---
schema_version: "secwatch.filing_event.v1"
accession: "0001072613-23-000502"
form_type: "8-K"
ticker: "EP"
cik: "0000887396"
company_name: "EMPIRE PETROLEUM CORP"
filed_at: "2023-09-25T23:59:59+00:00"
generated_at: "2026-06-10T09:23:55.041129+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Empire Petroleum subsidiary obtains $10M in bridge loans from related parties for ND oil properties

## Summary
- 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.

## SEC filing metadata
- accession: 0001072613-23-000502
- form_type: 8-K
- ticker: EP
- cik: 0000887396
- company_name: EMPIRE PETROLEUM CORP
- filed_at: 2023-09-25T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/887396/000107261323000502/0001072613-23-000502-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/887396/000107261323000502/emp_8k-18762.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001072613-23-000502
- JSON: https://secwatch.observer/filing/0001072613-23-000502.json
- Plain text: https://secwatch.observer/filing/0001072613-23-000502.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/887396/000107261323000502/0001072613-23-000502-index.htm
- Debt Financings
  EMPIRE PETROLEUM CORP incurred guarantee with Energy Evolution Master Fund, Ltd..
  - Instrument: guarantee
  - Counterparty: Energy Evolution Master Fund, Ltd.
  - Event: incurrence
  source text: The Company has issued to each Investor its unconditional guarantee of the obligations of Empire North Dakota under the Bridge Loans
  evidence_url: https://www.sec.gov/Archives/edgar/data/887396/000107261323000502/0001072613-23-000502-index.htm
- Debt Financings
  EMPIRE PETROLEUM CORP incurred guarantee with Phil Mulacek.
  - Instrument: guarantee
  - Counterparty: Phil Mulacek
  - Event: incurrence
  source text: The Company has issued to each Investor its unconditional guarantee of the obligations of Empire North Dakota under the Bridge Loans
  evidence_url: https://www.sec.gov/Archives/edgar/data/887396/000107261323000502/0001072613-23-000502-index.htm
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/887396/000107261323000502/0001072613-23-000502-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.