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<SEC-DOCUMENT>0000887396-01-500012.txt : 20020412
<SEC-HEADER>0000887396-01-500012.hdr.sgml : 20020412
ACCESSION NUMBER:		0000887396-01-500012
CONFORMED SUBMISSION TYPE:	10QSB/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010930
FILED AS OF DATE:		20011211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMPIRE PETROLEUM CORP
		CENTRAL INDEX KEY:			0000887396
		STANDARD INDUSTRIAL CLASSIFICATION:	 [9995]
		IRS NUMBER:				731238709
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10QSB/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16653
		FILM NUMBER:		1811001

	BUSINESS ADDRESS:	
		STREET 1:		610, 715 - 5TH AVENUE S.W.
		STREET 2:		SUITE 000
		CITY:			CALGARY, ALBERTA
		STATE:			A0
		ZIP:			T2P 2X6
		BUSINESS PHONE:		403-262-1118

	MAIL ADDRESS:	
		STREET 1:		610, 715 - 5TH AVENUE S.W.
		STREET 2:		SUITE 000
		CITY:			CALGARY, ALBERTA
		STATE:			A0
		ZIP:			T2P 2X6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICOMM CORP
		DATE OF NAME CHANGE:	19930328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICOMM RESOURCES CORP
		DATE OF NAME CHANGE:	19951115
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB/A
<SEQUENCE>1
<FILENAME>empr09011.htm
<TEXT>
<html>

<head>
<title>C:\AAAWork\Empire Petroleum\edgar\empr0901.htm</title>
</head>

<body>

<p ALIGN="CENTER">&nbsp;</p>

<p ALIGN="CENTER">UNITED STATES</p>

<p ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</p>

<p ALIGN="CENTER">Washington, D.C. 20549</p>

<p ALIGN="CENTER">Form 10-QSB/A</p>

<p ALIGN="CENTER">Amendment Number 1</p>

<p>&nbsp;</p>

<p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Mark One)</p>

<p align="center">&nbsp;&nbsp; [X] Quarterly Report Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934</p>

<p ALIGN="CENTER">For the quarterly period ended September 30, 2001</p>

<p align="center">[] Transition Report Under Section 13 or 15(d) of the Exchange Act</p>

<p align="center">For the transition period from _______________to________________</p>

<p ALIGN="CENTER">Commission file number 0-20193</p>

<p ALIGN="CENTER">EMPIRE PETROLEUM CORPORATION</p>

<p ALIGN="CENTER">(Exact name of small business issuer as specified in its Charter)</p>

<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="816">
  <tr>
    <td WIDTH="116" VALIGN="TOP"></td>
    <td WIDTH="390" VALIGN="TOP"><p ALIGN="CENTER">DELAWARE</td>
    <td WIDTH="268" VALIGN="TOP"><p ALIGN="CENTER">73-1238709</td>
  </tr>
  <tr>
    <td WIDTH="116" VALIGN="TOP"></td>
    <td WIDTH="390" VALIGN="TOP"><p ALIGN="CENTER">(State or other jurisdiction of
    incorporation or organization)</td>
    <td WIDTH="268" VALIGN="TOP"><p ALIGN="CENTER">(I.R.S. Employer Identification No.)</td>
  </tr>
  <tr>
    <td WIDTH="116" VALIGN="TOP"></td>
    <td WIDTH="390" VALIGN="TOP"></td>
    <td WIDTH="268" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="116" VALIGN="TOP"></td>
    <td WIDTH="390" VALIGN="TOP"><p ALIGN="CENTER">610, 715 &#150; 5<sup>th</sup> AVENUE,
    S.W., Calgary, Alberta, Canada</td>
    <td WIDTH="268" VALIGN="BOTTOM"><p ALIGN="CENTER">T2P 2X6</td>
  </tr>
  <tr>
    <td WIDTH="116" VALIGN="TOP"></td>
    <td WIDTH="390" VALIGN="TOP"><p ALIGN="CENTER">(Address of principal executive offices)</td>
    <td WIDTH="268" VALIGN="TOP"><p ALIGN="CENTER">(Zip Code)</td>
  </tr>
  <tr>
    <td WIDTH="116" VALIGN="TOP"></td>
    <td WIDTH="390" VALIGN="TOP"><p ALIGN="CENTER">(Issuer's telephone number)</td>
    <td WIDTH="268" VALIGN="BOTTOM"><p ALIGN="CENTER">(403) 262-1118</td>
  </tr>
</table>

<p>&nbsp;</p>

<p ALIGN="CENTER">Americomm Resources Corporation</p>

<p align="center">(Former name, former address and former fiscal year, if changed since
last report)</p>

<p align="center">State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date:</p>

<p align="center">Common Stock, $.001 Par Value &#150; 23,495,259 shares outstanding as of
September 30, 2001.</p>

<p align="center">Transitional Small Business Disclosure Format: [ ] Yes [X] No</p>

