Empire Petroleum Extends Rights Offering Deadline to August 20, 2025

Empire Petroleum has extended its subscription rights offering to raise up to $5.0 million. The offering allows holders of its common stock to purchase units at a subscription price of $0.07367 per unit, with 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. The expiration date has been extended to August 20, 2025.

Empire Petroleum Corporation (NYSE American: EP) has announced an extension to its subscription rights offering, aimed at raising up to $5.0 million. The original expiration date was August 20, 2025, but it has been further extended to August 20, 2025, to provide stockholders with more time to consider participation and arrange financing [1].

The subscription rights offering allows holders of Empire's common stock to purchase units at a subscription price of $0.07367 per unit. Each unit consists of 0.0139 shares of common stock and one warrant exercisable for 0.0136 shares of common stock at $5.46 per share. To be eligible for subscription rights, stockholders must hold at least 72 shares of common stock to receive rights to purchase at least one whole share at $5.30 per share, and at least 74 shares to receive warrants to purchase one whole share at $5.46 per share [1].

Holders of subscription rights who fully exercise their rights are entitled to over-subscribe for additional units, subject to proration. For example, a stockholder with 100 shares of common stock would receive subscription rights to purchase 1.39 shares of common stock and warrants exercisable for 1.36 shares of common stock at the subscription price [1].

The extension of the expiration date allows stockholders more time to review the prospectus, prospectus supplement, and other relevant materials, properly complete and execute the subscription rights certificates, and deliver them to the subscription agent, Securities Transfer Corporation [1].

Empire Petroleum has been actively pursuing regulatory approvals and strategic initiatives. Recently, the company secured a unanimous ruling from the New Mexico Oil Conservation Commission (NMOCD), confirming its rights to the Residual Oil Zone in the Eunice Monument South Unit in Lea County, New Mexico [2]. This decision allows Empire to implement a CO₂ enhanced oil recovery pilot project over the next three years.

The company faces challenging market conditions, with revenue declining 8.63% over the last twelve months to $39.17 million. Despite these challenges, Empire Petroleum is focused on organic growth and targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells [2].

References:
[1] https://www.stocktitan.net/news/EP/empire-petroleum-announces-extension-of-previously-announced-rights-m4x66ve9wcqf.html
[2] https://www.investing.com/news/company-news/empire-petroleum-wins-regulatory-battle-over-new-mexico-oil-rights-93CH-4195162