0001072613-21-000426.txt : 20210517 0001072613-21-000426.hdr.sgml : 20210517 20210517163925 ACCESSION NUMBER: 0001072613-21-000426 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210517 DATE AS OF CHANGE: 20210517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMPIRE PETROLEUM CORP CENTRAL INDEX KEY: 0000887396 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 731238709 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-16653 FILM NUMBER: 21931527 BUSINESS ADDRESS: STREET 1: 2200 S. UTICA PLACE STREET 2: SUITE 150 CITY: TULSA STATE: OK ZIP: 74114 BUSINESS PHONE: (539) 444-8002 MAIL ADDRESS: STREET 1: 2200 S. UTICA PLACE STREET 2: SUITE 150 CITY: TULSA STATE: OK ZIP: 74114 FORMER COMPANY: FORMER CONFORMED NAME: AMERICOMM RESOURCES CORP DATE OF NAME CHANGE: 19951115 FORMER COMPANY: FORMER CONFORMED NAME: AMERICOMM CORP DATE OF NAME CHANGE: 19930328 10-Q 1 form10q033121.htm FORM 10-Q FOR PERIOD ENDED MARCH 31, 2021
 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 10-Q

_________________

(Mark One) 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the quarterly period ended:  March 31, 2021

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the transition period from: ____________to ____________

 

 

_____________________

 

EMPIRE PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

_____________________

 

DELAWARE 001-16653 73-1238709

(State or Other Jurisdiction of

Incorporation or Organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

 

 

 

2200 South Utica Place, Suite 150   Tulsa, OK 74114

(Address of principal executive offices)(Zip Code)

 

(539) 444-8002

(Registrant’s telephone number, including area code)

 

 

(Former name or former address and former fiscal year, if changed since last report)

_________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
None EMPR None

 

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 1934 during 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 requirements for the past 90 days.     Yes  þ     No  £

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes  þ     No  £

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated  filer ☐
 
Non-accelerated filer ☒ Smaller reporting company ☒
 
Emerging growth company ☐  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  ☒ 

 

 

 

 

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    Yes  ☐    No  ☐

 

APPLICABLE ONLY TO CORPORATE ISSUERS

The number of shares of the registrant's common stock, $0.001 par value, outstanding as of March 31, 2021 was 57,515,920. 

 

 

 

 

 

 

 

 

 

 

 

 

 

-2

 

EMPIRE PETROLEUM CORPORATION

 

INDEX TO FORM 10-Q

 

 

 

PART I. FINANCIAL INFORMATION Page No.
     
Item 1. Condensed Consolidated Financial Statements (Unaudited)  
     
  Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020 (Unaudited) 4
     
  Condensed Consolidated Statements of Operations – For the three months ended March 31, 2021 and 2020 (Unaudited) 5
     
  Condensed Consolidated Statements of Changes in Stockholders' Deficit – For the three months ended March 31, 2021 and 2020 (Unaudited) 6
     
  Condensed Consolidated Statements of Cash Flows – For the three months ended March 31, 2021 and 2020 (Unaudited) 7
     
  Notes to Unaudited Condensed Consolidated Financial Statements 8-16
     
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17-18
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 19
     
Item 4. Controls and Procedures   19
     
     
PART II. OTHER INFORMATION  
     
Item 1. Legal Proceedings 20
     
   Item 1A. Risk Factors 20
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20
     
Item 3. Defaults Upon Senior Securities 20
     
Item 4. Mine Safety Disclosures 20
     
Item 5. Other Information 20
     
Item 6. Exhibits 20
     
  Signatures 21
     
     

 

 

 

 

 

 

 

 

-3

 

PART I. FINANCIAL INFORMATION

 

Item 1. FINANCIAL STATEMENTS

 

EMPIRE PETROLEUM CORPORATION

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

   March 31, 2021   December 31, 2020 
         
ASSETS          
           
Current Assets:          
Cash  $3,914,678   $157,695 
Accounts Receivable   1,281,555    1,251,634 
Inventory   806,409    531,309 
Prepaids   216,360    281,895 
Total Current Assets   6,219,002    2,222,533 
           
Property and equipment:          
Oil and Natural Gas Properties, Successful Efforts   22,711,446    22,711,445 
Less: Accumulated Depreciation, Depletion and Impairment   (15,324,596)   (15,148,444)
    7,386,850    7,563,001 
Other Property and Equipment, net   774,481    662,017 
Total Property and Equipment, net   8,161,331    8,225,018 
           
Utility and Other Deposits   2,712,126    802,050 
           
Total Assets  $17,092,459   $11,249,601 
           
           
LIABILITIES AND STOCKHOLDERS' DEFICIT          
           
Current Liabilities:          
Accounts Payable  $2,105,518   $1,937,743 
Accrued Expenses   2,427,578    2,697,831 
Derivatives   235,720    5,749 
Contingent Payment (see Note 4)       40,000 
Current Portion of Lease Liability   96,325    89,769 
Current Portion of Long-term Notes Payable   8,401,791    1,301,618 
Total Current Liabilities   13,266,932    6,072,710 
           
Long-Term Notes Payable   624,815    7,719,703 
Long Term Lease Liability   505,546    534,009 
Asset Retirement Obligations   15,648,682    15,364,217 
Total Liabilities   30,045,975    29,690,639 
           
Commitments and Contingencies (Note 12)        
           
Stockholders' Equity (Deficit):          
Common Stock - $.001 Par Value 150,000,000 Shares Authorized,          
57,515,920 and 24,892,277 Shares Issued and Outstanding, Respectively   57,515    24,892 
Common Stock Subscribed   (13,000)    
Additional Paid-in Capital   28,617,530    22,152,451 
Accumulated Deficit   (41,615,561)   (40,618,381)
Total Stockholders' Equity (Deficit)   (12,953,516)   (18,441,038)
           
Total Liabilities and Stockholders' Equity (Deficit)  $17,092,459   $11,249,601 

 

 

See accompanying notes to unaudited condensed consolidated financial statements

-4

 

EMPIRE PETROLEUM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

   Three Months Ended March 31, 
   2021   2020 
Operating Revenue and Other:          
Oil and Gas Sales  $2,456,458   $1,314,399 
Gain (Loss) on Derivatives (net)   (357,915)   2,509,045 
Total Revenue   2,098,543    3,823,444 
           
Operating Expenses          
Oil and Gas Production   1,418,010    1,465,954 
Production Taxes   169,832    83,959 
Depletion, Depreciation and Amortization   180,540    268,018 
Impairment of Oil and Natural Gas Properties       800,452 
Accretion of Discount on Asset Retirement Obligation   284,465    98,954 
General and Administrative   906,048    528,983 
           
Total Operating Expenses   2,958,895    3,246,320 
           
Operating Income (Loss)   (860,352)   577,124 
           
Other Income and (Expense):          
Gain on Sale of Assets       1,143,760 
Interest Expense   (136,828)   (132,869)
           
Net Income (Loss)  $(997,180)  $1,588,015 
           
Net Income (Loss) per Common Share, Basic & Diluted  $(0.03)  $0.08 
Weighted Average Number of Common Shares Outstanding,          
Basic & Diluted   31,819,084    21,050,610 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements

 

-5

 

EMPIRE PETROLEUM CORPORATION

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

For the three months ended March 31, 2021 and 2020

(UNAUDITED)

 

 

 

 

           Common   Additional         
   Common Stock   Stock   Paid-In   Accumulated     
   Shares   Par Value   Subscribed   Capital   Deficit   Total 
                         
Balances, December 31, 2020   24,892,277   $24,892   $   $22,152,451   $(40,618,381)  $(18,441,038)
                               
Net Loss                   (997,180)   (997,180)
                               
Warrants Exercised   23,628,185    23,628        3,325,424        3,349,052 
                               
Issuance of Common Stock and Warrants   8,995,458    8,995    (13,000)   3,139,655        3,135,650 
                               
Balances,  March 31, 2021   57,515,920    57,515    (13,000)   28,617,530    (41,615,561)   (12,953,516)
                               
                               
Balances, December 31, 2019   20,367,277    20,367        18,823,926    (23,782,948)   (4,938,655)
                               
Net Income                   1,588,015    1,588,015 
                               
Conversion of Convertible Notes   1,025,000    1,025        101,475        102,500 
                               
Balances,  March 31, 2020   21,392,277    21,392        18,925,401    (22,194,933)   (3,248,140)

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements 

-6

 

EMPIRE PETROLEUM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

   Three Months Ended March 31, 
   2021   2020 
Cash Flows From Operating Activities:          
Net Income (Loss)  $(997,180)  $1,588,015 
           
Adjustments to Reconcile Net Income (Loss) to Net Cash          
Used in Operating Activities:          
Gain on Sale of Assets       (1,143,760)
Amortization of Loan Issue Costs   14,587    14,586 
Depreciation, Depletion and Amortization   180,540    268,018 
Impairment of Oil and Natural Gas Properties       800,452 
Accretion of Asset Retirement Obligation   284,465    98,954 
Unrealized (Gain) Loss on Derivatives   229,971    (1,975,760)
Change in Right of Use Assets, net   3,214     
Deposit paid to Ovintiv (see Note 4)       (850,000)
Change in Operating Assets and Liabilities:          
Accounts Receivable   (29,922)   304,020 
Inventory   (275,100)   320,917 
Other Assets   65,797    25,309 
Accounts Payable   167,775    69,809 
Accrued Expenses   (270,253)   (199,777)
Net Cash Used In Operating Activities   (626,106)   (679,217)
           
Cash Flows from Investing Activities:          
Acquisition of Oil and Natural Gas Properties   (40,000)   (506,000)
Earnest Deposit for Acquisition of Oil and Natural Gas Properties   (1,780,000)    
Purchase of Other Fixed Assets   (141,973)    
Proceeds from Sale of Oil and Natural Gas Properties       1,160,400 
Net Cash Provided by (Used in) Investing Activities   (1,961,973)   654,400 
           
Cash Flows from Financing Activities:          
Proceeds from Debt Issued   141,668    765,000 
Principal Payments of Debt   (281,308)   (150,000)
Proceeds from Warrant Exercise   3,349,052     
Proceeds from Issuance of Common Stock and Warrants   3,135,650     
Net Cash Provided by Financing Activities   6,345,062    615,000 
           
Net Change in Cash   3,756,983    590,183 
           
Cash - Beginning of Period   157,695     
           
Cash - End of Period  $3,914,678   $590,183 
           
Supplemental Cash Flow Information:          
Cash Paid for Interest  $123,310   $179,820 
           
Non-cash Investing and Financing Activities:          
Common Stock Issued in Exchange for Outstanding Notes Payable  $   $102,500 
           
Equipment purchased utilizing note payable  $141,668   $ 
           
Note Payable issued - PIE Agreement (see Note 6)  $130,338   $ 

 

See accompanying notes to unaudited condensed consolidated financial statements

 

-7

 

EMPIRE PETROLEUM CORPORATION

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2021

 

 

 

1.       BASIS OF PRESENTATION AND GOING CONCERN

 

The accompanying unaudited condensed consolidated financial statements of Empire Petroleum Corporation ("Empire" or the "Company") have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP 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, 2021.

 

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, 2020 which are contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 31, 2021.

 

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. The ultimate recoverability of the Company's investment in oil and natural gas interests is dependent upon the existence and discovery of economically recoverable oil and natural gas reserves, 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 March 31, 2021, the Company had $3,914,678 of cash and working capital deficit of $7,047,930, which includes the net balance of the Senior Revolver Loan Agreement of $7,849,500. The Senior Revolver Loan Agreement matures March 27, 2022 and, as of March 31, 2021, the Company is not in compliance with its financial covenants under the Loan Agreement (See Note 8). The Company has proved reserves which have been acquired within the last two years. The Company plans to continue to look for oil and natural gas investments and will use a combination of debt and equity financing to fund the acquisitions. The Company expects to also incur costs related to evaluating and acquiring oil and natural gas acquisitions for the foreseeable future. It is expected that management will attempt to raise additional capital for future investment and working capital opportunities.

 

However, there can be no assurances the Company will be able to refinance or restructure its existing indebtedness, raise sufficient capital to fund its strategic development plans, and meet its various capital needs. As a result of these uncertainties, management has concluded there is substantial doubt regarding the Company’s ability to continue as a going concern.

 

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’s impairment assessment of proved and unproved mineral properties is based on several factors including oil and gas spot market prices and estimated futures prices that existed at March 31, 2021. In 2020, crude oil prices in both the spot market and futures market experienced significant volatility. For the year ended December 31, 2020 the Company recorded an impairment expense of $8,671,303 as a result of the decline in oil prices (See Note 3). Further, the effect of lower crude oil prices on the Company’s future financial position or results of operations is not currently determinable due to broader economic and industry uncertainties, including the impact to the operators and other working interest owners of the properties in which the Company owns mineral interests.

 

In the event crude oil or natural gas prices remain low, there is the risk that, among other things:

 

·the Company’s revenues, cash flows and profitability may decline substantially, which could also indirectly impact expected production by reducing the amount of funds available to acquire future mineral interests;

 

·reserves relating to the Company’s proved properties may become uneconomic to produce resulting in impairment of proved properties; and

 

·operators and other working interest owners are unable to execute their drilling and exploration programs resulting in lower production or inability to prove reserves on unproved properties

 

-8

 

 

 

 

The occurrence of certain of these events may have a material adverse effect on the Company's business, results of operations and financial condition.

 

In early March 2020 there was a global outbreak of COVID-19 which has continued and resulted in changes in global supply and demand of certain mineral and energy products. These changes, including the magnitude and length of the economic downturn and any potential resulting direct and indirect negative impact to the Company cannot be determined, but they could have a prospective material impact to the Company’s acquisition and project development activities, and cash flows and liquidity.

 

As of March 31, 2021, the Company had six employees. No independent Board members received compensation from the Company in the first three months of 2021 or 2020. For the three months ended March 31, 2021, the Company paid its officers, Mr. Morrisett and Mr. Pritchard, $62,500 each for services rendered. For the three months ended March 31, 2020, the Company paid Mr. Morrisett and Mr. Pritchard $63,500 each for services rendered excluding the value of options awarded. In addition, as of March 31, 2021 Mr. Pritchard has outstanding advances of $26,871. Mr. Pritchard has an agreement with the Company to repay the outstanding advance on or before June 30, 2021.

 

2.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Principles of consolidation. The condensed consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, Empire Louisiana, LLC ("Empire Louisiana"), Empire North Dakota, LLC ("Empire North Dakota"), Empire New Mexico, LLC (“Empire New Mexico”), Empire ND Acquisitions, LLC (“Empire ND Acquisitions”), Empire Texas, LLC (“Empire Texas”), and Pardus Oil & Gas Operating, LP (“Pardus”). All material intercompany balances and transactions have been eliminated.

 

Use of estimates in the preparation of financial statements. Preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves, commodity price outlooks and prevailing market rates of other sources of income and costs. Other significant estimates include, but are not limited to, asset retirement obligations, fair value of assets purchased in business combinations, and taxes.

 

Interim financial statements. The accompanying condensed consolidated financial statements of the Company have not been audited by the Company's independent registered public accounting firm. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.

 

Certain disclosures have been condensed in or omitted from these condensed consolidated financial statements. Accordingly, these condensed notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

 

Inventory Inventory consists of oil in tanks which has not been delivered and is valued at the contract price to the buyer.

 

Revenue recognition. The Company recognizes revenues from the sales of oil and natural gas to its customers and presents them aggregated on the Company's condensed consolidated statements of operations. The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in ASC 606. Specifically, revenue is recognized when the Company's performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purchaser one to two months after production. At March 31, 2021, the Company had receivables related to contracts with customers of approximately $855,000, joint interest billings of approximately $383,000 and other receivables of approximately $44,000.

 

-9

 

 

 

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.

 

Impairment of oil and natural gas properties - The fair value of proved and unproved oil and natural gas properties was measured using valuation techniques that convert the future cash flows to a single discounted amount. Significant inputs to the valuation of proved and unproved oil and natural gas properties include estimates of: (i) recoverable reserves; (ii) production rates; (iii) future operating and development costs; (iv) future commodity prices; and (v) a market-based weighted average costs of capital. The Company utilized a combination of the New York Mercantile Exchange ("NYMEX") strip pricing and consensus pricing to value the reserves, then applied various discount rates depending on the classification of reserves and other risk characteristics. For significant acquisitions, management utilized the assistance of a third-party valuation expert to estimate the value of the oil and natural gas properties acquired.

 

The fair value of asset retirement obligations is included in proved oil and natural gas properties with a corresponding liability. The fair value was determined based on a discounted cash flow model, which included assumptions of the estimated current abandonment costs, discount rate, inflation rate and timing associated with the incurrence of these costs.

 

The inputs used to value oil and natural gas properties for impairments and asset retirement obligations require significant judgment and estimates made by management and represent Level 3 inputs.

 

NYMEX strip prices experienced significant volatility in 2020, resulting in a significant decrease in value of the Company’s economically recoverable proved oil and natural gas reserves. As such, the carrying amount of the Company’s proved oil and natural gas properties exceeded the expected undiscounted future net cash flows for certain leases, resulting in impairment charges against earnings of $800,452 for the quarter ended March 31, 2020. The Company did not recognize an impairment of proved oil and natural gas properties during the three months ended March 31, 2021.

 

Derivative instruments - The fair value of the Company’s derivative instruments are measured at fair value using third party pricing services and represent Level 2 inputs.

 

Financial instruments and other- The fair values determined for accounts receivable, accrued expenses and other current liabilities were equivalent to the carrying value due to their short-term nature.

 

Related Party Transactions. Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (“FASB ASC 850”) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships: affiliates of the entity; entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; trusts for the benefit of employees; principal owners of the entity and members of their immediate families; management of the entity and members of their immediate families; and other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

 

3.       PROPERTY AND EQUIPMENT

 

On January 27, 2020, the Company purchased lease interests in approximately 4,936 acres in Montana for $500,000.

 

In February, 2020, the Company in two transactions sold all of its interest in leases of approximately 337 acres in Montana for $1,210,400. The Company recognized a gain on the transactions of $1,193,760.

 

On April 6, 2020 the Company purchased oil and natural gas properties in Texas (see Note 5).

 

The aggregate capitalized costs of oil and natural gas properties as of March 31, 2021, are as follows:

Proved producing wells  $4,499,782 
Proved undeveloped   2,232,358 
Lease, well and gathering equipment   1,360,596 
Asset retirement obligation   14,126,130 
Unproved leasehold costs   492,580 
Gross capitalized costs   22,711,446 
Less: accumulated depreciation, depletion and impairment   (15,324,596)
   $7,386,850 

 

 

-10

 

 

 

Other property and equipment consists of operating lease asset (See Note 9), vehicles, office furniture and equipment.

 

Other property and equipment, at cost  $837,149 
Less: accumulated depreciation   (62,668)
Oher property and equipment, net  $774,481 

 

 

4.       OVINTIV OIL AND NATURAL GAS PROPERTIES

 

On March 3, 2020 the Company entered into a Purchase and Sale Agreement (“the Ovintiv Agreement”) with Ovintiv USA, Inc. and several related companies to purchase certain oil and natural gas properties in Montana and North Dakota. The purchase price was $8,500,000, subject to adjustments with an effective date of January 1, 2020 and a closing date of April 30, 2020.

 

The Company made an $850,000 deposit relating to the purchase. Due to the COVID-19 pandemic and governmental state of emergency orders related thereto, the Company was unable to meet with and obtain financing to complete the purchase from its lenders. The Ovintiv Agreement was terminated and the parties agreed to settle with the Company receiving a $50,000 return of its deposit. The Company estimated a loss on the deposit of $725,000 in the quarter ending June 30, 2020 with the remainder recorded in the quarter ending September 30, 2020. No amounts were outstanding as of December 31, 2020.

 

5.       ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES

 

On April 6, 2020 the Company, through its wholly owned subsidiary, Empire Texas, entered into a Purchase and Sale Agreement (“the Pardus Agreement”) with Pardus Oil & Gas, LLC and Pardus Oil & Gas Operating GP, LLC to purchase certain oil and natural gas properties in Texas comprising 139 gross wells and approximately 30,000 net acres, 77.3 miles of gathering lines and pipelines and related facilities and equipment, and all general and limited partner interest in Pardus Oil & Gas Operating, LP. The purchase price, as amended, included the assumption of certain obligations totaling $1,584,042 and a cash payment of $40,000 for a total purchase price of $1,624,042. The transaction closed on April 7, 2020. The cash payment was made in January 2021.

