Empire Petroleum: Investing Heavily In Starbuck Field Development (Upgrade) [Seeking Alpha]
Empire Petroleum Corporation (EP)
Company Research
Source: Seeking Alpha
If successful, these proceeds will help boost Empire's liquidity, which has become relatively limited due to Starbuck Drilling Program spending. Empire hopes that Starbuck Field production will increase greatly later in 2024. Solid performance from its Starbuck Field development is necessary to help reduce Empire's currently high costs per BOE. Looking for more investing ideas like this one? Get them exclusively at Distressed Value Investing. Learn More » Empire Petroleum Corporation NYSE: EP ) has been investing heavily in its Starbuck Drilling Program and believes that its Starbuck Field production could greatly increase (roughly 3x to 8x) from current levels by the end of 2024. I have moved to a neutral outlook on Empire Petroleum now that its stock is slightly below $6 per share. My estimated $6 per share valuation for Empire is probably being optimistic, though, given that Empire appears to have generated roughly zero adjusted EBITDA with $70s WTI oil in 2023. Howeve
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News
- Empire Petroleum Announces Full Subscription of Rights Offering [Yahoo! Finance]Yahoo! Finance
- Empire Petroleum Announces Full Subscription of Rights OfferingBusiness Wire
- Empire Petroleum Announces Results for Fourth Quarter and Full Year 2023 [Yahoo! Finance]Yahoo! Finance
- Empire Petroleum Announces Results for Fourth Quarter and Full Year 2023Business Wire
- Empire Petroleum Announces Modification of Terms of Previously Announced Rights OfferingBusiness Wire
EP
Sec Filings
- 4/29/24 - Form ARS
- 4/29/24 - Form 4
- 4/29/24 - Form DEF
- EP's page on the SEC website