Empire Petroleum announces closing of acquisition of oil and natural gas assets

Acquisition highlights

• Provides immediate accretive cash flow and increased scale with minimal incremental overhead.
• Increases North Dakota pro forma net production by an estimated 24% to approximately 9250 bbl/month.
• Evaluated solely on proved developed producing (PDP) reserves based on forward prices substantially below current levels.
• Adds approximately 700 000 boe of long-life PDP reserves.
• Doubles the leasehold position of Empire’s operated Landa Field and creates a uniform wholly-operated field with calculated original oil in place (OOIP) of approximately 6.5 million bbl.
• The Birdbear Play in Central Western North Dakota adds a new potential consolidation play in the Williston Basin’s prolific Devonian formations.
• Transaction funded from cash on hand.