Empire Petroleum sees Q4 production 185,000 barrels of oil equivalent

The company said, “Production and Expenses. The Company’s Q4 2023 total production is estimated at 185,000 barrels of oil equivalent or approximately 2,011 barrels of oil equivalent per day (BOE/D) (approximately 64% oil), with estimated production revenue of approximately $9.9 million. Lease operating expenses including workovers trended higher than prior quarters and reflect a higher level of compliance-related activities. The Company’s general and administrative expenses are expected to be higher on a sequential basis in Q4 2023 resulting from legal costs regarding financing and operations. The Company is continuing its closing process and analysis of its results including the finalization of proved oil and gas reserves and would note that the 12-month trailing average WTI price for 2023 is $78/barrel versus $94/barrel in 2022 and natural gas is $2.64 per MMBtu for 2023 versus $6.36 per MMBtu in 2022.”