Empire Petroleum completes oversubscribed rights offering

Empire Petroleum Corporation (NYSE American: EP) announced that its rights offering was fully subscribed, with demand exceeding the available securities. The subscription period ended on August 20, 2025.

The oil and gas company received subscriptions for more than 100% of the securities available in the offering. Stockholders will receive their basic subscription privilege, but oversubscriptions will be allocated pro-rata among participating stockholders due to insufficient units to satisfy all requests.

Phil E. Mulacek, Chairman of the Board and one of the company's largest shareholders, participated in the rights offering by fully subscribing to securities corresponding to his subscription rights and exercising his over-subscription rights.

The rights offering generated approximately $2.5 million in gross proceeds before expenses. An additional $2.5 million could be raised from future warrant exercises. Each unit was priced at $0.07367 and consisted of 0.0139 shares of common stock at $5.30 per whole share and a warrant exercisable for 0.0136 shares at $5.46 per whole share.

The warrants will expire on November 18, 2025, which is 90 days after the rights offering expiration date.

Empire Petroleum operates producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana. The company focuses on organic growth and targeted acquisitions of proved developed assets.

The offering details were described in prospectus supplements filed with the Securities and Exchange Commission on July 10, July 24, July 25, and August 19, 2025.

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