 

The following table sets forth the Company's purchase price allocation:

 

 

Fair Value of Assets Acquired    
Accounts receivable  $100,208 
Inventory of oil in tanks   147,297 
Deposits   378,000 
Equipment and gathering lines   109,200 
Oil and natural gas properties   10,397,821 
      
Total Assets Acquired  $11,132,526 
      
Fair Value of Liabilities Assumed     
Accounts payable – trade  $20,455 
Note payable – current   378,000 
Royalty suspense   1,185,587 
Asset retirement obligations   9,508,484 
      
Total liabilities assumed  $11,092,526 
      
Purchase Price  $40,000 

 

 

 

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The fair values of assets acquired and liabilities assumed were based on the following key inputs:

 

Oil and natural gas properties

 

The value of oil and gas properties was based on an allocation of the purchase price which included assignment of values to the other identifiable assets acquired and liabilities assumed.

 

The fair value of asset retirement obligations are included in proved oil and natural gas properties with a corresponding liability in the table above. The fair value was determined based on a discounted cash flow model, which included assumptions of the estimated current abandonment costs, discount rate, inflation rate and timing associated with the incurrence of these costs.

 

The inputs used to value oil and natural gas properties and asset retirement obligations require significant judgment and estimates made by management and represent non-recurring Level 3 inputs

 

Financial instruments and other

 

The fair values determined for accounts payable - trade were equivalent to the carrying value due to their short-term nature and include liabilities primarily related to well activity prior to close.

 

Inventory acquired as a part of the acquisition was based on oil in tanks at the date of acquisition multiplied by the day’s spot price.

 

6.       JOINT DEVELOPMENT AGREEMENT

 

On August 6, 2020 the Company, through its wholly owned subsidiary, Empire Texas, entered into a joint development agreement (the “JDA”) with Petroleum & Independent Exploration, LLC and related entities (“PIE”) dated August 1, 2020. Under the terms of the JDA, PIE will perform recompletion or workover on specified mutually agreed upon wells (“Workover Wells”) owned by Empire Texas. To fund the work, PIE entered into a term loan agreement with Empire Texas dated August 1, 2020, whereby PIE will loan up to $2,000,000, at an interest rate of 6% per annum, maturing August 7, 2024 unless terminated earlier by PIE. Proceeds of the loan will be used for recompletion or workover of the Workover Wells. As of March 31, 2021 approximately $446,000 has been advanced from the loan and is presented as corresponding other long-term assets and long-term notes payable. As part of the JDA, Empire Texas will assign to PIE a combined 85% working and revenue interest in the Workover Wells; an assignment was completed in October 2020 for the initial three Workover Wells. Of the assigned interest, 70% working and revenue interest will be used to repay the obligations under the term loan agreement. Once the term loan is repaid, PIE will reassign a 35% working and revenue interest to Empire Texas in each of the Workover Wells and retain a 50% working and revenue interest (See Note 10). Activity resulting from the JDA is being treated as a conveyance.

 

In addition, PIE and Empire entered into a Securities Purchase Agreement (“Securities Agreement”) whereby PIE purchased for $525,000 (a) 3,500,000 shares of Empire common stock, (b) warrants to purchase 2,625,000 shares of Empire common stock at an exercise price of $0.20 per share, (c) warrants to purchase 1,800,000 shares of Empire common stock at an exercise price of $0.25 per share, (d) warrants to purchase 8,136,518 shares of Empire common stock at an exercise price of $0.10 per share, and (e) warrants to purchase up to 11,066,667 shares of Empire common stock at an exercise price of $0.141 per share. Pursuant to the Securities Agreement, PIE was obligated to exercise the $0.20 warrants within 45 days of when 3 month trailing average production from the Empire Texas properties have increased by 20% over the trailing 3 month trailing average production as of July 2020. PIE can only exercise the $0.25 warrants once all existing non-PIE outstanding warrants to purchase Empire common stock have been exercised or lapsed. For the $0.141 warrants, PIE may initially acquire 7,533,333 shares of Empire common stock, however the amount could be increased if any existing non-PIE warrants were exercised prior to December 31, 2020. On March 11, 2021 the Company amended the Securities Agreement to remove the vesting provisions for the warrants and PIE exercised all of its warrants for an aggregate exercise price of $3,349,052 (See Note 10).

 

7.       DERIVATIVE FINANCIAL INSTRUMENTS

 

The Company uses derivative financial instruments to manage its exposure to commodity price fluctuations. Commodity derivative instruments are used to reduce the effect of volatility of price changes on the oil and natural gas the Company produces and sells. The Company does not enter into derivative financial instruments for speculative or trading purposes. The Company’s derivative financial instruments consist of oil swaps.

 

The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its condensed consolidated statements of operations as they occur. Unrealized gains and losses related to the swap contracts are recognized and recorded as an asset or liability on the Company’s condensed consolidated balance sheets.

 

 

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The following table summarizes the net realized and unrealized amounts reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2021 and 2020:

 

   Three months ended March 31, 
   2021   2020 
Gain (loss) on derivatives:          
Oil derivatives  $(357,915)  $2,509,045 

 

 

 

The following represents the Company’s net cash receipts from (payments on) derivatives for the three months ended March 31, 2021 and 2020:

 

   Three months ended March 31, 
   2021   2020 
Net cash received from payments on derivatives          
Oil derivatives  $(127,944)  $533,285 

 

 

 

The following table sets forth the Company’s outstanding derivative contracts at March 31, 2021. The Company has no outstanding natural gas derivatives.

 

   2nd Quarter   3rd Quarter   4th Quarter  
2021               
Oil Swaps:               
Quarterly volume (MBbl)   15.18    5.20     
Price per Bbl  $50.87   $38.25     
                
                

 

 

8.       NOTES PAYABLE

 

On March 10, 2021 the Company entered into the Third Amendment to its Senior Revolver Loan Agreement (“the Amended Agreement”) with CrossFirst Bank (“CrossFirst”). The Amended Agreement commitment amount is $8,520,000 which is reduced by $180,000 per calendar quarter beginning March 31, 2021 and the maximum amount that can be advanced under the Agreement is $20,000,000 and includes interest at Wall Street Journal Prime plus 150 basis points (4.75% as of March 31, 2021). The Amended Agreement matures on March 27, 2022. Collateral for the loan is a lien on all of the assets of the Company’s wholly owned subsidiaries, Empire Louisiana and Empire North Dakota, and a first priority mortgage lien, pledge of and security interest in not less than 80% of Empire Louisiana’s and Empire North Dakota’s producing oil, gas and other leasehold and mineral interests. The Amended Agreement requires the Company maintain commodity derivatives at certain thresholds based on projected production and, beginning March 31, 2021, to maintain certain covenants including an EBITDAX to interest expense of at least 3:1 and funded debt to EBITDAX of 6:1 on a trailing twelve month basis and reducing quarterly to 4:1 as of March 31, 2022 and thereafter. The Company is not in compliance with these covenants of the Amended Agreement at March 31, 2021. As of March 31, 2021, the Company has an outstanding loan balance of $7,849,500 under the Amended Agreement.

 

During 2016 and 2017, the Company issued $260,000 of Senior Unsecured Promissory Notes which contained a conversion feature allowing the investors to convert the Notes into shares of the Company’s common stock. In 2019, all but three of the Note holders converted their notes with a balance of $157,500 into 1,575,000 shares of the Company’s common stock. In January 2020, three of the Senior Unsecured Promissory Note investors exercised the conversion feature and converted their $102,500 notes for 1,025,000 shares of the Company's common stock. All of the Senior Unsecured Promissory Notes have been converted to common stock of the Company as of March 31, 2020.

 

On April 1, 2020, in conjunction with the purchase of assets from Pardus Oil & Gas, LLC (see Note 5), the Company entered into a unsecured promissory note agreement with the seller in the amount of $378,000. The note is payable in one installment on April 1, 2021 and bears interest at the one-year LIBOR rate (1% as of March 31, 2021). The note was paid on April 1, 2021 (See Note 12).

 

 

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On May 5, 2020, the Company received an SBA Payroll Protection Plan (“PPP”) loan for $160,700. The loan matures on May 5, 2022 and has an interest rate of 1%. There are no payments due until ten months after the covered period which ended October 20, 2020, at which time the payment amount will be determined based on the portion of the loan which has not been forgiven under criteria established by the SBA, using an eighteen-month amortization. On April 26, 2021 the Company filed its application for forgiveness of the entire PPP loan, which is subject to SBA approval.

 

In August 2020, concurrent with the Joint Development Agreement with Petroleum and Independent Exploration, LLC (“PIE”), the Company entered into a term loan agreement dated August 1, 2020, whereby PIE will loan up to $2,000,000, at an interest rate of 6% per annum, maturing August 7, 2024 unless terminated earlier by PIE. The loan proceeds will be used for recompletion or workover of certain designated wells. In addition, the Company assigned a 70% working and revenue interest to PIE in the designated wells which will be applied to repayment of the loan. As of March 31, 2021, approximately $446,000 has been advanced from the loan (See Note 6).

 

9.       LEASES

 

As a lessee, the Company leases its corporate office headquarters in Tulsa, Oklahoma. The lease expires on December 31, 2025 and has an option to renew for an additional five-year term. The option to renew the lease is generally not considered reasonably certain to be exercised. Therefore, the period covered by such optional period is not included in the determination of the term of the lease and the lease payments during these periods are similarly excluded from the calculation of right-of-use lease asset and lease liability balances.

 

The Company recognizes right-of use lease expense on a straight-line basis, except for certain variable expenses that are recognized when the variability is resolved, typically during the period in which they are paid. Variable right-of-use lease payments typically include charges for property taxes, insurance, and variable payments related to non-lease components, including common area maintenance.

 

Right of use lease expense was $34,989 for the three months ended March 31, 2021. Cash paid for right of use lease was $31,775 for the period.

 

Supplemental balance sheet information related to the right of use leases as of March 31, 2021:

 

Operating lease asset (included in Other Property and Equipment  $563,667 
      
Current portion of lease liability  $96,325 
Long term lease liability   505,546 
      
Total right of use lease liabilities  $601,871 

 

 

The weighted average remaining term for the Company’s right of use leases is 4.75 years.

 

Maturities of lease liabilities as of March 31, 2021:

      
 2021   $95,325 
 2022    147,436 
 2023    150,385 
 2024    153,392 
 2025    156,460 
 Total lease payments    702,998 
 Less imputed interest    (101,127)
 Total lease obligation   $601,871 

 

 

 

10.     EQUITY

 

Diluted Earnings per Share ("EPS") gives effect to all dilutive potential common shares outstanding during the period. The computation of Diluted EPS does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect on losses. As a result, if there is a loss from continuing operations, Diluted EPS is computed in the same manner as Basic EPS. At March 31, 2021 and 2020, the Company had 10,000,000 and 5,004,167 respectively, options outstanding that were not included in the calculation of earnings per share for the periods then ended. Such financial instruments may become dilutive and would then need to be included in future calculations of Diluted EPS. At March 31, 2021 and 2020, the outstanding options were considered anti-dilutive because the strike prices were above the market price and the Company has incurred operating losses year to date.

 

 

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On April 3, 2019, the Board of Directors of the Company adopted the Empire Petroleum Corporation 2019 Stock Option Plan (the "Stock Option Plan"). The total number of shares of common stock that may be issued pursuant to stock options under the Stock Option Plan is 10,000,000. Further, on April 3, 2019 the Company granted Mr. Pritchard and Mr. Morrissett each, options to purchase 2,500,000 shares of common stock of the Company at an exercise price of $0.33 per share. The options vest in three installments with 1,250,000 vesting immediately and 625,000 vesting each in April 2020 and April 2021. All of the options expire in April, 2029. The value allocated to the vested options was the fair value determined using the Black-Scholes option valuation with the following assumptions:  no dividend yield, expected annual volatility of 213%, risk free interest rate of 2.32% and an expected useful life of 5.375 years. The fair value of the vested options of $812,500 was recorded as compensation expense and allocated to Paid in Capital in 2019. In 2020, the fair value of the options which vested in April 2020 of $406,250 was recorded as compensation expense and allocated to Paid in Capital. The fair of the remaining unvested options is $406,250 as of March 31, 2021.

 

On August 7, 2020 concurrently with the Joint Development Agreement with Petroleum & Independent Exploration, LLC and related entities (“PIE”), the companies entered into a Securities Purchase Agreement (“Securities Agreement”) whereby PIE purchased for $525,000 (a) 3,500,000 shares of Empire common stock, (b) warrants to purchase 2,625,000 shares of Empire common stock at an exercise price of $0.20 per share, (c) warrants to purchase 1,800,000 shares of Empire common stock at an exercise price of $0.25 per share, (d) warrants to purchase 8,136,518 shares of Empire common stock at an exercise price of $0.10 per share, and (e) warrants to purchase up to 11,066,667 shares of Empire common stock at an exercise price of $0.141 per share. PIE is obligated to exercise the $0.20 warrants within 45 days of when 3 month trailing average production from the Empire Texas properties have increased by 20% over the trailing 3 month trailing average production as of July 2020. PIE can only exercise the $0.25 warrants once all existing non-PIE outstanding warrants to purchase Empire common stock have been exercised or lapsed. For the $0.141 warrants, PIE may initially acquire 7,533,333 shares of Empire common stock, however the amount may be increased if any existing non-PIE warrants are exercised prior to December 31, 2020. The value allocated to the warrants was the fair value determined using the Black-Scholes option valuation with the following assumptions:  no dividend yield, expected annual volatility of 147%, risk free interest rate of .19% and an expected useful life of 4 years. The fair value of the warrants of $450,848 was allocated to Paid in Capital (See Note 8). On March 11, 2021 the Company amended the Securities Agreement to remove the vesting provisions for the warrants and PIE exercised the warrants for an aggregate exercise price of $3,349,052 (See Note 6).

 

During February and March 2021, the Company issued to a group of accredited investors 8,993,858 shares of its common stock and warrants to purchase 8,993,858 shares of its common stock for $.50 per share which expires on December 31, 2022. Proceeds from the sale were $3,147,850. The value allocated to the warrants was the fair value determined using the Black-Scholes option valuation with the following assumptions:  no dividend yield, expected annual volatility of 180%, risk free interest rate of .14% and an expected useful life of 21 months. The fair value of the warrants of $2,350,407 was allocated to Paid in Capital.

 

11.    RELATED PARTY TRANSACTIONS

 

In March 2021, the majority owner of Petroleum & Independent Exploration, LLC and related entities (“PIE”), through the exercise of warrants, became an owner of approximately 24% of the Company’s outstanding shares of stock (See Note 10). The Company has a joint development agreement with PIE to perform recompletion or workover on specified mutually agreed upon wells (See Notes 6 and 8). As of March 31, 2021, the Company has incurred obligations of $445,611 as a part of the joint development agreement.

 

12.    COMMITMENTS AND CONTINGENCIES

 

From time to time, the Company is subject to various legal proceedings arising in the ordinary course of business, including proceedings for which the Company may not have insurance coverage. While many of these matters involve inherent uncertainty, as of the date hereof, the Company does not currently believe that any such legal proceedings will have a material adverse effect on the Company's business, financial position, results of operations or liquidity.

 

The Company is subject to extensive federal, state and local environmental laws and regulations. These laws, among other things, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites.  Management believes no materially significant liabilities of this nature existed as of March 31, 2021.

 

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13.    SUBSEQUENT EVENTS

 

On March 12, 2021 the Company, through its wholly owned subsidiary Empire New Mexico entered into a purchase and sale agreement with XTO Holdings, LLC (a subsidiary of ExxonMobil) (the “Seller’) to acquire, among other things, certain oil and natural gas properties in New Mexico. The purchase price is $17,800,000 subject to customary adjustments. The Company wired a deposit of $1,780,000 to the Seller on March 12, 2021. As a part of the transaction, the Company established Empire New Mexico, LLC. The effective date of the transactions contemplated by the purchase and sale agreement is January 1, 2021 and the transaction closed on May 14, 2021. As a condition of the sale, the Company purchased a $5,000,000 performance bond for the benefit of the seller for proper plugging, abandonment and restoration of the purchased properties. The performance bond is collateralized with a letter of credit in the amount of $3,750,000 which is collateralized with a bank certificate of deposit. In addition, the Company is required to deposit $100,000 per month, up to $1,250,000, into a sinking fund to be held by the surety. On May 10, 2021 the Company entered into a Promissory Note Agreement with Bank of Oklahoma, NA in the amount of $3,750,000 which is due on demand with an interest rate established by the Bank, currently at 4 percent. The Note is collateralized with a certificate of deposit in a similar amount at Bank of Oklahoma.

 

On March 22, 2021 the Company, through its wholly owned subsidiary, Empire ND Acquisitions, LLC, entered into a purchase and sale agreement with 31 Group, LLC to acquire among other things, certain oil and gas properties in North Dakota. The purchase price is $900,000, payable one year from the closing date, and is reduced by certain expenses which the Company may incur relating to the properties or assessment of certain wells as uneconomic for up to one year from the closing date. As a part of the transaction, the Company established Empire ND Acquisition, LLC. The transaction closed on May 7, 2021.

 

On April 26, 2021, the Company filed for forgiveness of its Paycheck Protection Program (“PPP”) loan. The application seeks forgiveness of the entire amount and is subject to approval of the U.S. Small Business Administration.

 

On April 30,2021 the Company received a Second Draw SBA Payroll Protection Plan (“PPP”) loan for $106,850. The loan matures on April 30, 2026 and has an interest rate of 1%. There are no payments due until ten months after the covered period at which time the payment amount will be determined based on the portion of the loan which has not been forgiven under criteria established by the SBA, using an amortization of the remaining term of the loan. The Company will seek forgiveness for the entire loan amount subject to approval of the United States Small Business Administration.

 

On April 1, 2021, the Company paid its $378,000 unsecured loan to the previous owners of Pardus Oil & Gas as per the terms on the Note (See Note 8).

 

On May 14, 2021 the Company entered into a Senior Secured Convertible Note Agreement (the “Note”) in the amount of $16,250,000 with Energy Evolution Master Fund, LLC (“Energy Evolution”). The Note is collateralized by all assets of Empire New Mexico, matures on December 31, 2021 and bears an interest rate of 3.8%. The Note provides that up to 40% of the balance can be converted into the Company’s common stock at the lesser of $1.25 per share or the offering price if the Company has a subsequent capital raise. Additionally, the conversion price is reduced by $0.25 per share if any amount is due on the Note as of October 1, 2021 or the Company has not filed a registration statement with the United States Securities and Exchange Commission within 120 days of the Note. If the registration statement described above is not filed within 120 days, Energy Evolution has the option to convert 50% of the Note amount into common stock of the Company at a rate of $1.00 per share. The Note also provides that Energy Evolution, which is an affiliated organization of Petroleum & Independent Exploration, LLC and related entities (“PIE”), or its affiliated organization may appoint an additional member to the Company’s Board of Directors, for a total of three appointed members, and that one of the appointed members shall be appointed as Chairman of the Board of Directors. Energy Evolution received a closing fee for the Note of 1,500,000 shares of the Company’s common stock and warrants to purchase 3,000,000 shares of common stock for $1.00 per share which expire on May 14, 2022.

 

In May, 2021 the Company entered into $3,243,000 of Unsecured Convertible Notes (the “Unsecured Notes”) with a group of accredited investors. The Unsecured Notes mature on May 9, 2022 with a single payment and bear interest at 5%. The Unsecured Note holders may convert their notes to common stock of the Company at the lesser of $1.25 per share or the price per share offered by the Company if the Company has a future capital raise.

 

In April 2021, the Company’s Board of Directors approved a resolution granting non-employee directors’ compensation in the amount of $48,000 per year. The Company has two non-employee directors.

 

In April and May 2021, warrants to purchase 1,845,714 shares of the Company’s common stock were exercised. The Company realized $823,857 from the exercise.

 

 

 

 

-16

 

Item 2.        

