帝国石油公司2025年度报告

Dear Fellow Shareholders, Empire Petroleum entered 2026 following a year shaped by market volatility, vastly lower oil prices,operational variability, and the continued need to optimize capital allocation. These conditions reinforcedthe importance of sound execution, flexibility, and clear decision-making. Throughout 2025, management In Texas, our efforts focused on infrastructure readiness by increasing field compression over 500%allowing for selective in-field development. The increase in compression de-bottlenecked the chokepoints in our production capacity, advancing our Texas gas development. Our focus to increaseproduction includes recompletions, reactivations, deeper completions, and deeper new drills in proved- In North Dakota, the continued application of Empire’s production technology in the Starbuck Fieldimproved operational visibility and facility performance. Refinements to field execution andinfrastructure provided greater clarity around operating results and future development opportunities.Looking ahead, Empire expects its second-generation thermal recovery approach to remain an important In New Mexico, activity remained limited as matters subject to ongoing legal proceedings continue to beaddressed. We remain focused on protecting the value of these assets while pursuing the appropriate As Empire moved into 2026, management and the Board took additional steps to strengthen thecompany’s financial and operational position while preserving flexibility. We also expanded ouroperational footprint through participation in three wells in Louisiana. We expect these wells to contribute Empire’s progress reflects the experience and commitment of our employes, field teams, and serviceproviders, whose work supports the company’s daily operations. We appreciate the continued support andengagement of our shareholders. On behalf of the Board and management team, we remain committed to Sincerely, Phil E. MulacekChairman, Board of Directors EMPIRE PETROLEUM CORPORATION Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.☐Yes☑No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.☐Yes☑No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the voting and non-voting common equity held by non-affiliates, computed by reference to the closing sales price of suchcommon equity as of the last business day of the registrant’s most recently completed second fiscal quarter, was $76,889,541. The number of shares of the registrant’s common stock, $0.001 par value, outstanding as of March 10, 2026 was 35,428,808. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement relating to the registrant’s 2026 annual meeting of stockholders have been incorporated byreference into Part III of this Annual Report on Form 10-K. PART I Forward-Looking StatementsGlossary of TermsItem1.BusinessItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem1C.CybersecurityItem2.Properties PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities29Item6.Reserved29Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations30 PART IIIDirectors, Executive Officers and Corporate Governance Item10.Item11.Executive CompensationItem12.Security Ownership of Certain Beneficial Owners and Management and Related S