Form 4: Director Mulacek Boosts Empire Petroleum Stake

Empire Petroleum Corp. Director and 10% Owner Phil E. Mulacek increased his direct beneficial ownership of common stock through open market purchases and option exercises.

Summary

• Phil E. Mulacek, a Director and 10% Owner of Empire Petroleum Corp., increased his direct beneficial ownership by 776,184 shares of common stock on November 5, 2025.
• This increase includes an open market purchase of 187,084 shares at $3.77 per share, totaling $705,006.68.
• Additionally, 589,100 shares were acquired through the exercise of stock options at an exercise price of $1.32 per share, costing $777,612.00.
• Following these transactions, Mulacek directly owns 6,151,199 shares of common stock.
• He also indirectly owns 817,262 shares via Petroleum Independent & Exploration LLC, 526,300 shares via Big Red Revocable Trust, 485,202 shares via Five Sterling LP, and 42,833 shares via his spouse.
• The stock options exercised had vested in three installments: 312,500 shares on April 3, 2019; 156,250 shares on April 3, 2020; and 156,250 shares on April 3, 2021.

Sentiment

Score: 7

Explanation: The insider's decision to increase ownership through both open market purchases and option exercises generally indicates confidence in the company's future prospects. This is a positive signal for investors.

Positives

• A Director and 10% Owner, Phil E. Mulacek, increased his direct beneficial ownership in the company, signaling confidence.
• The acquisition included an open market purchase of 187,084 shares at $3.77, demonstrating a direct investment at market price.
• The exercise of 589,100 stock options at a lower exercise price of $1.32 indicates a profitable transaction for the insider.

Negatives

• NA

Risks

• NA

Future Outlook

NA

Management Comments

• NA

Industry Context

This filing reports an insider transaction and does not provide information on broader industry trends or competitive landscape.

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• NA

Stakeholder Impact

• Shareholders: May view the insider's increased stake as a positive signal of confidence in the company's future performance.

Next Steps

• NA

Key Dates

Recommendation

The filing indicates a significant insider purchase by a Director and 10% Owner, Phil E. Mulacek, through both open market acquisitions and option exercises. This action typically signals strong confidence in the company's future performance and valuation from a key insider. While this is a positive indicator, a comprehensive investment decision requires a broader analysis of the company's financial statements, market conditions, and strategic outlook beyond the scope of this Form 4 filing. Therefore, a 'hold' recommendation is appropriate, suggesting investors maintain their current position or consider further due diligence.

Keywords

Empire Petroleum Corp, EP, Insider Trading, Form 4, Stock Purchase, Option Exercise, Beneficial Ownership, Director, 10% Owner, Phil E. Mulacek