In a filing with the U.S. Securities Exchange Commission this week, Tulsa-based Empire Petroleum Corporation revealed it had issued a $5 million promissory note to a Cayman Islands exempted company.
Energy Evolution Master Fund, Ltd. based near Houston, Texas, had already advanced $2.5 million to Empire. It intends to advance up to another $2.5 million to Empire Petroleum from time to time and for a period of up to three months.
Proceeds of the note will be used by Empire to fund, in part, its ongoing oil and gas drilling program and for working capital purposes. The SEC filing showed the note will mature Feb. 15, 2026 and accrues interest at a rate of 7% per annum.
At the option of Energy Evolution, interest payments will be paid either in cash or in shares of common stock of the Company.