---
schema_version: "secwatch.filing_event.v1"
accession: "0001072613-24-000011"
form_type: "8-K"
ticker: "EP"
cik: "0000887396"
company_name: "EMPIRE PETROLEUM CORP"
filed_at: "2024-01-05T23:59:59+00:00"
generated_at: "2026-06-07T03:42:42.920282+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# Empire Petroleum enters $10M revolver with Equity Bank, terminates prior CrossFirst loan

## Summary
- Initial $10M revolver commitment (max $15M) from Equity Bank; final maturity Dec 29, 2026.
- Interest at prime + 1.5% with 8.5% floor; monthly commitment reductions of $150,000 starting Jan 31, 2024.
- Loan secured by liens on substantially all subsidiary assets; parent company guarantees.
- Proceeds used to repay $4.4M outstanding under prior CrossFirst Bank Senior Revolver Loan (scheduled to expire Aug 2024).
- Financial covenants: current ratio >= 1.0; funded debt to EBITDAX <= 3.5 (trailing twelve months).

## SEC filing metadata
- accession: 0001072613-24-000011
- form_type: 8-K
- ticker: EP
- cik: 0000887396
- company_name: EMPIRE PETROLEUM CORP
- filed_at: 2024-01-05T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/887396/000107261324000011/0001072613-24-000011-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/887396/000107261324000011/emp_8k-18789.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001072613-24-000011
- JSON: https://secwatch.observer/filing/0001072613-24-000011.json
- Plain text: https://secwatch.observer/filing/0001072613-24-000011.txt

## Key facts
- Debt Financings
  EMPIRE PETROLEUM CORP incurred revolving credit of initial revolver commitment amount is $10,000,000 with Equity Bank at prime rate of interest plus 1.50% maturing December 29, 2026.
  - Instrument: revolving credit
  - Principal: initial revolver commitment amount is $10,000,000
  - Counterparty: Equity Bank
  - Rate: prime rate of interest plus 1.50%
  - Maturity: December 29, 2026
  - Event: incurrence
  source text: 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%
  evidence_url: https://www.sec.gov/Archives/edgar/data/887396/000107261324000011/0001072613-24-000011-index.htm
- Material Agreements
  EMPIRE PETROLEUM CORP entered into Revolver Loan Agreement with Equity Bank valued at $10,000,000 (effective 2023-12-29).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Equity Bank
  - Value: $10,000,000
  - Effective: 2023-12-29
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/887396/000107261324000011/0001072613-24-000011-index.htm
- Material Agreements
  EMPIRE PETROLEUM CORP terminated Existing Loan Agreement with CrossFirst Bank (effective 2023-12-29).
  - Action: termination
  - Agreement: credit facility
  - Counterparty: CrossFirst Bank
  - Effective: 2023-12-29
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/887396/000107261324000011/0001072613-24-000011-index.htm

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