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Property | 6 Months Ended
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Jun. 30, 2025
Property, Plant and Equipment [Abstract] |
Property | Note 3 – Property The aggregate capitalized costs of oil and natural gas properties are as follows:
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Proved properties |  | $ | 138,315 |  |  | $ | 134,239 |
Unproved properties |  |  | 3,913 |  |  |  | 3,858 |
Work in process |  |  | 1,780 |  |  |  | 2,578 |
Gross capitalized costs |  |  | 144,008 |  |  |  | 140,675 |
Accumulated depletion, amortization and impairment |  |  | (36,583 | ) |  |  | (31,974 | )
Total Oil and gas properties, net |  | $ | 107,425 |  |  | $ | 108,701 |
Depletion and amortization expense related to oil and gas properties for the three months ended June 30, 2025 and 2024, was approximately $2.5 million and $2.6 million, respectively. Depletion and amortization expense related to oil and gas properties for the six months ended June 30, 2025 and 2024, was approximately $4.6 million and $4.0 million, respectively. Proved oil and natural gas properties are reviewed for impairment at least annually, or as indicators of impairment arise. There have been no indicators of impairment during the six months ended June 30, 2025. On April 9, 2024, Empire acquired 60% of certain New Mexico interests from Energy Evolution. As consideration, Empire issued Energy Evolution 600,000 shares of common stock of Empire based on an agreed upon price of $5.00 per share for an aggregate agreed upon value of $3.0 million. On August 8, 2024, Empire successfully extended its option to purchase the remaining interest with the issuance of 16,800 shares of common stock (the “Option Shares”) to Energy Evolution, and as such, Empire has the right to acquire the remaining interest for an exercise price of $2.0 million (the “Purchase Option”). On May 1, 2025, the Company amended its ability to further extend the Purchase Option to allow for payment for such extension to be made in cash in lieu of the Option Shares, due and payable on or before September 30, 2025. In April 2025, Empire disposed of certain non-core undeveloped leasehold rights held from a previous acquisition in Montana resulting in a gain on sale of approximately $0.2 million which is reflected within other income (expense) on the unaudited interim condensed consolidated statements of operations. Other property and equipment consists of operating lease assets, vehicles, office furniture, and equipment with lives ranging from three to five years. The capitalized costs of other property and equipment are as follows: Schedule of other property plant and equipment
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Other property and equipment, at cost |  | $ | 3,770 |  |  | $ | 3,304 |
Less: accumulated depreciation |  |  | (2,286 | ) |  |  | (1,913 | )
Other property and equipment, net |  | $ | 1,484 |  |  | $ | 1,391 |
Depreciation expense related to other property and equipment for the three months ended June 30, 2025 and 2024, was approximately $0.1 million for both periods. Depreciation expense related to other property and equipment for the six months ended June 30, 2025 and 2024, was approximately $0.2 million and $0.1 million, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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