Empire Petroleum completes $10 million rights offering

Empire Petroleum Corporation (NYSE American: EP) announced that its rights offering was fully subscribed, generating approximately $10 million in gross proceeds before expenses. The subscription period expired March 18, 2026.

The Tulsa-based oil and gas company received subscriptions for more than 100% of the securities available in the offering. Each whole share was issued at a subscription price of $2.99. Due to oversubscription, stockholders will receive their basic subscription privilege, but remaining shares will be allocated pro-rata among oversubscribing stockholders after eliminating fractional shares.

The rights offering size was increased from $6 million to $10 million through a prospectus supplement filed with the Securities and Exchange Commission on February 25, 2026. The original prospectus supplement was filed February 2, 2026.

Empire Petroleum operates producing assets across New Mexico, North Dakota, Montana, Texas, and Louisiana. The company focuses on organic growth and acquisitions of proved developed assets, according to the press release.

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