<p align="center">&nbsp;</p>

<p align="left">The Registrant has filed this Amendment No. 1 to its Quarterly Report on
Form 10-QSB for the nine-month period ended September 30, 2001 in order to correct the
I.R.S. Employer Identification number indicated on the cover page of the Form 10-QSB.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p ALIGN="CENTER">EMPIRE PETROLEUM CORPORATION</p>

<p ALIGN="CENTER">INDEX TO FORM 10-QSB/A</p>

<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="626">
  <tr>
    <td WIDTH="90%" VALIGN="TOP">Part I. FINANCIAL INFORMATION</td>
    <td WIDTH="10%" VALIGN="TOP">Page</td>
  </tr>
  <tr>
    <td WIDTH="90%" VALIGN="TOP">Item 1. Financial Statements</td>
    <td WIDTH="10%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="90%" VALIGN="TOP">Balance Sheet at September 30, 2001 (Unaudited)</td>
    <td WIDTH="10%" VALIGN="TOP"><p ALIGN="CENTER">3</td>
  </tr>
  <tr>
    <td WIDTH="90%" VALIGN="TOP">Statements of Operations for the three months ended September
    30, 2001 and 2000, and the nine months ended September 30, 2001 and 2000 (Unaudited)</td>
    <td WIDTH="10%" VALIGN="BOTTOM"><p ALIGN="CENTER">4</td>
  </tr>
  <tr>
    <td WIDTH="90%" VALIGN="TOP">Statements of Cash Flows for the nine months ended September
    30, 2001 and 2000 (Unaudited)</td>
    <td WIDTH="10%" VALIGN="BOTTOM"><p ALIGN="CENTER">5</td>
  </tr>
  <tr>
    <td WIDTH="90%" VALIGN="TOP">Notes to Financial Statements</td>
    <td WIDTH="10%" VALIGN="TOP"><p ALIGN="CENTER">6</td>
  </tr>
  <tr>
    <td WIDTH="90%" VALIGN="TOP">Part II. OTHER INFORMATION</td>
    <td WIDTH="10%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="90%" VALIGN="TOP">Item 2. Changes in Securities<p>Item 5. Other information</td>
    <td WIDTH="10%" VALIGN="TOP"><p ALIGN="CENTER">9</p>
    <p ALIGN="CENTER">10</td>
  </tr>
  <tr>
    <td WIDTH="90%" VALIGN="TOP">Item 6. Exhibits and Reports on Form 8-K</td>
    <td WIDTH="10%" VALIGN="TOP"><p ALIGN="CENTER">10</td>
  </tr>
  <tr>
    <td WIDTH="90%" VALIGN="TOP">Signatures</td>
    <td WIDTH="10%" VALIGN="TOP"><p ALIGN="CENTER">10</td>
  </tr>
</table>
<font SIZE="2">

