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Posted 22 March, 2023

EMPIRE PETROLEUM CORP appointed Michael R. Morrisett as new CEO

NYSE:EP appointed new Chief Executive Officer Michael R. Morrisett in a 8-K filed on 22 March, 2023.


  On March 17, 2023, the Board of Directors appointed Michael R. Morrisett to the position of Chief Executive Officer, in addition to his current duties of President and Principal Financial Officer of the Company.  

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Overview of EMPIRE PETROLEUM CORP
Companies on the Energy Service • Oil Extraction
Empire Petroleum Corp. engages in the exploration and development of oil and natural gas. The company possesses long-life, low operational cost, mature, producing assets with slow decline profiles in the Permian Basin, Bakken region and central Gulf Coast region, in the states of New Mexico, North Dakota, Montana, Louisiana, and Texas. Empire focuses on economical well rehabilitation, stimulation, field maintenance and management to generate low-risk cash flows that provides stability and growth for shareholders. The company was founded in August 1983 and is headquartered in Tulsa, OK.
Market Cap
$219M
View Company Details
EMPIRE PETROLEUM CORP by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


(b), (c) and (e) On March 16, 2023, Thomas W. Pritchard resigned as Chief Executive Officer and a director of Empire Petroleum Corporation (the "Company") to pursue other opportunities. Although not required under Mr. Pritchard's Employment Agreement with the Company, in recognition of Mr. Pritchard's past service to the Company, the Company will pay Mr. Pritchard severance benefits in the amount of $361,053.40, as set forth in Section 4.2 of his Employment Agreement, in one lump sum payment within 30 days after March 23, 2023, rather than in monthly installments, provided he does not revoke his release provided to the Company in connection with his resignation on or before March 23, 2023. The Company is also extending the period under which Mr. Pritchard has the right to exercise his outstanding vested non-qualified stock options from three months after the date of his termination of employment to September 16, 2024, provided he does not revoke his release.


On March 17, 2023, the Board of Directors appointed Michael R. Morrisett to the position of Chief Executive Officer, in addition to his current duties of President and Principal Financial Officer of the Company. Mr. Morrisett is not receiving any additional compensation for assuming the role of Chief Executive Officer. Mr. Morrisett's background, employment agreement and compensation are described in the Company's definitive proxy statement for the 2022 Annual Meeting of Stockholders, filed on July 27, 2022.


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