Empire Petroleum Corporation announced the formal commencement of its 2023 drilling program with the recent spud of a new well at its North Dakota asset (the "Starbuck" Field). The Company's capital development programs in 2023 and 2024 have been designed to ensure cost-effective production growth with a strong rate of return. By applying lessons learned from multiple testing methods during the pilot program at Starbuck in 2022, Empire formally moved to the initial phase of the Company's overall development efforts with the Starbuck drilling program.

A pilot drilling program on Empire's New Mexico assets is expected to begin in 2024. Additional specifics concerning the Starbuck drilling program include: 10-14 drilled wells; Average lateral length per well of approximately 2,300 feet in Phase 1, with a 5,900-foot length in Phase 2; Average capital spend per well of $1.6-$1.8 million; and Total capital spending for the program of $20-$22 million.