Empire Petroleum 10% owner buys 91,213 shares

Q: How many EP shares did Energy Evolution Master Fund purchase?

Energy Evolution Master Fund, Ltd. purchased 91,213 common shares in three transactions: 48,025 on November 5, 2026, at a weighted-average price of $2.0218 per share; 33,771 on November 6 at $2.4546; and 9,417 on November 9 at $2.5295.

Q: What price ranges applied to Energy Evolution Master Fund's EP purchases?

Individual purchase prices ranged from $1.97 to $2.085 on November 5, 2026; from $2.02 to $2.565 on November 6; and from $2.42 to $2.60 on November 9.

Individual purchase prices fell within $1.97 to $2.085 on November 5, $2.02 to $2.565 on November 6, and $2.42 to $2.60 on November 9.

Available on EDGAR 11/09/2026 - 06:44 PM EST Accepted by SEC EDGAR 11/09/2026 - 06:43 PM EST

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Form Type

Rhea-AI Filing Summary

Energy Evolution Master Fund, Ltd., a 10% owner of Empire Petroleum Corp. (EP), purchased 48,025 common shares on November 5, 2026, at a weighted-average price of $2.0218 per share; 33,771 shares on November 6 at a weighted-average price of $2.4546; and 9,417 shares on November 9 at a weighted-average price of $2.5295. The purchases were made pursuant to a non-Rule 10b5-1 trading arrangement adopted on November 3, 2026. The reported purchases totaled 91,213 shares.

Insider Trade Summary

Net Buyer: 91,213 shares

Net Buy 3 txns

Insider Energy Evolution Master Fund, Ltd.

Role 10% Owner

Bought 91,213 shs ($204K)

Increase in Position 0.78%

Type	Security	Shares	Price	Value
Purchase	Common Stock ^{F1, F4}	9,417	$2.5295	$24K
Purchase	Common Stock ^{F1, F3}	33,771	$2.4546	$83K
Purchase	Common Stock ^{F1, F2}	48,025	$2.0218	$97K

Holdings After Transaction: Common Stock — 11,787,102 shares (Direct)

Holdings Before and After: Common Stock, 11,695,889 to 11,787,102 shares (Direct)

Other Insiders: 1 other insider reported open-market purchases of this stock in the 30 days up to this filing.

Footnotes (4)

F1. Transactions made pursuant to a non-Rule 10b5-1 trading arrangement adopted on November 3, 2026.
F2. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.97 to $2.085, 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 ranges set forth in footnotes (2), (3) and (4) to this Form 4.
F3. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.02 to $2.565, inclusive.
F4. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.42 to $2.60, inclusive.

Key Figures

Common shares purchased: 48,025 shares Weighted-average purchase price: $2.0218 per share Common shares purchased: 33,771 shares +3 more

6 metrics

Common shares purchased 48,025 shares November 5, 2026

Weighted-average purchase price $2.0218 per share November 5, 2026

Common shares purchased 33,771 shares November 6, 2026

Weighted-average purchase price $2.4546 per share November 6, 2026

Common shares purchased 9,417 shares November 9, 2026

Weighted-average purchase price $2.5295 per share November 9, 2026

Key Terms

weighted average price, non-Rule 10b5-1 trading arrangement

2 terms

weighted average price financial

"The price reported in column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

non-Rule 10b5-1 trading arrangement regulatory

"Transactions made pursuant to a non-Rule 10b5-1 trading arrangement"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many EP shares did Energy Evolution Master Fund purchase?

Energy Evolution Master Fund, Ltd. purchased 91,213 common shares in three transactions: 48,025 on November 5, 2026, at a weighted-average price of $2.0218 per share; 33,771 on November 6 at $2.4546; and 9,417 on November 9 at $2.5295.

What price ranges applied to Energy Evolution Master Fund's EP purchases?

Individual purchase prices ranged from $1.97 to $2.085 on November 5, 2026; from $2.02 to $2.565 on November 6; and from $2.42 to $2.60 on November 9.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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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
Estimated average burden
hours per response:			0.5

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^*

Energy Evolution Master Fund, Ltd.

(Last)

(First)

(Middle)

25025 I-45 NORTH, SUITE 420

(Street)

THE WOODLANDS

TEXAS

77380

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/05/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/05/2026		P		48,025⁽¹⁾	A	$2.0218⁽²⁾	11,743,914	D
Common Stock	11/06/2026		P		33,771⁽¹⁾	A	$2.4546⁽³⁾	11,777,685	D
Common Stock	11/09/2026		P		9,417⁽¹⁾	A	$2.5295⁽⁴⁾	11,787,102	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Transactions made pursuant to a non-Rule 10b5-1 trading arrangement adopted on November 3, 2026.

2. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.97 to $2.085, 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 ranges set forth in footnotes (2), (3) and (4) 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 $2.02 to $2.565, inclusive.

4. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.42 to $2.60, inclusive.

	/s/ Energy Evolution Master Fund, Ltd., by Sterling Mulacek, Director	11/09/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR