Form 4: Energy Evolution Fund Increases Empire Petroleum Stake

Energy Evolution Master Fund, Ltd. acquired 562,500 shares of Empire Petroleum Corp common stock, valued at $1.8 million, as consideration for an oil and gas working interest acquisition.

Summary

• Energy Evolution Master Fund, Ltd. (the "Reporting Person") acquired 562,500 shares of Empire Petroleum Corp (EP) common stock.
• The transaction occurred on January 5, 2026.
• These shares were issued by Empire Petroleum as consideration for exercising a purchase option to acquire certain oil and gas working interests from a subsidiary of the Reporting Person.
• The acquired shares were valued at $1,800,000, based on a price of $3.20 per share.
• Following this transaction, the Reporting Person beneficially owns 11,295,528 shares of Empire Petroleum Corp common stock.
• The Reporting Person is a 10% owner and a Director of Empire Petroleum Corp.

Sentiment

Score: 7

Explanation: The transaction represents Empire Petroleum Corp's successful acquisition of oil and gas working interests, funded by an equity issuance to a significant shareholder and director, Energy Evolution Master Fund, Ltd. This suggests strategic growth and continued alignment of interests.

Positives

• Empire Petroleum Corp successfully exercised its option to acquire additional oil and gas working interests, expanding its asset base.
• Energy Evolution Master Fund, Ltd. increased its beneficial ownership in Empire Petroleum Corp, demonstrating continued investment and alignment with the company's future.
• The transaction was completed at a valuation of $3.20 per share for the common stock issued.

Negatives

• The issuance of 562,500 shares of common stock by Empire Petroleum Corp could result in minor dilution for existing shareholders.

Future Outlook

NA

Industry Context

This transaction reflects continued consolidation or strategic asset acquisition activity within the oil and gas sector, where companies like Empire Petroleum Corp seek to expand their operational footprint and resource base through targeted purchases of working interests.

Related Party Transactions

• The transaction involves Empire Petroleum Corp issuing shares to Energy Evolution Master Fund, Ltd., which is a 10% owner and a Director of Empire Petroleum Corp.
• The shares were issued as consideration for Empire Petroleum Corp acquiring oil and gas working interests from a subsidiary of the Reporting Person.

Stakeholder Impact

• Shareholders: Existing shareholders of Empire Petroleum Corp experience minor dilution due to the issuance of 562,500 new shares, but the company gains additional oil and gas working interests, potentially enhancing future value.
• Energy Evolution Master Fund, Ltd.: Increases its direct beneficial ownership in Empire Petroleum Corp, strengthening its position as a significant shareholder and aligning its interests with the company's performance.

Key Dates

Keywords

Empire Petroleum Corp, EP, Energy Evolution Master Fund, Insider transaction, Beneficial ownership, Common stock, Oil and gas, Working interests, Asset acquisition, Form 4