Empire Petroleum Reports Complete Subscription of Rights Offering
Rights Offering Success: Empire Petroleum Corporation announced that its rights offering was fully subscribed, with subscriptions exceeding 100% of available securities by the deadline of August 20, 2025.
Pro-Rata Allocation: Due to oversubscription, remaining shares and warrants will be allocated pro-rata among stockholders who oversubscribed, after excluding fractional shares.
Financial Details: The rights offering generated approximately $2.5 million in gross proceeds, with potential for an additional $2.5 million from future warrant exercises, priced at $0.07367 per unit.
Company Overview: Empire Petroleum is a publicly traded oil and gas company based in Tulsa, focusing on organic growth and acquisitions of developed assets across several states including New Mexico and Texas.
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Empire Petroleum Extends Revolver Loan Maturity to 2028
- Credit Facility Extension: Empire Petroleum has entered into a third amendment with Equity Bank, extending the maturity of its existing $20 million revolving credit facility from December 29, 2026, to December 29, 2028, thereby providing additional financial flexibility to support the company's strategic growth initiatives.
- Strategic Partnership: CEO Mike Morrisett emphasized the strong relationship with Equity Bank and their continued confidence in the company's business strategy, indicating that the bank's deep industry knowledge has been a valuable resource throughout their partnership.
- Asset Optimization Opportunities: The extension of the credit facility enables Empire Petroleum to pursue greater flexibility in organic growth and targeted acquisitions, thereby optimizing its asset base and enhancing its competitive position in the market.
- Market Outlook: Empire Petroleum focuses on existing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, with management planning to drive growth through the acquisition of proved developed assets that synergize with its current portfolio of wells.
Empire Petroleum Announces Q3 2025 Results, Progresses Development, and Prepares for Growth in 2026
Operational Highlights: Empire Petroleum reported a 5% increase in net oil production to 1,566 barrels per day in Q3-2025, with total product revenue of $9.4 million despite a net loss of $3.8 million. The company is advancing its enhanced oil recovery efforts in North Dakota and preparing for its first drilling campaign in Texas.
Financial Performance: The company generated approximately $2.5 million from a successful rights offering, with over 100% subscription from shareholders. Adjusted EBITDA for Q3-2025 was $0.1 million, showing significant improvement compared to the previous quarter.
Future Outlook: Empire is strategically pacing its drilling operations to align with market conditions, anticipating a shift towards higher-value gas development in 2026 as natural gas pricing strengthens. The company is also focusing on operational flexibility by progressing drilled-but-uncompleted wells.
Regulatory Developments: The New Mexico Conservation Commission affirmed Empire's rights to produce from the Residual Oil Zone in the Eunice Monument South Unit, denying competing applications and potentially reducing operating expenses while improving financial performance.