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

GENERAL TO ALL PERIODS

 

RESULTS OF OPERATIONS

 

The Company's primary business is the exploration and development of oil and natural gas interests. The Company has incurred significant losses from operations, and there is no assurance that it will achieve profitability or obtain the funds necessary to finance its operations. For all periods presented, the Company's effective tax rate is 0%. The Company has generated net operating losses since inception, which would normally reflect a tax benefit in the condensed consolidated statement of operations and a deferred asset on the condensed consolidated balance sheet. However, because of the current uncertainty as to the Company's ability to achieve profitability, a valuation reserve has been established that offsets the amount of any tax benefit available for each period presented in the condensed consolidated statements of operations.

 

The following table sets forth a summary of our production and operating data for the three month periods ended March 31, 2021 and 2020. Because of normal production declines, increased or decreased drilling activities, fluctuations in commodity prices and the effects of acquisitions or divestitures, the historical information presented below should not be interpreted as being indicative of future results.

 

   Three months ended March 31, 
   2021   2020 
Production and operating data:        
Net Production volumes:        
Oil (Bbl) (a)   39,926    35,844 
Natural gas (Mcf) (b)   41,004    12,440 
Total (Boe) (c)   46,760    37,957 
           
Average price per unit:          
Oil (Bbl) (a)   48.35    50.56 
Natural gas (Mcf) (b)   6.27    1.87 
Total (Boe) (c)   46.78    48.41 

 

(a)Bbl - One stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to oil, condensate or natural gas liquids.

(b)Mcf – One thousand cubic feet of natural gas.

(c)c. Boe - One barrel of oil equivalent, a standard convention used to express oil and natural gas volumes on a comparable oil equivalent basis. Natural gas equivalents are determined under the relative energy content method by using the ratio of 6.0 Mcf of natural gas to 1.0 Bbl of oil or condensate.

                 

  Three months ended March 31, 
   2021   2020 
Operating costs and expenses per Boe:        
Oil and natural gas production  $30.32   $38.62 
Production taxes  $3.63   $2.21 
Depreciation, depletion, amortization and accretion  $9.94   $9.67 
Impairment of oil and natural gas properties  $   $21.09 
General and administrative  $19.38   $13.94 

 

 

THREE-MONTH PERIOD ENDED MARCH 31, 2021 COMPARED TO THREE-MONTH PERIOD ENDED MARCH 31, 2020.

 

For the three months ended March 31, 2021 and 2020, revenues from oil and natural gas sales were $ 2,456,458 and $1,314,399 respectively. In 2020, due to COVID and other economic factors, prices of oil and natural gas declined, resulting in the Company reducing volumes produced. In 2021, the Company included revenue from the Pardus properties of approximately $960,000, which were not owned in the first quarter of 2020.

 

 

 

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Operating expenses, production taxes, depreciation and depletion and amortization and accretion increased to $2,052,847 cumulatively for the three months ended March 31, 2021 from $1,916,885 for the same period in 2020. The increase was primarily due to increased production taxes due to higher prices for oil and natural gas sold and higher accretion of asset retirement obligation due to the addition of the Pardus properties in 2021.

 

Net realized and unrealized gain (loss) on derivatives decreased to $(357,915) for the three months ended March 31, 2021, from $2,509,045 in the same period 2020 due primarily to increases in oil prices in 2021 and decreases in oil prices during the same period in 2020, respectively, for those contracts in existence at that date.

 

General and administrative expenses increased by $377,065 to $906,048 for the three months ended March 31, 2021, from $528,983 for the same period in 2020. The increase was primarily due to an increased number of employees and professional fees related to the XTO and 31 Group acquisitions in 2021.

 

Interest expense was $136,828 and $132,869 for the three months ended March 31, 2021 and 2020, respectively. The increase in interest expense of $3,959 resulted primarily from higher debt levels in 2021.

 

For the reasons discussed above, the previous period net income decreased by $2,585,195 from $1,588,015 for the three months ended March 31, 2020 to net loss of $(997,180) for the three months ended March 31, 2021.

 

LIQUIDITY AND CAPITAL RESOURCES

 

GENERAL

 

As of March 31, 2021, the Company had $3,914,678 of cash.  The Company has proved reserves which have been acquired within the last two years. The Company plans to continue to look for oil and natural gas investments and will use a combination of debt and equity financing to fund the acquisitions. The Company expects to incur costs related to future oil and natural gas acquisitions for the foreseeable future. It is expected that management will attempt to raise additional capital for future investment and working capital opportunities.

 

OUTLOOK

 

See Notes 5, 6, 10 and 13 to the financial statements for information regarding the purchase and development agreements the Company entered into in 2020 and 2021 to purchase and develop existing oil and natural gas properties and mineral interests. The Company is also actively pursuing the acquisition of other operated and non-operated oil and natural gas properties. It is anticipated that such acquisitions will be financed through equity or debt transactions.

 

Lower oil and natural gas prices present challenges to our industry and our Company. The economic impact of the COVID-19 pandemic have caused oil price volatility in 2020. In the first three quarters of 2020, gains on settled derivatives offset a large portion of the impact of the recent decline in prices and slower production, and we currently have derivative positions in place for a substantial amount of our expected remaining 2020 production. There can be no assurance that we will be able to add derivative positions to cover the remainder of our expected production at favorable prices.

 

The Impact of COVID-19 on Our Business

 

In 2020, there was a global outbreak of COVID-19 which has resulted in changes in global supply and demand of certain mineral and energy products.

 

Decreased transportation, manufacturing and general economic activity levels prompted by COVID-19 and related governmental and societal actions reduced the demand for oil-based products such as gasoline, jet fuel and other refined products, which prompted purchasers of oil and condensate to reduce purchase levels. These situations led to production greater than storage capacity at some points during the year. To the extent that this decreased demand for our commodities continues and our margins are not at acceptable levels or storage for our production is not available, we may have to reduce production from or completely shut in portions of our currently producing wells. The inability to sell our production or the decision to potentially reduce or shut in our production could materially and adversely affect our operating results and our ability to comply with the financial covenants under our Credit Facility.

 

There is uncertainty around the continuing extent and duration of the disruption. The degree to which the COVID-19 pandemic or any other public health crisis adversely impacts our results will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or treat its impact, its impact on the economy and market conditions, and how quickly and to what extent normal economic and operating conditions can resume. Therefore, while we expect this matter will likely continue to disrupt our operations, the degree of the adverse financial impact cannot be reasonably estimated at this time.

 

 

 

-18

 

 

 

FORWARD-LOOKING INFORMATION

 

This Quarterly Report on Form 10-Q, including this section, includes certain statements that may be deemed "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including future sources of financing and other possible business developments, are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties and could be affected by a number of different factors, including the Company's failure to secure short and long-term financing necessary to sustain and grow its operations, increased competition, changes in the markets in which the Company participates and the technology utilized by the Company and new legislation regarding environmental matters. These risks and other risks that could affect the Company's business are more fully described in reports the Company files with the SEC, including its Form 10-K for the year ended December 31, 2020. Actual results may vary materially from the forward-looking statements.

 

The Company undertakes no duty to update any of the forward-looking statements in this Form 10-Q.

 

MATERIAL RISKS

The Company has incurred significant losses from operations and there is no assurance that it will achieve profitability or obtain the funds necessary to finance continued operations. For other material risks, see the Company's Form 10-K for the year ended December 31, 2020, which was filed on March 31, 2021.

 

 

Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

 

Item 4.CONTROLS AND PROCEDURES

 

As of the end of the period covered by this report, the Company carried out an evaluation under the supervision of the Company's President (and principal financial officer) of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Securities Exchange Act Rules 13a - 15(e) and 15d - 15(e). Based on this evaluation, the Company's President (and principal financial officer) has concluded that the disclosure controls and procedures as of the end of the period covered by this report are not effective. As described in the Company‘s Annual Report on Form 10-K filed with the Securities and Exchange commission (the “SEC”) on March 31, 2021, our Chief Executive Officer and President (principal financial officer) concluded that, as of December 31, 2020, our reporting and disclosure controls and procedures were not effective at a reasonable assurance level as we do not have sufficient resources in our accounting function, which restricts the Company’s ability to gather, analyze and properly review information related to financial reporting in a timely manner. In addition, due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. The Company engaged a financial consultant during the quarter to assist with the evaluation of its disclosure controls and procedures and will continue to perform additional analysis and procedures to implement appropriate disclosure controls and procedures. Notwithstanding the assessment that our disclosure controls and procedures were not effective, we believe that our condensed consolidated financial statements fairly present our consolidated financial position, results of operations and cash flows for the periods thereby covered in all material respects.

 

 

 

 

 

 

 

 

 

 

 

 

 

-19

 

 

PART II. OTHER INFORMATION

 

 

Item 1.Legal Proceedings

 

None.

 

Item 1A.Risk Factors

 

Not applicable.

 

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3.Defaults Upon Senior Securities

 

None.

 

Item 4.Mine Safety Disclosures

 

Not applicable.

 

Item 5.Other Information

 

None.

 

Item 6.Exhibits

 

31.1  

Certification of Thomas Pritchard, Chief Executive Officer, pursuant to Rules 13a - 14 (a) and 15(d) - 14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(1) (31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (submitted herewith).

 

31.2   Certification of Michael R. Morrisett, President and principal financial officer, pursuant to Rules 13a - 14 (a) and 15(d) - 14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(1) (31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
   
32.1

Certification of Thomas Pritchard, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (submitted herewith).

 

32.2

Certification of Michael R. Morrisett, President and principal financial officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (submitted herewith).

 

101 Financial Statements for XBRL format (submitted herewith).

 

 

 

 

-20

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

 

Empire Petroleum Corporation

 

 
       
Date:   May 17, 2021 By:       /s/ Michael R. Morrisett  
    Michael R. Morrisett  
    President  
    (principal financial officer)  

 

 

       
Date:   May 17, 2021 By:       /s/ Thomas Pritchard  
    Thomas Pritchard
    Chief Executive Officer  
       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-21

 

 

EXHIBIT INDEX

 

 

 

NO. DESCRIPTION
   
   
   
31.1   Certification of Thomas Pritchard, Chief Executive Officer, pursuant to Rules 13a - 14 (a) and 15(d) - 14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(1) (31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
   
31.2   Certification of Michael R. Morrisett, President (principal financial officer), pursuant to Rules 13a - 14 (a) and 15(d) - 14(a) promulgated under the Securities Exchange Act of 1934, as amended, and Item 601(1) (31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (submitted herewith).
   
32.1 Certification of Thomas Pritchard, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (submitted herewith).

 
32.2 Certification of Michael R. Morrisett, President (principal financial officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (submitted herewith).

   
101 Financial Statements for XBRL format (submitted herewith).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-22-

 

EX-31.1 2 exh31-1_18497.htm CERTIFICATION OF THOMAS PRITCHARD, CHIEF EXECUTIVE OFFICER

Exhibit 31.1

 

CERTIFICATION

 

I, Thomas Pritchard, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Empire Petroleum Corporation;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

May 17, 2021   /s/ Thomas Pritchard
    Thomas Pritchard
Chief Executive Officer

EX-31. 3 exh31-2_18497.htm CERTIFICATION OF MICHAEL R. MORRISETT, PRESIDENT

Exhibit 31.2

 

CERTIFICATION

 

I, Michael R. Morrisett, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Empire Petroleum Corporation;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

May 17, 2021   /s/ Michael R. Morrisett
   

Michael R. Morrisett

President (principal financial officer)

EX-32.1 4 exh32-1_18497.htm CERTIFICATION OF THOMAS PRITCHARD, CHIEF EXECUTIVE OFFICER

Exhibit 32.1

 

 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the quarterly report of Empire Petroleum Corporation (the “Company”) on Form 10-Q for the period ending March 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas Pritchard, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

May 17, 2021   /s/ Thomas Pritchard
    Thomas Pritchard
Chief Executive Officer

 

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

The foregoing certification is being furnished to the Securities and Exchange Commission as an exhibit to the Report and shall not be considered filed as part of the Report.

 

 

 

EX-32.2 5 exh32-2_18497.htm CERTIFICATION OF MICHAEL R. MORRISETT, PRESIDENT

Exhibit 32.2

 

 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the quarterly report of Empire Petroleum Corporation (the “Company”) on Form 10-Q for the period ending March 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael R. Morrisett, President (principal financial officer) of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

May 17, 2021   /s/ Michael R. Morrisett
   

Michael R. Morrisett

President (principal financial officer)

 

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

The foregoing certification is being furnished to the Securities and Exchange Commission as an exhibit to the Report and shall not be considered filed as part of the Report.

 

 

 

