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Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2022

Disclosure Organization and Basis of Presentation Abstract

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 operates the following wholly-owned subsidiaries in its areas of operations:

	●	Empire New Mexico, LLC (“Empire New Mexico”)
	●	Empire Rockies Region

	o	Empire North Dakota LLC (“Empire North Dakota”)
	o	Empire North Dakota Acquisition LLC (“Empire NDA”)

●

Empire Texas (“Empire Texas”), consisting of the following entities:

Empire Texas LLC

	o	Empire Texas Operating LLC
	o	Empire Texas GP LLC

Pardus 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 Delaware in 1985. The consolidated financial statements of Empire Petroleum Corporation and subsidiaries include the accounts of the Company and its wholly-owned subsidiaries.

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.