Empire Petroleum Corporation Hires Chief Executive Officer and Enters into Letter of Intent for Acquisition of Oil and Gas Properties in NW Louisiana

TULSA, Okla.–(BUSINESS WIRE)–Empire Petroleum Corporation (“Empire Petroleum”, “Empire” or the
“Company”) (OTCQB: EMPR) today announced in a year-end update to
shareholders that it has recently named long-time leading energy
investment banker Thomas (Tommy) Pritchard as Chief Executive Officer.
In addition, the Company announced that on December 23 it entered into a
Letter of Intent (“LOI”) to acquire oil and gas properties in North
Louisiana comprised of 14,000 gross developed and undeveloped acres and
70 gross wells currently producing approximately 500 gross barrels of
oil equivalent per day (“BOEPD”) . Empire expects to own an average of
95% working interest in the properties and serve as operator.

Mike Morrisett, President of Empire Petroleum Corporation, commented,
“Empire Petroleum’s Board of Directors is extremely pleased to have
Tommy join the Company as CEO. In early October, we announced Pritchard
Griffin Advisors had been retained to advise Empire on prospective
mergers, joint ventures and acquisitions, and that we expected Tommy
would assume a key senior management role within the Company. His
experience and expertise in energy investment banking, strategy and
operations has proven invaluable and the Board views Tommy as a perfect
fit as we ramp up our efforts to grow the Company through both external
and internal initiatives.”

Tommy Pritchard, Chief Executive Officer, added, “I appreciate the
support of Empire’s Board of Directors and the opportunity to join the
management team at a very exciting time for the Company. Over the past
months, we have evaluated a number of opportunities that are aligned
with our strategy of acquiring leasehold acreage and producing oil and
gas assets located in the East Texas/Louisiana Cotton Valley and
Haynesville regions. One important result of our extensive efforts is
today’s announced signing of a LOI for the anticipated purchase of
14,000 gross acres in Claiborne and Webster Parishes, Louisiana that
currently includes 41 operated and 29 non-operated wells producing over
500 gross BOEPD. While subject to further due diligence and other
standard contingencies, we hope to close this transaction in the first
quarter of the new year and view this acquisition as a key step in our
efforts to build Empire into a larger operating company during 2018.”

About Tommy Pritchard

Tommy Pritchard co-founded Pritchard Griffin Advisors (“PGA”) in 2015 to
serve the unique investment banking needs of the energy sector,
including upstream, midstream, downstream and renewables. Prior to PGA,
he formed Pritchard Energy Advisors, LLC in 2014 and partnered with
Parkman Whaling, including the establishment of a Houston office. From
2012 to 2014, Mr. Pritchard served as Managing Director of the Energy
Investment Banking division of Imperial Capital. Prior to this role, Mr.
Pritchard served as CEO and Managing Director of Pritchard Capital
Partners, which he founded in 2001 and later sold majority ownership in
2011. Over a period of ten years, Pritchard Capital Partners
participated in raising over $15 billion in capital for firms in the oil
and gas industry and provided trading and research services annually to
over 150 energy companies. In 1997, Mr. Pritchard co-founded Offshore
Tool and Energy, Inc., an oilfield services company that was sold in
2001. He began his professional career in 1984 with Drexel Burnham
Lambert, and later held key roles at Bear Stearns, Jefferies and Johnson
Rice. Mr. Pritchard earned his undergraduate degree in Geology from
Washington and Lee University.

About Empire Petroleum Corporation

Empire Petroleum Corporation is an Oklahoma-based energy company engaged
in the business of oil and gas exploration and development in North
America, currently focused in East Texas/North Louisiana.

Forward-Looking Statements

This press release includes certain statements that may be deemed
“forward-looking statements” within the meaning of the federal
securities laws. All statements, other than statements of historical
facts that address activities, events or developments that the company
expects, believes or anticipates will or may occur in the future are
forward-looking statements. Such statements are subject to a number of
assumptions, risks and uncertainties, including the ability of the
company to continue as a going concern. Actual results may vary
materially from the forward-looking statements. For a list of certain
material risks relating to the company see Empire Petroleum Corporations
Form 10-K for the fiscal year ended December 31, 2016.

Contacts

Empire Petroleum Corporation
Mike Morrisett, 539-444-8002
President