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Empire Petroleum Corporation (NYSE:EP) ("Empire" or the "Company"), an oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, announced today that its previously announced rights offering (the "Rights Offering") was fully subscribed. The subscription period for the Rights Offering expired at 5:00 p.m., New York City time, on August 20, 2025.
The Company received subscriptions for more than 100% of the securities available in the Rights Offering. Accordingly, stockholders will receive their basic subscription privilege but, because there are not enough units to satisfy all oversubscriptions, remaining shares and warrants will be allocated pro-rata, after eliminating all fractional shares and warrants, among oversubscribing stockholders.
As previously indicated, Phil E. Mulacek, Chairman of the Board of the Company and one of the Company's largest shareholders, participated in the Rights Offering and fully subscribed to the securities corresponding to his subscription rights, as well as fully exercising his over-subscription rights to purchase his pro rata share of the underlying securities related to the rights offering that remain unsubscribed.
The Rights Offering has generated approximately $2.5 million in gross proceeds, before expenses, and could potentially result in an additional $2.5 million from the future exercise of the warrants issued as part of the offering. Each unit in the Rights Offering was issued at a subscription price of $0.07367 per unit, with each unit consisting of 0.0139 shares of common stock at $5.30 per whole share together with a warrant exercisable for 0.0136 shares of common stock at $5.46 per whole share. The warrants will expire on November 18, 2025, which is 90 days after the expiration of the Rights Offering.
The Rights Offering is more fully described in the prospectus supplement filed with the Securities and Exchange Commission ("SEC") on July 10, 2025, as supplemented by the prospectus supplements filed with the SEC on July 24, 2025, July 25, 2025 and August 19, 2025.
Posted In: EP
