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Empire Petroleum Partners
Empire Petroleum Partners, publicly traded as Empire Petroleum Corporation (NYSE American: EP), was initially incorporated in 1983 and redomesticated in...
Empire Petroleum Partners
Empire Petroleum Partners, publicly traded as Empire Petroleum Corporation (NYSE American: EP), was initially incorporated in 1983 and redomesticated in Delaware. Its recent trajectory began in mid-2018 with the acquisition of central Louisiana assets, led by Chairman Phil Mulacek — who founded InterOil and grew its market cap from US$10 million to over US$5.6 billion before retiring in 2013. Mulacek's private investment company, Petroleum Independent and Exploration Corporation (PIE Corp), formed in 1981, serves as the capital conduit behind Empire's structure. The firm's strategy revolves around proved developed producing (PDP) assets with slow decline profiles, focusing on well rehabilitation, stimulation, and field maintenance. Empire holds approximately 48,000 acres in the Permian Central Basin Platform, 20,000 acres in the North Dakota/Montana Williston Basin, and 30,000 acres in the East Texas basin, including Woodbine, Eagle Ford, and Buda-Rose plays. It targets acquisitions at 2-4x cash flows and generates revenue from operated and non-operated wells across New Mexico, North Dakota, Montana, Louisiana, and Texas. No external fund structure is disclosed — the firm is publicly listed, with capital deployed both through corporate equity and cash flows from production. Mulacek's board includes former senior military officer Andy Lewis, ex-Raymond James SVP Mason Matschke, and veteran oil and gas executive Kevin Vann, who previously served as EVP & CFO of WPX Energy. The company reported first-quarter 2026 financial results on May 15, 2026, and announced full subscription of a rights offering on March 19, 2026, indicating continued capital markets activity. Operational leadership is provided by President Mike Morrisett and SVP of Operations Tom West, the latter joining in 2023 after leading production at Treadstone. Empire's structural differentiator lies in its PDP-first mandate — it explicitly avoids the steep decline curves and geological risk of exploration, focusing instead on low-risk cash flow generation through asset rehabilitation and maintenance. That posture, combined with public listing and the absence of a conventional family-office fund structure, makes it an unusual hybrid of corporate operating company and wealth-preservation vehicle.
General information
Firm type
Family Office
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Tulsa
Corporate office
2200 S. Utica Place, Suite 150, Tulsa, OK 74114, United States
Principals
Phil Mulacek
Director
Mike Morrisett
President and Principal Financial Officer
Mason Matschke
Director
Andy Lewis
Director
Ben Marchive II
Director
Kevin Vann
Director
Tom West
Senior Vice President of Operations
Sector focus
Frequently asked questions
Who runs investment decisions at Empire Petroleum Partners?
Phil Mulacek serves as Chairman and leads strategic direction, drawing on 35+ years in oil and gas. President Mike Morrisett oversees day-to-day operations and finance. The board includes several industry veterans, but ultimate investment authority rests with Mulacek and senior management.
How does Empire Petroleum source proprietary deal flow?
The firm focuses on opportunistic acquisitions of PDP assets in its core regions — Permian Basin, Williston Basin, and East Texas — often targeting assets at 2-4x cash flows. Deal flow likely comes from operator relationships and industry networks rather than a formal fund sourcing model, given its public-company structure.
Is Empire structured as a family office or a publicly traded operating company?
Empire trades on the NYSE American under EP, making it a publicly reporting corporation. However, founder Phil Mulacek's private vehicle PIE Corp serves as the controlling capital source, giving it a hybrid family-office-operating-company character.
What investment stages does Empire Petroleum typically target?
Empire targets mature, proved developed producing (PDP) assets with low decline rates. It avoids exploration and new-well development risk, focusing instead on well rehabilitation, stimulation, and field maintenance.
Which sectors does Empire explicitly avoid?
The firm explicitly avoids exploration and high-decline drilling. It concentrates solely on conventional onshore oil and gas production in the US, with no disclosed exposure to renewables, LNG, or international assets.
Does Empire maintain philanthropic structures?
No public disclosure of a separate philanthropic foundation is available on the firm's website or SEC filings. Director Kevin Vann has personal board affiliations with Tulsa area nonprofits, but these are not corporate structures.
What is Empire's known posture on co-investments alongside external GPs?
As a public company, Empire does not operate a fund vehicle that would accept external LP co-investments. Capital is raised through equity offerings and internal cash flows, not through structured partnership vehicles.
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