Empire Petroleum Corporation (NYSE American: EP) reported second quarter 2026 total product revenue of $11.1 million, up from $8.7 million in Q2 2025, according to a company press release. The Tulsa-based oil and gas company recorded a net loss of $1.9 million, or ($0.05) per diluted share, compared to a net loss of $5.1 million, or ($0.15) per diluted share, in the same period last year.

Net production volumes for Q2 2026 averaged 1,825 barrels of oil equivalent per day (Boe/d), comprising 70% oil, 18% natural gas liquids, and 12% natural gas. That figure compares to 2,357 Boe/d in Q2 2025. Realized oil prices were $58.26 per barrel in Q2 2026, versus $58.92 per barrel in Q2 2025, including the effect of hedging contracts.

Adjusted EBITDA improved to $0.4 million in Q2 2026 from negative $1.2 million in Q2 2025. Lease operating expenses declined to $5.0 million from $6.4 million year over year.

As of June 30, 2026, Empire held approximately $3.1 million in cash and had approximately $2.0 million available under its credit facility. For the six months ended June 30, 2026, the company incurred approximately $4.0 million in capital additions, primarily related to its Texas gas development program. Empire completed a rights offering in March 2026 that raised approximately $10.0 million in gross proceeds.

In Texas, the company brought five wells online through reactivations and recompletions during the quarter, and a first drilling rig arrived on location in June. The company also re-entered the Wakefield-Harrison GU B #1 well to a measured depth of 21,006 feet, confirming hydrocarbon indicators across multiple intervals. The well has not been completed or production-tested, and no flow rate or reserve estimate has been reported.

In North Dakota, Empire completed a retrofit milestone for its second-generation thermal recovery program and plans to initiate steam injection in Q3 2026. Between January and July 2026, the company acquired three federal oil and gas lease parcels, adding approximately 1,200 gross acres adjacent to its Starbuck Unit.

In Louisiana, Empire participated in a three-well development program for a 25% working interest, funded through the issuance of approximately 1.8 million shares of common stock at $3.00 per share. Wells were drilled and uncompleted, with completion operations targeted for Q4 2026.

In May 2026, Empire entered into an at-the-market sales agreement with Roth Capital Partners for up to $7.5 million in common stock. No shares had been issued under that agreement as of the time of the report.