Empire Petroleum Announces Commencement of Previously Announced Rights Offering
08 März 2024 - 2:51AM
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 that it has commenced its previously announced subscription
rights offering (“Rights Offering”) pursuant to which it intends to
raise gross proceeds of up to approximately $25.0 million. The
Company is distributing at no charge to holders of its common
stock, par value $0.001 per share (“Common Stock”), as of the close
of business on March 7, 2024 (the record date for the Rights
Offering), one subscription right for each share of Common Stock
held. Each subscription right entitles the holder to purchase 0.161
shares of Common Stock at a subscription price of $6.05 per share
per one whole share of Common Stock. As a result, a stockholder
must hold at least seven shares of Common Stock to receive
subscription rights to purchase at least one share of Common Stock.
The subscription rights are non-transferable, and will not be
listed for trading on any stock exchange or market. In addition,
holders of subscription rights who fully exercise their
subscription rights are entitled to over-subscribe for additional
shares of Common Stock, subject to proration.
The Rights Offering is expected to expire at
5:00 p.m., Eastern Time, on April 3, 2024 (“Expiration Date”),
subject to extension or earlier termination.
Phil E. Mulacek, Chairman of the Board of
Empire, and Energy Evolution Fund, Ltd., our largest shareholders,
have indicated that they intend to participate in the Rights
Offering and fully subscribe to the shares of Common Stock
corresponding to their subscription rights. They have each also
indicated that they intend to fully exercise their
over-subscription rights to purchase their pro rata share of the
underlying securities related to the Rights Offering that remain
unsubscribed at the Expiration Date.
Holders of subscription rights who hold their
shares directly will receive a prospectus, a prospectus supplement,
a letter from Empire describing the Rights Offering, and a
subscription rights certificate. Those holders who intend to
exercise their subscription rights and over-subscription rights
should review all of these materials, properly complete and execute
the subscription rights certificates, and deliver the subscription
rights certificates and full payment to Securities Transfer
Corporation, the subscription agent for the Rights Offering, at the
address set forth in the prospectus supplement.
The Rights Offering is more fully described in
the prospectus supplement filed with the Securities and Exchange
Commission (“SEC”) on March 7, 2024. A copy of the prospectus,
prospectus supplement or further information with respect to the
Rights Offering may be obtained by contacting Securities Transfer
Corporation, the subscription and information agent for the Rights
Offering, at (469) 633-0101.
This news release shall not constitute
an offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any offer, solicitation or sale of
securities in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state.
About Empire PetroleumEmpire
Petroleum Corporation is a publicly traded, Tulsa-based oil and gas
company with current producing assets in New Mexico, North Dakota,
Montana, Texas, and Louisiana. Management is focused on organic
growth and targeted acquisitions of proved developed assets with
synergies with its existing portfolio of wells. More information
about Empire can be found at www.empirepetroleumcorp.com.
Safe Harbor StatementThis
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements involve
a wide variety of risks and uncertainties, and include, without
limitations, statements with respect to the Company’s estimates,
strategy and prospects. Such statements are subject to certain
risks and uncertainties which are disclosed in the Company’s
reports filed with the SEC, including its Form 10-K for the fiscal
year ended December 31, 2022, and its other filings with the SEC.
Readers and investors are cautioned that the Company’s actual
results may differ materially from those described in the
forward-looking statements due to a number of factors, including,
but not limited to, the Company’s ability to acquire productive oil
and/or gas properties or to successfully drill and complete oil
and/or gas wells on such properties, general economic conditions
both domestically and abroad, and other risks and uncertainties
related to the conduct of business by the Company. Other than as
required by applicable securities laws, the Company does not assume
a duty to update these forward-looking statements, whether as a
result of new information, subsequent events or circumstances,
changes in expectations, or otherwise.
Contacts
Empire Petroleum Corporation:Mike Morrisett, President and
CEO539-444-8002info@empirepetrocorp.com
Investor Relations:Al Petrie AdvisorsWes Harris,
Partner281-740-1334wes@alpetrie.com
El Paso (NYSE:EP)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
El Paso (NYSE:EP)
Historical Stock Chart
Von Jun 2023 bis Jun 2024