<p>&nbsp;</p>
</font>

<p>&nbsp;</p>

<p>Item 1. FINANCIAL STATEMENTS</p>

<p ALIGN="CENTER">EMPIRE PETROLEUM CORPORATION</p>

<p ALIGN="CENTER">BALANCE SHEET</p>

<p ALIGN="CENTER">&nbsp;</p>

<table BORDER="0" CELLSPACING="1" WIDTH="583">
  <tr>
    <td WIDTH="64%" VALIGN="TOP"><p ALIGN="CENTER">ASSETS</td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><b><p ALIGN="CENTER">September 30,</p>
    <p ALIGN="CENTER">2001</b></font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><b><p ALIGN="CENTER">December 31,</p>
    <p ALIGN="CENTER">2000</b></font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Current assets:</td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="1"><b><p ALIGN="CENTER">(Unaudited)</b></font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Cash and cash equivalents</td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">$ 32,218 </font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">$ 13,000</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Accounts receivable<p>Prepaid expenses</td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">157,249</p>
    <p ALIGN="RIGHT">2,783</font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">35,604</p>
    <p ALIGN="RIGHT">3,569</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Total current assets</td>
    <td WIDTH="16%" VALIGN="top" style="border-top: thin solid"><font SIZE="2"><p
    ALIGN="RIGHT">192,250</font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="top" style="border-top: thin solid"><font SIZE="2"><p
    ALIGN="RIGHT">52,173</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Investment in prospects</td>
    <td WIDTH="16%" VALIGN="BOTTOM"><font SIZE="2"><p ALIGN="RIGHT">-</font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="BOTTOM"><font SIZE="2"><p ALIGN="RIGHT">881,407</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Property &amp; equipment net of accumulated<p>depreciation
    and depletion</td>
    <td WIDTH="16%" VALIGN="BOTTOM"><font SIZE="2"><p ALIGN="RIGHT">7,036,854</font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="BOTTOM"><font SIZE="2"><p ALIGN="RIGHT">9,358</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="top" style="border-top: thin solid; border-bottom: thin double"><font
    SIZE="2"><p ALIGN="RIGHT">$ 7,229,104 </font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="top" style="border-top: thin solid; border-bottom: thin double"><font
    SIZE="2"><p ALIGN="RIGHT">$ 942,938</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">LIABILITIES AND STOCKHOLDERS' EQUITY</td>
    <td WIDTH="16%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Current liabilities:</td>
    <td WIDTH="16%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Accounts payable and accrued liabilities<p>Notes payable
    (Note 3)</td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">$ 273,534</p>
    <p ALIGN="RIGHT">116,000</font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">$ 95,030 </p>
    <p ALIGN="RIGHT">-</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Notes payable to affiliate (Note 3)</td>
    <td WIDTH="16%" VALIGN="top" style="border-bottom: thin solid"><font SIZE="2"><p
    ALIGN="RIGHT">66,000</font></td>
    <td WIDTH="3%" VALIGN="top" style="border-bottom: thin none"></td>
    <td WIDTH="16%" VALIGN="top" style="border-bottom: thin solid"><font SIZE="2"><p
    ALIGN="RIGHT">282,754</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Total current liabilities</td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">455,534</font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">377,784</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Long-term note payable (Note 3)</td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">30,000</font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">-</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Deferred taxes</td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">1,250,000</font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">-</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Total liabilities</td>
    <td WIDTH="16%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><font
    SIZE="2"><p ALIGN="RIGHT">1,735,534</font></td>
    <td WIDTH="3%" VALIGN="top" style="border-top: thin none; border-bottom: thin none"></td>
    <td WIDTH="16%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><font
    SIZE="2"><p ALIGN="RIGHT">377,784</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Stockholders' equity:</td>
    <td WIDTH="16%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Common stock at par value</td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">23,495</font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">14,880</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Additional paid in capital<p>Accumulated deficit</td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">7,444,673</p>
    <p ALIGN="RIGHT">(1,974,598)</font></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"><font SIZE="2"><p ALIGN="RIGHT">2,365,528</p>
    <p ALIGN="RIGHT">(1,815,254)</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP">Total stockholders' equity</td>
    <td WIDTH="16%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><font
    SIZE="2"><p ALIGN="RIGHT">5,493,570</font></td>
    <td WIDTH="3%" VALIGN="top" style="border-top: thin none; border-bottom: thin none"></td>
    <td WIDTH="16%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><font
    SIZE="2"><p ALIGN="RIGHT">565,154</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="top" style="border-bottom: thin double"><font SIZE="2"><p
    ALIGN="RIGHT">$ 7,229,104 </font></td>
    <td WIDTH="3%" VALIGN="top" style="border-bottom: thin none"></td>
    <td WIDTH="16%" VALIGN="top" style="border-bottom: thin double"><font SIZE="2"><p
    ALIGN="RIGHT">$ 942,938</font></td>
  </tr>
  <tr>
    <td WIDTH="64%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="16%" VALIGN="TOP"></td>
  </tr>
</table>