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22711446 22711445 15324596 15148444 7386850 7563001 774481 662017 8161331 8225018 2712126 802050 17092459 11249601 2105518 1937743 2427578 2697831 235720 5749 0 40000 96325 89769 8401791 1301618 13266932 6072710 624815 7719703 505546 534009 15648682 15364217 30045975 29690639 0 0 57515 24892 -13000 0 28617530 22152451 -41615561 -40618381 -12953516 -18441038 17092459 11249601 0.001 0.001 150000000 150000000 57515920 24892277 57515920 24892277 2456458 1314399 -357915 2509045 2098543 3823444 1418010 1465954 169832 83959 180540 268018 0 800452 284465 98954 906048 528983 2958895 3246320 -860352 577124 0 1143760 -136828 -132869 -997180 1588015 -0.03 0.08 31819084 21050610 20367277 20367 0 18823926 -23782948 -4938655 0 0 0 1588015 1588015 1025000 1025 0 101475 0 102500 21392277 21392 0 18925401 -22194933 -3248140 24892277 24892 0 22152451 -40618381 0 0 0 -997180 23628185 23628 0 3325424 0 3349052 8995458 8995 -13000 3139655 0 3135650 57515920 57515 -13000 28617530 -41615561 0 -1143760 14587 14586 180540 268018 284465 98954 229971 -1975760 3214 0 0 -850000 -29922 304020 -275100 320917 65797 25309 167775 69809 -270253 -199777 -626106 -679217 40000 506000 1780000 0 141973 0 0 1160400 -1961973 654400 141668 765000 281308 150000 3349052 0 3135650 0 6345062 615000 3756983 590183 0 590183 123310 179820 0 102500 141668 0 130338 0 <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The accompanying unaudited condensed consolidated financial statements of Empire Petroleum Corporation ("Empire" or the "Company") have been prepared in accordance with United States generally accepted accounting principles (&#8220;GAAP&#8221;) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP 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, 2021.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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, 2020 which are contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 31, 2021.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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. The ultimate recoverability of the Company's investment in oil and natural gas interests is dependent upon the existence and discovery of economically recoverable oil and natural gas reserves, 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As of March 31, 2021, the Company had $3,914,678 of cash and working capital deficit of $7,047,930, which includes the net balance of the Senior Revolver Loan Agreement of $7,849,500. The Senior Revolver Loan Agreement matures March 27, 2022 and, as of March 31, 2021, the Company is not in compliance with its financial covenants under the Loan Agreement (See Note 8). The Company has proved reserves which have been acquired within the last two years. The Company plans to continue to look for oil and natural gas investments and will use a combination of debt and equity financing to fund the acquisitions. The Company expects to also incur costs related to evaluating and acquiring oil and natural gas acquisitions for the foreseeable future. It is expected that management will attempt to raise additional capital for future investment and working capital opportunities.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">However, there can be no assurances the Company will be able to refinance or restructure its existing indebtedness, raise sufficient capital to fund its strategic development plans, and meet its various capital needs. As a result of these uncertainties, management has concluded there is substantial doubt regarding the Company&#8217;s ability to continue as a going concern.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company&#8217;s impairment assessment of proved and unproved mineral properties is based on several factors including oil and gas spot market prices and estimated futures prices that existed at March 31, 2021. In 2020, crude oil prices in both the spot market and futures market experienced significant volatility. For the year ended December 31, 2020 the Company recorded an impairment expense of $8,671,303 as a result of the decline in oil prices (See Note 3). Further, the effect of lower crude oil prices on the Company&#8217;s future financial position or results of operations is not currently determinable due to broader economic and industry uncertainties, including the impact to the operators and other working interest owners of the properties in which the Company owns mineral interests.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">In the event crude oil or natural gas prices remain low, there is the risk that, among other things:</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:7%;"></td> <td style="width:3%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px">the Company&#8217;s revenues, cash flows and profitability may decline substantially, which could also indirectly impact expected production by reducing the amount of funds available to acquire future mineral interests;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:7%;"></td> <td style="width:3%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px">reserves relating to the Company&#8217;s proved properties may become uneconomic to produce resulting in impairment of proved properties; and</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:7%;"></td> <td style="width:3%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px">operators and other working interest owners are unable to execute their drilling and exploration programs resulting in lower production or inability to prove reserves on unproved properties</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">The occurrence of certain of these events may have a material adverse effect on the Company's business, results of operations and financial condition.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In early March 2020 there was a global outbreak of COVID-19 which has continued and resulted in changes in global supply and demand of certain mineral and energy products. These changes, including the magnitude and length of the economic downturn and any potential resulting direct and indirect negative impact to the Company cannot be determined, but they could have a prospective material impact to the Company&#8217;s acquisition and project development activities, and cash flows and liquidity.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As of March 31, 2021, the Company had six employees. No independent Board members received compensation from the Company in the first three months of 2021 or 2020. For the three months ended March 31, 2021, the Company paid its officers, Mr. Morrisett and Mr. Pritchard, $62,500 each for services rendered. For the three months ended March 31, 2020, the Company paid Mr. Morrisett and Mr. Pritchard $63,500 each for services rendered excluding the value of options awarded. In addition, as of March 31, 2021 Mr. Pritchard has outstanding advances of $26,871. Mr. Pritchard has an agreement with the Company to repay the outstanding advance on or before June 30, 2021.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em><strong>Principles of consolidation.</strong></em> The condensed consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, Empire Louisiana, LLC ("Empire Louisiana"), Empire North Dakota, LLC ("Empire North Dakota"), Empire New Mexico, LLC (&#8220;Empire New Mexico&#8221;), Empire ND Acquisitions, LLC (&#8220;Empire ND Acquisitions&#8221;), Empire Texas, LLC (&#8220;Empire Texas&#8221;), and Pardus Oil &amp; Gas Operating, LP (&#8220;Pardus&#8221;). All material intercompany balances and transactions have been eliminated.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em><strong>Use of estimates in the preparation of financial statements.</strong></em> Preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves, commodity price outlooks and prevailing market rates of other sources of income and costs. Other significant estimates include, but are not limited to, asset retirement obligations, fair value of assets purchased in business combinations, and taxes.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em><strong>Interim financial statements.</strong></em> The accompanying condensed consolidated financial statements of the Company have not been audited by the Company's independent registered public accounting firm. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Certain disclosures have been condensed in or omitted from these condensed consolidated financial statements. Accordingly, these condensed notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em><strong>Inventory </strong></em>Inventory consists of oil in tanks which has not been delivered and is valued at the contract price to the buyer.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em><strong>Revenue recognition.</strong></em> The Company recognizes revenues from the sales of oil and natural gas to its customers and presents them aggregated on the Company's condensed consolidated statements of operations. The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in ASC 606. Specifically, revenue is recognized when the Company's performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i)&nbsp;transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purchaser one to two months after production. At March 31, 2021, the Company had receivables related to contracts with customers of approximately $855,000, joint interest billings of approximately $383,000 and other receivables of approximately $44,000.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em><strong>Fair value measurements.</strong></em> 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.3in; text-align:justify;"><em>Impairment of oil and natural gas properties - </em>The fair value of proved and unproved oil and natural gas properties was measured using valuation techniques that convert the future cash flows to a single discounted amount. Significant inputs to the valuation of proved and unproved oil and natural gas properties include estimates of: (i) recoverable reserves; (ii) production rates; (iii) future operating and development costs; (iv) future commodity prices; and (v) a market-based weighted average costs of capital. The Company utilized a combination of the New York Mercantile Exchange ("NYMEX") strip pricing and consensus pricing to value the reserves, then applied various discount rates depending on the classification of reserves and other risk characteristics. For significant acquisitions, management utilized the assistance of a third-party valuation expert to estimate the value of the oil and natural gas properties acquired.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.3in; text-align:justify;">The fair value of asset retirement obligations is included in proved oil and natural gas properties with a corresponding liability. The fair value was determined based on a discounted cash flow model, which included assumptions of the estimated current abandonment costs, discount rate, inflation rate and timing associated with the incurrence of these costs.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.3in; text-align:justify;">The inputs used to value oil and natural gas properties for impairments and asset retirement obligations require significant judgment and estimates made by management and represent Level 3 inputs.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.3in; text-align:justify;">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:30px"><em>Derivative instruments</em> - The fair value of the Company&#8217;s derivative instruments are measured at fair value using third party pricing services and represent Level 2 inputs.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.3in; text-align:justify;"><em>Financial instruments and other- </em>The fair values determined for accounts receivable, accrued expenses and other current liabilities were equivalent to the carrying value due to their short-term nature.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em><strong>Related Party Transactions. </strong></em>Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850,&nbsp;<em>Related Party Disclosures</em>&nbsp;(&#8220;FASB ASC 850&#8221;) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships: affiliates of the entity; entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; trusts for the benefit of employees; principal owners of the entity and members of their immediate families; management of the entity and members of their immediate families; and other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On January 27, 2020, the Company purchased lease interests in approximately 4,936 acres in Montana for $500,000.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In February, 2020, the Company in two transactions sold all of its interest in leases of approximately 337 acres in Montana for $1,210,400. The Company recognized a gain on the transactions of $1,193,760.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On April 6, 2020 the Company purchased oil and natural gas properties in Texas (see Note 5).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0cm; text-align:justify;">The aggregate capitalized costs of oil and natural gas properties as of March 31, 2021, are as follows:</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">Proved producing wells</p></td> <td style="width:10%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:18%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">4,499,782</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">Proved undeveloped</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">2,232,358</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">Lease, well and gathering equipment</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">1,360,596</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">Asset retirement obligation</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">14,126,130</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">Unproved leasehold costs</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">492,580</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">Gross capitalized costs</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">22,711,446</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="margin:0px">Less: accumulated depreciation, depletion and impairment</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(15,324,596</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">)</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">7,386,850</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Other property and equipment consists of operating lease asset (See Note 9), vehicles, office furniture and equipment.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:70%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">Other property and equipment, at cost</p></td> <td style="width:10%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:18%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">837,149</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">Less: accumulated depreciation</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(62,668</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px">)</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:justify;">Oher property and equipment, net</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">774,481</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On March 3, 2020 the Company entered into a Purchase and Sale Agreement (&#8220;the Ovintiv Agreement&#8221;) with Ovintiv USA, Inc. and several related companies to purchase certain oil and natural gas properties in Montana and North Dakota. The purchase price was $8,500,000, subject to adjustments with an effective date of January 1, 2020 and a closing date of April 30, 2020.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company made an $850,000 deposit relating to the purchase. Due to the COVID-19 pandemic and governmental state of emergency orders related thereto, the Company was unable to meet with and obtain financing to complete the purchase from its lenders. The Ovintiv Agreement was terminated and the parties agreed to settle with the Company receiving a $50,000 return of its deposit. The Company estimated a loss on the deposit of $725,000 in the quarter ending June 30, 2020 with the remainder recorded in the quarter ending September 30, 2020. No amounts were outstanding as of December 31, 2020.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">On April 6, 2020 the Company, through its wholly owned subsidiary, Empire Texas, entered into a Purchase and Sale Agreement (&#8220;the Pardus Agreement&#8221;) with Pardus Oil &amp; Gas, LLC and Pardus Oil &amp; Gas Operating GP, LLC to purchase certain oil and natural gas properties in Texas comprising 139 gross wells and approximately 30,000 net acres, 77.3 miles of gathering lines and pipelines and related facilities and equipment, and all general and limited partner interest in Pardus Oil &amp; Gas Operating, LP. The purchase price, as amended, included the assumption of certain obligations totaling $1,584,042 and a cash payment of $40,000 for a total purchase price of $1,624,042. The transaction closed on April 7, 2020. The cash payment was made in January 2021.</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;">The following table sets forth the Company's purchase price allocation:</p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt/0.05pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="vertical-align:top;"><strong>Fair Value of Assets Acquired</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Accounts receivable</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">100,208</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Inventory of oil in tanks</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">147,297</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Deposits</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">378,000</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Equipment and gathering lines</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">109,200</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Oil and natural gas properties</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1pt solid;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:right;">10,397,821</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Total Assets Acquired</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 2.5pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 2.5pt double;width:9%;vertical-align:bottom;text-align:right;">11,132,526</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"><strong>Fair Value of Liabilities Assumed</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Accounts payable &#8211; trade</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">20,455</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Note payable &#8211; current</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">378,000</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Royalty suspense</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,185,587</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Asset retirement obligations</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1pt solid;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:right;">9,508,484</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Total liabilities assumed</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 2.5pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 2.5pt double;width:9%;vertical-align:bottom;text-align:right;">11,092,526</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Purchase Price</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 2.5pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 2.5pt double;width:9%;vertical-align:bottom;text-align:right;">40,000</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;">The fair values of assets acquired and liabilities assumed were based on the following key inputs:</p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;"><em>Oil and natural gas properties</em></p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;"><em>&nbsp;</em></p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;">The value of oil and gas properties was based on an allocation of the purchase price which included assignment of values to the other identifiable assets acquired and liabilities assumed.</p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; TEXT-INDENT: 0.25in; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;">The fair value of asset retirement obligations are included in proved oil and natural gas properties with a corresponding liability in the table above. The fair value was determined based on a discounted cash flow model, which included assumptions of the estimated current abandonment costs, discount rate, inflation rate and timing associated with the incurrence of these costs.</p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; TEXT-INDENT: 0.25in; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;">The inputs used to value oil and natural gas properties and asset retirement obligations require significant judgment and estimates made by management and represent non-recurring Level 3 inputs</p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;"><em>Financial instruments and other</em></p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">The fair values determined for accounts payable - trade were equivalent to the carrying value due to their short-term nature and include liabilities primarily related to well activity prior to close.</p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0.05pt 0px 0px; text-align:justify;">Inventory acquired as a part of the acquisition was based on oil in tanks at the date of acquisition multiplied by the day&#8217;s spot price.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On August 6, 2020 the Company, through its wholly owned subsidiary, Empire Texas, entered into a joint development agreement (the &#8220;JDA&#8221;) with Petroleum &amp; Independent Exploration, LLC and related entities (&#8220;PIE&#8221;) dated August 1, 2020. Under the terms of the JDA, PIE will perform recompletion or workover on specified mutually agreed upon wells (&#8220;Workover Wells&#8221;) owned by Empire Texas. To fund the work, PIE entered into a term loan agreement with Empire Texas dated August 1, 2020, whereby PIE will loan up to $2,000,000, at an interest rate of 6% per annum, maturing August 7, 2024 unless terminated earlier by PIE. Proceeds of the loan will be used for recompletion or workover of the Workover Wells. As of March 31, 2021 approximately $446,000 has been advanced from the loan and is presented as corresponding other long-term assets and long-term notes payable. As part of the JDA, Empire Texas will assign to PIE a combined 85% working and revenue interest in the Workover Wells; an assignment was completed in October 2020 for the initial three Workover Wells. Of the assigned interest, 70% working and revenue interest will be used to repay the obligations under the term loan agreement. Once the term loan is repaid, PIE will reassign a 35% working and revenue interest to Empire Texas in each of the Workover Wells and retain a 50% working and revenue interest (See Note 10). Activity resulting from the JDA is being treated as a conveyance.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In addition, PIE and Empire entered into a Securities Purchase Agreement (&#8220;Securities Agreement&#8221;) whereby PIE purchased for $525,000 (a) 3,500,000 shares of Empire common stock, (b) warrants to purchase 2,625,000 shares of Empire common stock at an exercise price of $0.20 per share, (c) warrants to purchase 1,800,000 shares of Empire common stock at an exercise price of $0.25 per share, (d) warrants to purchase 8,136,518 shares of Empire common stock at an exercise price of $0.10 per share, and (e) warrants to purchase up to 11,066,667 shares of Empire common stock at an exercise price of $0.141 per share. Pursuant to the Securities Agreement, PIE was obligated to exercise the $0.20 warrants within 45 days of when 3 month trailing average production from the Empire Texas properties have increased by 20% over the trailing 3 month trailing average production as of July 2020. PIE can only exercise the $0.25 warrants once all existing non-PIE outstanding warrants to purchase Empire common stock have been exercised or lapsed. For the $0.141 warrants, PIE may initially acquire 7,533,333 shares of Empire common stock, however the amount could be increased if any existing non-PIE warrants were exercised prior to December 31, 2020. On March 11, 2021 the Company amended the Securities Agreement to remove the vesting provisions for the warrants and PIE exercised all of its warrants for an aggregate exercise price of $3,349,052 (See Note 10).&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">The Company uses derivative financial instruments to manage its exposure to commodity price fluctuations. Commodity derivative instruments are used to reduce the effect of volatility of price changes on the oil and natural gas the Company produces and sells. The Company does not enter into derivative financial instruments for speculative or trading purposes. The Company&#8217;s derivative financial instruments consist of oil swaps.</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its condensed consolidated statements of operations as they occur. Unrealized gains and losses related to the swap contracts are recognized and recorded as an asset or liability on the Company&#8217;s condensed consolidated balance sheets.</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">The following table summarizes the net realized and unrealized amounts reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2021 and 2020:</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"><strong>Three months ended March 31,</strong></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"><strong>2021</strong></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"><strong>2020</strong></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"><strong>Gain (loss) on derivatives:</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Oil derivatives</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(357,915</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,509,045</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">The following represents the Company&#8217;s net cash receipts from (payments on) derivatives for the three months ended March 31, 2021 and 2020:</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"><strong>Three months ended March 31,</strong></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"><strong>2021</strong></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"><strong>2020</strong></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"><strong>Net cash received from payments on derivatives</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Oil derivatives</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(127,944</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">533,285</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;"><font style="font-family:times new roman, times, serif">The following table sets forth the Company&#8217;s outstanding derivative contracts at March 31, 2021. The Company has no outstanding natural gas derivatives.</font></p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;"><font style="font-family:times new roman, times, serif">&nbsp;</font></p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"><font style="font-family:times new roman, times, serif"><strong>2<sup>nd </sup>Quarter</strong></font></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"><font style="font-family:times new roman, times, serif"><strong>3<sup>rd </sup>Quarter</strong></font></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"><font style="font-family:times new roman, times, serif"><strong>4<sup>th </sup>Quarter </strong></font></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"><u><strong>2021</strong></u></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"><strong>Oil Swaps:</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Quarterly volume (MBbl)</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15.18</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5.20</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">&#8212;</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Price per Bbl</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">50.87</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">38.25</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">&#8212;</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On March 10, 2021 the Company entered into the Third Amendment to its Senior Revolver Loan Agreement (&#8220;the Amended Agreement&#8221;) with CrossFirst Bank (&#8220;CrossFirst&#8221;). The Amended Agreement commitment amount is $8,520,000 which is reduced by $180,000 per calendar quarter beginning March 31, 2021 and the maximum amount that can be advanced under the Agreement is $20,000,000 and includes interest at Wall Street Journal Prime plus 150 basis points (4.75% as of March 31, 2021). The Amended Agreement matures on March 27, 2022. Collateral for the loan is a lien on all of the assets of the Company&#8217;s wholly owned subsidiaries, Empire Louisiana and Empire North Dakota, and a first priority mortgage lien, pledge of and security interest in not less than 80% of Empire Louisiana&#8217;s and Empire North Dakota&#8217;s producing oil, gas and other leasehold and mineral interests. The Amended Agreement requires the Company maintain commodity derivatives at certain thresholds based on projected production and, beginning March 31, 2021, to maintain certain covenants including an EBITDAX to interest expense of at least 3:1 and funded debt to EBITDAX of 6:1 on a trailing twelve month basis and reducing quarterly to 4:1 as of March 31, 2022 and thereafter. The Company is not in compliance with these covenants of the Amended Agreement at March 31, 2021. As of March 31, 2021, the Company has an outstanding loan balance of $7,849,500 under the Amended Agreement.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During 2016 and 2017, the Company issued $260,000 of Senior Unsecured Promissory Notes which contained a conversion feature allowing the investors to convert the Notes into shares of the Company&#8217;s common stock. In 2019, all but three of the Note holders converted their notes with a balance of $157,500 into 1,575,000 shares of the Company&#8217;s common stock. In January 2020, three of the Senior Unsecured Promissory Note investors exercised the conversion feature and converted their $102,500 notes for 1,025,000 shares of the Company's common stock. All of the Senior Unsecured Promissory Notes have been converted to common stock of the Company as of March 31, 2020.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On April 1, 2020, in conjunction with the purchase of assets from Pardus Oil &amp; Gas, LLC (see Note 5), the Company entered into a unsecured promissory note agreement with the seller in the amount of $378,000. The note is payable in one installment on April 1, 2021 and bears interest at the one-year LIBOR rate (1% as of March 31, 2021). The note was paid on April 1, 2021 (See Note 12).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;On May 5, 2020, the Company received an SBA Payroll Protection Plan (&#8220;PPP&#8221;) loan for $160,700. The loan matures on May 5, 2022 and has an interest rate of 1%. There are no payments due until ten months after the covered period which ended October 20, 2020, at which time the payment amount will be determined based on the portion of the loan which has not been forgiven under criteria established by the SBA, using an eighteen-month amortization. On April 26, 2021 the Company filed its application for forgiveness of the entire PPP loan, which is subject to SBA approval.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In August 2020, concurrent with the Joint Development Agreement with Petroleum and Independent Exploration, LLC (&#8220;PIE&#8221;), the Company entered into a term loan agreement dated August 1, 2020, whereby PIE will loan up to $2,000,000, at an interest rate of 6% per annum, maturing August 7, 2024 unless terminated earlier by PIE. The loan proceeds will be used for recompletion or workover of certain designated wells. In addition, the Company assigned a 70% working and revenue interest to PIE in the designated wells which will be applied to repayment of the loan. As of March 31, 2021, approximately $446,000 has been advanced from the loan (See Note 6).</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">As a lessee, the Company leases its corporate office headquarters in Tulsa, Oklahoma. The lease expires on December 31, 2025 and has an option to renew for an additional five-year term. The option to renew the lease is generally not considered reasonably certain to be exercised. Therefore, the period covered by such optional period is not included in the determination of the term of the lease and the lease payments during these periods are similarly excluded from the calculation of right-of-use lease asset and lease liability balances.</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">The Company recognizes right-of use lease expense on a straight-line basis, except for certain variable expenses that are recognized when the variability is resolved, typically during the period in which they are paid. Variable right-of-use lease payments typically include charges for property taxes, insurance, and variable payments related to non-lease components, including common area maintenance.</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">Right of use lease expense was $34,989 for the three months ended March 31, 2021. Cash paid for right of use lease was $31,775 for the period.</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">Supplemental balance sheet information related to the right of use leases as of March 31, 2021:</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Operating lease asset (included in Other Property and Equipment</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 2.5pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 2.5pt double;width:9%;vertical-align:bottom;text-align:right;">563,667</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Current portion of lease liability</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">96,325</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Long term lease liability</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1pt solid;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:right;">505,546</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Total right of use lease liabilities</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 2.5pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 2.5pt double;width:9%;vertical-align:bottom;text-align:right;">601,871</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">The weighted average remaining term for the Company&#8217;s right of use leases is 4.75 years.</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">Maturities of lease liabilities as of March 31, 2021:</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">2021</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">95,325</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">2022</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">147,436</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">2023</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">150,385</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">2024</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">153,392</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">2025</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1pt solid;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:right;">156,460</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Total lease payments</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">702,998</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Less imputed interest</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1pt solid;width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 1pt solid;width:9%;vertical-align:bottom;text-align:right;">(101,127</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;">Total lease obligation</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 2.5pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 2.5pt double;width:9%;vertical-align:bottom;text-align:right;">601,871</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">Diluted Earnings per Share ("EPS") gives effect to all dilutive potential common shares outstanding during the period. The computation of Diluted EPS does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect on losses. As a result, if there is a loss from continuing operations, Diluted EPS is computed in the same manner as Basic EPS. At March 31, 2021 and 2020, the Company had 10,000,000 and 5,004,167 respectively, options outstanding that were not included in the calculation of earnings per share for the periods then ended. Such financial instruments may become dilutive and would then need to be included in future calculations of Diluted EPS. At March 31, 2021 and 2020, the outstanding options were considered anti-dilutive because the strike prices were above the market price and the Company has incurred operating losses year to date.</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">On April 3, 2019, the Board of Directors of the Company adopted the Empire Petroleum Corporation 2019 Stock Option Plan (the "Stock Option Plan"). The total number of shares of common stock that may be issued pursuant to stock options under the Stock Option Plan is 10,000,000. Further, on April 3, 2019 the Company granted Mr. Pritchard and Mr. Morrissett each, options to purchase 2,500,000 shares of common stock of the Company at an exercise price of $0.33 per share. The options vest in three installments with 1,250,000 vesting immediately and 625,000 vesting each in April 2020 and April 2021. All of the options expire in April, 2029. The value allocated&nbsp;to the vested options was the fair value determined using the Black-Scholes option valuation with the following assumptions:&nbsp; no dividend yield, expected annual volatility of 213%, risk free interest rate of 2.32% and an expected useful life of 5.375 years. The fair value of the vested options of $812,500 was recorded as compensation expense and allocated to Paid in Capital in 2019. In 2020, the fair value of the options which vested in April 2020 of $406,250 was recorded as compensation expense and allocated to Paid in Capital. The fair of the remaining unvested options is $406,250 as of March 31, 2021.