Empire Petroleum (EP) has released an update.
Empire Petroleum Corporation has issued a $5 million promissory note to Energy Evolution Master Fund, Ltd., with an initial $2.5 million already advanced. The note, intended to support the company’s oil and gas drilling operations and provide working capital, bears a 7% interest rate, maturing on February 15, 2026, with the possibility of a post-maturity interest increase to 9%. Energy Evolution has the option to receive interest payments in cash or company stock and can convert outstanding principal into shares at a set price, with the potential to convert the full principal into 800,000 shares. The note can be prepaid without penalties, with the company obligated to notify Energy Evolution in advance.
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