Empire Petroleum (EP) director converts note into 1,003,344 shares

Rhea-AI Filing Summary

Empire Petroleum Corp director and 10% owner Phil E. Mulacek exercised a Convertible Note Due 2026 into 1,003,344 shares of common stock at $2.99 per share. After this derivative exercise, he directly holds 7,177,076 common shares and also reports additional indirect holdings through several related entities and his spouse.

Insider Trade Summary

0 shares exercised/converted

Mixed 6 txns

Insider Mulacek Phil E

Role Director, 10% Owner

Type	Security	Shares	Price	Value
Exercise	Convertible Note Due 2026	0	$0.00	--
Exercise	Common Stock	1,003,344	$2.99	$3.00M
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Convertible Note Due 2026 — 0 shares (Direct); Common Stock — 7,177,076 shares (Direct); Common Stock — 817,262 shares (Indirect, By Petroleum Independent & Exploration LLC)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

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^*

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)
03/10/2026

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	03/10/2026		M		1,003,344	A	$2.99	7,177,076	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
Convertible Note Due 2026	$2.99	03/10/2026		M			$3,000,000	02/19/2026	05/19/2026	Common Stock	1,003,344	$0	$0	D

Explanation of Responses:

	/s/ Phil E. Mulacek	03/12/2026
	** 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.

FAQ

What insider transaction did Phil E. Mulacek report for EMPIRE PETROLEUM CORP (EP)?

Phil E. Mulacek exercised a convertible note into common stock. He converted a Convertible Note Due 2026 into 1,003,344 shares of Empire Petroleum common stock at $2.99 per share, increasing his direct equity stake in the company.

How many EMPIRE PETROLEUM CORP (EP) shares did Mulacek acquire and at what price?

Mulacek acquired 1,003,344 common shares at $2.99 per share. The shares resulted from exercising a Convertible Note Due 2026, reflecting a derivative exercise rather than an open-market purchase of Empire Petroleum stock.

What are Phil E. Mulacek’s direct EMPIRE PETROLEUM CORP (EP) holdings after this Form 4?

After the exercise, Mulacek directly holds 7,177,076 common shares. This figure represents only his direct ownership in Empire Petroleum; he also reports additional indirect holdings through several related entities and his spouse.

Were any EMPIRE PETROLEUM CORP (EP) shares sold in this Form 4 filing?

No sales of Empire Petroleum shares were reported. The Form 4 shows a derivative exercise coded “M,” where a Convertible Note Due 2026 was converted into common stock, with no open-market sales or dispositions disclosed in the provided data.

What type of security did Mulacek convert into EMPIRE PETROLEUM CORP (EP) common stock?

Mulacek converted a Convertible Note Due 2026. The note had a conversion or exercise price of $2.99 per share and was exercised into 1,003,344 shares of Empire Petroleum common stock, increasing his direct share ownership.

What indirect EMPIRE PETROLEUM CORP (EP) holdings are reported for Phil E. Mulacek?

Mulacek reports indirect holdings through multiple related entities. These include positions held by Petroleum Independent & Exploration LLC, Big Red Revocable Trust, Five Sterling LP, and by his spouse, in addition to his direct ownership stake in Empire Petroleum.