Form 4: Empire Petroleum Director Converts Note to Shares

Empire Petroleum Director Phil E. Mulacek converted a $3 million convertible note into over 1 million shares of common stock.

Summary

• Phil E. Mulacek, a Director and 10% Owner of Empire Petroleum Corp (EP), reported a transaction on March 10, 2026.
• Mulacek converted a Convertible Note Due 2026 with a principal amount of $3,000,000.
• This conversion resulted in the acquisition of 1,003,344 shares of Common Stock at a conversion price of $2.99 per share.
• Following the transaction, Mulacek directly beneficially owns 7,177,076 shares of Common Stock.
• Indirect beneficial ownership includes 817,262 shares held by Petroleum Independent & Exploration LLC, 526,300 shares by Big Red Revocable Trust, 485,202 shares by Five Sterling LP, and 42,833 shares by his spouse.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as a director and significant owner is increasing their direct equity stake, indicating confidence in the company's future.

Positives

• Director Phil E. Mulacek increased his direct beneficial ownership of Empire Petroleum Corp common stock by 1,003,344 shares through the conversion of a convertible note.
• The conversion of a $3,000,000 convertible note into equity demonstrates a commitment to the company's long-term prospects by a significant insider, aligning management interests with shareholders.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that insider transactions, particularly the conversion of debt to equity by a director and significant owner, are often interpreted as a strong signal of confidence in the company's future performance and valuation within the energy sector, where capital structure and insider alignment are closely scrutinized.

Related Party Transactions

• Phil E. Mulacek, a Director and 10% Owner of Empire Petroleum Corp, converted a $3,000,000 Convertible Note Due 2026 into common stock, representing a transaction between a related party and the issuer.

Stakeholder Impact

• Shareholders: Increased insider ownership may signal confidence, potentially positively influencing investor sentiment.
• Creditors: The conversion of debt to equity reduces the company's leverage, potentially improving its financial risk profile.

Key Dates

Recommendation

The conversion of a significant convertible note by a director and 10% owner into common stock demonstrates strong insider confidence in Empire Petroleum Corp's future prospects and valuation, suggesting a favorable outlook for the stock.

Keywords

Empire Petroleum, EP, Phil Mulacek, Form 4, insider transaction, beneficial ownership, convertible note, common stock, director, 10% owner