Empire Petroleum announces record date for planned rights offering

Empire Petroleum Corporation (NYSE American: EP) (“Empire” or the “Company”), an oil and gas company with current production assets in New Mexico, North Dakota, Montana, Texas and Louisiana, today announced that its board of directors has set the close of business on September 30, 2024 as the record date (the “Record Date”) for a rights offering (“Rights Offering”) from which it intends to raise gross proceeds of up to approximately $10 million. The Company will issue to holders of its common stock, par value $0.001 per share (“Common Shares”), at the close of business on the Record Date, one warrant for each common share held, free of charge. Each warrant entitles the holder to purchase 0.063 shares of Common Shares at a subscription price of $5.05 per share. If fully subscribed, this would result in the issuance of a total of approximately 1.98 million Common Shares. The subscription rights are non-transferable and will not be admitted to trading on any stock exchange or market. In addition, subscription rights holders who exercise their subscription rights in full will be entitled to over-subscribe for additional ordinary shares, subject to pro rata allocation.

The Rights Offering is expected to expire on October 16, 2024 at 5:00 p.m. Eastern Time (the “Expiration Date”), subject to extension or earlier termination.