TransAlta to Buy 310 MW Natural Gas Portfolio for $95M

By Nicholas G. Miller

Gibraltar Industries agreed to acquire OmniMax International from funds managed by Strategic Value Partners and its affiliates for $1.34 billion in cash.

Gibraltar said the acquisition would accelerate its expansion into the residential building products market.

The merger is expected to create $35 million in savings by the end of 2028.

Gibraltar will finance the transaction in the form of up to $1.3 billion in new term loan facilities and an upsized $500 million revolving credit facility.

The acquisition is expected to close in the first half of 2026.

Write to Nicholas G. Miller at nicholas.miller@wsj.com.

US natural gas futures fell over 2% to below $4.5/MMBtu, retreating from a near three-year high of $4.65 reached on November 13, as short-term mild weather eased immediate heating demand.

Also, US production in the Lower 48 states reached a record 109 bcfd so far in November, a fresh record, supporting ample storage levels now 4.5% above seasonal norms. Despite ample supply, strong LNG export demand persists, averaging 17.8 bcfd in November, up from 16.7 bcfd in October, driven by European demand amid reduced Russian flows.

Traders also weighed expectations for colder conditions in early December, which could lift heating needs and support prices in the near term.

TULSA, Okla.--(BUSINESS WIRE)--November 17, 2025--

Empire Petroleum (NYSE American: EP) ("Empire" or the "Company"), an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, today reported operational and financial results for the third quarter 2025.

THIRD QUARTER 2025 HIGHLIGHTS

• Produced Q3-2025 net production volumes of 1,566 barrels of oil per day ("Bbls/d"), an increase of 5% compared to Q2-2025;
  -- Reported 2,398 barrels of oil equivalent per day ("Boe/d");
  
  -- Boe/d is comprised of 65% oil, 19% natural gas liquids ("NGLs"),
  and 16% natural gas;
• Empire continues to advance its enhanced oil recovery ("EOR") efforts in the Starbuck Drilling Program ("Starbuck") in North Dakota, where modified wellhead installations were completed during Q3-2025;
  -- Following analysis of the previously planned rare alloy
  components, the Company implemented an alternative water injection system designed to reduce scaling tendencies and improve system reliability;
  -- Empire also filed the final patent for its proprietary
  hydrocarbon vaporization technology, which leverages elevated temperatures and pressure differentials to increase recovery efficiency;
• Empire furthered preparations for its inaugural drilling campaign in Texas, positioning additional locations to support a scalable development plan;
  -- As part of ongoing groundwork for future horizontal development
  across multiple prospective pay zones, the Company finalized reprocessing of legacy seismic data;
  -- Given current commodity prices, Empire is strategically pacing
  the start of drilling operations, now anticipated in 2026, to align capital development with market conditions and maximize long-term value creation;
• In Q3-2025, Empire successfully completed its subscription rights offering ("Rights Offering"), generating approximately $2.5 million in gross proceeds, before transaction costs;
  -- The Company received subscriptions for more than 100% of the
  securities available in the Rights Offering and accordingly, stockholders received their basic subscription privilege. Because there were not enough units to satisfy all oversubscriptions, remaining securities were allocated pro-rata, after eliminating all fractional shares, among oversubscribing stockholders;
  -- As disclosed in previous filings, Phil E. Mulacek, Chairman of
  the Board of Empire and one of the Company's largest shareholders, participated in the Rights Offering, fully subscribing to the securities corresponding to his subscription rights, and exercising his over-subscription rights to purchase his pro-rata share of the underlying securities related to the Rights Offering that remain unsubscribed.
• Reported Q3-2025 total product revenue of $9.4 million, a net loss of $3.8 million, or ($0.11) per diluted share;
  -- Adjusted EBITDA of $0.1 million for Q3-2025.
  

2025 OUTLOOK

"Empire continues to execute with precision and discipline as we move through the remainder of 2025," said Phil Mulacek, Chairman of the Board. "Our operational teams are achieving measurable progress across multiple fronts, from consistent improvement in North Dakota's EOR program to ongoing technical advancements in Texas. We remain focused on delivering operational excellence, capital efficiency, and strategic development sequencing across the portfolio. The natural gas market has shifted significantly over the past several years, with U.S. liquefied natural gas exports now exceeding approximately 18 billion cubic feet per day compared to near zero just over a decade ago, and pricing strengthening from lows near $1.35 per thousand cubic feet ("Mcf")(1) toward long-term historical averages in the $4.00-$5.00/Mcf range. As additional demand from data centers, industrial users, and exports into Mexico continues to accelerate, long-term fundamentals point toward ongoing tightening into 2026. To capitalize on this shift, Empire is building operational flexibility by progressing a series of drilled-but-uncompleted ("DUC") wells, positioning the Company to efficiently transition into higher-value gas development in 2026. This disciplined sequencing allows us to align capital deployment with commodity signals and maximize returns as the market evolves. As pricing signals continue to strengthen, we expect natural gas to play an increasingly meaningful and leading role in Empire's development strategy and earnings growth trajectory beginning in 2026. The recent successful completion of the Rights Offering, particularly during a period of commodity price volatility, underscores the confidence and alignment of our shareholders. We greatly appreciate their continued support and belief in Empire's long-term strategy. With these accomplishments and a constructive outlook for the broader energy market, I believe we're well positioned to capture meaningful upside as pricing conditions stabilize. The groundwork we're laying today is designed to position Empire for long-term success, and as we move forward, we look forward to building additional production in New Mexico, a key driver of future growth within Empire's portfolio."

