Empire Petroleum Corporation has announced a new financial arrangement involving a promissory note with Phil E. Mulacek. The company issued a note with an aggregate principal amount of $4 million, initially advancing $2 million. Empire Petroleum has a provision to request an additional $2 million from Mr. Mulacek within a specified period. The note, maturing on June 17, 2027, accrues interest at 5.5% per annum, which increases to 9% per annum if the principal remains unpaid after maturity. The note allows for prepayment without penalty and mandates repayment following an equity raise. This strategic financial move is aimed at optimizing the company's capital structure.