EP Form 4: Director Phil Mulacek Adds Shares at ~$4.09 Each

Rhea-AI Filing Summary

Phil E. Mulacek, a director and reported 10% owner of Empire Petroleum Corp (EP), purchased additional common stock on three dates, increasing his direct holdings to 5,325,879 shares. The Form 4 shows purchases on 09/10/2025 (7,012 shares at a weighted average $4.0914), 09/11/2025 (2,971 shares at a weighted average $4.1014) and 09/12/2025 (6,000 shares at a weighted average $4.08). The filing also discloses indirect holdings of 817,262 shares 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. The reporting person certified the transactions with a signature dated 09/15/2025.

Positive

• Director increased direct ownership to 5,325,879 shares through open-market purchases
• Transparent disclosure with weighted-average price ranges and offer to provide detailed breakdowns on request
• No sales or derivative dispositions reported; transactions were purchases only

Negative

• None.

Insights

Financial Analyst

TL;DR: Director increased direct stake modestly via small open-market purchases, bringing total direct ownership to 5.33 million shares.

The purchases reported are routine open-market acquisitions executed over three days at roughly $4.08–$4.10 per share and represent a small incremental increase relative to the reporting person's combined direct and indirect holdings. These transactions do not report derivative activity or sales, and the filing provides weighted-average price ranges with an offer to furnish detailed breakdowns on request. For investors, this Form 4 documents insider accumulation but does not, by itself, indicate a material change in control or strategy.

Corporate Governance Expert

TL;DR: Disclosure is complete for the reported trades and indirect ownerships; filings are properly signed and explanatory footnotes provided.

The Form 4 identifies the reporter as a director and 10% owner and lists both direct and multiple indirect ownership vehicles, which is useful for transparency. The explanatory footnotes clarify weighted-average prices and offer additional detail on request, satisfying common disclosure expectations. No amendments or derivative positions are reported. From a governance perspective, the filing appears compliant and straightforward.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mulacek Phil E

(Last) (First) (Middle)

25025 I 45 NORTH

SUITE 420

(Street)

THE WOODLANDS TX 77380

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
EMPIRE PETROLEUM CORP [ EP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/10/2025		P		7,012	A	$4.0914(1)	5,316,908	D
Common Stock	09/11/2025		P		2,971	A	$4.1014(2)	5,319,879	D
Common Stock	09/12/2025		P		6,000	A	$4.08(3)	5,325,879	D
Common Stock								817,262	I	By Petroleum Independent & Exploration LLC
Common Stock								526,300	I	By Big Red Revocable Trust
Common Stock								485,202	I	By Five Sterling LP
Common Stock								42,833	I	By spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.06 to $4.10, inclusive. The reporting person undertakes to provide to Empire Petroleum Corporation, any security holder of Empire Petroleum Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (1) to this Form 4.

2. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.09 to $4.15, inclusive. The reporting person undertakes to provide to Empire Petroleum Corporation, any security holder of Empire Petroleum Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (2) to this Form 4.

3. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.06 to $4.10, inclusive. The reporting person undertakes to provide to Empire Petroleum Corporation, any security holder of Empire Petroleum Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (3) to this Form 4.

	/s/ Phil E. Mulacek	09/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Phil E. Mulacek report on Form 4 for EP?

He reported open-market purchases on 09/10/2025 (7,012 shares), 09/11/2025 (2,971 shares), and 09/12/2025 (6,000 shares).

What prices did Mulacek pay for the EP shares?

The filing shows weighted-average prices of $4.0914 on 09/10/2025, $4.1014 on 09/11/2025, and $4.08 on 09/12/2025, with ranges disclosed in footnotes.

How many EP shares does Mulacek beneficially own after these transactions?

The report states 5,325,879 shares are beneficially owned directly following the reported purchases.

Does Mulacek have indirect holdings in EP?

Yes. Indirect holdings disclosed include 817,262 shares via Petroleum Independent & Exploration LLC, 526,300 via Big Red Revocable Trust, 485,202 via Five Sterling LP, and 42,833 by his spouse.

What is Mulacek's relationship to Empire Petroleum (EP)?

He is reported as a Director and a 10% owner of the issuer.