<p>See accompanying notes to financial statements.</p>

<p>&nbsp;</p>

<p ALIGN="CENTER">EMPIRE PETROLEUM CORPORATION</p>

<p ALIGN="CENTER">STATEMENTS OF OPERATIONS</p>

<p ALIGN="CENTER">(Unaudited)</p>

<table BORDER="0" CELLSPACING="1" WIDTH="655">
  <tr>
    <td WIDTH="36%" VALIGN="TOP"></td>
    <td WIDTH="30%" VALIGN="TOP" COLSPAN="3"><p ALIGN="CENTER">Three Months Ended </p>
    <p ALIGN="CENTER">September 30,</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="31%" VALIGN="TOP" COLSPAN="3"><p ALIGN="CENTER">Nine Months Ended</p>
    <p ALIGN="CENTER">September 30,</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="CENTER">2001</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="CENTER">2000</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="CENTER">2001</td>
    <td WIDTH="4%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="CENTER">2000</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP" HEIGHT="38">Revenue:<p>Revenues, net </td>
    <td WIDTH="14%" VALIGN="bottom" HEIGHT="38"><p ALIGN="RIGHT">$
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </td>
    <td WIDTH="3%" VALIGN="bottom" HEIGHT="38"></td>
    <td WIDTH="14%" VALIGN="bottom" HEIGHT="38"><p ALIGN="RIGHT">$
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</td>
    <td WIDTH="3%" VALIGN="bottom" HEIGHT="38"></td>
    <td WIDTH="14%" VALIGN="bottom" HEIGHT="38"><p ALIGN="RIGHT">$ 12,410</td>
    <td WIDTH="4%" VALIGN="bottom" HEIGHT="38"></td>
    <td WIDTH="14%" VALIGN="bottom" HEIGHT="38"><p ALIGN="RIGHT">$
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="BOTTOM">Less royalty expense</td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">-</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">-</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">(2,482)</td>
    <td WIDTH="4%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">-</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="BOTTOM"></td>
    <td WIDTH="14%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">-</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">-</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">9,928</td>
    <td WIDTH="4%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">-</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="BOTTOM">Costs and expenses:</td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="4%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">Operating expenses</td>
    <td WIDTH="14%" VALIGN="BOTTOM"><p ALIGN="RIGHT">7,446</td>
    <td WIDTH="3%" VALIGN="BOTTOM"></td>
    <td WIDTH="14%" VALIGN="BOTTOM"><p ALIGN="RIGHT">-</td>
    <td WIDTH="3%" VALIGN="BOTTOM"></td>
    <td WIDTH="14%" VALIGN="BOTTOM"><p ALIGN="RIGHT">17,600</td>
    <td WIDTH="4%" VALIGN="BOTTOM"></td>
    <td WIDTH="14%" VALIGN="BOTTOM"><p ALIGN="RIGHT">-</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">General and administrative</td>
    <td WIDTH="14%" VALIGN="BOTTOM"><p ALIGN="RIGHT">77,952</td>
    <td WIDTH="3%" VALIGN="BOTTOM"></td>
    <td WIDTH="14%" VALIGN="BOTTOM"><p ALIGN="RIGHT">26,295</td>
    <td WIDTH="3%" VALIGN="BOTTOM"></td>
    <td WIDTH="14%" VALIGN="BOTTOM"><p ALIGN="RIGHT">150,067</td>
    <td WIDTH="4%" VALIGN="BOTTOM"></td>
    <td WIDTH="14%" VALIGN="BOTTOM"><p ALIGN="RIGHT">108,369</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">Depletion and amortization</td>
    <td WIDTH="14%" VALIGN="BOTTOM"><p ALIGN="RIGHT">-</td>
    <td WIDTH="3%" VALIGN="BOTTOM"></td>
    <td WIDTH="14%" VALIGN="BOTTOM"><p ALIGN="RIGHT">-</td>
    <td WIDTH="3%" VALIGN="BOTTOM"></td>
    <td WIDTH="14%" VALIGN="BOTTOM"><p ALIGN="RIGHT">1,050</td>
    <td WIDTH="4%" VALIGN="BOTTOM"></td>
    <td WIDTH="14%" VALIGN="BOTTOM"><p ALIGN="RIGHT">2,043</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">85,398</td>
    <td WIDTH="3%" VALIGN="top" style="border-top: thin none; border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">26,295</td>
    <td WIDTH="3%" VALIGN="top" style="border-top: thin none; border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">168,717</td>
    <td WIDTH="4%" VALIGN="top" style="border-top: thin none; border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">110,412</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">Operating loss</td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">85,398</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">26,295</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">158,789</td>
    <td WIDTH="4%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">110,412</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="4%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">Other income and expense:</td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="4%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">Interest income</td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">-</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">(1,029)</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">(6,918)</td>
    <td WIDTH="4%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">(2,841)</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">Interest expense</td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">5,918</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">-</td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">7,473</td>
    <td WIDTH="4%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="RIGHT">-</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">Total other income and expense</td>
    <td WIDTH="14%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">5,918</td>
    <td WIDTH="3%" VALIGN="top" style="border-top: thin none; border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">(1,029)</td>
    <td WIDTH="3%" VALIGN="top" style="border-top: thin none; border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">555</td>
    <td WIDTH="4%" VALIGN="top" style="border-top: thin none; border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">(2,841)</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="4%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">Net loss</td>
    <td WIDTH="14%" VALIGN="top" style="border-bottom: thin double"><p ALIGN="RIGHT">$
    (91,316) </td>
    <td WIDTH="3%" VALIGN="top" style="border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="top" style="border-bottom: thin double"><p ALIGN="RIGHT">$
    (25,266)</td>
    <td WIDTH="3%" VALIGN="top" style="border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="top" style="border-bottom: thin double"><p ALIGN="RIGHT">$
    (159,344) </td>
    <td WIDTH="4%" VALIGN="top" style="border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="top" style="border-bottom: thin double"><p ALIGN="RIGHT">$(107,571)</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="3%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
    <td WIDTH="4%" VALIGN="TOP"></td>
    <td WIDTH="14%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">Net loss per common share</td>
    <td WIDTH="14%" VALIGN="top" style="border-bottom: thin double"><p ALIGN="RIGHT">$ 0.00</td>
    <td WIDTH="3%" VALIGN="top" style="border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="top" style="border-bottom: thin double"><p ALIGN="RIGHT">$ 0.00</td>
    <td WIDTH="3%" VALIGN="top" style="border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="top" style="border-bottom: thin double"><p ALIGN="RIGHT">$ 0.01</td>
    <td WIDTH="4%" VALIGN="top" style="border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="top" style="border-bottom: thin double"><p ALIGN="RIGHT">$ 0.01</td>
  </tr>
  <tr>
    <td WIDTH="36%" VALIGN="TOP">Weighted average number of<p>common shares outstanding</td>
    <td WIDTH="14%" VALIGN="bottom" style="border-bottom: thin double"><p ALIGN="RIGHT">21,284,401</td>
    <td WIDTH="3%" VALIGN="bottom" style="border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="bottom" style="border-bottom: thin double"><p ALIGN="RIGHT">14,879,589</td>
    <td WIDTH="3%" VALIGN="bottom" style="border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="bottom" style="border-bottom: thin double"><p ALIGN="RIGHT">19,362,947</td>
    <td WIDTH="4%" VALIGN="bottom" style="border-bottom: thin none"></td>
    <td WIDTH="14%" VALIGN="bottom" style="border-bottom: thin double"><p ALIGN="RIGHT">14,879,589</td>
  </tr>
</table>