Mike Morrisett, President and CEO, added, "Our third quarter results reflect steady operational execution and focused progress across Empire's core assets. In North Dakota, recent upgrades and system enhancements have improved reliability and consistency, setting the stage for stable production levels. In Texas, we continue to prepare for the launch of our first drilling program in the area, completing pre-drill activities and advancing readiness across multiple locations. In New Mexico, we're maintaining production and pursuing incremental improvements to maximize efficiency across our legacy unitized assets. The strong participation in our Rights Offering reflects continued confidence in Empire's direction, and we're deeply appreciative of that support as we work to execute on our development plan. With disciplined capital management and a clear operational roadmap, Empire is entering 2026 with momentum, flexibility, and a focused path toward scalable growth."

North Dakota — Williston Basin:

• Empire continues to execute targeted enhancements to the Starbuck EOR program in North Dakota, where system performance and production consistency have shown measurable improvement through 2025;
  -- The Company is installing a new pipeline segment to supply
  higher-quality water to a dedicated circuit within the EOR system, an upgrade expected to improve reliability, minimize scaling, and reduce long-term operating costs;
  -- In parallel, Empire has implemented multiple refinements across
  EOR equipment and processes, further optimizing performance and efficiency;
  -- With these upgrades progressing and the system operating more
  consistently, Empire anticipates achieving stable, sustained production levels by year-end; and
• The Company is also evaluating opportunities to apply its proprietary EOR model across additional assets in North Dakota, advancing a methodical, data-driven approach to long-term field development.

New Mexico — Permian Basin:

• On September 12, 2025, the New Mexico Conservation Commission ("Commission") issued Order No. R-24004 (the "Order") regarding the Company's rights to the Residual Oil Zone ("ROZ") in the Eunice Monument South Unit's ("EMSU") Unitized Interval. The Commission unanimously affirmed the existence of a ROZ in the Grayburg and San Andres formations within the EMSU and confirmed Empire's exclusive rights to produce the ROZ under the 1984 Commission Order.
  -- Based on these findings, the Commission:
  
  -- Denied Goodnight's applications to drill five new
  saltwater disposal ("SWD") wells within the boundaries of the EMSU;
  -- Denied Goodnight's application to increase injection
  volumes in an existing SWD well;
  -- Suspended Goodnight's four SWD wells located within the
  EMSU boundaries to provide Empire the opportunity to establish the CO EOR pilot project;
  -- The Commission recently granted a limited request for stay and
  rehearing to consider (1) the authority for suspension in light of certain factual findings; and (2), the authority or discretion of the New Mexico Oil Conservation Division in implementation of the Order;
  -- Pending the Commission's decision, Empire plans to proceed with
  motions to revoke the existing permits granted to the remaining three SWD Companies disposing wastewater into the EMSU and Arrowhead Grayburg Unit Unitized Interval, while concurrently advancing litigation for trespass and damages;
  -- As of the date of this release, the briefing and oral hearing on
  the rehearing has taken place, and Empire is awaiting the Commission's decision; and
• The Company expects final resolution of this matter to result in a meaningful reduction in operating expenses and contribute to improved financial performance going forward.

Texas — East Texas Basin:

• Empire continues to advance its development program in Texas, maintaining readiness for its inaugural drilling campaign as part of the Company's broader growth strategy in the region;
  -- Technical groundwork completed to date, including seismic
  reprocessing, surface preparation, and location planning, has positioned the Company for efficient execution once drilling commences;
  -- In Q4-2025, Empire will initiate re-entry and workover rig
  operations on the initial well location to finalize target zones for optimal lateral location, marking a key pre-drill milestone in the development timeline;
  -- Given current commodity pricing, the Company is targeting the
  start of drilling operations in 2026, allowing for optimal timing and resource allocation;
  -- The upcoming program is designed to test multiple prospective
  pay zones identified during the initial technical evaluation, utilizing approximately a dozen DUC wells to accelerate the Company's 2026 gas-focused development strategy; and
  -- Additionally, Empire is advancing horizontal gas development
  opportunities aimed at delivering long-term, capital-efficient production growth.

(1) Pricing reference: The cited low price of approximately $1.35 reflects
benchmark Henry Hub natural gas spot pricing published in $/MMBtu, based on
U.S. Energy Information Administration and market-indexed reporting during
late 2024. Values in the release are expressed in $/Mcf for consistency and
use standard U.S. conversion equivalency (1 Mcf .APPROX. 1.00--1.05 MMBtu).

