Empire Petroleum Modifies Rights Offering Terms

Company extends expiration date and provides details on subscription rights and over-subscription options.

Feb. 25, 2026 at 1:10pm

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Empire Petroleum Corporation, an oil and gas company with assets across several states, announced modifications to the terms of its previously announced subscription rights offering. The company has distributed one non-transferable subscription right per share of common stock held as of February 2, 2026, with each right entitling the holder to purchase 0.095 shares of common stock at $2.99 per share. The offering has been extended to March 18, 2026, and the company's largest shareholder as well as the chairman have indicated their intent to fully participate.

Why it matters

The rights offering provides Empire Petroleum with an opportunity to raise up to $10 million in additional capital to support its operations and growth initiatives. The participation of the company's largest shareholder and chairman signals their confidence in Empire's prospects, which could reassure other investors.

The details

As modified, the rights offering entitles holders to purchase 0.095 shares of Empire's common stock at $2.99 per share. Shareholders must hold at least 11 shares to receive subscription rights to purchase at least one share. The offering has been extended to March 18, 2026, and holders who fully exercise their rights are entitled to over-subscribe for additional shares, subject to proration. Empire's largest shareholder, Energy Evolution Master Fund, Ltd., and Chairman Phil E. Mulacek have indicated their intent to fully participate in the offering.

  • The record date for the rights offering was February 2, 2026.
  • The rights offering was previously announced but has now been modified.
  • The expiration date for the rights offering has been extended to March 18, 2026.

The players

Empire Petroleum Corporation

An oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana.

Energy Evolution Master Fund, Ltd.

Empire Petroleum's largest shareholder, which has indicated its intent to fully participate in the rights offering.

Phil E. Mulacek

The chairman of Empire Petroleum's board of directors, who has also indicated his intent to fully participate in the rights offering.

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What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This rights offering provides Empire Petroleum with an opportunity to raise additional capital to support its operations and growth initiatives, with the participation of its largest shareholder and chairman signaling their confidence in the company's prospects.