<p>See accompanying notes to financial statements</p>

<p>&nbsp;</p>

<p ALIGN="CENTER">EMPIRE PETROLEUM CORPORATION</p>

<p ALIGN="CENTER">STATEMENTS OF CASH FLOWS</p>

<p ALIGN="CENTER">(UNAUDITED)</p>

<table BORDER="0" CELLSPACING="1" WIDTH="625">
  <tr>
    <td WIDTH="392" VALIGN="TOP"></td>
    <td WIDTH="225" VALIGN="TOP" COLSPAN="4"><p ALIGN="CENTER">Nine Months Ended </td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2"></td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="CENTER">September 30,</p>
    <p ALIGN="CENTER">2001</td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="CENTER">September 30,</p>
    <p ALIGN="CENTER">2000</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Cash flows from operating activities:</td>
    <td WIDTH="103" VALIGN="TOP"></td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Net loss</td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">$ (159,344)</td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">$ (107,571)</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Adjustments to reconcile net loss to net cash
    used in operating activities:</td>
    <td WIDTH="103" VALIGN="TOP"></td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Depletion and amortization</td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">1,050</td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">2,043</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">(Increase) decrease in assets:<p>Accounts
    receivable </td>
    <td WIDTH="103" VALIGN="BOTTOM"><p ALIGN="RIGHT">(121,645)</td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="BOTTOM"><p ALIGN="RIGHT">-</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Prepaid expenses</td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">786</td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">3,244</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Increase in liabilities:</td>
    <td WIDTH="103" VALIGN="TOP"></td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Accounts payable and accrued expenses</td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">178,504</td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">3,189</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Net cash used in operating activities </td>
    <td WIDTH="103" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">(100,649)</td>
    <td WIDTH="11" VALIGN="top" style="border-top: thin none; border-bottom: thin none"></td>
    <td WIDTH="103" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">(99,095)</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Cash flows from investing activities:</td>
    <td WIDTH="103" VALIGN="TOP"></td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Additions to property, plant and equipment</td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">(723,176)</td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">-</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Cash payments for investments in prospects</td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">-</td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">(141,028)</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Net cash used in investing activities</td>
    <td WIDTH="103" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">(723,176)</td>
    <td WIDTH="11" VALIGN="top" style="border-top: thin none; border-bottom: thin none"></td>
    <td WIDTH="103" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">(141,028)</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Cash flows from financing activities:</td>
    <td WIDTH="103" VALIGN="TOP"></td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Issuance of common stock</td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">913,797</td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">200,000</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">(Repayment) proceeds of note payable &#150;
    affiliate</td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">(70,754)</td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">110,000</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Net cash provided by financing activities</td>
    <td WIDTH="103" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">843,043</td>
    <td WIDTH="11" VALIGN="top" style="border-top: thin none; border-bottom: thin none"></td>
    <td WIDTH="103" VALIGN="top" style="border-top: thin solid; border-bottom: thin solid"><p
    ALIGN="RIGHT">310,000</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Net increase in cash</td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">19,218</td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">69,877</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Cash and cash equivalents &#150; Beginning</td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">13,000</td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"><p ALIGN="RIGHT">23,153</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2">Cash and cash equivalents &#150; Ending</td>
    <td WIDTH="103" VALIGN="top" style="border-top: thin solid; border-bottom: thin double"><p
    ALIGN="RIGHT">$&nbsp;&nbsp; 32,218</td>
    <td WIDTH="11" VALIGN="top" style="border-top: thin none; border-bottom: thin none"></td>
    <td WIDTH="103" VALIGN="top" style="border-top: thin solid; border-bottom: thin double"><p
    ALIGN="RIGHT">$&nbsp;&nbsp; 93,030</td>
  </tr>
  <tr>
    <td WIDTH="392" VALIGN="TOP" COLSPAN="2"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
    <td WIDTH="11" VALIGN="TOP"></td>
    <td WIDTH="103" VALIGN="TOP"></td>
  </tr>
</table>

