EMPIRE PETROLEUM CORP

In this Form 10-K, references to Empire , the Company , we , our , and us refer to Empire Petroleum Corporation and its wholly-owned subsidiaries, unless context indicates otherwise. Overview Empire Petroleum Corporation is an independent energy company that engages in unlocking value in developed assets. Empire operates primarily from the following wholly-owned subsidiaries in its areas of operations: Empire New Mexico LLC ( Empire New Mexico ) Empire North Dakota LLC ( Empire North Dakota ) Empire Texas LLC ( Empire Texas ) Empire Louisiana LLC ( Empire Louisiana ) Empire was incorporated in the state of Delaware in 1985. The consolidated financial statements of Empire Petroleum Corporation and subsidiaries include the accounts of the Company and its wholly-owned subsidiaries. Our mission is to increase shareholder value by building oil and natural gas reserves in strategic plays in the United States. To accomplish our mission, we plan to execute the following business strategies: Cost-effectively optimize well production Reduce unit operating costs and improve margins Target proved developed producing acquisitions in predictable fields that have historically had low production decline and long lives Focus on high-quality assets that add scale and provide synergies to our existing portfolio and core areas of operation We operate as a single operating segment. For additional information, see Note 17 Segment Reporting of Notes to Consolidated Financial Statements.