Empire Petroleum extends rights offering deadline to August 18

Empire Petroleum Corporation (NYSE American: EP) extended the expiration date of its rights offering to August 18, 2025, and corrected the unit subscription price to $0.07367 per unit, according to a company statement.

The oil and gas company aims to raise up to $5.0 million through the offering, including $2.5 million from warrant exercises. Empire operates producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana.

Under the offering terms, shareholders as of July 10, 2025, receive one subscription right per share held. Each right allows the purchase of one unit consisting of 0.0139 shares of common stock and one warrant exercisable for 0.0136 shares at $5.46 per whole share.

The company previously set the subscription price at $5.30 per unit but adjusted it to $0.07367 per unit to reflect the intended offering terms. Shareholders need at least 72 shares to receive rights for one whole share at $5.30, and at least 74 shares to receive warrants for one whole share at $5.46.

Phil E. Mulacek, Empire's chairman and one of its largest shareholders, indicated he intends to fully participate in the rights offering and exercise over-subscription rights for any remaining unsubscribed securities.

The subscription rights and warrants are non-transferable and will not trade on any exchange. Shareholders who fully exercise their rights can over-subscribe for additional units, subject to proration.

Empire filed prospectus supplements with the Securities and Exchange Commission on July 10, July 24, and July 25, 2025, detailing the offering terms. Securities Transfer Corporation serves as the subscription agent.

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