Empire Petroleum Corporation, an oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, announced that it has extended the expiration date of its previously announced subscription rights offering pursuant to which it intends to raise gross proceeds of up to approximately $5.0 million, including $2.5 million from the exercise of the warrants issued as part of the Rights Offering.
The Company has extended the expiration date in order to allow its stockholders to have more time to consider their participation and arrange finances for the Rights Offering.
The Company is distributing at no charge to holders of its common stock, par value $0.001 per share, as of the close of business on July 10, 2025, one subscription right for each share of Common Stock held. Each subscription right entitles the holder to purchase one unit at a subscription price of $5.30 per unit, each unit consisting of 0.0139 shares of Common Stock and one warrant exercisable for 0.0136 shares of Common Stock at $5.46 per share.
As a result, a stockholder must hold at least 72 shares of Common Stock to receive subscription rights to purchase at least one unit. The subscription rights and warrants are non-transferable, and will not be listed for trading on any stock exchange or market. In addition, holders of subscription rights who fully exercise their subscription rights are entitled to over-subscribe for additional units, subject to proration.
The Rights Offering is now expected to expire at 5:00 p.m., Eastern Time, on July 30, 2025, subject to extension or earlier termination.
Phil E. Mulacek, Chairman of the Board of Empire and one of the Company’s largest shareholders, has indicated that he intends to participate in the Rights Offering and fully subscribe to the units corresponding to his subscription rights. He has also indicated that he intends to fully exercise his over-subscription rights to purchase his pro rata share of the underlying securities related to the Rights Offering that remain unsubscribed at the Expiration Date.
Source: press release