THIRD QUARTER 2025 FINANCIAL AND OPERATIONAL RESULTS

 
                                    % Change                % Change 
                                   Q3-25 vs.               Q3-25 vs. 
               Q3-25     Q2-25       Q2-25       Q3-24       Q3-24 
              --------  --------  ------------  --------  ------------ 
 
Net 
 equivalent 
 sales 
 (Boe/d)       2,398     2,357         2%        2,460        -3% 
Net oil 
 sales 
 (Bbls/d)      1,566     1,493         5%        1,573         0% 
Realized 
 price 
 ($/Boe)       $42.48    $40.78        4%        $48.12       -12% 
Product 
 Revenue 
 ($M)          $9,374    $8,747        7%       $10,892       -14% 
Net Loss 
 ($M)         ($3,844)  ($5,056)      24%       ($3,641)      -6% 
Adjusted Net 
 Loss 
 ($M)(1)      ($3,934)  ($5,231)      25%       ($3,829)      -3% 
Adjusted 
 EBITDA 
 ($M)(1)        $137    ($1,181)      112%       ($56)        345% 
 
(1) Adjusted net loss and adjusted EBITDA are non-GAAP financial 
measures. See "Non-GAAP Information" section later in this release for 
more information, including reconciliations to the most comparable 
GAAP measure. 
 

Net sales volumes for Q3-2025 were 2,398 Boe/d, including 1,566 barrels of oil per day; 456 barrels of NGLs per day, and 2,257 thousand cubic feet per day ("Mcf/d") or 376 Boe/d of natural gas. Oil sales volumes slightly decreased compared to Q3-2024 primarily due to natural decline offset by redrilling efforts in North Dakota .

Empire reported Q3-2025 total product revenue of $9.4 million versus $10.9 million in Q3-2024. Contributing to the decrease were lower average oil and NGL realized prices. Realized oil and natural gas liquids prices decreased 15% and 33%, respectively, due to a general decline in overall market pricing.

Lease operating expenses in Q3-2025 decreased to $5.7 million versus $6.7 million in Q3-2024 primarily due to lower workover costs. Q3-2025 workover expense decreased to $0.4 million versus $1.4 million in Q3-2024. Higher workover expense in 2024 was primarily in New Mexico as Empire continued work in the region to enhance and maintain production.

Production and ad valorem taxes for Q3-2025 were $0.8 million versus $1.0 million in Q3-2024, as a result of lower product revenues.

Depreciation, Depletion, and Amortization ("DD&A") and Accretion for Q3-2025 was $3.3 million versus $3.1 million for Q3-2024. The increase in DD&A is primarily due to the impact of capitalized costs associated with the new drilling as part of Empire's Starbuck Drilling Program in North Dakota, partially offset by lower production volumes. Accretion increased slightly due to the new drilling activity and acquisition of working interest in New Mexico.

General and administrative expenses, excluding share-based compensation expense, was $2.9 million, or $13.06 per Boe in Q3-2025 versus $3.6 million, or $16.06 per Boe in Q3-2024. The decrease in expenses was primarily due to timing of board of director compensation and franchise taxes.

Interest expense for Q3-2025 slightly increased, compared to Q3-2024, primarily due to a higher average outstanding balance on the Company's credit facility and additional equipment and vehicle notes.

Empire recorded a net loss of $3.8 million in Q3-2025, or ($0.11) per diluted share, versus a Q3-2024 net loss of $3.6 million, or ($0.12) per diluted share.

Adjusted EBITDA was $0.1 million for Q3-2025 compared to Adjusted EBITDA of ($0.1) million in Q3-2024.

CAPITAL SPENDING, BALANCE SHEET & LIQUIDITY

For the nine months ended September 30, 2025, Empire invested approximately $4.2 million in total capital expenditures, primarily from finalizing drilling and completions activity related to the Starbuck Drilling Program in North Dakota and continued return-to-production efforts in Texas.

As of September 30, 2025, Empire had approximately $4.6 million in cash on hand and approximately $3.3 million available on its credit facility. Empire completed a subscriptions rights offering in August 2025, which raised approximately $2.5 million of gross proceeds, before transaction costs.

UPDATED PRESENTATION

An updated Company presentation will be posted to the Company's website under the Investor Relations section.

ABOUT EMPIRE PETROLEUM

Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies with their existing portfolio of wells. More information about Empire can be found at www.empirepetroleumcorp.com.

SAFE HARBOR STATEMENT

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company's estimates, strategy, and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2024, and its other filings with the SEC. Readers and investors are cautioned that the Company's actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, future commodity prices, the Company's ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, including inflation, tariffs and interest rates, uncertainties associated with legal and regulatory matters, successful completion of the Rights Offering, including future exercise of the warrants issued as part of the Rights Offering, and other risks and uncertainties related to the conduct of business by the Company. Other than as required by applicable securities laws, the Company does not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations, or otherwise.

