Form 4: Phil E. Mulacek Reports Acquisition of Empire Petroleum Corp Shares

Phil E. Mulacek, a director and 10% owner of Empire Petroleum Corp, reports acquiring 205,427 shares of common stock through Petroleum Independent & Exploration LLC as payment for a loan agreement.

Summary

• Phil E. Mulacek, a director and 10% owner of Empire Petroleum Corp, filed a Form 4 indicating changes in beneficial ownership.
• On August 16, 2024, Petroleum Independent & Exploration LLC (PIE), acquired 205,427 shares of Empire Petroleum Corp common stock at a price of $5.16 per share.
• These shares were acquired as payment in full for a $1,060,004 loan agreement between PIE and Empire's subsidiary, Empire North Dakota LLC, dated August 6, 2020.
• Following the transaction, Mulacek directly owns 4,705,120 shares and indirectly owns shares through Petroleum Independent & Exploration LLC (740,363), Big Red Revocable Trust (476,744), Five Sterling LP (435,515), and his spouse (38,661).

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine filing related to debt settlement with shares, not inherently positive or negative.

Positives

• The transaction resolves a debt obligation of Empire North Dakota LLC, a wholly-owned subsidiary of Empire Petroleum Corporation.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Related Party Transactions

• The transaction involves Petroleum Independent & Exploration LLC, where Phil E. Mulacek has an interest, acquiring shares from Empire Petroleum Corp as payment for a loan to Empire's subsidiary, Empire North Dakota LLC.

Stakeholder Impact

• Shareholders may view the transaction as a resolution of debt, potentially stabilizing the company's financial position.
• The transaction reduces the debt owed by Empire North Dakota LLC.

Key Dates