Empire Petroleum raises $10M cash and converts $10.1M debt via issuance of 2.5M shares at $8.00

On November 29, 2023, Empire Petroleum Corporation, a Delaware corporation (the “Company”), entered into a Securities Purchase Agreement with Phil Mulacek, an individual (“Mulacek”), pursuant to which Mulacek purchased 1,256,832 shares of common stock of the Company for an aggregate purchase price of $10,054,657.53 (or $8.00 per share), of which (a) $5,000,000 was paid in cash to the Company and (b) $5,054,657.53 was paid through cancellation and extinguishment of the outstanding principal amount and all accrued interest thereon under that certain Amended and Restated Promissory Note due December 31, 2024, in the original aggregate principal amount of $5,000,000 (the “Mulacek Bridge Loan”), issued by the Company’s wholly-owned subsidiary, Empire North Dakota LLC (“Empire North Dakota”), to Mulacek (the “Mulacek Securities Agreement”).

On November 29, 2023, the Company entered into a Securities Purchase Agreement with Energy Evolution Master Fund, Ltd, a Cayman Islands exempted company (“Energy Evolution”), pursuant to which Energy Evolution purchased 1,256,832 shares of common stock of the Company for an aggregate purchase price of $10,054,657.53 (or $8.00 per share), of which (a) $2,000,000 was advanced in cash to the Company on November 22, 2023, (b) $3,000,000 was paid in cash to the Company and (c) $5,054,657.53 was paid through cancellation and extinguishment of the outstanding principal amount and all accrued interest thereon under that certain Amended and Restated Promissory Note due December 31, 2024, in the original aggregate principal amount of $5,000,000 (the “Energy Evolution Bridge Loan”), issued by Empire North Dakota to Energy Evolution (the “Energy Evolution Securities Agreement” and collectively with the Mulacek Securities Agreement, the “Securities Purchase Agreements”).