 
                                EMPIRE PETROLEUM CORPORATION 
                       Condensed Consolidated Statements of Operations 
                              (in thousands, except share data) 
                                         (Unaudited) 
 
                                  Three Months Ended                  Nine Months Ended 
                       ----------------------------------------  ---------------------------- 
                        September                   September 
                           30,         June 30,        30,              September 30, 
                           2025          2025          2024          2025          2024 
                        ----------    ----------    ----------    ----------    ---------- 
Revenue: 
   Oil Sales           $     8,790   $     8,005   $    10,341   $    24,844   $    32,070 
   Gas Sales                   196           221             9           965           270 
   Natural Gas Liquid 
    ("NGL") Sales              388           521           542         1,304         1,575 
                        ----------    ----------    ----------    ----------    ---------- 
      Total Product 
       Revenues              9,374         8,747        10,892        27,113        33,915 
   Other                        14             7            15            31            36 
   Gain (Loss) on 
    Derivatives                  -             -           470             -          (389) 
                        ----------    ----------    ----------    ----------    ---------- 
Total Revenue                9,388         8,754        11,377        27,144        33,562 
 
Costs and Expenses: 
   Lease Operating 
    Expense                  5,735         6,387         6,734        17,888        21,664 
   Production and Ad 
    Valorem Taxes              755           768           984         2,235         2,883 
   Depreciation, 
    Depletion & 
    Amortization             2,794         2,576         2,596         7,596         6,763 
   Accretion of Asset 
    Retirement 
    Obligation                 534           534           510         1,594         1,487 
   General and 
    Administrative: 
      General and 
       Administrative        2,881         2,906         3,636         8,984         8,869 
      Stock-Based 
       Compensation            238           486           335         1,255         1,637 
                        ----------    ----------    ----------    ----------    ---------- 
   Total General and 
    Administrative           3,119         3,392         3,971        10,239        10,506 
                        ----------    ----------    ----------    ----------    ---------- 
 
Total Cost and 
 Expenses                   12,937        13,657        14,795        39,552        43,303 
                        ----------    ----------    ----------    ----------    ---------- 
 
Operating Loss              (3,549)       (4,903)       (3,418)      (12,408)       (9,741) 
 
Other Income and 
 (Expense): 
   Interest Expense           (388)         (334)         (196)       (1,018)       (1,246) 
   Other Income 
    (Expense)                   93           181           (27)          305        (1,018) 
 
   Loss Before Taxes        (3,844)       (5,056)       (3,641)      (13,121)      (12,005) 
 
   Income Tax Benefit 
   (Provision)                   -             -             -             -             - 
                        ----------    ----------    ----------    ----------    ---------- 
 
Net Loss               $    (3,844)  $    (5,056)  $    (3,641)  $   (13,121)  $   (12,005) 
                        ==========    ==========    ==========    ==========    ========== 
 
Net Loss per Common 
 Share: 
   Basic               $     (0.11)  $     (0.15)  $     (0.12)  $     (0.39)  $     (0.41) 
                        ==========    ==========    ==========    ==========    ========== 
   Diluted             $     (0.11)  $     (0.15)  $     (0.12)  $     (0.39)  $     (0.41) 
                        ==========    ==========    ==========    ==========    ========== 
 
Weighted-Average Number of Common 
 Shares Outstanding: 
   Basic                34,043,173    33,853,310    31,619,333    33,906,417    29,055,331 
                        ==========    ==========    ==========    ==========    ========== 
   Diluted              34,043,173    33,853,310    31,619,333    33,906,417    29,055,331 
                        ==========    ==========    ==========    ==========    ========== 
 
 
 
 
                            EMPIRE PETROLEUM CORPORATION 
                              Condensed Operating Data 
                                     (Unaudited) 
 
                                       Three Months Ended          Nine Months Ended 
                                ---------------------------------  ------------------ 
                                September              September 
                                   30,      June 30,      30,        September 30, 
                                   2025       2025       2024        2025      2024 
                                ----------  --------  -----------  --------  -------- 
 
Net Sales Volumes: 
   Oil (Bbl)                       144,098   135,854      144,674   399,587   435,717 
   Natural gas (Mcf)               207,677   237,133      255,195   644,678   708,258 
   Natural gas liquids (Bbl)        41,938    39,091       39,137   112,482   113,534 
                                 ---------   -------      -------   -------   ------- 
   Total (Boe)                     220,648   214,467      226,344   619,515   667,294 
 
   Average daily equivalent 
    sales (Boe/d)                    2,398     2,357        2,460     2,269     2,435 
 
Average Price per Unit: 
   Oil ($/Bbl)                  $    61.00  $  58.92   $    71.48  $  62.17  $  73.60 
   Natural gas ($/Mcf)          $     0.94  $   0.93   $     0.04  $   1.50  $   0.38 
   Natural gas liquids ($/Bbl)  $     9.25  $  13.33   $    13.85  $  11.59  $  13.87 
                                 ---------   -------      -------   -------   ------- 
   Total ($/Boe)                $    42.48  $  40.78   $    48.12  $  43.76  $  50.82 
 
