Form 4: Empire Petroleum Director Acquires $4M Convertible Note

Phil E. Mulacek, a Director and 10% owner of Empire Petroleum Corp, acquired a $4 million convertible note and warrants.

Summary

• Phil E. Mulacek, a Director and 10% owner of Empire Petroleum Corp (EP), acquired derivative securities on September 24, 2025.
• The acquisition includes a Convertible Note Due 2027 with a principal amount of $4,000,000.
• This note is convertible into 936,768 shares of common stock at a conversion price of $4.27 per share.
• The conversion price of $4.27 represents the volume-weighted average price of the common stock for the five trading days preceding September 24, 2025.
• Mulacek also acquired warrants to purchase 281,030 shares of common stock at an exercise price of $4.27 per share.
• The warrants become exercisable upon approval by the NYSE American stock exchange of a supplemental listing application related to the underlying shares.

Sentiment

Score: 8

Explanation: The significant acquisition of a convertible note and warrants by a director and 10% owner indicates strong insider confidence and provides capital to the company, generally viewed as a positive development.

Positives

• A Director and 10% owner, Phil E. Mulacek, increased his beneficial ownership in the company, signaling strong insider confidence.
• The acquisition of a $4,000,000 convertible note provides capital to Empire Petroleum Corp.

Negatives

• Potential future dilution for existing shareholders if the convertible note and warrants are fully converted and exercised.
• The exercisability of the warrants is contingent on future regulatory approval, introducing a condition to their value realization.

Risks

• The exercisability of the common stock warrant is contingent on NYSE American stock exchange approval of a supplemental listing application relating to the shares of common stock of the Issuer underlying the Warrant.

Future Outlook

The exercisability of the common stock warrant is contingent on future approval by the NYSE American stock exchange for a supplemental listing application.

Management Comments

• Phil E. Mulacek signed the statement, confirming the reported transactions as a Director and 10% owner of Empire Petroleum Corp.

Industry Context

Insider acquisitions, especially by significant shareholders and directors, are often viewed by the market as a positive signal of management's confidence in the company's future prospects, particularly in the energy sector where capital needs can be substantial.

Comparison to Industry Standards

• This Form 4 filing reports an insider transaction and does not contain information for direct comparison to specific industry benchmarks or competitor results.

Related Party Transactions

• Acquisition of a $4,000,000 Convertible Note and warrants by Phil E. Mulacek, a Director and 10% owner of Empire Petroleum Corp, constitutes a related party transaction.

Stakeholder Impact

• Shareholders: Potential future dilution if the note and warrants are converted/exercised, but also a strong signal of insider confidence and capital infusion.
• Company: Receives $4,000,000 in capital from the convertible note, strengthening its financial position.

Next Steps

• NYSE American stock exchange approval of a supplemental listing application for the shares underlying the warrants.

Key Dates

Recommendation

The significant acquisition of a convertible note and warrants by a director and 10% owner signals strong insider confidence in Empire Petroleum Corp's future, providing a positive indicator for potential investors.

Keywords

Empire Petroleum, EP, Form 4, Insider Trading, Convertible Note, Warrants, Phil E. Mulacek, Director, 10% Owner, Equity Acquisition