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TULSA, Okla.–(BUSINESS WIRE)–Empire Petroleum Company (NYSE American: EP) (“Empire” or the “Firm”), an oil and fuel firm with present producing belongings in New Mexico, North Dakota, Montana, Texas, and Louisiana, introduced in the present day that its Board of Administrators has fastened the shut of enterprise on September 30, 2024 because the report date (the Document Date) for a subscription rights providing (Rights Providing) pursuant to which it intends to boost gross proceeds of as much as roughly $10 million. The Firm will distribute at no cost to holders of its frequent inventory, par worth $0.001 per share (Widespread Inventory), as of the shut of enterprise on the Document Date one subscription proper for every share of Widespread Inventory held. Every subscription proper will entitle the holder to buy 0.063 shares of Widespread Inventory at a subscription worth of $5.05 per share. If totally subscribed, this might outcome within the issuance of an combination of roughly 1.98 million shares of Widespread Inventory. The subscription rights are non-transferable, and won’t be listed for buying and selling on any inventory alternate or market. As well as, holders of subscription rights who totally train their subscription rights will probably be entitled to over-subscribe for added shares of Widespread Inventory, topic to proration.
The Rights Providing is anticipated to run out at 5:00 p.m., Japanese Time, on October 16, 2024 (Expiration Date), topic to extension or earlier termination.
Holders of subscription rights who maintain their shares immediately will obtain a prospectus, a prospectus complement, a letter from Empire describing the Rights Providing, and a subscription rights certificates. These holders who intend to train their subscription rights and over-subscription rights ought to assessment all of those supplies, correctly full and execute the subscription rights certificates, and ship the subscription rights certificates and full cost to Securities Switch Company, the subscription agent for the Rights Providing, on the tackle set forth within the prospectus complement.
The Rights Providing will probably be extra totally described within the prospectus complement filed with the Securities and Trade Fee (SEC) on or concerning the Document Date. As soon as accessible, a replica of the prospectus, prospectus complement or additional data with respect to the Rights Providing could also be obtained by contacting Securities Switch Company, the subscription and data agent for the Rights Providing, at (469) 633-0101.
This information launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase any securities, nor shall there be any provide, solicitation or sale of securities in any state wherein such provide, solicitation or sale could be illegal previous to registration or qualification beneath the securities legal guidelines of any such state.
About Empire Petroleum
Empire Petroleum Company is a publicly traded, Tulsa-based oil and fuel firm with present producing belongings in New Mexico, North Dakota, Montana, Texas, and Louisiana. Administration is targeted on natural development and focused acquisitions of proved developed belongings with synergies with its current portfolio of wells. Extra details about Empire might be discovered at www.empirepetroleumcorp.com.
Protected Harbor Assertion
This launch accommodates forward-looking statements throughout the which means of Part 27A of the Securities Act of 1933 and Part 21E of the Securities Trade Act of 1934. Ahead-looking statements contain all kinds of dangers and uncertainties, and embody, with out limitations, statements with respect to the Firm’s estimates, technique and prospects. Such statements are topic to sure dangers and uncertainties that are disclosed within the Firm’s experiences filed with the SEC, together with its Type 10-Okay for the fiscal 12 months ended December 31, 2023, and its different filings with the SEC. Readers and buyers are cautioned that the Firm’s precise outcomes might differ materially from these described within the forward-looking statements attributable to a lot of elements, together with, however not restricted to, the Firm’s skill to amass productive oil and/or fuel properties or to efficiently drill and full oil and/or fuel wells on such properties, basic financial situations each domestically and overseas, and different dangers and uncertainties associated to the conduct of enterprise by the Firm. Aside from as required by relevant securities legal guidelines, the Firm doesn’t assume an obligation to replace these forward-looking statements, whether or not on account of new data, subsequent occasions or circumstances, modifications in expectations, or in any other case.
View supply model on businesswire.com: https://www.businesswire.com/information/residence/20240920563292/en/
Empire Petroleum Company:Mike MorrisettPresident and CEO539-444-8002info@empirepetrocorp.com
Kali CarterCommunications & Investor Relations Manager918-995-5046IR@empirepetrocorp.com
Supply: Empire Petroleum Company
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