Operating Costs and Expenses per Boe: 
   Lease operating expense      $    25.99  $  29.78   $    29.75  $  28.87  $  32.46 
   Production and ad valorem 
    taxes                       $     3.42  $   3.58   $     4.35  $   3.61  $   4.32 
   Depreciation, depletion, 
    amortization and 
    accretion                   $    15.08  $  14.50   $    13.72  $  14.83  $  12.36 
   General & administrative 
    expense: 
      General & administrative 
       expense (excluding 
       stock-based 
       compensation)            $    13.06  $  13.55   $    16.06  $  14.50  $  13.29 
      Stock-based compensation  $     1.08  $   2.27   $     1.48  $   2.03  $   2.45 
   Total general & 
    administrative expense      $    14.14  $  15.82   $    17.54  $  16.53  $  15.74 
 
 
 
                       EMPIRE PETROLEUM CORPORATION 
                  Condensed Consolidated Balance Sheets 
                    (in thousands, except share data) 
                               (Unaudited) 
                                          September 30,     December 31, 
                                                2025            2024 
                                             ----------       --------- 
ASSETS 
--------------------------------------- 
Current Assets: 
   Cash                                   $       4,601    $      2,251 
   Accounts Receivable                            8,331           8,155 
   Inventory                                      1,218           1,305 
   Prepaids                                         536             640 
                                             ----------       --------- 
Total Current Assets                             14,686          12,351 
 
Property and Equipment: 
   Oil and Natural Gas Properties, 
    Successful Efforts                          144,395         140,675 
   Less: Accumulated Depletion, 
    Amortization and Impairment                 (39,237)        (31,974) 
                                             ----------       --------- 
      Total Oil and Gas Properties, Net         105,158         108,701 
   Other Property and Equipment, Net              1,697           1,391 
                                             ----------       --------- 
   Total Property and Equipment, Net            106,855         110,092 
 
Other Noncurrent Assets                           1,451           1,425 
                                             ----------       --------- 
 
Total Assets                              $     122,992    $    123,868 
                                             ==========       ========= 
 
LIABILITIES AND STOCKHOLDERS' EQUITY 
--------------------------------------- 
Current Liabilities: 
    Accounts Payable                      $      10,574    $     10,452 
    Accrued Expenses                             12,003          10,348 
    Current Portion of Lease Liability              330             400 
    Current Portion of Long-Term Debt               407              70 
                                             ----------       --------- 
Total Current Liabilities                        23,314          21,270 
 
    Long-Term Debt                               14,801          11,266 
    Long-Term Note Payable - Related 
     Party, net                                     752               - 
    Long-Term Lease Liability                        61             144 
    Derivative Instruments                          745               - 
    Asset Retirement Obligations                 29,656          28,423 
                                             ----------       --------- 
Total Liabilities                                69,329          61,103 
 
Stockholders' Equity: 
    Series A Preferred Stock - $0.001 
    Par Value, 10,000,000 Shares 
    Authorized, 6 and 6 Shares Issued 
    and Outstanding, Respectively                     -               - 
    Common Stock - $0.001 Par Value 
     190,000,000 Shares Authorized, 
     34,266,208 and 33,667,132 Shares 
     Issued and Outstanding, 
     Respectively                                    94              93 
    Additional Paid-in-Capital                  147,507         143,489 
    Accumulated Deficit                         (93,938)        (80,817) 
                                             ----------       --------- 
 
Total Stockholders' Equity                       53,663          62,765 
                                             ----------       --------- 
 
Total Liabilities and Stockholders' 
 Equity                                   $     122,992    $    123,868 
                                             ==========       ========= 
 
 
 
                        EMPIRE PETROLEUM CORPORATION 
              Condensed Consolidated Statements of Cash Flows 
                               (in thousands) 
                                (Unaudited) 
 
                           Three Months Ended           Nine Months Ended 
                    --------------------------------  ---------------------- 
                     September             September 
                        30,      June 30,     30,         September 30, 
                         2025      2025      2024       2025       2024 
                        ------    ------    -------    -------    ------- 
Cash Flows From 
 Operating 
 Activities: 
  Net Loss           $  (3,844)  $(5,056)  $ (3,641)  $(13,121)  $(12,005) 
 
Adjustments to 
 Reconcile Net 
 Loss to Net Cash 
  (Used In) 
   Provided By 
   Operating 
   Activities: 
   Stock-Based 
    Compensation           238       486        335      1,255      1,637 
   Amortization of 
    Right-of-Use 
    Assets                 117       120        136        358        407 
   Depreciation, 
    Depletion & 
    Amortization         2,794     2,576      2,596      7,596      6,763 
   Accretion of 
    Asset 
    Retirement 
    Obligations            534       534        509      1,594      1,487 
   Loss (Gain) on 
    Commodity 
    Derivatives              -         -       (470)         -        389 
   Settlement on 
    or Purchases 
    of Derivative 
    Instruments              -         -        282          -         18 
   Loss (Gain) on 
    Financial 
    Derivatives            (97)        -          -        (97)       998 
   Amortization of 
    Debt Discount 
    on Convertible 
    Notes                    -         -          -          -        500 
   Loss on 
    Extinguishment 
    of Debt                  -         -         27          -         10 
   Loss (Gain) on 
    Sale of Oil 
    and Natural 
    Gas 
    Properties               7      (175)         -       (168)         - 
   Gain on Sale of 
    Other Fixed 
    Assets                   -         -          -        (32)         - 
   Change in 
    Operating 
    Assets and 
    Liabilities: 
      Accounts 
       Receivable        1,835    (2,291)     2,277       (177)     1,647 
      Inventory, 
       Oil in 
       Tanks                86       200        (48)        87        (66) 
      Prepaids, 
       Current             220       331        212        645        672 
      Accounts 
       Payable          (1,792)     (355)    10,419       (471)    12,274 
      Accrued 
       Expenses            601       455         41      1,655      1,071 
      Other 
       Long-Term 
       Assets and 
       Liabilities        (369)       37        136       (319)      (885) 
                        ------    ------    -------    -------    ------- 
Net Cash (Used In) 
 Provided By 
 Operating 
 Activities                330    (3,138)    12,811     (1,195)    14,917 
                        ------    ------    -------    -------    ------- 
 
