six Years
CapitalLeasesFutureMinimumPaymentsDueInSixYears
37200 usd
CY2022Q4 empr Capital Leases Future Minimum Payments Due In Seven Years
CapitalLeasesFutureMinimumPaymentsDueInSevenYears
12400 usd
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
900076 usd
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
95409 usd
CY2022Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
804667 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
190000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022 us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
the voting rights of the Series A Voting Preferred Stock are contingent upon the Initial Holder and Permitted Transferees (collectively, the “Series A Holders”) holding together at least 3,000,000 shares of the Company’s outstanding common stock.
CY2020Q3 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
2034129 shares
CY2022 empr Free Interest Rate
FreeInterestRate
0.14 pure
CY2022Q4 empr Issuance Of Warrant To Purchase Common Stock
IssuanceOfWarrantToPurchaseCommonStock
589194 usd
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
812500 usd
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
406250 shares
CY2021Q3 empr Options Granted
OptionsGranted
187500 shares
CY2022Q1 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
1200000 usd
CY2022 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1971000 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
224288 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.42
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
224288 shares
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
15.42
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
15.42
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
18600000 usd
CY2022Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
4789586 usd
CY2020Q4 empr Outstanding At Beginning
OutstandingAtBeginning
2500000 shares
CY2020Q4 empr Weighted Average Exercise Price Beginning
WeightedAverageExercisePriceBeginning
1.36
CY2021 empr Options Granted
OptionsGranted
187500 shares
CY2021 empr Weighted Average Exercise Pricegranted
WeightedAverageExercisePricegranted
12.20
CY2021 empr Stock Issued During Period Shares Stock Options Expired
StockIssuedDuringPeriodSharesStockOptionsExpired
246800 shares
CY2021 empr Share Based Compensation Arrangements By Share Based Payment Award Options Granted In Period Weighted Average Expired Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantedInPeriodWeightedAverageExpiredPrice
1.36
CY2021Q4 empr Outstanding At Beginning
OutstandingAtBeginning
2440700 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.19
CY2022 empr Options Granted
OptionsGranted
249000 shares
CY2022 empr Weighted Average Exercise Pricegranted
WeightedAverageExercisePricegranted
11.80
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
310000 shares
CY2022 empr Share Based Compensation Arrangements By Share Based Payment Award Options Granted In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantedInPeriodWeightedAverageExercisePrice
1.34
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2379700 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.31
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2379700 shares
CY2022Q4 empr Options Exercisable Weighted Average Exercise Price
OptionsExercisableWeightedAverageExercisePrice
2.97
CY2022Q4 empr Options Exercisable Ending
OptionsExercisableEnding
2068200 shares
CY2022Q4 empr Options Exercisable Weighted Average Exercise Price Ending
OptionsExercisableWeightedAverageExercisePriceEnding
1.76
CY2022Q4 empr Current
Current
208898 usd
CY2022Q4 empr Tax Provision Benefit As Reported
TaxProvisionBenefitAsReported
208898 usd
CY2021Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
5341256 usd
CY2021Q4 empr Oil And Gas Properties
OilAndGasProperties
1239723 usd
CY2022Q4 empr Deferred Tax Assets Other1
DeferredTaxAssetsOther1
7341 usd
CY2021Q4 empr Deferred Tax Assets Other1
DeferredTaxAssetsOther1
8036 usd
CY2022Q4 empr Stocks Option Grants
StocksOptionGrants
1369105 usd
CY2021Q4 empr Stocks Option Grants
StocksOptionGrants
796188 usd
CY2022Q4 empr Assets Retirement Obligation
AssetsRetirementObligation
6616407 usd
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
27210 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
-436477 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
13218916 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
7412413 usd
CY2022Q4 empr Oil And Gas Properties2
OilAndGasProperties2
-5552159 usd
CY2022Q4 empr Other Property Plant And Equipment
OtherPropertyPlantAndEquipment
-171650 usd
CY2021Q4 empr Other Property Plant And Equipment
OtherPropertyPlantAndEquipment
-459745 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Derivatives
DeferredTaxLiabilitiesDerivatives
31369 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
-69688 usd
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
5824866 usd
CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
459745 usd
CY2022Q4 empr Net Deferred Tax Asset Before Valuation Allowance
NetDeferredTaxAssetBeforeValuationAllowance
7394050 usd
CY2021Q4 empr Net Deferred Tax Asset Before Valuation Allowance
NetDeferredTaxAssetBeforeValuationAllowance
6952668 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7394050 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
6952668 usd
CY2022 empr Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount1
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Amount1
1531536 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
21.0 pure
CY2021 empr Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount1
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Amount1
-3909142 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
21.0 pure
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
350632 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.049 pure
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-893518 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.048 pure
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
21052 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.003 pure
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
3503996 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.188 pure
CY2022 empr Income Tax Reconciliation Return To Accrual
IncomeTaxReconciliationReturnToAccrual
-2135704 usd
CY2022 empr Effective Income Tax Rate Reconciliation Return To Accruel Percentage
EffectiveIncomeTaxRateReconciliationReturnToAccruelPercentage
-0.293 pure
CY2022 empr Income Tax Reconciliation Valuation Allowance
IncomeTaxReconciliationValuationAllowance
441382 usd
CY2022 empr Valuation Allowance
ValuationAllowance
6.1 pure
CY2021 empr Income Tax Reconciliation Valuation Allowance
IncomeTaxReconciliationValuationAllowance
1298664 usd
CY2021 empr Valuation Allowance
ValuationAllowance
-7.0 pure
CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
208898 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.03 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0 pure
CY2022Q4 empr Valuation Allowances
ValuationAllowances
7400000 usd
CY2021Q4 empr Valuation Allowances
ValuationAllowances
7000000.0 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2440700 shares
CY2022 us-gaap Loss Contingency Period Of Occurrence
LossContingencyPeriodOfOccurrence
528,000
CY2022 empr Remit Payment
RemitPayment
528000 usd
CY2022 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.68 pure
CY2021 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.63 pure

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0001072613-23-000285.txt Edgar Link pending
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empire_form10k123122.htm Edgar Link pending
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