Empire Petroleum director increases stake; indirect holdings detailed

Rhea-AI Filing Summary

Phil E. Mulacek, a director and reported 10% owner of Empire Petroleum Corp (EP), purchased additional common stock across three trading days on 09/15/2025, 09/16/2025 and 09/17/2025. The reported purchases were 9,648 shares at a weighted average price of $3.9775, 6,689 shares at $4.0317 and 20,609 shares at $4.0426, bringing his direct beneficial ownership to 5,362,825 shares. The filing also discloses indirect holdings attributed to related entities: 817,262 shares held by Petroleum Independent & Exploration LLC, 526,300 by Big Red Revocable Trust, 485,202 by Five Sterling LP and 42,833 by his spouse. Footnotes state each reported price is a weighted average from multiple transactions within specified price ranges.

Positive

• Director and 10% owner increased direct stake by 36,946 shares, signaling insider confidence.
• Transparent disclosure of indirect holdings across related entities: Petroleum Independent & Exploration LLC (817,262), Big Red Revocable Trust (526,300), Five Sterling LP (485,202), spouse (42,833).
• Weighted-average pricing disclosed with footnotes and commitment to provide transaction-level breakdowns on request.

Negative

• None.

Insights

Financial Analyst

TL;DR: Director and 10% owner increased direct stake modestly via open-market purchases, indicating alignment with shareholder value.

The insider acquired a total of 36,946 shares over three days at weighted-average prices near $4.00, raising direct beneficial ownership to 5.36 million shares. For a company where an insider already holds a double-digit ownership stake, incremental buys are material as a signal of confidence but likely small relative to total market capitalization unless EP is thinly traded. The disclosure includes clear breakouts of indirect holdings through related entities, which helps quantify aggregate insider control.

Corporate Governance Expert

TL;DR: Insider purchases are routine and properly disclosed; they modestly increase insider concentration but raise no immediate governance red flags.

The Form 4 shows timely reporting and identifies both direct and indirect ownership channels, including family and entity holdings. The increment in direct holdings strengthens the reporting person’s economic alignment with shareholders, while the sizable indirect positions underline concentrated ownership. No departures, option grants, or related-party transfers are reported that would indicate governance concerns.

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

OMB Number:			3235-0287
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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)
09/15/2025

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	09/15/2025		P		9,648	A	$3.9775(1)	5,335,527	D
Common Stock	09/16/2025		P		6,689	A	$4.0317(2)	5,342,216	D
Common Stock	09/17/2025		P		20,609	A	$4.0426(3)	5,362,825	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 $3.90 to $4.01, 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 $4.00 to $4.05, 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 $4.01 to $4.05, 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	09/17/2025
	** 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 for Empire Petroleum Corp (EP)?

The report shows purchases of 9,648, 6,689 and 20,609 common shares on 09/15/2025, 09/16/2025 and 09/17/2025 respectively.

How many shares does Mulacek beneficially own after these transactions?

Direct beneficial ownership reported after the transactions is 5,362,825 shares.

Are there indirect holdings disclosed for Mulacek in this Form 4?

Yes. Indirect holdings reported: 817,262 (Petroleum Independent & Exploration LLC), 526,300 (Big Red Revocable Trust), 485,202 (Five Sterling LP), and 42,833 (spouse).

What prices were paid for the shares?

Reported prices are weighted averages: $3.9775, $4.0317, and $4.0426, with footnotes noting transactions occurred within specified price ranges.

Does the Form 4 indicate any derivative transactions or dispositions?

No derivative securities, dispositions, or option exercises are reported in Table II or as disposals in Table I.