<p>See accompanying notes to financial statements</p>

<p>&nbsp;</p>

<p ALIGN="CENTER">EMPIRE PETROLEUM CORPORATION </p>

<p ALIGN="CENTER">NOTES TO CONSOLDIATED FINANCIAL STATEMENTS</p>

<p ALIGN="CENTER">(UNAUDITED)</p>

<p>&nbsp;</p>

<p>1.&nbsp;&nbsp;&nbsp;&nbsp; BASIS OF PRESENTATION:</p>

<p ALIGN="JUSTIFY">The accompanying unaudited financial statements of Empire Petroleum
Corporation (&quot;Empire&quot;, or the &quot;Company&quot;) have been prepared in
accordance with generally accepted accounting principles for interim financial information
and the instructions to Form 10-QSB. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, all adjustments (consisting
of only normal recurring accruals) considered necessary for a fair presentation of the
Company&#146;s financial position, the results of operations, and the cash flows for the
interim periods are included. Operating results for the interim periods are not
necessarily indicative of the results that may be expected for the year ending December
31, 2001.</p>

<p ALIGN="JUSTIFY">On July 20, 2001, the Board of Directors approved the merger of
Americomm Resources Corporation with its wholly owned subsidiary Empire Petroleum
Corporation and the simultaneous change in the name of the corporation to Empire Petroleum
Corporation. Both the merger and name change were effective August 15, 2001.</p>

<p ALIGN="JUSTIFY">The information contained in this Form 10-QSB should be read in
conjunction with audited financial statements and related notes for the year ended
December 31, 2000 which are contained in the Company&#146;s Annual Report on Form 10-KSB
filed with the Securities and Exchange Commission (the &quot;SEC&quot;) on March 29, 2001,
Form 10KSB/A Number 1 filed on May 7, 2001.</p>

<p>2.&nbsp;&nbsp;&nbsp;&nbsp; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</p>

<p ALIGN="JUSTIFY">Oil and gas properties - The Company uses the successful efforts method
of accounting for its oil and gas activities. Costs incurred are deferred until
exploration and completion results are evaluated. At such time, costs of activities with
economically recoverable reserves are capitalized as proven properties, and costs of
unsuccessful or uneconomical development work are expensed.</p>

<p ALIGN="JUSTIFY">Cash and cash equivalents - The Company defines cash and cash
equivalents to be cash on hand, cash in checking accounts, certificates of deposit, cash
in money market accounts and certain investments with maturities of three months or less
from the date of purchase.<br>
</p>

<p ALIGN="JUSTIFY">3.&nbsp;&nbsp;&nbsp; NOTES PAYABLE </p>

<p ALIGN="JUSTIFY">On June 4, 2001 the corporation received proceeds from two notes
payable in the amount of $116,000 and further signed a debenture note payable from an
affiliated person for a further $66,000. These notes are unsecured and bear interest at
12% per year, with interest payable monthly. They are due and payable by the corporation
on June 4, 2002 including a 3% premium on the principal amounts due. In no event shall
interest to be paid exceed an amount equal to simple interest on the unpaid principal
balances of the notes at the maximum rate permitted by applicable law.</p>

<p ALIGN="JUSTIFY">On August 23, 2001 the corporation received proceeds of a long-term
note payable in the amount of $30,000. The note is unsecured and bears interest at 1% per
month and is convertible, at the note holder&#146;s option, into a .5% working interest in
the Timber Draw project.</p>

<p ALIGN="JUSTIFY">4.&nbsp;&nbsp;&nbsp; INCOME TAXES</p>
<font FACE="Arial" SIZE="2">

<p ALIGN="JUSTIFY"></font>As of September 30, 2001 the Company has tax net operating loss
carry forwards totalling approximately $1,754,000. If not used, these carry forwards will
expire in the years 2001 to 2020. </p>

<p ALIGN="JUSTIFY">5.&nbsp;&nbsp;&nbsp; EMPIRE PETROLEUM CORPORATION ACQUISITION</p>

<p ALIGN="JUSTIFY">On May 29, 2001 the Company acquired Empire Petroleum Corporation, a
private company that owns a 25% interest in the Cheyenne River Prospect, increasing the
Company&#146;s working interest in the Cheyenne River Wyoming Prospect to 75%. The
acquisition of Empire was accomplished by the issue of 7,492,351 common shares or 30.6% of
the total 24,476,925 shares now outstanding on a fully diluted basis. The Company&#146;s
shares issued were valued at $0.55 each for this transaction. The acquisition was
accounted for as follows:</p>

<table border="0" width="58%">
  <tr>
    <td width="65%"></td>
    <td width="64%"></td>
    <td width="21%"><p align="center">USD$</td>
  </tr>
  <tr>
    <td width="65%"></td>
    <td width="64%">Value of shares issued</td>
    <td width="21%" align="right" style="border-bottom: thin double">&nbsp; 4,120,793</td>
  </tr>
  <tr>
    <td width="65%"></td>
    <td width="64%">Current assets</td>
    <td width="21%" align="right">347,762</td>
  </tr>
  <tr>
    <td width="65%"></td>
    <td width="64%">Investments</td>
    <td width="21%" align="right">206,250</td>
  </tr>
  <tr>
    <td width="65%"></td>
    <td width="64%">Current Liabilities</td>
    <td width="21%" align="right">(607,182)</td>
  </tr>
  <tr>
    <td width="65%"></td>
    <td width="64%">Deferred Taxes </td>
    <td width="21%" align="right">(1,250,000)</td>
  </tr>
  <tr>
    <td width="65%"></td>
    <td width="64%">Petroleum and natural gas properties</td>
    <td width="21%" align="right" style="border-bottom: thin solid">5,423,963</td>
  </tr>
  <tr>
    <td width="65%"></td>
    <td width="64%"></td>
    <td width="21%" align="right" style="border-bottom: thin double">&nbsp; 4,120,793</td>
  </tr>
</table>
<font SIZE="2">

