XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
Organization and Basis of Presentation
6 Months Ended
Jun. 30, 2022
Organization And Basis Of Presentation  
Organization and Basis of Presentation

Note 1 - Organization and Basis of Presentation

Empire Petroleum Corporation (“Empire” or the “Company”, collectively with its subsidiaries) is an independent energy company operator engaged in optimizing developed production by employing field management methods to maximize reserve recovery while minimizing costs. Empire has eight wholly-owned subsidiaries in four areas of operations:

 

·Empire North Dakota LLC (“Empire North Dakota”)
oEmpire North Dakota Acquisition LLC (“Empire NDA”)
·Empire New Mexico LLC d/b/a Green Tree New Mexico (“Empire New Mexico”)
·Empire Texas (“Empire Texas”), consisting of the following entities:
oEmpire Texas Operating LLC
§Empire Texas LLC
§Empire Texas GP LLC
oPardus Oil & Gas Operating, LP (owned 1% by Empire Texas GP LLC and 99% by Empire Texas LLC)
·Empire Louisiana LLC (“Empire Louisiana”)

 

Empire was incorporated in the State of Delaware in 1985. The consolidated financial statements of Empire include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions, including revenues and expenses, have been eliminated in consolidation.

 

The accompanying unaudited condensed consolidated financial statements of 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, 2022.

 

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, 2021 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, 2022.