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Organization and Basis of Presentation
12 Months Ended
Dec. 31, 2021
Organization And Basis Of Presentation  
Organization and Basis of Presentation

Note 1 - Organization and Basis of Presentation

 

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 has four wholly-owned subsidiaries in its areas of operations:

 

Empire North Dakota LLC (“Empire North Dakota”)
Empire New Mexico, LLC (“Empire New Mexico”)
Empire Texas (“Empire Texas”), consisting of the following entities:
oEmpire Texas LLC
oEmpire Texas GP LLC
oPardus Oil & Gas Operating, LP (owned 1% by Empire Texas GP LLC and 99% by Empire Texas LLC)
Empire Louisiana LLC (“Empire Louisiana”)

 

Empire was incorporated in the State of Utah in August 1983 and subsequently 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.