</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">On August 7, 2020 concurrently with the Joint Development Agreement with Petroleum &amp; Independent Exploration, LLC and related entities (&#8220;PIE&#8221;), the companies entered into a Securities Purchase Agreement (&#8220;Securities Agreement&#8221;) whereby PIE purchased for $525,000 (a) 3,500,000 shares of Empire common stock, (b) warrants to purchase 2,625,000 shares of Empire common stock at an exercise price of $0.20 per share, (c) warrants to purchase 1,800,000 shares of Empire common stock at an exercise price of $0.25 per share, (d) warrants to purchase 8,136,518 shares of Empire common stock at an exercise price of $0.10 per share, and (e) warrants to purchase up to 11,066,667 shares of Empire common stock at an exercise price of $0.141 per share. PIE is obligated to exercise the $0.20 warrants within 45 days of when 3 month trailing average production from the Empire Texas properties have increased by 20% over the trailing 3 month trailing average production as of July 2020. PIE can only exercise the $0.25 warrants once all existing non-PIE outstanding warrants to purchase Empire common stock have been exercised or lapsed. For the $0.141 warrants, PIE may initially acquire 7,533,333 shares of Empire common stock, however the amount may be increased if any existing non-PIE warrants are exercised prior to December 31, 2020. The value allocated&nbsp;to the warrants was the fair value determined using the Black-Scholes option valuation with the following assumptions:&nbsp; no dividend yield, expected annual volatility of 147%, risk free interest rate of .19% and an expected useful life of 4 years. The fair value of the warrants of $450,848 was allocated to Paid in Capital (See Note 8). On March 11, 2021 the Company amended the Securities Agreement to remove the vesting provisions for the warrants and PIE exercised the warrants for an aggregate exercise price of $3,349,052 (See Note 6).</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">During February and March 2021, the Company issued to a group of accredited investors 8,993,858 shares of its common stock and warrants to purchase 8,993,858 shares of its common stock for $.50 per share which expires on December 31, 2022. Proceeds from the sale were $3,147,850. The value allocated&nbsp;to the warrants was the fair value determined using the Black-Scholes option valuation with the following assumptions:&nbsp; no dividend yield, expected annual volatility of 180%, risk free interest rate of .14% and an expected useful life of 21 months. The fair value of the warrants of $2,350,407 was allocated to Paid in Capital.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT: 10pt times new roman; MARGIN: 0px; text-align:justify;">In March 2021, the majority owner of Petroleum &amp; Independent Exploration, LLC and related entities (&#8220;PIE&#8221;), through the exercise of warrants, became an owner of approximately 24% of the Company&#8217;s outstanding shares of stock (See Note 10). The Company has a joint development agreement with PIE to perform recompletion or workover on specified mutually agreed upon wells (See Notes 6 and 8). As of March 31, 2021, the Company has incurred obligations of $445,611 as a part of the joint development agreement.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">From time to time, the Company is subject to various legal proceedings arising in the ordinary course of business, including proceedings for which the Company may not have insurance coverage. While many of these matters involve inherent uncertainty, as of the date hereof, the Company does not currently believe that any such legal proceedings will have a material adverse effect on the Company's business, financial position, results of operations or liquidity.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The Company is subject to extensive federal, state and local environmental laws and regulations. These laws, among other things, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites.&nbsp; Management believes&nbsp;no&nbsp;materially significant liabilities of this nature existed as of March&nbsp;31, 2021.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On March 12, 2021 the Company, through its wholly owned subsidiary Empire New Mexico entered into a purchase and sale agreement with XTO Holdings, LLC (a subsidiary of ExxonMobil) (the &#8220;Seller&#8217;) to acquire, among other things, certain oil and natural gas properties in New Mexico. The purchase price is $17,800,000 subject to customary adjustments. The Company wired a deposit of $1,780,000 to the Seller on March 12, 2021. As a part of the transaction, the Company established Empire New Mexico, LLC. The effective date of the transactions contemplated by the purchase and sale agreement is January 1, 2021 and the transaction closed on May 14, 2021. As a condition of the sale, the Company purchased a $5,000,000 performance bond for the benefit of the seller for proper plugging, abandonment and restoration of the purchased properties. The performance bond is collateralized with a letter of credit in the amount of $3,750,000 which is collateralized with a bank certificate of deposit. In addition, the Company is required to deposit $100,000 per month, up to $1,250,000, into a sinking fund to be held by the surety. On May 10, 2021 the Company entered into a Promissory Note Agreement with Bank of Oklahoma, NA in the amount of $3,750,000 which is due on demand with an interest rate established by the Bank, currently at 4 percent. The Note is collateralized with a certificate of deposit in a similar amount at Bank of Oklahoma.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On March 22, 2021 the Company, through its wholly owned subsidiary, Empire ND Acquisitions, LLC, entered into a purchase and sale agreement with 31 Group, LLC to acquire among other things, certain oil and gas properties in North Dakota. The purchase price is $900,000, payable one year from the closing date, and is reduced by certain expenses which the Company may incur relating to the properties or assessment of certain wells as uneconomic for up to one year from the closing date. As a part of the transaction, the Company established Empire ND Acquisition, LLC. The transaction closed on May 7, 2021.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On April 26, 2021, the Company filed for forgiveness of its Paycheck Protection Program (&#8220;PPP&#8221;) loan. The application seeks forgiveness of the entire amount and is subject to approval of the U.S. Small Business Administration.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On April 30,2021 the Company received a Second Draw SBA Payroll Protection Plan (&#8220;PPP&#8221;) loan for $106,850. The loan matures on April 30, 2026 and has an interest rate of 1%. There are no payments due until ten months after the covered period at which time the payment amount will be determined based on the portion of the loan which has not been forgiven under criteria established by the SBA, using an amortization of the remaining term of the loan. The Company will seek forgiveness for the entire loan amount subject to approval of the United States Small Business Administration.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">On April 1, 2021, the Company paid its $378,000 unsecured loan to the previous owners of Pardus Oil &amp; Gas as per the terms on the Note (See Note 8).</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On May 14, 2021 the Company entered into a Senior Secured Convertible Note Agreement (the &#8220;Note&#8221;) in the amount of $16,250,000 with Energy Evolution Master Fund, LLC (&#8220;Energy Evolution&#8221;). The Note is collateralized by all assets of Empire New Mexico, matures on December 31, 2021 and bears an interest rate of 3.8%. The Note provides that up to 40% of the balance can be converted into the Company&#8217;s common stock at the lesser of $1.25 per share or the offering price if the Company has a subsequent capital raise. Additionally, the conversion price is reduced by $0.25 per share if any amount is due on the Note as of October 1, 2021 or the Company has not filed a registration statement with the United States Securities and Exchange Commission within 120 days of the Note. If the registration statement described above is not filed within 120 days, Energy Evolution has the option to convert 50% of the Note amount into common stock of the Company at a rate of $1.00 per share. The Note also provides that Energy Evolution, which is an affiliated organization of Petroleum &amp; Independent Exploration, LLC and related entities (&#8220;PIE&#8221;), or its affiliated organization may appoint an additional member to the Company&#8217;s Board of Directors, for a total of three appointed members, and that one of the appointed members shall be appointed as Chairman of the Board of Directors. Energy Evolution received a closing fee for the Note of 1,500,000 shares of the Company&#8217;s common stock and warrants to purchase 3,000,000 shares of common stock for $1.00 per share which expire on May 14, 2022.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In May, 2021 the Company entered into $3,243,000 of Unsecured Convertible Notes (the &#8220;Unsecured Notes&#8221;) with a group of accredited investors. The Unsecured Notes mature on May 9, 2022 with a single payment and bear interest at 5%. The Unsecured Note holders may convert their notes to common stock of the Company at the lesser of $1.25 per share or the price per share offered by the Company if the Company has a future capital raise.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In April 2021, the Company&#8217;s Board of Directors approved a resolution granting non-employee directors&#8217; compensation in the amount of $48,000 per year. The Company has two non-employee directors.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In April and May 2021, warrants to purchase 1,845,714 shares of the Company&#8217;s common stock were exercised. The Company realized $823,857 from the exercise.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The condensed consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, Empire Louisiana, LLC ("Empire Louisiana"), Empire North Dakota, LLC ("Empire North Dakota"), Empire New Mexico, LLC (&#8220;Empire New Mexico&#8221;), Empire ND Acquisitions, LLC (&#8220;Empire ND Acquisitions&#8221;), Empire Texas, LLC (&#8220;Empire Texas&#8221;), and Pardus Oil &amp; Gas Operating, LP (&#8220;Pardus&#8221;). All material intercompany balances and transactions have been eliminated.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves, commodity price outlooks and prevailing market rates of other sources of income and costs. Other significant estimates include, but are not limited to, asset retirement obligations, fair value of assets purchased in business combinations, and taxes.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The accompanying condensed consolidated financial statements of the Company have not been audited by the Company's independent registered public accounting firm. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Certain disclosures have been condensed in or omitted from these condensed consolidated financial statements. Accordingly, these condensed notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Inventory consists of oil in tanks which has not been delivered and is valued at the contract price to the buyer.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company recognizes revenues from the sales of oil and natural gas to its customers and presents them aggregated on the Company's condensed consolidated statements of operations. The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in ASC 606. Specifically, revenue is recognized when the Company's performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i)&nbsp;transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purchaser one to two months after production. At March 31, 2021, the Company had receivables related to contracts with customers of approximately $855,000, joint interest billings of approximately $383,000 and other receivables of approximately $44,000.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.3in; text-align:justify;"><em>Impairment of oil and natural gas properties - </em>The fair value of proved and unproved oil and natural gas properties was measured using valuation techniques that convert the future cash flows to a single discounted amount. Significant inputs to the valuation of proved and unproved oil and natural gas properties include estimates of: (i) recoverable reserves; (ii) production rates; (iii) future operating and development costs; (iv) future commodity prices; and (v) a market-based weighted average costs of capital. The Company utilized a combination of the New York Mercantile Exchange ("NYMEX") strip pricing and consensus pricing to value the reserves, then applied various discount rates depending on the classification of reserves and other risk characteristics. For significant acquisitions, management utilized the assistance of a third-party valuation expert to estimate the value of the oil and natural gas properties acquired.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.3in; text-align:justify;">The fair value of asset retirement obligations is included in proved oil and natural gas properties with a corresponding liability. The fair value was determined based on a discounted cash flow model, which included assumptions of the estimated current abandonment costs, discount rate, inflation rate and timing associated with the incurrence of these costs.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.3in; text-align:justify;">The inputs used to value oil and natural gas properties for impairments and asset retirement obligations require significant judgment and estimates made by management and represent Level 3 inputs.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.3in; text-align:justify;">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:30px"><em>Derivative instruments</em> - The fair value of the Company&#8217;s derivative instruments are measured at fair value using third party pricing services and represent Level 2 inputs.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.3in; text-align:justify;"><em>Financial instruments and other- </em>The fair values determined for accounts receivable, accrued expenses and other current liabilities were equivalent to the carrying value due to their short-term nature.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850,&nbsp;<em>Related Party Disclosures</em>&nbsp;(&#8220;FASB ASC 850&#8221;) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships: affiliates of the entity; entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; trusts for the benefit of employees; principal owners of the entity and members of their immediate families; management of the entity and members of their immediate families; and other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Proved producing wells</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">4,499,782</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Proved undeveloped</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">2,232,358</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Lease, well and gathering equipment</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">1,360,596</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Asset retirement obligation</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">14,126,130</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Unproved leasehold costs</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">492,580</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Gross capitalized costs</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">22,711,446</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Less: accumulated depreciation, depletion and impairment</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(15,324,596</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">)</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">7,386,850</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Other property and equipment, at cost</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">837,149</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Less: accumulated depreciation</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(62,668</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">)</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Oher property and equipment, net</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">774,481</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Fair Value of Assets Acquired</strong></p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Accounts receivable</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">100,208</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Inventory of oil in tanks</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">147,297</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Deposits</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">378,000</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Equipment and gathering lines</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">109,200</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Oil and natural gas properties</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">10,397,821</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Total Assets Acquired</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">11,132,526</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Fair Value of Liabilities Assumed</strong></p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Accounts payable &#8211; trade</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">20,455</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Note payable &#8211; current</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">378,000</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Royalty suspense</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">1,185,587</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Asset retirement obligations</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">9,508,484</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Total liabilities assumed</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">11,092,526</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Purchase Price</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">40,000</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended March 31,</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2021</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Gain (loss) on derivatives:</strong></p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Oil derivatives</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(357,915</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">)</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">2,509,045</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Three months ended March 31,</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2021</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Net cash received from payments on derivatives</strong></p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Oil derivatives</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(127,944</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">)</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">533,285</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2<sup>nd </sup>Quarter</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>3<sup>rd </sup>Quarter</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>4<sup>th </sup>Quarter </strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong><u>2021</u></strong></p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Oil Swaps:</strong></p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Quarterly volume (MBbl)</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">15.18</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">5.20</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">&#8212;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Price per Bbl</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">50.87</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">38.25</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">&#8212;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Operating lease asset (included in Other Property and Equipment</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">563,667</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Current portion of lease liability</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">96,325</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Long term lease liability</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">505,546</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Total right of use lease liabilities</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">601,871</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">2021</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">95,325</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">2022</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">147,436</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">2023</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">150,385</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">2024</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">153,392</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">2025</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">156,460</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Total lease payments</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">702,998</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Less imputed interest</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">(101,127</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px">)</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Total lease obligation</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:right;">601,871</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> -7047930 8671303 -7849500 2022-03-27 62500 63500 26871 855000 383000 44000 4499782 2232358 1360596 14126130 492580 22711446 -15324596 7386850 837149 -62668 1193760 1210400 500000 850000 50000 725000 8500000 2020-01-01 2020-04-30 20455 378000 1185587 9508484 11092526 40000 100208 147297 378000 109200 10397821 11132526 40000 1624042 1584042 purchase certain oil and natural gas properties in Texas comprising 139 gross wells and approximately 30,000 net acres, 77.3 miles of gathering lines and pipelines and related facilities and equipment, and all general and limited partner interest in Pardus Oil & Gas Operating, LP 2000000 2024-08-07 446000 As part of the JDA, Empire Texas will assign to PIE a combined 85% working and revenue interest in the Workover Wells; an assignment was completed in October 2020 for the initial three Workover Wells. Of the assigned interest, 70% working and revenue interest will be used to repay the obligations under the term loan agreement. Once the term loan is repaid, PIE will reassign a 35% working and revenue interest to Empire Texas in each of the Workover Wells and retain a 50% working and revenue interest 0.06 PIE purchased for $525,000 (a) 3,500,000 shares of Empire common stock, (b) warrants to purchase 2,625,000 shares of Empire common stock at an exercise price of $0.20 per share, (c) warrants to purchase 1,800,000 shares of Empire common stock at an exercise price of $0.25 per share, (d) warrants to purchase 8,136,518 shares of Empire common stock at an exercise price of $0.10 per share, and (e) warrants to purchase up to 11,066,667 shares of Empire common stock at an exercise price of $0.141 per share. Pursuant to the Securities Agreement, PIE was obligated to exercise the $0.20 warrants within 45 days of when 3 month trailing average production from the Empire Texas properties have increased by 20% over the trailing 3 month trailing average production as of July 2020 0.25 0.141 3349052 7533333 2509045 -357915 533285 -127944 15.18 5.20 0 50.87 38.25 0.0 0.06 0.0475 2024-08-07 2000000 446000 In addition, the Company assigned a 70% working and revenue interest to PIE in the designated wells which will be applied to repayment of the loan. 20000000 8520000 7849500 2021-03-27 The Amended Agreement requires the Company maintain commodity derivatives at certain thresholds based on projected production and, beginning March 31, 2021, to maintain certain covenants including an EBITDAX to interest expense of at least 3:1 and funded debt to EBITDAX of 6:1 on a trailing twelve month basis and reducing quarterly to 4:1 as of March 31, 2022 and thereafter. 2022-03-27 1575000 157500 260000 102500 1025000 The loan matures on May 5, 2022 and has an interest rate of 1%. There are no payments due until ten months after the covered period which ended October 20, 2020 The note is payable in one installment on April 1, 2021 and bears interest at the one-year LIBOR rate (1% as of March 31, 2021). 160700 378000 180000 180000 563667 96325 505546 601871 95325 147439 150385 153392 156460 702998 -101127 601871 34989 31775 P4Y8M30D 10000000 625000 5004167 0.25 0.141 1.47 2.13 0.0019 0.0232 P4Y P5Y4M15D 7533333 3349052 450848 812500 PIE purchased for $525,000 (a) 3,500,000 shares of Empire common stock, (b) warrants to purchase 2,625,000 shares of Empire common stock at an exercise price of $0.20 per share, (c) warrants to purchase 1,800,000 shares of Empire common stock at an exercise price of $0.25 per share, (d) warrants to purchase 8,136,518 shares of Empire common stock at an exercise price of $0.10 per share, and (e) warrants to purchase up to 11,066,667 shares of Empire common stock at an exercise price of $0.141 per share. PIE is obligated to exercise the $0.20 warrants within 45 days of when 3 month trailing average production from the Empire Texas properties have increased by 20% over the trailing 3 month trailing average production as of July 2020 0.33 .50 2500000 10000000 1250000 April, 2029 406250 406250 2500000 0.0014 1.8 2350407 8993858 8993858 3147850 445611 1845714 823857 48000 3750000 378000 0.05 17800000 3750000 1250000 106850 0.01 16250000 900000 1780000 1000000 2021-01-01 2026-04-30 3243000 1500000 matures on December 31, 2021 and bears an interest rate of 3.8%. The Note provides that up to 40% of the balance can be converted into the Company&#8217;s common stock at the lesser of $1.25 per share or the offering price if the Company has a subsequent capital raise. Additionally, the conversion price is reduced by $0.25 per share if any amount is due on the Note as of October 1, 2021 or the Company has not filed a registration statement with the United States Securities and Exchange Commission within 120 days of the Note. If the registration statement described above is not filed within 120 days, Energy Evolution has the option to convert 50% of the Note amount into common stock of the Company at a rate of $1.00 per share 2022-05-09 1.25 1.00 300000 3000000 EX-101.SCH 7 empr-20210331.xsd XBRL SCHEMA FILE 000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink 000002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 000003 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 000004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 000005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 000006 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 000007 - 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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PROPERTY AND EQUIPMENT 3. PROPERTY AND EQUIPMENT OVINTIV OIL AND NATURAL GAS PROPERTIES 4. OVINTIV OIL AND NATURAL GAS PROPERTIES ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES 5. ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES JOINT DEVELOPMENT AGREEMENT 6. JOINT DEVELOPMENT AGREEMENT DERIVATIVE FINANCIAL INSTRUMENTS 7. DERIVATIVE FINANCIAL INSTRUMENTS NOTES PAYABLE 8. NOTES PAYABLE LEASES 9. LEASES EQUITY 10. EQUITY RELATED PARTY TRANSACTIONS 11. RELATED PARTY TRANSACTIONS COMMITMENTS AND CONTINGENCIES 12. COMMITMENTS AND CONTINGENCIES SUBSEQUENT EVENTS 13. SUBSEQUENT EVENTS Principles of consolidation Use of estimates in the preparation of financial statements Interim financial statements Inventory Inventory, Policy [Policy Text Block] Revenue recognition Fair value measurements Related Party Transactions Aggregate capitalized costs of oil and natural gas Schedule of Operating lease ScheduleOfPurchaseAndSalesOfAgreement DERIVATIVE FINANCIAL INSTRUMENTS (Tables) Schedule of gain loss on derivatives Schedule of net cash receipts from derivatives Schedule of notional amounts of outstanding derivative Schedule of lease expenses Schedule of weighted average Plan Name Axis Related Party Transactions By Related Party Axis Revolver Loan Agreement [Member] Morrisett [Member] Pritchard [Member] Cash Working capital deficit Impairment of oil and natural gas properties Senior revolver loan, maturity date Officers and employees compensation Outstanding advances Receivables from contracts Joint interest billings amount Other receivables Guarantee Obligations By Nature Axis Oil And Natural Gas [Member] Proved producing wells Proved undeveloped Lease, well and gathering equipment Asset retirement obligation Unproved leasehold costs Gross capitalized costs Less: accumulated depreciation, depletion and impairment Net Capitalized costs Other property and equipment, at cost Less: accumulated depreciation Oher property and equipment, net Related Party Transaction Axis Consultant [Member] Montana [Member] Proceeds from sale of lease interest Sale of lease interest Payment for lease interests Ovintiv [Member] Deposits Acquisition Deposit Receivable Return of deposits Business acquisation purchase price Business acquisation effective date Business acquisation closing date Fair Value By Liability Class Axis Fair Value By Asset Class Axis Fair Value of Liability Assumed [Member] Fair Value of Assets Acquired [Member] Accounts payable - trade Note payable - current Royalty suspense Asset retirement obligations Total liabilities assumed Purchase Price Accounts receivables Inventory of oil in tanks Deposits [Deposits Assets, Current] Equipment and gathering lines Oil and natural gas properties Total Assets Acquired Pardus Agreement [Member] Amount paid for oil and natural gas properties Total purchase price for oil and natural gas propertie Description of asset acquired Award Date Axis Joint Development Agreement [Member] Petroleum & Independent Exploration, LLC [Member] August 6, 2020 [Member] Security Purchase Agreement [Member] Loan from related party Maturity date Proceeds from loan Description of working and revenue interest Rate of interest Description of security purchase agreement Warrant exercise price Per share price Aggregate exercise price Shares Acquired, shares Credit Derivatives By Contract Type Axis Oil derivatives [Member] Gain (loss) on derivatives Oil derivatives [Member] Net cash receipts from (payments on) derivatives: Award Type Axis Oil Swaps [Member] Second quarter [Member] 2020 [Member] Third quarter [Member] Fourth quarter [Member] Quarterly volume (MBbl) Price per Bbl Range Axis Longterm Debt Type Axis Business Acquisition Axis Joint Development Agreement [Member] Petroleum & Independent Exploration, LLC [Member] August 1, 2020 [Member] Revolver Loan Agreement [Member] Maximum [Member] March 10, 2021 [Member] Unsecured Note [Member] Morrisett [Member] February 2019 [Member] Pardus Oil & Gas Operating, LP [Member] May 5, 2020 [Member] Pardus Oil & Gas, LLC [Member] April 1, 2020 [Member] Interest rate Maturity date Loan from related party Proceeds from loan Description of working and revenue interest Revolver commitment amount Outstanding debt balance Description of notes payable Maturity date [Long-term Debt, Maturity Date] Reduction in commitment amount per quarter Shares issued upon conversion of debt Debt instrument converted amount Common stock shares issued upon conersion of debt Common Stock Issued in Exchange for Outstanding Notes Payable Promissory note Operating lease asset (included in Other Property and Equipment Current portion of lease liability Long term lease liability Total right of use lease liabilities 2021 2022 2023 2024 2025 Total Lease payments Less imputed interest Total lease obligation Lease expense Right-of-use assets and liabilities weighted average remaining term for right of use leases Financial Instrument Axis Derivative Instrument Risk Axis April Thirty Two Thousand Twenty One [Member] August 7, 2020 [Member] Stock Option Plan [Member] April 3, 2019 [Member] Pritchard [Member] February and March 2021 [Member] Exercise price two [Member] Warrants [Member] Mr. Morrissett [Member] Options outstanding excluded from calculation of earnings per share Stock options vested Warrant exercise price Per share price Expected volatility rate Risk free interest rate Expected useful life Shares Acquired, shares Aggregate exercise price Additional paid in capital Description of security purchase agreement Shares issuable Options expiry date Fair of the remaining unvested options Compensation expense Warrants exercise price Stock options granted Proceed from share conversion Warrants issued to purchase common shares Shares, options, warrants and conversion features issued, Shares Shares, options, warrants and conversion features issued, Amount Joint Devlopment Agreement [Member] Obligations, amount XTO Holdings LLC [Member] Secured Convertible Note Agreement [Member] 31 Group, LLC [Member] Accredited investor [Member] Shares issued upon warrants exercise, shares Proceeds from warrants exercised Non Employee Directors compensation Due on demand Unsecured loan Interest rate Purchase price Letter of credit Notes payable, amount Deposit Effective date Unsecured convertible notes Proceeds from issuance of warrant Interest rate description Expiration date Per share price [Shares Issued, Price Per Share] Shares issued upon exercise of warrant, shares The carrying amount of the asset transferred to a third party to serve as a deposit, which typically serves as security against failure by the transferor to perform under terms of an agreement. 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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current Assets:    
Cash $ 3,914,678 $ 157,695
Accounts Receivable 1,281,555 1,251,634
Inventory 806,409 531,309
Prepaids 216,360 281,895
Total Current Assets 6,219,002 2,222,533
Property and equipment:    
Oil and Natural Gas Properties, Successful Efforts 22,711,446 22,711,445
Less: Accumulated Depreciation, Depletion and Impairment (15,324,596) (15,148,444)
Oil and Gas Property, Successful Effort Method, Net 7,386,850 7,563,001
Other Property and Equipment, net 774,481 662,017
Total Property and Equipment, net 8,161,331 8,225,018
Utility and Other Deposits 2,712,126 802,050
Total Assets 17,092,459 11,249,601
Current Liabilities:    
Accounts Payable 2,105,518 1,937,743
Accrued Expenses 2,427,578 2,697,831
Derivatives 235,720 5,749
Contingent Payment (see Note 4) 0 40,000
Current Portion of Lease Liability 96,325 89,769
Current Portion of Long-term Notes Payable 8,401,791 1,301,618
Total Current Liabilities 13,266,932 6,072,710
Long-Term Notes Payable 624,815 7,719,703
Long Term Lease Liability 505,546 534,009
Asset Retirement Obligations 15,648,682 15,364,217
Total Liabilities 30,045,975 29,690,639
Commitments and Contingencies (Note 12) 0 0
Stockholders' Equity (Deficit):    
Common Stock - $.001 Par Value 150,000,000 Shares Authorized, 57,515,920 and 24,892,277 Shares Issued and Outstanding, Respectively 57,515 24,892
Common Stock Subscribed (13,000) 0
Additional Paid-in Capital 28,617,530 22,152,451
Accumulated Deficit (41,615,561) (40,618,381)
Total Stockholders' Equity (Deficit) (12,953,516) (18,441,038)
Total Liabilities and Stockholders' Equity (Deficit) $ 17,092,459 $ 11,249,601
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2021
Dec. 31, 2020
Stockholders' Equity (Deficit):    
Common stock par value $ 0.001 $ 0.001
Common stock shares authorized 150,000,000 150,000,000
Common stock shares issued 57,515,920 24,892,277
Common stock shares outstanding 57,515,920 24,892,277
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Revenue and Other:    
Oil and Gas Sales $ 2,456,458 $ 1,314,399
Gain (Loss) on Derivatives (net) (357,915) 2,509,045
Total Revenue 2,098,543 3,823,444
Operating Expenses    
Oil and Gas Production 1,418,010 1,465,954
Production Taxes 169,832 83,959
Depletion, Depreciation and Amortization 180,540 268,018
Impairment of Oil and Natural Gas Properties 0 800,452
Accretion of Discount on Asset Retirement Obligation 284,465 98,954
General and Administrative 906,048 528,983
Total Operating Expenses 2,958,895 3,246,320
Operating Income (Loss) (860,352) 577,124
Other Income and (Expense):    
Gain on Sale of Assets 0 1,143,760
Interest Expense (136,828) (132,869)
Net Income (Loss) $ (997,180) $ 1,588,015
Net Income (Loss) per Common Share, Basic & Diluted $ (0.03) $ 0.08
Weighted Average Number of Common Shares Outstanding, Basic & Diluted 31,819,084 21,050,610
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($)
Total
Common Stock [Member]
Common Stock Subscribed [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Balance, shares at Dec. 31, 2019   20,367,277      
Balance, amount at Dec. 31, 2019 $ (4,938,655) $ 20,367 $ 0 $ 18,823,926 $ (23,782,948)
Net Income 1,588,015 $ 0 0 0 1,588,015
Conversion of Convertible Notes, shares   1,025,000      
Conversion of Convertible Notes, amount 102,500 $ 1,025 0 101,475 0
Net Loss 1,588,015        
Balance, shares at Mar. 31, 2020   21,392,277      
Balance, amount at Mar. 31, 2020 (3,248,140) $ 21,392 0 18,925,401 (22,194,933)
Balance, shares at Dec. 31, 2020   24,892,277      
Balance, amount at Dec. 31, 2020 (18,441,038) $ 24,892 0 22,152,451 (40,618,381)
Net Loss (997,180) $ 0 0 0 (997,180)
Warrants Exercised, shares   23,628,185      
Warrants Exercised, amount 3,349,052 $ 23,628 0 3,325,424 0
Issuance of Common Stock and Warrants, shares   8,995,458      
Issuance of Common Stock and Warrants, amount 3,135,650 $ 8,995 (13,000) 3,139,655 0
Balance, shares at Mar. 31, 2021   57,515,920      
Balance, amount at Mar. 31, 2021 $ (12,953,516) $ 57,515 $ (13,000) $ 28,617,530 $ (41,615,561)
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities:    
Net Income (Loss) $ (997,180) $ 1,588,015
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:    
Gain on Sale of Assets 0 (1,143,760)
Amortization of Loan Issue Costs 14,587 14,586
Depreciation, Depletion and Amortization 180,540 268,018
Impairment of Oil and Natural Gas Properties 0 800,452
Accretion of Asset Retirement Obligation 284,465 98,954
Unrealized (Gain) Loss on Derivatives 229,971 (1,975,760)
Change in right of use assets, net 3,214 0
Deposit paid to Ovintiv (see Note 4) 0 (850,000)
Change in Operating Assets and Liabilities:    
Accounts Receivable (29,922) 304,020
Inventory (275,100) 320,917
Other Assets 65,797 25,309
Accounts Payable 167,775 69,809
Accrued Expenses (270,253) (199,777)
Net Cash Used In Operating Activities (626,106) (679,217)
Cash Flows from Investing Activities:    
Acquisition of Oil and Natural Gas Properties (40,000) (506,000)
Earnest deposit for acquisition of Oil and Natural Gas Properties (1,780,000) 0
Purchase of Other Fixed Assets (141,973) 0
Proceeds from Sale of Oil and Natural Gas Properties 0 1,160,400
Net Cash Provided by (Used in) Investing Activities (1,961,973) 654,400
Cash Flows from Financing Activities:    
Proceeds from Debt Issued 141,668 765,000
Principal Payments of Debt (281,308) (150,000)
Proceeds from Warrant Exercise 3,349,052 0
Proceeds from Issuance of Common Stock and Warrants 3,135,650 0
Net Cash Provided by Financing Activities 6,345,062 615,000
Net Change in Cash 3,756,983 590,183
Cash - Beginning of Period 157,695 0
Cash - End of Period 3,914,678 590,183
Supplemental Cash Flow Information:    
Cash Paid for Interest 123,310 179,820
Non-cash Investing and Financing Activities:    
Common Stock Issued in Exchange for Outstanding Notes Payable 0 102,500
Equipment purchased utilizing note payable 141,668 0
Note Payable issued - PIE Agreement (see Note 6) $ 130,338 $ 0
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.1
BASIS OF PRESENTATION GOING CONCERN
3 Months Ended
Mar. 31, 2021
BASIS OF PRESENTATION GOING CONCERN  
1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed consolidated financial statements of Empire Petroleum Corporation ("Empire" or the "Company") have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP 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, 2021.

