Empire Petroleum Extends Revolving Credit Facility to 2028
Credit Facility Extension Supports Long-Term Strategy
Tulsa-based Empire Petroleum Corporation has secured additional financial runway after executing a third amendment to its revolving credit facility with Equity Bank, extending the maturity date by two years.
According to the company’s announcement and a filing with the U.S. Securities and Exchange Commission, the amendment extends the maturity of the existing revolver from December 29, 2026, to December 29, 2028, while maintaining the maximum principal amount at $20 million. The move gives Empire additional flexibility as it continues to manage and optimize its oil and gas asset portfolio.
The revolving credit facility was originally established in November 2024, and this latest amendment marks the third modification to the agreement.
Management Emphasizes Financial Flexibility
Empire President and CEO Mike Morrisett said the extension reflects both lender confidence and the strength of the company’s ongoing banking relationship.
“This extension underscores our strong relationship with Equity Bank and their continued confidence in our business strategy,” Morrisett said. “We greatly appreciate the support and deep industry knowledge of their energy team, which has been a valuable resource throughout our partnership. The additional term provides us with enhanced financial flexibility as we pursue opportunities to grow and optimize our asset base.”
While the amendment does not increase borrowing capacity, the longer maturity reduces near-term refinancing pressure and aligns the facility with Empire’s longer-term operational planning.
Subsidiaries Used in Credit Facility Structure
The SEC filing shows the company utilized two wholly owned subsidiaries — Empire North Dakota LLC and Empire ND Acquisition LLC — in connection with the amended revolving credit agreement. The structure mirrors prior amendments and reflects the company’s operational footprint in North Dakota and surrounding producing regions.
Revolving credit facilities are commonly used by upstream energy companies to support working capital needs, fund capital expenditures, and provide liquidity for acquisitions or asset optimization efforts, particularly in volatile commodity price environments.
Positioning Amid Energy Market Volatility
Empire’s decision to extend the maturity comes as many independent producers focus on balance sheet discipline, cost control, and liquidity management amid fluctuating oil prices and tightening credit conditions across parts of the energy sector.
By securing a longer-dated revolver without increasing debt exposure, Empire retains access to capital while preserving flexibility to respond to market opportunities or operational needs.