Empire Petroleum Secures Up to $4 Million Financing from Phil Mulacek to Fund Drilling Program and Working Capital

Reuters
2025/09/27
<a href="https://laohu8.com/S/EMPR">Empire Petroleum</a> Secures Up to $4 Million Financing from Phil Mulacek to Fund Drilling Program and Working Capital

**Empire Petroleum Corporation Secures $4 Million Financing from Phil E. Mulacek** Empire Petroleum Corporation announced that it has entered into a new financing agreement with Phil E. Mulacek. Under the terms of the agreement, Empire issued a promissory note for up to $4 million to Mulacek on September 24, 2025. As of September 25, 2025, $2 million has already been advanced, with the remaining $2 million available for drawdown between March 23, 2026, and September 23, 2026, subject to certain conditions. The note carries an annual interest rate of 5.5%, maturing on September 23, 2027, and can be prepaid without penalty. In connection with the financing, Mulacek also received a warrant to purchase 281,030 shares of Empire Petroleum at $4.27 per share, exercisable over three years. The proceeds will support Empire's ongoing oil and gas drilling program and general working capital needs.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Empire Petroleum Corporation published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001072613-25-000719), on September 26, 2025, and is solely responsible for the information contained therein.

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