Basis of Presentation and Significant Accounting Policies	9 Months Ended
Sep. 30, 2011
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies	1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: The accompanying unaudited financial statements of Empire Petroleum Corporation ("Empire" or the "Company") have been prepared in accordance with United States generally accepted accounting principles for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's financial position, the results of operations, and the cash flows for the interim period are included. All adjustments are of a normal, recurring nature. Operating results for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2011. The information contained in this Form 10-Q should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2010 which are contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 23, 2011 and amended on September 30, 2011. The Company has incurred significant losses in recent years. The continuation of the Company as a going concern is dependent upon the ability of the Company to attain future profitable operations and/or additional debt or equity financing until profitable operations are achieved. These financial statements have been prepared on the basis of United States generally accepted accounting principles applicable to a company with continuing operations, which assume that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its obligations in the normal course of operations. Management believes the going concern assumption to be appropriate for these financial statements. If the going concern assumption were not appropriate for these financial statements, then adjustments might be necessary to adjust the carrying value of assets and liabilities and reported expenses. The Company continues to explore and develop its oil and gas interests. The ultimate recoverability of the Company's investment in its oil and gas interests is dependent upon the existence and discovery of economically recoverable oil and gas reserves, confirmation of the Company's interest in the oil and gas interests, the ability of the Company to obtain necessary financing to further develop the interests, and the ability of the Company to attain future profitable production. As of September 30, 2011, the Company had $56,734 of cash on hand. In order to sustain the Company's operations on a long-term basis, the Company continues to look for merger opportunities and consider public or private financings. Compensation of Officers and Employees The Company's only executive officer serves without pay or other compensation. The fair value of these services is estimated by management and is recognized as a capital contribution. For the nine months ended September 30, 2011, the Company recorded $37,500 as a capital contribution by its executive officer. Fair Value Measurements 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. The Company's primary marketable asset is cash, and it owns no marketable securities.

Basis of Presentation and Significant Accounting Policies

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES:

The accompanying unaudited financial statements of Empire Petroleum

Corporation ("Empire" or the "Company") have been prepared in accordance

with United States generally accepted accounting principles for interim

financial information and the instructions to Form 10-Q. Accordingly,

they do not include all of the information and footnotes required by

United States generally accepted accounting principles for complete

financial statements. In the opinion of management, all adjustments

considered necessary for a fair presentation of the Company's financial

position, the results of operations, and the cash flows for the interim

period are included. All adjustments are of a normal, recurring nature.

Operating results for the interim period are not necessarily indicative of

the results that may be expected for the year ending December 31, 2011.

The information contained in this Form 10-Q should be read in

conjunction with the audited financial statements and related notes for

the year ended December 31, 2010 which are contained in the Company's

Annual Report on Form 10-K filed with the Securities and Exchange

Commission (the "SEC") on March 23, 2011 and amended on September 30, 2011.

The Company has incurred significant losses in recent years. The

continuation of the Company as a going concern is dependent upon the

ability of the Company to attain future profitable operations and/or

additional debt or equity financing until profitable operations are achieved.

These financial statements have been prepared on the basis of United States

generally accepted accounting principles applicable to a company with

continuing operations, which assume that the Company will continue in

operation for the foreseeable future and will be able to realize its assets

and discharge its obligations in the normal course of operations. Management

believes the going concern assumption to be appropriate for these financial

statements. If the going concern assumption were not appropriate for these

financial statements, then adjustments might be necessary to adjust the

carrying value of assets and liabilities and reported expenses.

The Company continues to explore and develop its oil and gas interests.

The ultimate recoverability of the Company's investment in its oil and gas

interests is dependent upon the existence and discovery of economically

recoverable oil and gas reserves, confirmation of the Company's interest in

the oil and gas interests, the ability of the Company to obtain necessary

financing to further develop the interests, and the ability of the Company

to attain future profitable production.

As of September 30, 2011, the Company had $56,734 of cash on hand. In order

to sustain the Company's operations on a long-term basis, the Company

continues to look for merger opportunities and consider public or private

financings.

Compensation of Officers and Employees

The Company's only executive officer serves without pay or other compensation.

The fair value of these services is estimated by management and is recognized

as a capital contribution. For the nine months ended September 30, 2011, the

Company recorded $37,500 as a capital contribution by its executive officer.

Fair Value Measurements

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. The Company's primary

marketable asset is cash, and it owns no marketable securities.