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
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.
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock | 6,000 | $4.08 | $24K |
| Purchase | Common Stock | 2,971 | $4.1014 | $12K |
| Purchase | Common Stock | 7,012 | $4.0914 | $29K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (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. 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. 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.