 

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, 2020 which are contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 31, 2021.

 

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. The ultimate recoverability of the Company's investment in oil and natural gas interests is dependent upon the existence and discovery of economically recoverable oil and natural gas reserves, 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 March 31, 2021, the Company had $3,914,678 of cash and working capital deficit of $7,047,930, which includes the net balance of the Senior Revolver Loan Agreement of $7,849,500. The Senior Revolver Loan Agreement matures March 27, 2022 and, as of March 31, 2021, the Company is not in compliance with its financial covenants under the Loan Agreement (See Note 8). The Company has proved reserves which have been acquired within the last two years. The Company plans to continue to look for oil and natural gas investments and will use a combination of debt and equity financing to fund the acquisitions. The Company expects to also incur costs related to evaluating and acquiring oil and natural gas acquisitions for the foreseeable future. It is expected that management will attempt to raise additional capital for future investment and working capital opportunities.

 

However, there can be no assurances the Company will be able to refinance or restructure its existing indebtedness, raise sufficient capital to fund its strategic development plans, and meet its various capital needs. As a result of these uncertainties, management has concluded there is substantial doubt regarding the Company’s ability to continue as a going concern.

 

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’s impairment assessment of proved and unproved mineral properties is based on several factors including oil and gas spot market prices and estimated futures prices that existed at March 31, 2021. In 2020, crude oil prices in both the spot market and futures market experienced significant volatility. For the year ended December 31, 2020 the Company recorded an impairment expense of $8,671,303 as a result of the decline in oil prices (See Note 3). Further, the effect of lower crude oil prices on the Company’s future financial position or results of operations is not currently determinable due to broader economic and industry uncertainties, including the impact to the operators and other working interest owners of the properties in which the Company owns mineral interests.

 

In the event crude oil or natural gas prices remain low, there is the risk that, among other things:

 

·

the Company’s revenues, cash flows and profitability may decline substantially, which could also indirectly impact expected production by reducing the amount of funds available to acquire future mineral interests;

 

·

reserves relating to the Company’s proved properties may become uneconomic to produce resulting in impairment of proved properties; and

 

·

operators and other working interest owners are unable to execute their drilling and exploration programs resulting in lower production or inability to prove reserves on unproved properties

 

The occurrence of certain of these events may have a material adverse effect on the Company's business, results of operations and financial condition.

 

In early March 2020 there was a global outbreak of COVID-19 which has continued and resulted in changes in global supply and demand of certain mineral and energy products. These changes, including the magnitude and length of the economic downturn and any potential resulting direct and indirect negative impact to the Company cannot be determined, but they could have a prospective material impact to the Company’s acquisition and project development activities, and cash flows and liquidity.

 

As of March 31, 2021, the Company had six employees. No independent Board members received compensation from the Company in the first three months of 2021 or 2020. For the three months ended March 31, 2021, the Company paid its officers, Mr. Morrisett and Mr. Pritchard, $62,500 each for services rendered. For the three months ended March 31, 2020, the Company paid Mr. Morrisett and Mr. Pritchard $63,500 each for services rendered excluding the value of options awarded. In addition, as of March 31, 2021 Mr. Pritchard has outstanding advances of $26,871. Mr. Pritchard has an agreement with the Company to repay the outstanding advance on or before June 30, 2021.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.21.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation. The condensed consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, Empire Louisiana, LLC ("Empire Louisiana"), Empire North Dakota, LLC ("Empire North Dakota"), Empire New Mexico, LLC (“Empire New Mexico”), Empire ND Acquisitions, LLC (“Empire ND Acquisitions”), Empire Texas, LLC (“Empire Texas”), and Pardus Oil & Gas Operating, LP (“Pardus”). All material intercompany balances and transactions have been eliminated.

 

Use of estimates in the preparation of financial statements. Preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves, commodity price outlooks and prevailing market rates of other sources of income and costs. Other significant estimates include, but are not limited to, asset retirement obligations, fair value of assets purchased in business combinations, and taxes.

 

Interim financial statements. The accompanying condensed consolidated financial statements of the Company have not been audited by the Company's independent registered public accounting firm. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.

 

Certain disclosures have been condensed in or omitted from these condensed consolidated financial statements. Accordingly, these condensed notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

 

Inventory Inventory consists of oil in tanks which has not been delivered and is valued at the contract price to the buyer.

 

Revenue recognition. The Company recognizes revenues from the sales of oil and natural gas to its customers and presents them aggregated on the Company's condensed consolidated statements of operations. The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in ASC 606. Specifically, revenue is recognized when the Company's performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purchaser one to two months after production. At March 31, 2021, the Company had receivables related to contracts with customers of approximately $855,000, joint interest billings of approximately $383,000 and other receivables of approximately $44,000.

                    

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.

 

Impairment of oil and natural gas properties - The fair value of proved and unproved oil and natural gas properties was measured using valuation techniques that convert the future cash flows to a single discounted amount. Significant inputs to the valuation of proved and unproved oil and natural gas properties include estimates of: (i) recoverable reserves; (ii) production rates; (iii) future operating and development costs; (iv) future commodity prices; and (v) a market-based weighted average costs of capital. The Company utilized a combination of the New York Mercantile Exchange ("NYMEX") strip pricing and consensus pricing to value the reserves, then applied various discount rates depending on the classification of reserves and other risk characteristics. For significant acquisitions, management utilized the assistance of a third-party valuation expert to estimate the value of the oil and natural gas properties acquired.

 

The fair value of asset retirement obligations is included in proved oil and natural gas properties with a corresponding liability. The fair value was determined based on a discounted cash flow model, which included assumptions of the estimated current abandonment costs, discount rate, inflation rate and timing associated with the incurrence of these costs.

 

The inputs used to value oil and natural gas properties for impairments and asset retirement obligations require significant judgment and estimates made by management and represent Level 3 inputs.

 

Derivative instruments - The fair value of the Company’s derivative instruments are measured at fair value using third party pricing services and represent Level 2 inputs.

 

Financial instruments and other- The fair values determined for accounts receivable, accrued expenses and other current liabilities were equivalent to the carrying value due to their short-term nature.

 

Related Party Transactions. Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (“FASB ASC 850”) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships: affiliates of the entity; entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; trusts for the benefit of employees; principal owners of the entity and members of their immediate families; management of the entity and members of their immediate families; and other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.21.1
PROPERTY AND EQUIPMENT
3 Months Ended
Mar. 31, 2021
PROPERTY AND EQUIPMENT  
3. PROPERTY AND EQUIPMENT

On January 27, 2020, the Company purchased lease interests in approximately 4,936 acres in Montana for $500,000.

 

In February, 2020, the Company in two transactions sold all of its interest in leases of approximately 337 acres in Montana for $1,210,400. The Company recognized a gain on the transactions of $1,193,760.

 

On April 6, 2020 the Company purchased oil and natural gas properties in Texas (see Note 5).

 

The aggregate capitalized costs of oil and natural gas properties as of March 31, 2021, are as follows:

 

Proved producing wells

 

$

4,499,782

 

Proved undeveloped

 

 

2,232,358

 

Lease, well and gathering equipment

 

 

1,360,596

 

Asset retirement obligation

 

 

14,126,130

 

Unproved leasehold costs

 

 

492,580

 

Gross capitalized costs

 

 

22,711,446

 

Less: accumulated depreciation, depletion and impairment

 

 

(15,324,596

)

 

 

$

7,386,850

 

 

Other property and equipment consists of operating lease asset (See Note 9), vehicles, office furniture and equipment.

 

Other property and equipment, at cost

 

$

837,149

 

Less: accumulated depreciation

 

 

(62,668

)

Oher property and equipment, net

 

$

774,481

 

 

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.21.1
OVINTIV OIL AND NATURAL GAS PROPERTIES
3 Months Ended
Mar. 31, 2021
OVINTIV OIL AND NATURAL GAS PROPERTIES  
4. OVINTIV OIL AND NATURAL GAS PROPERTIES

On March 3, 2020 the Company entered into a Purchase and Sale Agreement (“the Ovintiv Agreement”) with Ovintiv USA, Inc. and several related companies to purchase certain oil and natural gas properties in Montana and North Dakota. The purchase price was $8,500,000, subject to adjustments with an effective date of January 1, 2020 and a closing date of April 30, 2020.

 

The Company made an $850,000 deposit relating to the purchase. Due to the COVID-19 pandemic and governmental state of emergency orders related thereto, the Company was unable to meet with and obtain financing to complete the purchase from its lenders. The Ovintiv Agreement was terminated and the parties agreed to settle with the Company receiving a $50,000 return of its deposit. The Company estimated a loss on the deposit of $725,000 in the quarter ending June 30, 2020 with the remainder recorded in the quarter ending September 30, 2020. No amounts were outstanding as of December 31, 2020.

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.21.1
ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES
3 Months Ended
Mar. 31, 2021
ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES  
5. ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES

On April 6, 2020 the Company, through its wholly owned subsidiary, Empire Texas, entered into a Purchase and Sale Agreement (“the Pardus Agreement”) with Pardus Oil & Gas, LLC and Pardus Oil & Gas Operating GP, LLC to purchase certain oil and natural gas properties in Texas comprising 139 gross wells and approximately 30,000 net acres, 77.3 miles of gathering lines and pipelines and related facilities and equipment, and all general and limited partner interest in Pardus Oil & Gas Operating, LP. The purchase price, as amended, included the assumption of certain obligations totaling $1,584,042 and a cash payment of $40,000 for a total purchase price of $1,624,042. The transaction closed on April 7, 2020. The cash payment was made in January 2021.

 

The following table sets forth the Company's purchase price allocation:

 

 

Fair Value of Assets Acquired

 

 

 

Accounts receivable

 

$ 100,208

 

Inventory of oil in tanks

 

 

147,297

 

Deposits

 

 

378,000

 

Equipment and gathering lines

 

 

109,200

 

Oil and natural gas properties

 

 

10,397,821

 

 

 

 

 

 

Total Assets Acquired

 

$ 11,132,526

 

 

 

 

 

 

Fair Value of Liabilities Assumed

 

 

 

 

Accounts payable – trade

 

$ 20,455

 

Note payable – current

 

 

378,000

 

Royalty suspense

 

 

1,185,587

 

Asset retirement obligations

 

 

9,508,484

 

 

 

 

 

 

Total liabilities assumed

 

$ 11,092,526

 

 

 

 

 

 

Purchase Price

 

$ 40,000

 

              

The fair values of assets acquired and liabilities assumed were based on the following key inputs:

 

Oil and natural gas properties

 

The value of oil and gas properties was based on an allocation of the purchase price which included assignment of values to the other identifiable assets acquired and liabilities assumed.

 

The fair value of asset retirement obligations are included in proved oil and natural gas properties with a corresponding liability in the table above. The fair value was determined based on a discounted cash flow model, which included assumptions of the estimated current abandonment costs, discount rate, inflation rate and timing associated with the incurrence of these costs.

 

The inputs used to value oil and natural gas properties and asset retirement obligations require significant judgment and estimates made by management and represent non-recurring Level 3 inputs

 

Financial instruments and other

 

The fair values determined for accounts payable - trade were equivalent to the carrying value due to their short-term nature and include liabilities primarily related to well activity prior to close.

