About Empire Petroleum Corporation

Empire Petroleum Corporation has assembled a core team of professionals with experience in identifying value, improving production, maintaining leases and driving efficiencies while minimizing costs designed to maximize shareholder value. Structured as a proved developed producing (PDP) focused company, Empire works to mitigate the steep decline curves and geologic risks associated with exploration and new well development. Naturally, scale benefits this business strategy and Empire’s management is focused on economically adding working interest through opportunistic acquisitions in our areas.

OUR HISTORY

Empire Petroleum was initially incorporated in 1983, and later domesticated in Delaware.. Empire’s recent history began with the acquisition of assets in central Louisiana mid-year 2018 followed over the next several years by additional acquisitions.

Strategy

Empire Petroleum Corporation is an oil and gas production company focused on optimizing developed production by employing field management methods to maximize reserve recovery, with limited and highly selective drilling activity.

Maximize Production; Minimize Costs

Cost-effectively optimize well production
Deploy rigorous field management programs
Reduce unit operating costs and improve margins

Execute Low-Risk, Low-Cost Drilling

Focus on conventional formations
Strict control of drilling and completion costs
Increase drilling activity in high-price environments

Create Shareholder Value

Reduce unit operating costs
Improve margins
Generate strong free cash flows
Increase production and extend well life

Target PDP Acquisitions

Target predictable, low-decline production with long-life
Target acquisitions at 2-4x cash flows
Focus on high quality assets that add scale and provide synergies to existing portfolio

Board of Directors

Phil Mulacek

Phil Mulacek has a proven track record of over 35 years in global oil and gas and LNG development. He was the founder and former Chairman and CEO of an NYSE-listed InterOil company and retired in 2013. Under his 14-year tenure, the company’s market cap increased from US$10 million to over US$5.6 billion, with the share price improving from US$0.50 cents to over US$109 per share. Mr. Mulacek led the discovery of 1.6 billion barrels of oil equivalent in Papua New Guinea.

Mr. Mulacek has a Bachelor of Science in Petroleum Engineering from Texas Tech University. Mr. Mulacek formed his private investment company, Petroleum Independent and Exploration Corporation (PIE Corp), in 1981.

Mason Matschke

Mr. Matschke has 35 years of experience focused on portfolio management and research across multiple sectors. Mason served as a Senior Vice President of Investments at Raymond James from 2007 through 2020. Mason has a deep background as a derivatives strategist and in commodity and equity trading, and during the past several years has conducted thematic research focused on renewables, battery storage, wind, solar as well as traditional oil and gas companies. Prior to Raymond James, Mr. Matschke served as a Senior Vice President with Jefferies and with UBS.

Andrew Lewis

Andy Lewis served over 36 years in the navy after graduating from the U.S. Naval Academy in 1985 with a Bachelor of Science in Physical Science. He also holds a Master of Arts in Military History from the University of Alabama. His last assignment was as the Second Fleet and NATO Joint Force Command Norfolk Commander. He retired as a 3-star (Vice Admiral) in 2021. He was a career naval aviator and a commander seven times over the course of his career, accumulated 5300 flight hours, 1100 shipboard landings, 100 combat missions; and thirteen deployments, eleven in aircraft carriers. He brings a wealth of operational, leadership, and team building experience to the private sector. Additionally, he has a proven track record leading high tempo inherently dangerous evolutions safely and precisely. He is a master of operational risk management. Since retirement, Vice Admiral Lewis (retired) has continued to serve in the military as a senior mentor, as a board advisor to private profit and non-profit organizations, and sparingly as a public speaker. He joined Empire’s Board as a Director in 2022.

Ben Marchive II

Ben Marchive II joined Cox Operating, LLC as Vice President-Land & Business Development after their merger with Energy XXI where he held a similar position. Mr. Marchive has over seventeen years of industry experience, the majority of which has been in the Gulf of Mexico and along the Gulf Coast. Mr. Marchive began his career at Apache Corporation in 2003 as a Landman working South Louisiana and Texas. Ben is active in several industry organizations, namely as a Board Member on the Outer Continental Shelf Advisory Board and the Louisiana Oil and Gas Board. Mr. Marchive graduated from the University of Louisiana – Lafayette with a Bachelor’s degree in Petroleum Land and Resource Management.

Michael Morrisett

Mr. Morrisett has served as a director of the Company and as the Company’s President and Principal Financial Officer since January 19, 2015. Mr. Morrisett has over 25 years of experience in investment banking and considerable experience in the management of non-operated oil and gas operations. From November 2012 to January, 2018 Mr. Morrisett served Total Energy Partners Funds, an investment fund engaged in the ownership of non-operated oil and gas working interests, in several capacities, including as a partner. Prior to 2013, Mr. Morrisett served in various executive capacities at other investment banking firms and oil and gas concerns.

Kevin Vann

Mr. Vann joined WPX in 2012 as Vice President, Controller and Chief Accounting Officer and was promoted to Executive Vice President and Chief Financial Officer (“EVP & CFO”) in 2014. During his tenure as EVP & CFO, he played a leading role in helping transform WPX through in excess of $8 billion in transactions over a three-year period that resulted in an organization with more than $2 billion in annual revenue, approximately 600 employees and a market capitalization in excess of $5 billion when the company merged with Devon in January 2021. Prior to his tenure at WPX Energy, Mr. Vann had multiple roles of increasing responsibility at The Williams Companies from 1998 to 2011. He began his career in 1993 with Arthur Anderson & Co., where he oversaw public and private client audits in the oil and gas exploration and services, pipeline, and banking industries. Mr. Vann graduated from Oklahoma State University and is an active supporter of the Tulsa community, including previously serving as a Board Member for APCO Argentina, Tulsa Area United Way, Harold Hamm Diabetes Center, and Youth Services of Tulsa. Mr. Vann is also a member of the Cherokee Nation.

Management

Michael Morrisett

William West

Mr. West joined Empire in 2023 and serves as Senior Vice Presidnet of Operations. Prior to joining Empire, Mr. West was Production Manager for Treadstone, I, II and III, and led the development of the Fort Trinidad field from 300 BOPD to 10,000 BOPD. Mr. West holds a bachelor’s degree in petroleum engineering from Marietta College. He also hold a Professional Engineer license from the Wyoming State Board.