Home / Going-concern warnings / EMPIRE PETROLEUM CORP
Filed 2025-11-14 路 Form 10-Q 路 Accession 0001104659-25-112537 micro
Price before filing: $3.1 (2025-11-13 close, split/dividend-adjusted)
Market cap at flag: $97.4M (2025-11-14) 路 Latest: $132.9M (2026-10-16)
| Window | EP | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +6.1% | +1.3% | +4.8% | 2025-12-15 |
| 90 days | -6.8% | +1.7% | -8.4% | 2026-02-12 |
| 180 days | -12.3% | +11.1% | -23.3% | 2026-05-13 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 2 insiders sold $728K (5 sales); 1 insider bought $964K (9 purchases)
30 days after: 2 insiders bought $37K (4 purchases)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-09-04 | Watson Matthew E. Chief Accounting Officer | Sale | 457 | $4.86 | $2K | no | Form 4 |
| 2025-09-04 | Watson Matthew E. Chief Accounting Officer | Sale | 109 | $4.86 | $530 | no | Form 4 |
| 2025-09-04 | Watson Matthew E. Chief Accounting Officer | Sale | 1,057 | $4.87 | $5K | no | Form 4 |
| 2025-09-08 | Watson Matthew E. Chief Accounting Officer | Sale | 3,377 | $4.51 | $15K | no | Form 4 |
| 2025-09-10 | Mulacek Phil E Director, 10% owner | Purchase | 7,012 | $4.09 | $29K | no | Form 4 |
| 2025-09-11 | Mulacek Phil E Director, 10% owner | Purchase | 2,971 | $4.10 | $12K | no | Form 4 |
| 2025-09-12 | Mulacek Phil E Director, 10% owner | Purchase | 6,000 | $4.08 | $24K | no | Form 4 |
| 2025-09-15 | Mulacek Phil E Director, 10% owner | Purchase | 9,648 | $3.98 | $38K | no | Form 4 |
| 2025-09-16 | Mulacek Phil E Director, 10% owner | Purchase | 6,689 | $4.03 | $27K | no | Form 4 |
| 2025-09-17 | Mulacek Phil E Director, 10% owner | Purchase | 20,609 | $4.04 | $83K | no | Form 4 |
| 2025-10-20 | Mulacek Phil E Director, 10% owner | Purchase | 8,190 | $3.58 | $29K | no | Form 4 |
| 2025-10-22 | Mulacek Phil E Director, 10% owner | Purchase | 4,000 | $3.75 | $15K | no | Form 4 |
| 2025-11-05 | Morrisett Michael R. President & CEO, Director | Sale | 187,084 | $3.77 | $705K | no | Form 4 |
| 2025-11-05 | Mulacek Phil E Director, 10% owner | Purchase | 187,084 | $3.77 | $705K | no | Form 4 |
| 2025-11-14: red flag filed | |||||||
| 2025-11-18 | Marchive Benjamin J. II Director | Purchase | 2,000 | $3.14 | $6K | no | Form 4 |
| 2025-11-26 | Mulacek Phil E Director, 10% owner | Purchase | 1,316 | $3.00 | $4K | no | Form 4 |
| 2025-11-28 | Mulacek Phil E Director, 10% owner | Purchase | 1,743 | $3.00 | $5K | no | Form 4 |
| 2025-12-02 | Mulacek Phil E Director, 10% owner | Purchase | 7,223 | $3.00 | $22K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-08-16 to 2025-12-14. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"Given the negative working capital and insufficient expected operating cash flow there is substantial doubt about the Company's ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-09-30)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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