<p></font>&nbsp;</p>

<p ALIGN="JUSTIFY">Management changes concurrent with the Empire acquisition included the
appointment of John P. McGrain as Chairman and Chief Executive Officer, and Thomas J.
Jacobsen as President and Chief Operating Officer of the combined company. Mr. McGrain,
has 30 years experience as an investor with a focus on oil and gas companies and is
currently the Chairman of Westlinks Resources (Nasdaq: WLKS). Mr. Jacobsen, also a
Director of Westlinks, has more than 40 years experience in the oil and gas industry
within Canada, the United States and internationally.</p>

<p ALIGN="JUSTIFY">The Board of Directors is now comprised of John P. McGrain, Thomas J.
Jacobsen, Albert E. Whitehead, Thomas R. Bradley and John C. Kinnard. George H. Plewes has
resigned as a director. Al Whitehead and Tom Bradley, in addition to their board duties,
will continue to manage the company's land inventory of over 100,000 acres of leases.</p>

<p ALIGN="JUSTIFY">On July 20, 2001 the Board of Directors approved the merger of the
Company with its now wholly owned subsidiary Empire Petroleum Corporation and the
simultaneous change in the name to Empire Petroleum Corporation. Both the merger and name
change were effective August 15, 2001.</p>

<p ALIGN="JUSTIFY">Item 2. PLAN OF OPERATION</p>

<p ALIGN="JUSTIFY">All statements, other than statements of historical fact contained in
this report are forward-looking statements. Forward-looking statements generally are
accompanied by words such as &quot;anticipate,&quot; &quot;believe,&quot;
&quot;estimate,&quot; &quot;expect,&quot; &quot;may,&quot; &quot;might,&quot;
&quot;potential,&quot; &quot;project&quot; or similar statements. Although the Registrant
believes that the expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will prove correct. Factors
that could cause the Registrant's results to differ materially from the results discussed
in such forward-looking statements include the need for additional capital, the costs
expected to be incurred in the exploration and development of the Registrant's properties,
unforeseen engineering, mechanical or technological difficulties in drilling wells,
uncertainty of exploration results, operating hazards, competition from other natural
resource companies, the fluctuations of prices for oil and gas, the effects of
governmental and environmental regulation, general economic conditions and other risks
described in the Registrant's filings with the Securities and Exchange Commission.
Accordingly, the actual results of the Registrant's operations in the future may vary
widely from the forward-looking statements included herein, and all forward-looking
statements in this Report are expressly qualified in their entirety by the cautionary
statements in this paragraph.</p>

<p ALIGN="JUSTIFY">Empire has no income producing oil and gas properties at September 30,
2001. However, an oil and gas test well was drilled in January 2001 on the Cheyenne River
Prospect. The test well encountered flows of oil and natural gas during the drilling
period and was subsequently completed as an oil well as described below.</p>

<p ALIGN="JUSTIFY">As of September 30, 2001, Empire had $32,218 of cash on hand. Empire
expects that its cash on hand will be sufficient to fund its operations for the next 3
months. Empire&#146;s material commitments consist of annual lease payments on the
Cheyenne River Prospect of approximately $142,882, of which $102,942 were paid in March
2001, with $40,424 of this amount paid by the Registrant and the balance of $62,518 paid
by the parties to the Farmout Agreement in the Cheyenne River Prospect. The Registrant's
additional commitments consist of office lease payments of $3,568 per month and the salary
of one secretary. In January 2001, the Registrant sublet a portion of its office space at
$1,000 per month. Mr. McGrain serves as an executive officer of the Registrant without
compensation. </p>

<p ALIGN="JUSTIFY">During the period from February 13, to June 22, 2001, the Company
conducted a series of production methods on its Timber Draw Unit #1-AH oil and gas
discovery. During the test period, the well flowed 8,139 barrels of 44 degree light
gravity sweet crude and 29,072,000 cubic feet of natural gas with a BTU content of 1,493
and rich in natural gas liquids. Consulting engineers have calculated natural gas liquids
of approximately 70 barrels per day based on estimated gas production of 500,000 cubic
feet per day. Due to the lack of a nearby pipeline connection the well was shut-in on June
22, 2001 to conserve the natural gas, which was flared during the test period. </p>

