EMPIRE PETROLEUM CORP (EP): debt financing — Empire Petroleum subsidiary obtains $10M in bridge loans from related parties for ND oil properties

EMPIRE PETROLEUM CORP

Phil Mulacek and Energy Evolution Master Fund each lent $5M to Empire North Dakota LLC.
Proceeds will fund redevelopment of oil and gas properties in North Dakota.
Bridge loans mature Oct 31, 2023; interest 7% pre-maturity, 9% post-maturity.
Parent Empire Petroleum guarantees the loans; loans are subordinated to CrossFirst Bank revolver.
Origination fee of $50k per loan (1% of principal) paid to each investor.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

EMPIRE PETROLEUM CORP incurred loan of $5.0 million with Energy Evolution Master Fund, Ltd. at 7% per annum maturing October 31, 2023.

Instrument: loan
Principal: $5.0 million
Counterparty: Energy Evolution Master Fund, Ltd.
Rate: 7% per annum
Maturity: October 31, 2023
Event: incurrence

Exact text from the filing

North Dakota LLC, a Delaware limited liability company (“Empire North Dakota”) and a wholly owned subsidiary of Empire Petroleum Corporation (the “Company”), in the amount of $5.0 million (collectively, the “Bridge Loans”). The proceeds of the Bridge Loans in the aggregate amount of $10.0 million will be used by Empire North Dakota for the redevelopment of oil and

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

EMPIRE PETROLEUM CORP incurred guarantee with Energy Evolution Master Fund, Ltd..

Instrument: guarantee
Counterparty: Energy Evolution Master Fund, Ltd.
Event: incurrence

Exact text from the filing

The Company has issued to each Investor its unconditional guarantee of the obligations of Empire North Dakota under the Bridge Loans

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

EMPIRE PETROLEUM CORP incurred guarantee with Phil Mulacek.

Instrument: guarantee
Counterparty: Phil Mulacek
Event: incurrence

Exact text from the filing

The Company has issued to each Investor its unconditional guarantee of the obligations of Empire North Dakota under the Bridge Loans

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

EMPIRE PETROLEUM CORP incurred loan of $5.0 million with Phil Mulacek at 7% per annum maturing October 31, 2023.

Instrument: loan
Principal: $5.0 million
Counterparty: Phil Mulacek
Rate: 7% per annum
Maturity: October 31, 2023
Event: incurrence

Exact text from the filing

each of Phil Mulacek, an individual, and Energy Evolution Master Fund, Ltd., a Cayman Islands exempted company (each, an “Investor” and collectively, the “Investors”), made a bridge loan to Empire North Dakota LLC, a Delaware limited liability company (“Empire North Dakota”) and a wholly owned subsidiary of Empire Petroleum Corporation (the “Company”), in the amount of $5.0 million

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7 debt financings filed in the last 30 days. Browse all debt financings →

EMPIRE PETROLEUM CORP filing history →

Source: SEC EDGAR

accession 0001072613-23-000502

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