Empire Petroleum amends $4M note with Mulacek; conversion price raised to $4.32, warrant shares cut to 138,889

EMPIRE PETROLEUM CORP

Note amended: conversion price for $2M advance raised from $4.27 to $4.32; warrant shares cut to 138,889.
Mulacek may advance up to additional $2M at his discretion after Mar 23, 2026; conversion price set by 5-day VWAP.
Additional advances trigger new warrants: exercise price = VWAP, number = (advance amount × 30%) / VWAP.
Aggregate common stock issuable upon conversions and warrants capped at 1,217,798 shares.
Note matures Sep 23, 2027, interest 5.5% p.a.; $2M already advanced.

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