Cash Flows From 
 Investing 
 Activities: 
   Disposal of Oil 
    and Natural 
    Gas 
    Properties             400       175          -        575          - 
   Capital 
    Expenditures - 
    Oil and 
    Natural Gas 
    Properties            (453)     (491)   (18,616)    (3,624)   (48,759) 
   Disposal of 
    Other Fixed 
    Assets                   -         -          -         49          - 
   Purchase of 
    Other Fixed 
    Assets                 (12)      (23)       (20)       (53)      (139) 
   Cash Paid for 
    Right-of-Use 
    Assets                (107)     (111)      (125)      (331)      (376) 
                        ------    ------    -------    -------    ------- 
Net Cash Used In 
 Investing 
 Activities               (172)     (450)   (18,761)    (3,384)   (49,274) 
                        ------    ------    -------    -------    ------- 
 
Cash Flows From 
 Financing 
 Activities: 
   Borrowings on 
    Credit 
    Facility                 -     3,000          -      3,000      3,950 
   Proceeds from 
    Promissory 
    Notes - 
    Related Party        2,000     2,000          -      4,000      5,000 
   Payments on 
    Promissory 
    Note - Related 
    Party               (2,000)        -          -     (2,000)         - 
   Principal 
    Payments of 
    Debt                  (208)     (200)      (158)      (429)      (377) 
   Proceeds from 
    Rights 
    Offering, net 
    of transaction 
    costs                2,358         -          -      2,358     20,512 
   Net Proceeds 
    from Warrant 
    Exercise                 -         -          -          -        629 
                        ------    ------    -------    -------    ------- 
Net Cash Provided 
 By Financing 
 Activities              2,150     4,800       (158)     6,929     29,714 
                        ------    ------    -------    -------    ------- 
 
Net Change in Cash       2,308     1,212     (6,108)     2,350     (4,643) 
 
Cash - Beginning 
 of Period               2,293     1,081      9,258      2,251      7,793 
                        ------    ------    -------    -------    ------- 
 
Cash - End of 
 Period              $   4,601   $ 2,293   $  3,150   $  4,601   $  3,150 
                        ======    ======    =======    =======    ======= 
 
 

Empire Petroleum Corporation

Non-GAAP Information

Certain financial information included in Empire's financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures include "Adjusted Net Loss", "EBITDA" and "Adjusted EBITDA". These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Adjusted net loss is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current periods to prior periods.

 
                               Three Months Ended                  Nine Months Ended 
                    ----------------------------------------  ---------------------------- 
                     September                   September 
                        30,         June 30,        30,              September 30, 
                        2025          2025          2024          2025          2024 
                     ----------    ----------    ----------    ----------    ---------- 
                                      (in thousands, except share data) 
 
Net Loss            $    (3,844)  $    (5,056)  $    (3,641)  $   (13,121)  $   (12,005) 
 
Adjusted for: 
      Loss (gain) 
       on 
       commodity 
       derivatives            -             -          (470)            -           389 
      Settlement 
       on or 
       purchases 
       of 
       derivative 
       instruments            -             -           282             -            18 
      Loss (gain) 
       on 
       financial 
       derivatives          (97)            -             -           (97)          998 
      Loss (gain) 
       on sale of 
       oil and 
       natural gas 
       properties             7          (175)            -          (168)            - 
      Gain on sale 
       of other 
       fixed 
       assets                 -             -             -           (32)            - 
                     ----------    ----------    ----------    ----------    ---------- 
Adjusted Net Loss   $    (3,934)  $    (5,231)  $    (3,829)  $   (13,418)  $   (10,600) 
                     ==========    ==========    ==========    ==========    ========== 
 
Diluted 
 Weighted-Average 
 Number of Common 
 Shares 
 Outstanding         34,043,173    33,853,310    31,619,333    33,906,417    29,055,331 
                     ----------    ----------    ----------    ----------    ---------- 
Adjusted Net Loss 
 Per Common Share   $     (0.12)  $     (0.15)  $     (0.12)  $     (0.40)  $     (0.36) 
                     ==========    ==========    ==========    ==========    ========== 
 
 

The Company defines adjusted EBITDA as net loss plus net interest expense, DD&A, accretion, amortization of right of use assets, income tax provision (benefit), and other adjustments. Company management believes this presentation is relevant and useful because it helps investors understand Empire's operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income (loss), as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. In addition, adjusted EBITDA does not represent funds available for discretionary use.

