Empire Petroleum Corporation announced that 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 out 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. 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.