 

Inventory acquired as a part of the acquisition was based on oil in tanks at the date of acquisition multiplied by the day’s spot price.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.21.1
JOINT DEVELOPMENT AGREEMENT
3 Months Ended
Mar. 31, 2021
JOINT DEVELOPMENT AGREEMENT  
6. JOINT DEVELOPMENT AGREEMENT

On August 6, 2020 the Company, through its wholly owned subsidiary, Empire Texas, entered into a joint development agreement (the “JDA”) with Petroleum & Independent Exploration, LLC and related entities (“PIE”) dated August 1, 2020. Under the terms of the JDA, PIE will perform recompletion or workover on specified mutually agreed upon wells (“Workover Wells”) owned by Empire Texas. To fund the work, PIE entered into a term loan agreement with Empire Texas dated August 1, 2020, whereby PIE will loan up to $2,000,000, at an interest rate of 6% per annum, maturing August 7, 2024 unless terminated earlier by PIE. Proceeds of the loan will be used for recompletion or workover of the Workover Wells. As of March 31, 2021 approximately $446,000 has been advanced from the loan and is presented as corresponding other long-term assets and long-term notes payable. As part of the JDA, Empire Texas will assign to PIE a combined 85% working and revenue interest in the Workover Wells; an assignment was completed in October 2020 for the initial three Workover Wells. Of the assigned interest, 70% working and revenue interest will be used to repay the obligations under the term loan agreement. Once the term loan is repaid, PIE will reassign a 35% working and revenue interest to Empire Texas in each of the Workover Wells and retain a 50% working and revenue interest (See Note 10). Activity resulting from the JDA is being treated as a conveyance.

 

In addition, PIE and Empire entered into a Securities Purchase Agreement (“Securities Agreement”) whereby PIE purchased for $525,000 (a) 3,500,000 shares of Empire common stock, (b) warrants to purchase 2,625,000 shares of Empire common stock at an exercise price of $0.20 per share, (c) warrants to purchase 1,800,000 shares of Empire common stock at an exercise price of $0.25 per share, (d) warrants to purchase 8,136,518 shares of Empire common stock at an exercise price of $0.10 per share, and (e) warrants to purchase up to 11,066,667 shares of Empire common stock at an exercise price of $0.141 per share. Pursuant to the Securities Agreement, PIE was obligated to exercise the $0.20 warrants within 45 days of when 3 month trailing average production from the Empire Texas properties have increased by 20% over the trailing 3 month trailing average production as of July 2020. PIE can only exercise the $0.25 warrants once all existing non-PIE outstanding warrants to purchase Empire common stock have been exercised or lapsed. For the $0.141 warrants, PIE may initially acquire 7,533,333 shares of Empire common stock, however the amount could be increased if any existing non-PIE warrants were exercised prior to December 31, 2020. On March 11, 2021 the Company amended the Securities Agreement to remove the vesting provisions for the warrants and PIE exercised all of its warrants for an aggregate exercise price of $3,349,052 (See Note 10). 

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.21.1
DERIVATIVE FINANCIAL INSTRUMENTS
3 Months Ended
Mar. 31, 2021
DERIVATIVE FINANCIAL INSTRUMENTS  
7. DERIVATIVE FINANCIAL INSTRUMENTS

The Company uses derivative financial instruments to manage its exposure to commodity price fluctuations. Commodity derivative instruments are used to reduce the effect of volatility of price changes on the oil and natural gas the Company produces and sells. The Company does not enter into derivative financial instruments for speculative or trading purposes. The Company’s derivative financial instruments consist of oil swaps.

 

The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its condensed consolidated statements of operations as they occur. Unrealized gains and losses related to the swap contracts are recognized and recorded as an asset or liability on the Company’s condensed consolidated balance sheets.

          

The following table summarizes the net realized and unrealized amounts reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2021 and 2020:

 

 

 

Three months ended March 31,

 

 

 

2021

 

 

2020

 

Gain (loss) on derivatives:

 

 

 

 

 

 

Oil derivatives

 

$ (357,915 )

 

$ 2,509,045

 

                 

The following represents the Company’s net cash receipts from (payments on) derivatives for the three months ended March 31, 2021 and 2020:

 

 

 

Three months ended March 31,

 

 

 

2021

 

 

2020

 

Net cash received from payments on derivatives

 

 

 

 

 

 

Oil derivatives

 

$ (127,944 )

 

$ 533,285

 

             

The following table sets forth the Company’s outstanding derivative contracts at March 31, 2021. The Company has no outstanding natural gas derivatives.

 

 

 

2nd Quarter

 

 

3rd Quarter

 

 

4th Quarter

 

2021

 

 

 

 

 

 

 

 

 

Oil Swaps:

 

 

 

 

 

 

 

 

 

Quarterly volume (MBbl)

 

 

15.18

 

 

 

5.20

 

 

 

 

Price per Bbl

 

$ 50.87

 

 

$ 38.25

 

 

 

 

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.21.1
NOTES PAYABLE
3 Months Ended
Mar. 31, 2021
NOTES PAYABLE  
8. NOTES PAYABLE

On March 10, 2021 the Company entered into the Third Amendment to its Senior Revolver Loan Agreement (“the Amended Agreement”) with CrossFirst Bank (“CrossFirst”). The Amended Agreement commitment amount is $8,520,000 which is reduced by $180,000 per calendar quarter beginning March 31, 2021 and the maximum amount that can be advanced under the Agreement is $20,000,000 and includes interest at Wall Street Journal Prime plus 150 basis points (4.75% as of March 31, 2021). The Amended Agreement matures on March 27, 2022. Collateral for the loan is a lien on all of the assets of the Company’s wholly owned subsidiaries, Empire Louisiana and Empire North Dakota, and a first priority mortgage lien, pledge of and security interest in not less than 80% of Empire Louisiana’s and Empire North Dakota’s producing oil, gas and other leasehold and mineral interests. The Amended Agreement requires the Company maintain commodity derivatives at certain thresholds based on projected production and, beginning March 31, 2021, to maintain certain covenants including an EBITDAX to interest expense of at least 3:1 and funded debt to EBITDAX of 6:1 on a trailing twelve month basis and reducing quarterly to 4:1 as of March 31, 2022 and thereafter. The Company is not in compliance with these covenants of the Amended Agreement at March 31, 2021. As of March 31, 2021, the Company has an outstanding loan balance of $7,849,500 under the Amended Agreement.

 

During 2016 and 2017, the Company issued $260,000 of Senior Unsecured Promissory Notes which contained a conversion feature allowing the investors to convert the Notes into shares of the Company’s common stock. In 2019, all but three of the Note holders converted their notes with a balance of $157,500 into 1,575,000 shares of the Company’s common stock. In January 2020, three of the Senior Unsecured Promissory Note investors exercised the conversion feature and converted their $102,500 notes for 1,025,000 shares of the Company's common stock. All of the Senior Unsecured Promissory Notes have been converted to common stock of the Company as of March 31, 2020.

 

On April 1, 2020, in conjunction with the purchase of assets from Pardus Oil & Gas, LLC (see Note 5), the Company entered into a unsecured promissory note agreement with the seller in the amount of $378,000. The note is payable in one installment on April 1, 2021 and bears interest at the one-year LIBOR rate (1% as of March 31, 2021). The note was paid on April 1, 2021 (See Note 12).

 

 On May 5, 2020, the Company received an SBA Payroll Protection Plan (“PPP”) loan for $160,700. The loan matures on May 5, 2022 and has an interest rate of 1%. There are no payments due until ten months after the covered period which ended October 20, 2020, at which time the payment amount will be determined based on the portion of the loan which has not been forgiven under criteria established by the SBA, using an eighteen-month amortization. On April 26, 2021 the Company filed its application for forgiveness of the entire PPP loan, which is subject to SBA approval.

 

In August 2020, concurrent with the Joint Development Agreement with Petroleum and Independent Exploration, LLC (“PIE”), the Company entered into a term loan agreement dated August 1, 2020, whereby PIE will loan up to $2,000,000, at an interest rate of 6% per annum, maturing August 7, 2024 unless terminated earlier by PIE. The loan proceeds will be used for recompletion or workover of certain designated wells. In addition, the Company assigned a 70% working and revenue interest to PIE in the designated wells which will be applied to repayment of the loan. As of March 31, 2021, approximately $446,000 has been advanced from the loan (See Note 6).

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.21.1
LEASES
3 Months Ended
Mar. 31, 2021
LEASES  
9. LEASES

As a lessee, the Company leases its corporate office headquarters in Tulsa, Oklahoma. The lease expires on December 31, 2025 and has an option to renew for an additional five-year term. The option to renew the lease is generally not considered reasonably certain to be exercised. Therefore, the period covered by such optional period is not included in the determination of the term of the lease and the lease payments during these periods are similarly excluded from the calculation of right-of-use lease asset and lease liability balances.

 

The Company recognizes right-of use lease expense on a straight-line basis, except for certain variable expenses that are recognized when the variability is resolved, typically during the period in which they are paid. Variable right-of-use lease payments typically include charges for property taxes, insurance, and variable payments related to non-lease components, including common area maintenance.

 

Right of use lease expense was $34,989 for the three months ended March 31, 2021. Cash paid for right of use lease was $31,775 for the period.

 

Supplemental balance sheet information related to the right of use leases as of March 31, 2021:

 

Operating lease asset (included in Other Property and Equipment

 

$ 563,667

 

 

 

 

 

 

Current portion of lease liability

 

$ 96,325

 

Long term lease liability

 

 

505,546

 

 

 

 

 

 

Total right of use lease liabilities

 

$ 601,871

 

              

The weighted average remaining term for the Company’s right of use leases is 4.75 years.

 

Maturities of lease liabilities as of March 31, 2021:

 

 

 

 

2021

 

$ 95,325

 

2022

 

 

147,436

 

2023

 

 

150,385

 

2024

 

 

153,392

 

2025

 

 

156,460

 

Total lease payments

 

 

702,998

 

Less imputed interest

 

 

(101,127 )
Total lease obligation

 

$ 601,871

 

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.21.1
EQUITY
3 Months Ended
Mar. 31, 2021
EQUITY  
10. EQUITY

Diluted Earnings per Share ("EPS") gives effect to all dilutive potential common shares outstanding during the period. The computation of Diluted EPS does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect on losses. As a result, if there is a loss from continuing operations, Diluted EPS is computed in the same manner as Basic EPS. At March 31, 2021 and 2020, the Company had 10,000,000 and 5,004,167 respectively, options outstanding that were not included in the calculation of earnings per share for the periods then ended. Such financial instruments may become dilutive and would then need to be included in future calculations of Diluted EPS. At March 31, 2021 and 2020, the outstanding options were considered anti-dilutive because the strike prices were above the market price and the Company has incurred operating losses year to date.

 

On April 3, 2019, the Board of Directors of the Company adopted the Empire Petroleum Corporation 2019 Stock Option Plan (the "Stock Option Plan"). The total number of shares of common stock that may be issued pursuant to stock options under the Stock Option Plan is 10,000,000. Further, on April 3, 2019 the Company granted Mr. Pritchard and Mr. Morrissett each, options to purchase 2,500,000 shares of common stock of the Company at an exercise price of $0.33 per share. The options vest in three installments with 1,250,000 vesting immediately and 625,000 vesting each in April 2020 and April 2021. All of the options expire in April, 2029. The value allocated to the vested options was the fair value determined using the Black-Scholes option valuation with the following assumptions:  no dividend yield, expected annual volatility of 213%, risk free interest rate of 2.32% and an expected useful life of 5.375 years. The fair value of the vested options of $812,500 was recorded as compensation expense and allocated to Paid in Capital in 2019. In 2020, the fair value of the options which vested in April 2020 of $406,250 was recorded as compensation expense and allocated to Paid in Capital. The fair of the remaining unvested options is $406,250 as of March 31, 2021.

 

On August 7, 2020 concurrently with the Joint Development Agreement with Petroleum & Independent Exploration, LLC and related entities (“PIE”), the companies entered into a Securities Purchase Agreement (“Securities Agreement”) whereby PIE purchased for $525,000 (a) 3,500,000 shares of Empire common stock, (b) warrants to purchase 2,625,000 shares of Empire common stock at an exercise price of $0.20 per share, (c) warrants to purchase 1,800,000 shares of Empire common stock at an exercise price of $0.25 per share, (d) warrants to purchase 8,136,518 shares of Empire common stock at an exercise price of $0.10 per share, and (e) warrants to purchase up to 11,066,667 shares of Empire common stock at an exercise price of $0.141 per share. PIE is obligated to exercise the $0.20 warrants within 45 days of when 3 month trailing average production from the Empire Texas properties have increased by 20% over the trailing 3 month trailing average production as of July 2020. PIE can only exercise the $0.25 warrants once all existing non-PIE outstanding warrants to purchase Empire common stock have been exercised or lapsed. For the $0.141 warrants, PIE may initially acquire 7,533,333 shares of Empire common stock, however the amount may be increased if any existing non-PIE warrants are exercised prior to December 31, 2020. The value allocated to the warrants was the fair value determined using the Black-Scholes option valuation with the following assumptions:  no dividend yield, expected annual volatility of 147%, risk free interest rate of .19% and an expected useful life of 4 years. The fair value of the warrants of $450,848 was allocated to Paid in Capital (See Note 8). On March 11, 2021 the Company amended the Securities Agreement to remove the vesting provisions for the warrants and PIE exercised the warrants for an aggregate exercise price of $3,349,052 (See Note 6).

 

During February and March 2021, the Company issued to a group of accredited investors 8,993,858 shares of its common stock and warrants to purchase 8,993,858 shares of its common stock for $.50 per share which expires on December 31, 2022. Proceeds from the sale were $3,147,850. The value allocated to the warrants was the fair value determined using the Black-Scholes option valuation with the following assumptions:  no dividend yield, expected annual volatility of 180%, risk free interest rate of .14% and an expected useful life of 21 months. The fair value of the warrants of $2,350,407 was allocated to Paid in Capital.

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.21.1
RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2021
RELATED PARTY TRANSACTIONS  
11. RELATED PARTY TRANSACTIONS

In March 2021, the majority owner of Petroleum & Independent Exploration, LLC and related entities (“PIE”), through the exercise of warrants, became an owner of approximately 24% of the Company’s outstanding shares of stock (See Note 10). The Company has a joint development agreement with PIE to perform recompletion or workover on specified mutually agreed upon wells (See Notes 6 and 8). As of March 31, 2021, the Company has incurred obligations of $445,611 as a part of the joint development agreement.

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.21.1
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES  
12. COMMITMENTS AND CONTINGENCIES

From time to time, the Company is subject to various legal proceedings arising in the ordinary course of business, including proceedings for which the Company may not have insurance coverage. While many of these matters involve inherent uncertainty, as of the date hereof, the Company does not currently believe that any such legal proceedings will have a material adverse effect on the Company's business, financial position, results of operations or liquidity.

 

The Company is subject to extensive federal, state and local environmental laws and regulations. These laws, among other things, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites.  Management believes no materially significant liabilities of this nature existed as of March 31, 2021.

XML 30 R19.htm IDEA: XBRL DOCUMENT v3.21.1
SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2021
SUBSEQUENT EVENTS  
13. SUBSEQUENT EVENTS

On March 12, 2021 the Company, through its wholly owned subsidiary Empire New Mexico entered into a purchase and sale agreement with XTO Holdings, LLC (a subsidiary of ExxonMobil) (the “Seller’) to acquire, among other things, certain oil and natural gas properties in New Mexico. The purchase price is $17,800,000 subject to customary adjustments. The Company wired a deposit of $1,780,000 to the Seller on March 12, 2021. As a part of the transaction, the Company established Empire New Mexico, LLC. The effective date of the transactions contemplated by the purchase and sale agreement is January 1, 2021 and the transaction closed on May 14, 2021. As a condition of the sale, the Company purchased a $5,000,000 performance bond for the benefit of the seller for proper plugging, abandonment and restoration of the purchased properties. The performance bond is collateralized with a letter of credit in the amount of $3,750,000 which is collateralized with a bank certificate of deposit. In addition, the Company is required to deposit $100,000 per month, up to $1,250,000, into a sinking fund to be held by the surety. On May 10, 2021 the Company entered into a Promissory Note Agreement with Bank of Oklahoma, NA in the amount of $3,750,000 which is due on demand with an interest rate established by the Bank, currently at 4 percent. The Note is collateralized with a certificate of deposit in a similar amount at Bank of Oklahoma.

 

On March 22, 2021 the Company, through its wholly owned subsidiary, Empire ND Acquisitions, LLC, entered into a purchase and sale agreement with 31 Group, LLC to acquire among other things, certain oil and gas properties in North Dakota. The purchase price is $900,000, payable one year from the closing date, and is reduced by certain expenses which the Company may incur relating to the properties or assessment of certain wells as uneconomic for up to one year from the closing date. As a part of the transaction, the Company established Empire ND Acquisition, LLC. The transaction closed on May 7, 2021.

 

On April 26, 2021, the Company filed for forgiveness of its Paycheck Protection Program (“PPP”) loan. The application seeks forgiveness of the entire amount and is subject to approval of the U.S. Small Business Administration.

 

On April 30,2021 the Company received a Second Draw SBA Payroll Protection Plan (“PPP”) loan for $106,850. The loan matures on April 30, 2026 and has an interest rate of 1%. There are no payments due until ten months after the covered period at which time the payment amount will be determined based on the portion of the loan which has not been forgiven under criteria established by the SBA, using an amortization of the remaining term of the loan. The Company will seek forgiveness for the entire loan amount subject to approval of the United States Small Business Administration.

 

On April 1, 2021, the Company paid its $378,000 unsecured loan to the previous owners of Pardus Oil & Gas as per the terms on the Note (See Note 8).

 

On May 14, 2021 the Company entered into a Senior Secured Convertible Note Agreement (the “Note”) in the amount of $16,250,000 with Energy Evolution Master Fund, LLC (“Energy Evolution”). The Note is collateralized by all assets of Empire New Mexico, matures on December 31, 2021 and bears an interest rate of 3.8%. The Note provides that up to 40% of the balance can be converted into the Company’s common stock at the lesser of $1.25 per share or the offering price if the Company has a subsequent capital raise. Additionally, the conversion price is reduced by $0.25 per share if any amount is due on the Note as of October 1, 2021 or the Company has not filed a registration statement with the United States Securities and Exchange Commission within 120 days of the Note. If the registration statement described above is not filed within 120 days, Energy Evolution has the option to convert 50% of the Note amount into common stock of the Company at a rate of $1.00 per share. The Note also provides that Energy Evolution, which is an affiliated organization of Petroleum & Independent Exploration, LLC and related entities (“PIE”), or its affiliated organization may appoint an additional member to the Company’s Board of Directors, for a total of three appointed members, and that one of the appointed members shall be appointed as Chairman of the Board of Directors. Energy Evolution received a closing fee for the Note of 1,500,000 shares of the Company’s common stock and warrants to purchase 3,000,000 shares of common stock for $1.00 per share which expire on May 14, 2022.

 

In May, 2021 the Company entered into $3,243,000 of Unsecured Convertible Notes (the “Unsecured Notes”) with a group of accredited investors. The Unsecured Notes mature on May 9, 2022 with a single payment and bear interest at 5%. The Unsecured Note holders may convert their notes to common stock of the Company at the lesser of $1.25 per share or the price per share offered by the Company if the Company has a future capital raise.

 

In April 2021, the Company’s Board of Directors approved a resolution granting non-employee directors’ compensation in the amount of $48,000 per year. The Company has two non-employee directors.

 

In April and May 2021, warrants to purchase 1,845,714 shares of the Company’s common stock were exercised. The Company realized $823,857 from the exercise.

XML 31 R20.htm IDEA: XBRL DOCUMENT v3.21.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Principles of consolidation

The condensed consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, Empire Louisiana, LLC ("Empire Louisiana"), Empire North Dakota, LLC ("Empire North Dakota"), Empire New Mexico, LLC (“Empire New Mexico”), Empire ND Acquisitions, LLC (“Empire ND Acquisitions”), Empire Texas, LLC (“Empire Texas”), and Pardus Oil & Gas Operating, LP (“Pardus”). All material intercompany balances and transactions have been eliminated.

Use of estimates in the preparation of financial statements

Preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Depletion of oil and natural gas properties is determined using estimates of proved oil and natural gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and natural gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves, commodity price outlooks and prevailing market rates of other sources of income and costs. Other significant estimates include, but are not limited to, asset retirement obligations, fair value of assets purchased in business combinations, and taxes.

Interim financial statements

The accompanying condensed consolidated financial statements of the Company have not been audited by the Company's independent registered public accounting firm. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.

 

Certain disclosures have been condensed in or omitted from these condensed consolidated financial statements. Accordingly, these condensed notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

Inventory

Inventory consists of oil in tanks which has not been delivered and is valued at the contract price to the buyer.

