07/10/2025 – 04:15 PM

Empire Petroleum Corporation Launches Subscription Rights Offering

TULSA, Okla. –(BUSINESS WIRE)– Empire Petroleum Corporation (NYSE American: EP) has officially initiated its subscription rights offering (the “Rights Offering”). This move aims to raise gross proceeds of approximately $5.0 million, which includes $2.5 million from the exercise of warrants associated with the offering.

Subscription Details

Shareholders holding common stock as of July 10, 2025, will receive one subscription right for each share they own. Each right permits the purchase of one unit at a subscription price of $5.30. Each unit comprises 0.0139 shares of Common Stock and one warrant exercisable for 0.0136 shares at $5.46 per share. To qualify for at least one unit, a stockholder must own a minimum of 72 shares of Common Stock. Notably, these subscription rights are non-transferable and will not be traded on any exchange or market.

Expiration and Oversubscription Rights

The Rights Offering is set to expire at 5:00 p.m. Eastern Time on July 25, 2025, but may be extended or terminate earlier. Shareholders fully exercising their subscription rights can also opt to oversubscribe for additional units, subject to proration constraints.

Participation from Management

Phil E. Mulacek, the Chairman of the Board and one of Empire’s largest shareholders, has expressed his intent to participate fully in the Rights Offering. He plans to subscribe to the units associated with his rights and will exercise his oversubscription rights to acquire any remaining unsubscribed securities at the expiration date.

Communication for Shareholders

Shareholders who hold their shares directly will receive comprehensive materials, including a prospectus, a prospectus supplement, and a subscription rights certificate. Those wishing to exercise their subscription rights should complete the necessary documents and submit them, along with full payment, to Securities Transfer Corporation—the designated subscription agent.

More Information Available

The Rights Offering details are further outlined in the prospectus supplement filed with the Securities and Exchange Commission (SEC) on July 10, 2025. Interested parties may contact Securities Transfer Corporation at (469) 633-0101 for copies of the prospectus or additional information regarding the Rights Offering.

Regulatory Disclaimer

This news release does not constitute an offer or solicitation to buy any securities in any jurisdiction where such offer would be unlawful without prior registration or qualification under the applicable securities laws.

About Empire Petroleum

Empire Petroleum Corporation is a publicly traded oil and gas company located in Tulsa, Oklahoma. The company currently holds producing assets in various states, including New Mexico, North Dakota, Montana, Texas, and Louisiana. The firm’s strategy focuses on organic growth and well-targeted acquisitions that synergize with its existing portfolio. More about Empire can be found at www.empirepetroleumcorp.com.

Conclusion

Empire Petroleum Corporation’s announcement of its Rights Offering presents an exciting opportunity for investors interested in oil and gas stocks. As the company aims to strengthen its financial position while promoting growth and stability, interested shareholders should act swiftly to review their options and participate in this offering. The proactive steps taken by Empire’s management and their commitment to shareholder engagement could bode well for the company’s future in a challenging market.