 
                             Three Months Ended            Nine Months Ended 
                     ----------------------------------  ---------------------- 
                      September              September 
                         30,      June 30,      30,          September 30, 
                          2025      2025         2024      2025       2024 
                         ------    ------       ------    -------    ------- 
                                           (in thousands) 
 
Net Loss              $  (3,844)  $(5,056)   $  (3,641)  $(13,121)  $(12,005) 
 
Add Back: 
      Interest 
       expense              388       334          196      1,018      1,246 
      DD&A                2,794     2,576        2,596      7,596      6,763 
      Accretion             534       534          510      1,594      1,487 
      Amortization 
       of 
       right-of-use 
       assets               117       120          136        358        407 
                         ------    ------       ------    -------    ------- 
EBITDA                $     (11)  $(1,492)   $    (203)  $ (2,555)  $ (2,102) 
 
Adjustments: 
      Stock-based 
       compensation         238       486          335      1,255      1,637 
      Loss (gain) 
       on commodity 
       derivatives            -         -         (470)         -        389 
      Settlement on 
       or purchases 
       of 
       derivative 
       instruments            -         -          282          -         18 
      Loss (gain) 
       on financial 
       derivatives          (97)        -            -        (97)       998 
      Loss (gain) 
       on sale of 
       oil and 
       natural gas 
       properties             7      (175)           -       (168)         - 
      Gain on sale 
       of other 
       fixed 
       assets                 -         -            -        (32)         - 
                         ------    ------       ------    -------    ------- 
 
Adjusted EBITDA       $     137   $(1,181)   $     (56)  $ (1,597)  $    940 
                         ======    ======       ======    =======    ======= 
 
 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251117779949/en/

CONTACT: Mike Morrisett

President & CEO

539-444-8002

Info@empirepetrocorp.com

Kali Carter

Communications & Investor Relations Manager

918-995-5046

IR@empirepetrocorp.com

Transaction concludes a multi-phase program through which Hut 8 stabilized and strengthened the Portfolio following its acquisition out of bankruptcy

MIAMI, Nov. 17, 2025 /PRNewswire/ — Hut 8 Corp. (Nasdaq, ) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases, today announced that it has entered into a definitive share purchase agreement (the "Agreement") with TransAlta Corporation (; ) ("TransAlta"), one of Canada's largest publicly traded power generators. Under the Agreement, TransAlta will acquire the 310-megawatt portfolio of four natural gas-fired power plants in Ontario (the "Portfolio") owned and operated by Far North Power Corp. ("Far North"), an entity formed by Hut 8 and Macquarie Equipment Finance Ltd. ("Macquarie"), a subsidiary of Macquarie Group Limited.

The transaction concludes a multi-phase program through which Hut 8 stabilized and strengthened the Portfolio following its acquisition out of bankruptcy. Upon assuming responsibility for the Portfolio, Hut 8 executed the operational and commercial measures necessary to re-establish the assets as revenue-generating facilities. Earlier this year, Far North secured five-year capacity contracts across the 310-megawatt Portfolio through the Ontario IESO Medium-Term 2 ("MT2") auction. These contracts transition the power generation assets from short-term, seasonal arrangements to long-term, investment-grade-backed revenue commitments, significantly increasing cash-flow stability and duration while preserving merchant energy revenue upside.

Asher Genoot, CEO of Hut 8, said: "Our power-native team executed a disciplined program to strengthen the four natural-gas power plants comprising the Portfolio, enhancing their operational and commercial footing. This work enabled the award of investment-grade, long-term capacity contracts across all four sites through the MT2 process. With that foundation in place, we created the appropriate conditions to crystallize the value of the Portfolio for our shareholders."

Hut 8 continues to advance a multi-gigawatt pipeline of power-first digital infrastructure development opportunities across North America. While the Company maintains a strategic interest in power generation, it intends to prioritize capital allocation toward large-scale digital infrastructure development opportunities.

Sean Glennan, CFO of Hut 8, said: "These are attractive contracted facilities, but they are not core to our current strategy or capital plan, which is focused on high-return opportunities within our development pipeline. Redeploying capital from the Portfolio enables us to advance those opportunities while demonstrating our ability to invest in, optimize, and ultimately monetize complex power assets."

TransAlta's scale, commercial platform, and longstanding operating presence in Ontario make it a natural long-term owner of the Portfolio, positioning it for its next phase of value creation under TransAlta's stewardship.

John Kousinioris, President and Chief Executive Officer of TransAlta, said: "With this acquisition, our position in Ontario increases through contracted and complementary assets. As electrification and population growth continues, the market will meaningfully rely on existing firm, dispatchable generation for grid reliability. Beyond the contract period these assets are attractively positioned for re-contracting opportunities as well as with optionality given the co-located land. The transaction adds to our reliable and increasingly diversified portfolio, and we see long term value in these assets."