Revenue recognition

The Company recognizes revenues from the sales of oil and natural gas to its customers and presents them aggregated on the Company's condensed consolidated statements of operations. The Company enters into contracts with customers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model prescribed in ASC 606. Specifically, revenue is recognized when the Company's performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Company expects to receive in accordance with the price specified in the contract. Consideration under the oil and natural gas marketing contracts is typically received from the purchaser one to two months after production. At March 31, 2021, the Company had receivables related to contracts with customers of approximately $855,000, joint interest billings of approximately $383,000 and other receivables of approximately $44,000.

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.

 

Impairment of oil and natural gas properties - The fair value of proved and unproved oil and natural gas properties was measured using valuation techniques that convert the future cash flows to a single discounted amount. Significant inputs to the valuation of proved and unproved oil and natural gas properties include estimates of: (i) recoverable reserves; (ii) production rates; (iii) future operating and development costs; (iv) future commodity prices; and (v) a market-based weighted average costs of capital. The Company utilized a combination of the New York Mercantile Exchange ("NYMEX") strip pricing and consensus pricing to value the reserves, then applied various discount rates depending on the classification of reserves and other risk characteristics. For significant acquisitions, management utilized the assistance of a third-party valuation expert to estimate the value of the oil and natural gas properties acquired.

 

The fair value of asset retirement obligations is included in proved oil and natural gas properties with a corresponding liability. The fair value was determined based on a discounted cash flow model, which included assumptions of the estimated current abandonment costs, discount rate, inflation rate and timing associated with the incurrence of these costs.

 

The inputs used to value oil and natural gas properties for impairments and asset retirement obligations require significant judgment and estimates made by management and represent Level 3 inputs.

 

Derivative instruments - The fair value of the Company’s derivative instruments are measured at fair value using third party pricing services and represent Level 2 inputs.

 

Financial instruments and other- The fair values determined for accounts receivable, accrued expenses and other current liabilities were equivalent to the carrying value due to their short-term nature.

Related Party Transactions

Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (“FASB ASC 850”) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships: affiliates of the entity; entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; trusts for the benefit of employees; principal owners of the entity and members of their immediate families; management of the entity and members of their immediate families; and other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

XML 32 R21.htm IDEA: XBRL DOCUMENT v3.21.1
PROPERTY AND EQUIPMENT (Tables)
3 Months Ended
Mar. 31, 2021
PROPERTY AND EQUIPMENT  
Aggregate capitalized costs of oil and natural gas

Proved producing wells

 

$

4,499,782

 

Proved undeveloped

 

 

2,232,358

 

Lease, well and gathering equipment

 

 

1,360,596

 

Asset retirement obligation

 

 

14,126,130

 

Unproved leasehold costs

 

 

492,580

 

Gross capitalized costs

 

 

22,711,446

 

Less: accumulated depreciation, depletion and impairment

 

 

(15,324,596

)

 

 

$

7,386,850

 

Schedule of Operating lease

Other property and equipment, at cost

 

$

837,149

 

Less: accumulated depreciation

 

 

(62,668

)

Oher property and equipment, net

 

$

774,481

 

XML 33 R22.htm IDEA: XBRL DOCUMENT v3.21.1
ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES (Tables)
3 Months Ended
Mar. 31, 2021
ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES  
ScheduleOfPurchaseAndSalesOfAgreement

Fair Value of Assets Acquired

 

 

 

Accounts receivable

 

$

100,208

 

Inventory of oil in tanks

 

 

147,297

 

Deposits

 

 

378,000

 

Equipment and gathering lines

 

 

109,200

 

Oil and natural gas properties

 

 

10,397,821

 

 

 

 

 

 

Total Assets Acquired

 

$

11,132,526

 

 

 

 

 

 

Fair Value of Liabilities Assumed

 

 

 

 

Accounts payable – trade

 

$

20,455

 

Note payable – current

 

 

378,000

 

Royalty suspense

 

 

1,185,587

 

Asset retirement obligations

 

 

9,508,484

 

 

 

 

 

 

Total liabilities assumed

 

$

11,092,526

 

 

 

 

 

 

Purchase Price

 

$

40,000

 

XML 34 R23.htm IDEA: XBRL DOCUMENT v3.21.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2021
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)  
Schedule of gain loss on derivatives

 

 

Three months ended March 31,

 

 

 

2021

 

 

2020

 

Gain (loss) on derivatives:

 

 

 

 

 

 

Oil derivatives

 

$

(357,915

)

 

$

2,509,045

 

Schedule of net cash receipts from derivatives

 

 

Three months ended March 31,

 

 

 

2021

 

 

2020

 

Net cash received from payments on derivatives

 

 

 

 

 

 

Oil derivatives

 

$

(127,944

)

 

$

533,285

 

Schedule of notional amounts of outstanding derivative

 

 

2nd Quarter

 

 

3rd Quarter

 

 

4th Quarter

 

2021

 

 

 

 

 

 

 

 

 

Oil Swaps:

 

 

 

 

 

 

 

 

 

Quarterly volume (MBbl)

 

 

15.18

 

 

 

5.20

 

 

 

 

Price per Bbl

 

$

50.87

 

 

$

38.25

 

 

 

 

XML 35 R24.htm IDEA: XBRL DOCUMENT v3.21.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2021
LEASES  
Schedule of lease expenses

Operating lease asset (included in Other Property and Equipment

 

$

563,667

 

 

 

 

 

 

Current portion of lease liability

 

$

96,325

 

Long term lease liability

 

 

505,546

 

 

 

 

 

 

Total right of use lease liabilities

 

$

601,871

 

Schedule of weighted average

2021

 

$

95,325

 

2022

 

 

147,436

 

2023

 

 

150,385

 

2024

 

 

153,392

 

2025

 

 

156,460

 

Total lease payments

 

 

702,998

 

Less imputed interest

 

 

(101,127

)

Total lease obligation

 

$

601,871

 

XML 36 R25.htm IDEA: XBRL DOCUMENT v3.21.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2021
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Cash   $ 3,914,678 $ 590,183 $ 157,695 $ 0
Working capital deficit   (7,047,930)      
Impairment of oil and natural gas properties   0 $ 800,452 $ 8,671,303  
Officers and employees compensation $ 48,000        
Morrisett [Member]          
Officers and employees compensation   62,500      
Pritchard [Member]          
Officers and employees compensation   63,500      
Outstanding advances   26,871      
Revolver Loan Agreement [Member]          
Working capital deficit   $ (7,849,500)      
Senior revolver loan, maturity date   Mar. 27, 2022      
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.21.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
3 Months Ended
Mar. 31, 2021
USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Receivables from contracts $ 855,000
Joint interest billings amount 383,000
Other receivables $ 44,000
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.21.1
PROPERTY AND EQUIPMENT (Details) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Asset retirement obligation $ 15,648,682 $ 15,364,217
Oil And Natural Gas [Member]    
Proved producing wells 4,499,782  
Proved undeveloped 2,232,358  
Lease, well and gathering equipment 1,360,596  
Asset retirement obligation 14,126,130  
Unproved leasehold costs 492,580  
Gross capitalized costs 22,711,446  
Less: accumulated depreciation, depletion and impairment (15,324,596)  
Net Capitalized costs $ 7,386,850  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.21.1
PROPERTY AND EQUIPMENT (Details 1) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
PROPERTY AND EQUIPMENT    
Other property and equipment, at cost $ 837,149  
Less: accumulated depreciation (62,668)  
Oher property and equipment, net $ 774,481 $ 662,017
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.21.1
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Feb. 29, 2020
Jan. 27, 2020
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Impairment of oil and natural gas properties     $ 0 $ 800,452 $ 8,671,303
Consultant [Member]          
Proceeds from sale of lease interest $ 1,193,760        
Sale of lease interest $ 1,210,400        
Montana [Member]          
Payment for lease interests   $ 500,000      
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.21.1
OVINTIV OIL AND NATURAL GAS PROPERTIES (Details Narrative) - USD ($)
1 Months Ended
Mar. 03, 2020
Mar. 31, 2021
Jun. 30, 2020
Deposits   $ 850,000  
Acquisition Deposit Receivable   $ 50,000  
Return of deposits     $ 725,000
Ovintiv [Member]      
Business acquisation purchase price $ 8,500,000    
Business acquisation effective date Jan. 01, 2020    
Business acquisation closing date Apr. 30, 2020    
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.21.1
ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES (Details) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Accounts payable - trade $ 2,105,518 $ 1,937,743
Note payable - current 624,815 7,719,703
Asset retirement obligations 15,648,682 15,364,217
Inventory of oil in tanks 806,409 $ 531,309
Fair Value of Assets Acquired [Member]    
Accounts receivables 100,208  
Inventory of oil in tanks 147,297  
Deposits 378,000  
Equipment and gathering lines 109,200  
Oil and natural gas properties 10,397,821  
Total Assets Acquired 11,132,526  
Fair Value of Liability Assumed [Member]    
Accounts payable - trade 20,455  
Note payable - current 378,000  
Royalty suspense 1,185,587  
Asset retirement obligations 9,508,484  
Total liabilities assumed 11,092,526  
Purchase Price $ 40,000  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.21.1
ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES (Details Narrative) - USD ($)
3 Months Ended
Apr. 06, 2020
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Total purchase price for oil and natural gas propertie   $ 40,000 $ 506,000  
Asset retirement obligations   $ 15,648,682   $ 15,364,217
Pardus Agreement [Member]        
Amount paid for oil and natural gas properties $ 40,000      
Total purchase price for oil and natural gas propertie 1,624,042      
Asset retirement obligations $ 1,584,042      
Description of asset acquired purchase certain oil and natural gas properties in Texas comprising 139 gross wells and approximately 30,000 net acres, 77.3 miles of gathering lines and pipelines and related facilities and equipment, and all general and limited partner interest in Pardus Oil & Gas Operating, LP      
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.21.1
JOINT DEVELOPMENT AGREEMENT (Details Narrative)
3 Months Ended
Mar. 31, 2021
USD ($)
$ / shares
shares
Joint Development Agreement [Member] | Petroleum & Independent Exploration, LLC [Member] | August 6, 2020 [Member]  
Loan from related party $ 2,000,000
Maturity date Aug. 07, 2024
Proceeds from loan $ 446,000
Description of working and revenue interest As part of the JDA, Empire Texas will assign to PIE a combined 85% working and revenue interest in the Workover Wells; an assignment was completed in October 2020 for the initial three Workover Wells. Of the assigned interest, 70% working and revenue interest will be used to repay the obligations under the term loan agreement. Once the term loan is repaid, PIE will reassign a 35% working and revenue interest to Empire Texas in each of the Workover Wells and retain a 50% working and revenue interest
Rate of interest 6.00%
Security Purchase Agreement [Member]  
Description of security purchase agreement PIE purchased for $525,000 (a) 3,500,000 shares of Empire common stock, (b) warrants to purchase 2,625,000 shares of Empire common stock at an exercise price of $0.20 per share, (c) warrants to purchase 1,800,000 shares of Empire common stock at an exercise price of $0.25 per share, (d) warrants to purchase 8,136,518 shares of Empire common stock at an exercise price of $0.10 per share, and (e) warrants to purchase up to 11,066,667 shares of Empire common stock at an exercise price of $0.141 per share. Pursuant to the Securities Agreement, PIE was obligated to exercise the $0.20 warrants within 45 days of when 3 month trailing average production from the Empire Texas properties have increased by 20% over the trailing 3 month trailing average production as of July 2020
Warrant exercise price | $ / shares $ 0.25
Per share price | $ / shares $ 0.141
Aggregate exercise price $ 3,349,052
Shares Acquired, shares | shares 7,533,333
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.21.1
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Gain (loss) on derivatives $ (357,915) $ 2,509,045
Oil derivatives [Member]    
Gain (loss) on derivatives $ (357,915) $ 2,509,045
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.21.1
DERIVATIVE FINANCIAL INSTRUMENTS (Details 1) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Oil derivatives [Member]    
Net cash receipts from (payments on) derivatives: $ (127,944) $ 533,285
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.21.1
DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) - Oil Swaps [Member] - 2020 [Member]
Mar. 31, 2021
$ / shares
Second quarter [Member]  
Quarterly volume (MBbl) 15.18
Price per Bbl $ 50.87
Third quarter [Member]  
Quarterly volume (MBbl) 5.20
Price per Bbl $ 38.25
Fourth quarter [Member]  
Quarterly volume (MBbl) 0
Price per Bbl $ 0.0
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.21.1
NOTES PAYABLE (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2019
Debt instrument converted amount     $ 102,500  
Common Stock Issued in Exchange for Outstanding Notes Payable   $ 0 $ 102,500  
February 2019 [Member] | Unsecured Note [Member] | Morrisett [Member]        
Shares issued upon conversion of debt       1,575,000
Debt instrument converted amount       $ 157,500
Common stock shares issued upon conersion of debt $ 1,025,000 $ 260,000    
Common Stock Issued in Exchange for Outstanding Notes Payable $ 102,500      
May 5, 2020 [Member] | Pardus Oil & Gas Operating, LP [Member]        
Description of notes payable   The loan matures on May 5, 2022 and has an interest rate of 1%. There are no payments due until ten months after the covered period which ended October 20, 2020    
Promissory note   $ 160,700    
April 1, 2020 [Member] | Pardus Oil & Gas, LLC [Member]        
Description of notes payable   The note is payable in one installment on April 1, 2021 and bears interest at the one-year LIBOR rate (1% as of March 31, 2021).    
Promissory note   $ 378,000    
Joint Development Agreement [Member] | Petroleum & Independent Exploration, LLC [Member] | August 1, 2020 [Member]        
Interest rate   6.00%    
Maturity date   Aug. 07, 2024    
Loan from related party   $ 2,000,000    
Proceeds from loan   $ 446,000    
Description of working and revenue interest   In addition, the Company assigned a 70% working and revenue interest to PIE in the designated wells which will be applied to repayment of the loan.    
Revolver Loan Agreement [Member]        
Maturity date   Mar. 27, 2022    
Maturity date   Mar. 27, 2021    
Reduction in commitment amount per quarter   $ 180,000    
Revolver Loan Agreement [Member] | Maximum [Member]        
Interest rate   4.75%    
Revolver commitment amount   $ 20,000,000    
Revolver Loan Agreement [Member] | March 10, 2021 [Member]        
Revolver commitment amount   8,520,000    
Outstanding debt balance   $ 7,849,500    
Description of notes payable   The Amended Agreement requires the Company maintain commodity derivatives at certain thresholds based on projected production and, beginning March 31, 2021, to maintain certain covenants including an EBITDAX to interest expense of at least 3:1 and funded debt to EBITDAX of 6:1 on a trailing twelve month basis and reducing quarterly to 4:1 as of March 31, 2022 and thereafter.    
Maturity date   Mar. 27, 2022    
Reduction in commitment amount per quarter   $ 180,000    
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.21.1
LEASES (Details)
Mar. 31, 2021
USD ($)
LEASES  
Operating lease asset (included in Other Property and Equipment $ 563,667
Current portion of lease liability 96,325
Long term lease liability 505,546
Total right of use lease liabilities $ 601,871
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.21.1
LEASES (Details 1)
Mar. 31, 2021
USD ($)
LEASES  
2021 $ 95,325
2022 147,439
2023 150,385
2024 153,392
2025 156,460
Total Lease payments 702,998
Less imputed interest (101,127)
Total lease obligation $ 601,871
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.21.1
LEASES (Details Narrative)
3 Months Ended
Mar. 31, 2021
USD ($)
LEASES  
Lease expense $ 34,989
Right-of-use assets and liabilities $ 31,775
weighted average remaining term for right of use leases 4 years 8 months 30 days
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.21.1
EQUITY (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended
Apr. 30, 2020
Mar. 31, 2021
Mar. 31, 2020
Options outstanding excluded from calculation of earnings per share   10,000,000 5,004,167
Shares, options, warrants and conversion features issued, Amount   $ 0 $ 102,500
April Thirty Two Thousand Twenty One [Member]      
Stock options vested   625,000  
August 7, 2020 [Member] | Joint Development Agreement [Member] | Petroleum & Independent Exploration, LLC [Member]      
Warrant exercise price   $ 0.25  
Per share price   $ 0.141  
Expected volatility rate   147.00%  
Risk free interest rate   0.19%  
Expected useful life   4 years  
Shares Acquired, shares   7,533,333  
Aggregate exercise price   $ 3,349,052  
Additional paid in capital   $ 450,848  
Description of security purchase agreement   PIE purchased for $525,000 (a) 3,500,000 shares of Empire common stock, (b) warrants to purchase 2,625,000 shares of Empire common stock at an exercise price of $0.20 per share, (c) warrants to purchase 1,800,000 shares of Empire common stock at an exercise price of $0.25 per share, (d) warrants to purchase 8,136,518 shares of Empire common stock at an exercise price of $0.10 per share, and (e) warrants to purchase up to 11,066,667 shares of Empire common stock at an exercise price of $0.141 per share. PIE is obligated to exercise the $0.20 warrants within 45 days of when 3 month trailing average production from the Empire Texas properties have increased by 20% over the trailing 3 month trailing average production as of July 2020  
April 3, 2019 [Member] | Mr. Morrissett [Member] | Exercise price two [Member] | Warrants [Member]      
Warrants issued to purchase common shares   2,500,000  
April 3, 2019 [Member] | Stock Option Plan [Member]      
Stock options vested   1,250,000  
Expected volatility rate   213.00%  
Risk free interest rate   2.32%  
Expected useful life   5 years 4 months 15 days  
Additional paid in capital   $ 812,500  
Shares issuable   10,000,000  
Options expiry date   April, 2029  
Fair of the remaining unvested options   $ 406,250  
Compensation expense $ 406,250    
April 3, 2019 [Member] | Stock Option Plan [Member] | Pritchard [Member]      
Warrants exercise price   $ 0.33  
Stock options granted   2,500,000  
February and March 2021 [Member]      
Expected volatility rate   180.00%  
Risk free interest rate   0.14%  
Warrants exercise price   $ .50  
Proceed from share conversion   $ 2,350,407  
Warrants issued to purchase common shares   8,993,858  
Shares, options, warrants and conversion features issued, Shares   8,993,858  
Shares, options, warrants and conversion features issued, Amount   $ 3,147,850  
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.21.1
RELATED PARTY TRANSACTIONS (Details Narrative)
3 Months Ended
Mar. 31, 2021
USD ($)
Joint Devlopment Agreement [Member]  
Obligations, amount $ 445,611
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.21.1
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
1 Months Ended 2 Months Ended 3 Months Ended
May 14, 2021
Mar. 12, 2021
Apr. 30, 2021
Apr. 02, 2021
Mar. 22, 2021
May 31, 2021
Mar. 31, 2021
Mar. 31, 2020
May 30, 2021
May 10, 2021
Dec. 31, 2020
Shares issued upon warrants exercise, shares           1,845,714          
Proceeds from warrants exercised           $ 823,857 $ 3,349,052 $ 0      
Non Employee Directors compensation     $ 48,000                
Due on demand                   $ 3,750,000  
Unsecured loan       $ 378,000              
Notes payable, amount             $ 624,815       $ 7,719,703
XTO Holdings LLC [Member] | Secured Convertible Note Agreement [Member]                      
Interest rate     1.00%     5.00%          
Purchase price $ 3,750,000 $ 17,800,000 $ 106,850                
Letter of credit 1,250,000                    
Notes payable, amount 16,250,000                    
Deposit $ 1,000,000 $ 1,780,000                  
Effective date   Jan. 01, 2021 Apr. 30, 2026                
31 Group, LLC [Member]                      
Purchase price         $ 900,000            
Accredited investor [Member]                      
Shares issued upon warrants exercise, shares 3,000,000                    
Unsecured convertible notes           $ 3,243,000          
Proceeds from issuance of warrant $ 1,500,000                    
Interest rate description matures on December 31, 2021 and bears an interest rate of 3.8%. The Note provides that up to 40% of the balance can be converted into the Company’s common stock at the lesser of $1.25 per share or the offering price if the Company has a subsequent capital raise. Additionally, the conversion price is reduced by $0.25 per share if any amount is due on the Note as of October 1, 2021 or the Company has not filed a registration statement with the United States Securities and Exchange Commission within 120 days of the Note. If the registration statement described above is not filed within 120 days, Energy Evolution has the option to convert 50% of the Note amount into common stock of the Company at a rate of $1.00 per share                    
Expiration date           May 09, 2022          
Per share price             $ 1.00   $ 1.25    
Shares issued upon exercise of warrant, shares 300,000                    
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