Empire Petroleum Increases Revolver Commitment Amount with Equity Bank

Empire Petroleum Corporation, a leading player in the energy sector, announced today that it has entered into a first amendment to its Loan Agreement with Equity Bank. The amendment, dated November 18, 2024, marks a significant development in the financial arrangements between Empire Petroleum and its subsidiaries.

As outlined in the original Loan Agreement dated December 29, 2023, Empire North Dakota LLC and Empire ND Acquisition LLC, both subsidiaries of Empire Petroleum Corporation, had established a Revolver Loan Agreement with Equity Bank. This initial agreement set the revolver commitment amount at $10,000,000.

The first amendment to the Loan Agreement has now increased the revolver commitment amount to $20,000,000, effectively doubling the previous commitment. Additionally, the monthly commitment reduction amount has been raised from $150,000 to $250,000. This change is set to take effect on December 31, 2024, with subsequent reductions occurring at the end of each calendar month thereafter. The Loan Agreement is scheduled to mature on December 29, 2026, and continues to be guaranteed by Empire Petroleum Corporation.

In line with regulatory requirements, Empire Petroleum issued a press release on November 22, 2024, disclosing details of the First Amendment. This disclosure is provided under Regulation FD to ensure transparency and timely dissemination of information.

The press release, furnished as Exhibit 99 to the Current Report on Form 8-K, outlines the key amendments and implications of the First Amendment to the Loan Agreement. It is important to note that this press release is not considered a formal filing under the Securities Exchange Act of 1934, nor is it subject to the liabilities or regulations outlined in that Act.

Empire Petroleum Corporation continues to uphold its commitment to financial transparency and regulatory compliance. The full terms and conditions of the First Amendment can be referenced in Exhibit 10 of the Current Report on Form 8-K filed with the Securities and Exchange Commission.

Investors and stakeholders are encouraged to review the details of the First Amendment to gain a comprehensive understanding of the recent changes in Empire Petroleum’s financial agreements. For more information, the press release and relevant exhibits can be accessed on the company’s official platform.

This news article serves as a summary of the recent developments concerning Empire Petroleum Corporation’s financial agreements with Equity Bank, highlighting the increased revolver commitment amount and key modifications outlined in the First Amendment.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Empire Petroleum’s 8K filing here.

Empire Petroleum Company Profile

Empire Petroleum Corp. engages in the exploration and development of oil and natural gas. Its operations include Empire Louisiana, Empire North Dakota, and Empire Texas, The company was founded in August 1983 and is headquartered in Tulsa, OK.