EMPIRE PETROLEUM CORP (EP): debt financing — Empire Petroleum enters $10M revolver with Equity Bank, terminates prior CrossFirst loan

the initial revolver commitment amount is $10,000,000; (b) the maximum revolver commitment amount is $15,000,000; (c) commencing on January 31, 2024, and occurring on the last day of each calendar month thereafter, the revolver commitment amount is reduced by $150,000; (d) commencing on March 31, 2024, there are scheduled semiannual collateral borrowing base redeterminations each year on March 31 and September 30; (e) the final maturity date is December 29, 2026; (f) outstanding borrowings bear interest at a rate equal to the prime rate of interest plus 1.50%, and in no event lower than 8.50%

On December 29, 2023, Empire North Dakota LLC, a Delaware limited liability company (“Empire North Dakota”) and wholly owned subsidiary of Empire Petroleum Corporation (the “Company”), and Empire ND Acquisition LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (“Empire ND Acquisition” and, collectively with Empire North Dakota, “Borrowers”), entered into a Revolver Loan Agreement with Equity Bank (the “Loan Agreement”).

In connection with the closing of the Loan Agreement, on December 29, 2023, the Company repaid all indebtedness under the Existing Loan Agreement, including accrued interest and fees, and terminated the Existing Loan Agreement, which was scheduled to expire on August 23, 2024.