<p ALIGN="JUSTIFY">It was previously reported that the Company anticipated drilling
additional wells in the fourth quarter, however, due to poor financial market conditions
it was not possible to raise the funds necessary to conduct the forth quarter drilling
program. The Company now has elected to make an effort to sell and/or sell-farmout a 25%
working interest in the Timber Draw #1-AH discovery well and the 100,000 acres under lease
in the Cheyenne River Prospect. Upon concluding a sale or sale-farmout, steps will be
taken to conduct a sixteen square mile seismic survey surrounding the discovery well and
building a ten mile pipeline to a gas purchaser in order to place the well on production. </p>

<p ALIGN="JUSTIFY">The Bureau of Land Management (BLM) has advised the Company it will
require additional test data before it can determine the economic status of the well
pursuant to the terms of the Timber Draw Unit. A continuous test of the well will be
carried out after its connection to a purchaser&#146;s pipeline and the Company
anticipates the BLM will require about six months of production history before it renders
its ruling on whether the Company has a paying or non-paying well based on its criteria
which is essentially based on whether or not the production from the well will payout the
cost of such well. Based on results of the production testing, 3D seismic interpretation
and financing, the Company now plans additional drilling in the 2<sup>nd</sup> Quarter of
2002.</p>

<p ALIGN="JUSTIFY">Empire does not at this time expect any significant change in the
number of its employees during the next twelve months. If Empire is successful in raising
additional capital, it will employ part-time or temporary persons and consultants in
situations where special expertise is required.</p>

<p ALIGN="JUSTIFY">PART II. OTHER INFORMATION</p>

<p ALIGN="JUSTIFY">Item 2. CHANGES IN SECURITIES</p>

<p ALIGN="JUSTIFY">Recent Sales of Unregistered Securities</p>

<p ALIGN="JUSTIFY">On June 29, 2001, The Company issued 7,492,351 shares of Common Stock
in conjunction with the acquisition of Empire Petroleum Corporation.</p>

<p ALIGN="JUSTIFY">During March 2001, as described elsewhere herein, the Registrant issued
748,319 shares of common stock to the Albert E. Whitehead Living Trust upon conversion by
such trust of a convertible promissory note due March 15, 2001. The convertible promissory
note had an outstanding balance of principal and accrued interest of $327,015.63 and was
convertible at the rate of $0.4370 per share of common stock, which represents the market
price of the common stock on the date this convertible promissory note was issued.</p>

<p ALIGN="JUSTIFY">During January 2001 in connection with the Farmout Agreement relating
to its Cheyenne River Prospect, the Registrant sold to Empire Petroleum Corporation
375,000 shares of Common Stock for $0.40 per share for a total purchase price of $150,000.</p>

<p ALIGN="JUSTIFY">All of such shares were issued in reliance on the exemption from
registration afforded by Section 4(2) of the Securities Act of 1933, as amended. Among the
facts supporting the Registrant's reliance on such exemption are that the shares were
issued to a small number of sophisticated purchasers and that the purchasers acquired the
shares for their own accounts and without intention of distributing or reselling the
shares except in compliance with applicable securities laws. The shares bear appropriate
restrictive legends.</p>

<p ALIGN="JUSTIFY">Item 5. Other information</p>

<p ALIGN="JUSTIFY">On July 20, 2001 the Board of Directors approved the merger of the
Company with its wholly owned subsidiary Empire Petroleum Corporation and the simultaneous
change in the name of the Company to Empire Petroleum Corporation. Both the merger and
name change are effective August 15, 2001. </p>

<p ALIGN="JUSTIFY">Item 6. Exhibits and Reports on Form 8-K</p>

<blockquote>
  <blockquote>
    <blockquote>
      <p ALIGN="JUSTIFY">Exhibits - none</p>
    </blockquote>
    <blockquote>
      <p ALIGN="JUSTIFY">Reports on Form 8-K. </p>
      <p ALIGN="JUSTIFY">A form 8-K was filed June 30, 2001 regarding the acquisition of Empire
      Petroleum Corporation. An amended form 8-K regarding the acquisition of Empire Petroleum
      Corporation was filed July 23, 2001.</p>
      <p ALIGN="JUSTIFY">&nbsp;</p>
      <p ALIGN="JUSTIFY">&nbsp;</p>
    </blockquote>
  </blockquote>
</blockquote>

<p ALIGN="CENTER">EMPIRE PETROLEUM CORPORATION </p>

<p ALIGN="CENTER">SIGNATURES</p>

<p ALIGN="JUSTIFY">In accordance with the requirements of the Securities Exchange Act of
1934, the Registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</p>

<p>EMPIRE PETROLEUM CORPORATION </p>

<p ALIGN="JUSTIFY">Date: December 6, 2001
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By: /s/ Thomas J. Jacobsen</p>

<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <blockquote>
          <blockquote>
            <p ALIGN="JUSTIFY">Thomas J. Jacobsen</p>
          </blockquote>
        </blockquote>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>

<p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
President &amp; Chief Operating Officer</p>
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