Empire Petroleum announced Friday it had increased its loan ability from $10 million up to $20 million as part of its Revolver Loan Agreement with Equity Bank.
The Tulsa company said the increase is effective through Dec. 29, 2026. Empire, according to the announcement, has approximately $8.4 million borrowed on the $20.0 million facility.
The loan is secured by assets from two of the Company’s subsidiaries, Empire North Dakota, LLC, and Empire ND Acquisition, LLC. The increase highlights Empire’s strong operational and financial progress, supported by ongoing strategic initiatives, including the successful completion of an oversubscribed $10.0 million rights offering earlier this year.
“I would like to express my appreciation to Equity Bank’s energy team for their continued support,” said Mike Morrisett, President and CEO. “This revolver increase provides us with additional financial resources to further execute our North Dakota development, drive growth, and deliver value to our shareholders.”
Source: press release
