Empire Petroleum is a small independent oil and gas producer focused on acquiring and optimizing mature, producing properties in the U.S. Rather than exploring for new reservoirs, Empire targets already-producing assets — proved developed producing (PDP) properties — in established fields with predictable decline profiles. Empire operates across four areas: Lea County, New Mexico (~709 gross wells); North Dakota and western Montana (~243 gross wells), where Empire is running an enhanced oil recovery program in the Starbuck Field; the East Texas Basin (~118 gross wells); and a small position in Louisiana. Empire's production is primarily oil, with natural gas and NGLs as byproducts. Empire sells oil at the wellhead to third-party marketers and does not refine or transport its own production. Revenue is dominated by oil prices, which Empire cannot control, and margins are thin given lease operating expenses running around $28-31 per barrel. Empire grows through two approaches: acquiring PDP assets that add scale to existing positions, and organic development through workovers and targeted drilling in existing fields. Empire's 61-person team manages proved developed reserves of approximately 7.6 MMBoe, which naturally decline over time, requiring ongoing workover activity and selective development to sustain production.