Empire Petroleum Corporation to Be Added to Russell 3000® and Russell 2000® Indexes

Rhea-AI Summary

Empire Petroleum Corporation (NYSE American: EP) will join the Russell 3000 Index on June 27, 2022, enhancing its visibility to investors. This reconstitution includes the top 4,000 U.S. stocks by market capitalization, with $12 trillion in assets benchmarked against these indexes. CEO Tommy Pritchard expressed enthusiasm for increased exposure following a strong first quarter and the company's recent up-listing. Membership in the Russell 3000 also provides automatic inclusion in the Russell 1000 or 2000 and related style indexes.

Positive

• Increased visibility and exposure to investors by joining the Russell 3000 Index.
• Positive sentiment from strong first-quarter performance.

Negative

• None.

TULSA, Okla.--(BUSINESS WIRE)-- Empire Petroleum Corporation (NYSE American: EP) (“Empire” or the “Company”), an oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana and New Mexico, is set to join the broad-market Russell 3000^® Index at the conclusion of the 2022 Russell indexes annual reconstitution on June 27, 2022 according to the preliminary list of additions posted by FTSE Russell on June 3, 2022.

Annual Russell indexes reconstitution captures the 4,000 largest US stocks, ranking them by total market capitalization. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell’s US indexes.

Empire CEO, Tommy Pritchard, said, “We are excited to be joining the Russell 3000 Index and increasing our exposure to the investment community, particularly following our strong first quarter and recent up-listing to the NYSE American.” Mike Morrisett, President, added, “This is an excellent milestone for our Company, and we look forward to communicating with a broader audience of investors.”

Russell indexes are part of FTSE Russell, a leading global index provider. Membership in the US all-cap Russell 3000^® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000^® Index or small-cap Russell 2000^® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

About Empire Petroleum

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

About FTSE Russell

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by the London Stock Exchange Group. For more information, visit www.ftserussell.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220607005574/en/

Empire Petroleum Corporation:

Tommy Pritchard, CEO

Mike Morrisett, President

539-444-8002

Info@EmpirePetrocorp.com

Investor Relations:

Stephanie Prince

PCG Advisory

Ph: (646) 863-6341

Source: Empire Petroleum

FAQ

When will Empire Petroleum join the Russell 3000 Index?

Empire Petroleum will join the Russell 3000 Index on June 27, 2022.

Why is joining the Russell 3000 Index important for Empire Petroleum?

Joining the Russell 3000 Index increases Empire Petroleum's visibility to investors and provides access to a broader investor base.

What is the significance of the Russell 3000 Index?

The Russell 3000 Index includes the largest U.S. stocks, representing approximately $12 trillion in assets, and is widely used by investment managers and institutions.

What recent milestone did Empire Petroleum achieve?

Empire Petroleum recently achieved an up-listing to the NYSE American and is now joining the Russell 3000 Index.