$Empire Petroleum (EP.US)$ NEWS Empire Petroleum Announces F...
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Empire Petroleum Announces Full Subscription of Rights Offering
Empire Petroleum (EP) successfully completed its fully subscribed rights offering, exceeding the target with over 100% subscriptions. The offering is expected to generate approximately $20.66 million in gross proceeds for the company, which will be used for drilling activities, 3D seismic, land and lease purchases, enhanced oil recovery facilities, and general corporate purposes.
TULSA, Okla.--(BUSINESS WIRE)-- Empire Petroleum Corporation (NYSE American: EP) ("Empire" or the "Company"), an oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, announced today its previously announced rights offering (the “Rights Offering”) was fully subscribed. The subscription period for the Rights Offering expired at 5:00 p.m., New York City time, on April 10, 2024.
The Company received subscriptions for more than 100% of the shares available in the Rights Offering. Accordingly, stockholders will receive their basic subscription privilege but, because there are not enough shares to satisfy all oversubscriptions, remaining shares will be allocated pro-rata, after eliminating all fractional shares, among oversubscribing stockholders.
As previously indicated, our largest stockholders, Phil E. Mulacek, Chairman of the Board of the Company, and Energy Evolution Master Fund, Ltd., a Cayman Islands exempted company, participated in the Rights Offering and fully subscribed to the shares of common stock corresponding to their subscription rights, as well as fully exercising their over-subscription rights to purchase their pro rata share of the underlying securities related to the rights offering that remain unsubscribed.
The Rights Offering is expected to result in gross proceeds, before expenses, to the Company of approximately $20.66 million. The Company will use the proceeds from the Rights Offering for current and future drilling activity, 3D seismic, land and lease purchases, enhanced oil recovery facilities and general corporate purposes.
The Rights Offering is more fully described in the prospectus supplement filed with the Securities and Exchange Commission (“SEC”) on March 7, 2024, as supplemented by the prospectus supplement filed with the SEC on March 28, 2024.
The Company received subscriptions for more than 100% of the shares available in the Rights Offering. Accordingly, stockholders will receive their basic subscription privilege but, because there are not enough shares to satisfy all oversubscriptions, remaining shares will be allocated pro-rata, after eliminating all fractional shares, among oversubscribing stockholders.
As previously indicated, our largest stockholders, Phil E. Mulacek, Chairman of the Board of the Company, and Energy Evolution Master Fund, Ltd., a Cayman Islands exempted company, participated in the Rights Offering and fully subscribed to the shares of common stock corresponding to their subscription rights, as well as fully exercising their over-subscription rights to purchase their pro rata share of the underlying securities related to the rights offering that remain unsubscribed.
The Rights Offering is expected to result in gross proceeds, before expenses, to the Company of approximately $20.66 million. The Company will use the proceeds from the Rights Offering for current and future drilling activity, 3D seismic, land and lease purchases, enhanced oil recovery facilities and general corporate purposes.
The Rights Offering is more fully described in the prospectus supplement filed with the Securities and Exchange Commission (“SEC”) on March 7, 2024, as supplemented by the prospectus supplement filed with the SEC on March 28, 2024.
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