TULSA, Okla., July 25, 2025–(BUSINESS WIRE)–Empire Petroleum Corporation (NYSE American: 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 it has extended the expiration date and clarifies the unit subscription price of its previously announced subscription rights offering (“Rights Offering”) pursuant to which it intends to raise gross proceeds of up to approximately $5.0 million, including $2.5 million from the exercise of the warrants issued as part of the Rights Offering.
The Company is distributing at no charge to holders of its common stock, par value $0.001 per share (“Common Stock”), as of the close of business on July 10, 2025 (the record date for the Rights Offering), one subscription right for each share of Common Stock held. Each subscription right entitles the holder to purchase one unit at a subscription price of $0.07367 per unit, 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 whole share. As a result, a stockholder must hold at least 72 shares of Common Stock to receive subscription rights to purchase at least one whole share at $5.30 per share, as well as at least 74 shares of Common Stock to receive warrants to purchase one whole share at $5.46 per share. The subscription rights and warrants are non-transferable, and will not be listed for trading on any stock exchange or market. In addition, holders of subscription rights who fully exercise their subscription rights are entitled to over-subscribe for additional units, subject to proration.
For example, if you owned 100 shares of our Common Stock on the record date, you would be granted subscription rights to purchase an aggregate of 1.39 shares of Common Stock and warrants exercisable for 1.36 shares of Common Stock at the subscription price. If you are entitled to receive a fraction of a share, we will round down the number of shares to which you are entitled to purchase to the nearest whole number. As such, for the above example, you would receive 1 share of Common Stock and 1 warrant due to rounding.
The Rights Offering is now expected to expire at 5:00 p.m., Eastern Time, on August 18, 2025 (“Expiration Date”), subject to extension or earlier termination. The Company has extended the expiration date in order to allow its stockholders to have more time to consider their participation and arrange finances for the Rights Offering. We had previously set the subscription price at $5.30 per unit, but adjusted the subscription price to $0.07367 per unit to more accurately reflect the intended terms of the offering.
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