Fund reallocates 941K Empire Petroleum shares

Energy Evolution Master Fund, Ltd., a more than ten percent owner of EMPIRE PETROLEUM CORP, reported an internal restructuring transaction involving its common stock holdings.

Rhea-AI Filing Summary

Energy Evolution Master Fund, Ltd., a more than ten percent owner of EMPIRE PETROLEUM CORP, reported an internal restructuring transaction involving its common stock holdings. The fund made an in-kind distribution of 941,332 shares of Empire Petroleum common stock to certain of its own investors for no consideration, meaning there was no sale or purchase on the open market. After this distribution, the reporting fund still directly holds 12,209,953 common shares, according to the filing.

Insider Trade Summary

Other: 941,332 shares

Other 1 txn

Insider Energy Evolution Master Fund, Ltd.

Role 10% Owner

Type	Security	Shares	Price	Value
Other	Common Stock	941,332	$0.00	$0.00

Holdings After Transaction: Common Stock — 12,209,953 shares (Direct)

Footnotes (1)

1. F1. The reporting person made an in-kind distribution of these shares of the Issuer to certain of its investors for no consideration.

Key Figures

In-kind distribution: 941,332 shares Shares held after transaction: 12,209,953 shares

2 metrics

In-kind distribution 941,332 shares Common Stock, code J internal distribution for no consideration

Shares held after transaction 12,209,953 shares Common Stock directly owned following the reported distribution

Key Terms

in-kind distribution, Other acquisition or disposition, ten percent owner, Form 4

4 terms

in-kind distribution financial

"The reporting person made an in-kind distribution of these shares"

A distribution of value to shareholders or beneficiaries made by transferring assets instead of paying cash, such as shares, bonds, or property. Like receiving a box of goods rather than money, it changes what you hold rather than adding liquid funds; investors care because it affects a portfolio’s composition, liquidity, tax reporting, and cost basis for the received assets.

Other acquisition or disposition regulatory

"transaction_code_description: "Other acquisition or disposition""

ten percent owner regulatory

"is_ten_percent_owner: 1 for the reporting person"

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

FAQ

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

What insider transaction did Energy Evolution Master Fund report for EP?

Energy Evolution Master Fund reported an in-kind distribution of 941,332 shares of EMPIRE PETROLEUM CORP common stock. The shares were distributed to certain fund investors for no consideration, indicating an internal reallocation rather than an open-market purchase or sale.

How many EP shares were distributed in-kind by Energy Evolution Master Fund?

The fund distributed 941,332 shares of EMPIRE PETROLEUM CORP common stock in-kind. This transfer went to certain of its investors and was made for no consideration, reflecting a restructuring-type movement of shares instead of a traditional market transaction.

Does Energy Evolution Master Fund still hold EP shares after this Form 4 transaction?

Yes, the fund continues to hold 12,209,953 EMPIRE PETROLEUM CORP common shares following the transaction. The Form 4 shows this remaining direct ownership after the in-kind distribution of 941,332 shares to certain investors for no consideration.

Was the EP Form 4 transaction a market sale or purchase of shares?

No, the transaction was not a market sale or purchase. It is classified as an “Other acquisition or disposition” with code J, reflecting an in-kind distribution of 941,332 shares to fund investors for no consideration rather than an exchange on the open market.

Why is the EP insider transaction labeled as an in-kind distribution?

It is labeled an in-kind distribution because the fund transferred 941,332 EP shares directly to certain investors without receiving cash. The footnote states the distribution was made for no consideration, which is typical language for an in-kind allocation of assets to investors.

What ownership role does Energy Evolution Master Fund have in EMPIRE PETROLEUM CORP?

Energy Evolution Master Fund is identified as a more than ten percent owner of EMPIRE PETROLEUM CORP. After the reported in-kind distribution transaction, it still directly holds 12,209,953 common shares, maintaining a significant ownership position in the company.

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

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Accepted by SEC EDGAR 07/07/2026 - 04:24 PM Learn about SEC filing dates

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)
07/02/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/02/2026		J(1)		941,332	D	$0	12,209,953	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person made an in-kind distribution of these shares of the Issuer to certain of its investors for no consideration.

	/s/ Energy Evolution Master Fund, Ltd., by Sterling Mulacek, Director	07/07/2026
	** 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)