CIBC Capital Markets acted as financial advisor to Hut 8, and Bennett Jones LLP served as legal counsel to the Company.

About Hut 8

Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management and 1,530 megawatts of energy capacity under development across 19 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas; five high performance computing data centers in British Columbia and Ontario; four power generation assets in Ontario; one non-operational site in Alberta; and four sites under development across Louisiana, Texas, and Illinois. For more information, visit hut8.com and follow us on X at @Hut8Corp.

About TransAlta Corporation

TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada's largest producers of wind power and Alberta's largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA. For more information about TransAlta, visit our web site at transalta.com.

Cautionary Note Regarding Forward-Looking Information

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the timing, structure and completion of the transaction pursuant to the Agreement, the commencement and impact of the MT2 contracts, the anticipated revenue generation and performance of the Portfolio, the ability of this transaction to crystallize the value of the Portfolio for the Company's shareholders, the Company's ability to advance its power pipeline, the Company's ability to redeploy capital from the transaction to advance other opportunities, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "allow", "believe", "estimate", "expect", "predict", "can", "might", "potential", "predict", "is designed to", "likely," or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

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SOURCE Hut 8 Corp.

Howmet Aerospace Inc. (HWM) filed a Form 8K - Other Events - with the U.S Securities and Exchange Commission on November 17, 2025.

On November 17, 2025, Howmet Aerospace Inc. (the "Company" or "Howmet Aerospace") announced that it will redeem all of the outstanding shares of $3.75 Cumulative Preferred Stock of the Company (the "Preferred Stock") on December 17, 2025 (the "Redemption Date") at a redemption price of $100 per share plus dividends which have accrued and have not been paid or declared. The amount of accrued dividends per share of Preferred Stock that have not been paid or declared as of the Redemption Date is $0.8125. As of the close of business on November 14, 2025, there were 546,024 shares of Preferred Stock outstanding.

This Current Report on Form 8-K does not constitute a notice of redemption of the Preferred Stock. The redemption of the Preferred Stock will be made solely pursuant to a separate notice of redemption provided to the holders of the Preferred Stock, which specifies the terms, conditions and procedures for the redemption.

Forward-Looking Statements

This Current Report on Form 8-K contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "anticipates," "believes," "could," "envisions," "estimates," "expects," "forecasts," "goal," "guidance," "intends," "may," "outlook," "plans," "projects," "seeks," "sees," "should," "targets," "will," "would," or other words of similar meaning. All statements that reflect Howmet Aerospace's expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, expectations relating to the planned redemption of the Preferred Stock. These statements reflect beliefs and assumptions that are based on Howmet Aerospace's perception of historical trends, current conditions and expected future developments, as well as other factors Howmet Aerospace believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict, which could cause actual results to differ materially from those indicated by these statements. Such risks and uncertainties include, but are not limited to: (a) deterioration in global economic and financial market conditions generally, or unfavorable changes in the markets served by Howmet Aerospace, including due to escalating tariff and other trade policies and the resulting impacts on Howmet Aerospace's supply and distribution chains, as well as on market volatility and global trade generally; (b) the impact of potential cyber attacks and information technology or data security breaches; (c) the loss of significant customers or adverse changes in customers' business or financial conditions; (d) manufacturing difficulties or other issues that impact product performance, quality or safety; (e) inability of suppliers to meet obligations due to supply chain disruptions or otherwise; (f) failure to attract and retain a qualified workforce and key personnel, labor disputes or other employee relations issues; (g) the inability to achieve improvement in or strengthening of financial performance, operations or competitiveness anticipated or targeted; (h) inability to meet increased demand, production targets or commitments; (i) competition from new product offerings, disruptive technologies or other developments; (j) geopolitical, economic, and regulatory risks relating to Howmet Aerospace's global operations, including geopolitical and diplomatic tensions, instabilities, conflicts and wars, as well as compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations; (k) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation; (l) failure to comply with government contracting regulations; (m) adverse changes in discount rates or investment returns on pension assets; and (n) the other risk factors summarized in Howmet Aerospace's Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The statements in this report are made as of the day of the filing of this report. Howmet Aerospace disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.

The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/4281/000110465925112874/tm2531260d1_8k.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/4281/000110465925112874/0001104659-25-112874-index.htm

Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.

Gold prices fall in afternoon trading as investors grapple with the aftermath of the U.S. government shutdown, with New York futures down 0.4% to $4,076.40 a troy ounce. "Despite private-sector data, the absence of official economic figures has left the Fed--and market participants, for that matter--in the dark," says Aaron Hill from FP Markets. "Should we see a meaningfully soft jobs print this week, one that sees payrolls drop into negative territory, could prompt USD downside and increase rate-cut bets." The U.S. dollar index, which measures the greenback against a basket of other major currencies, is currently up 0.1% to 99.44. Lower interest rates typically boost the appeal of non-interest bearing bullion, while a softer dollar makes gold more attractive for international buyers. (giulia.petroni@wsj.com)