Empire Petroleum insider exercises rights at $2.99
Empire Petroleum director and 10% owner Phil E. Mulacek and related entities exercised subscription rights in the company’s Rights Offering at $2.99 per share on April 15, 2026.
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Form Type
4
Rhea-AI Filing Summary
Empire Petroleum director and 10% owner Phil E. Mulacek and related entities exercised subscription rights in the company’s Rights Offering at $2.99 per share on April 15, 2026. These exercises converted subscription rights into common stock across direct holdings and several indirect vehicles.
Following the transactions, Mulacek directly held 9,401,581 shares of common stock. Indirectly, holdings included 44,023 shares held by his spouse, 578,746 shares by Five Sterling LP, 592,318 shares by Big Red Revocable Trust, and 919,812 shares by Petroleum Independent & Exploration LLC. No sales were reported, only acquisitions through derivative exercises.
Insider Trade Summary
9,282,542 shares exercised/converted
Exercise
10 txns
Insider
Mulacek Phil E
Role
Director, 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Subscription Rights (right to buy) | 7,312,481 | $0.00 | $0.00 |
| Exercise | Subscription Rights (right to buy) | 852,664 | $0.00 | $0.00 |
| Exercise | Subscription Rights (right to buy) | 540,626 | $0.00 | $0.00 |
| Exercise | Subscription Rights (right to buy) | 533,368 | $0.00 | $0.00 |
| Exercise | Subscription Rights (right to buy) | 43,403 | $0.00 | $0.00 |
| Exercise | Common Stock | 2,089,100 | $2.99 | $6.25M |
| Exercise | Common Stock | 67,148 | $2.99 | $201K |
| Exercise | Common Stock | 51,692 | $2.99 | $155K |
| Exercise | Common Stock | 45,378 | $2.99 | $136K |
| Exercise | Common Stock | 620 | $2.99 | $2K |
Holdings After Transaction:
Subscription Rights (right to buy) — 0 contracts (Direct);
Subscription Rights (right to buy) — 0 contracts (Indirect, By Petroleum Independent & Exploration LLC);
Subscription Rights (right to buy) — 0 contracts (Indirect, By Big Red Revocable Trust);
Subscription Rights (right to buy) — 0 contracts (Indirect, By Five Sterling LP);
Subscription Rights (right to buy) — 0 contracts (Indirect, By spouse);
Common Stock — 9,401,581 shares (Direct);
Common Stock — 919,812 shares (Indirect, By Petroleum Independent & Exploration LLC);
Common Stock — 592,318 shares (Indirect, By Big Red Revocable Trust);
Common Stock — 578,746 shares (Indirect, By Five Sterling LP);
Common Stock — 44,023 shares (Indirect, By spouse)
Footnotes (3)
- F1. Represents shares of the Issuer's common stock purchased by the reporting person following the exercise of subscription rights, including over-subscription rights, pursuant to the Issuer's rights offering to holders of common stock, as described in the Issuer's prospectus supplement dated February 2, 2026, as supplemented by the Issuer's prospectus supplement dated February 25, 2026 (the "Rights Offering").
- F2. Represents the exercise price of $2.99 per whole share of common stock in the Rights Offering.
- F3. Each holder of common stock of record as of February 2, 2026 received one right for each share of common stock, and each right carried with it a basic subscription right, which entitled the holder to purchase 0.095 of a share of common stock, and an over-subscription right, which entitled holders that exercised their basic subscription rights in full to subscribe for additional shares of common stock that were not purchased by other stockholders pursuant to their basic subscription rights, subject to proration. Includes any shares purchased pursuant to the exercise of over-subscription rights in connection with the Rights' Offering.
Key Figures
Exercise price: $2.99 per share
Direct holdings after transaction: 9,401,581 shares
Spouse indirect holdings: 44,023 shares
+5 more
8 metrics
Exercise price
$2.99 per share
Rights Offering subscription rights for common stock
Direct holdings after transaction
9,401,581 shares
Common stock held directly by Phil E. Mulacek after April 15, 2026
Spouse indirect holdings
44,023 shares
Common stock held indirectly by spouse following rights exercises
Five Sterling LP holdings
578,746 shares
Indirect Empire Petroleum common stock after exercising rights
Big Red Revocable Trust holdings
592,318 shares
Indirect common stock position after rights exercises
Petroleum Independent & Exploration LLC holdings
919,812 shares
Indirect common stock position after rights exercises
Total derivative exercises
9,282,542 rights
Aggregate subscription rights exercised, per transaction summary
Exercise transactions count
10 transactions
All coded M as derivative exercises/conversions on April 15, 2026
Key Terms
Rights Offering, subscription rights, over-subscription rights, basic subscription right, +1 more
5 terms
Rights Offering financial
"pursuant to the Issuer's rights offering to holders of common stock"
A rights offering is a way for a company to raise additional money by giving existing shareholders the opportunity to buy more shares at a discounted price before they are offered to the public. It’s similar to a special sale where current owners get the first chance to buy extra items at a lower cost, allowing them to increase their investment if they choose. This process matters to investors because it can affect the value of their holdings and their ability to buy new shares at favorable terms.
subscription rights financial
"purchased by the reporting person following the exercise of subscription rights"
Subscription rights are short-term privileges given to existing shareholders to buy additional new shares before the general public, typically at a set price and in proportion to their current holdings. Think of it as getting a coupon for first dibs on extra slices of a pizza so your share of the pie doesn’t shrink; exercising them can be a cheaper way to maintain your ownership and voting power, while ignoring them can reduce your stake and potential future earnings.
over-subscription rights financial
"Includes any shares purchased pursuant to the exercise of over-subscription rights"
Over-subscription rights let current investors ask for extra shares beyond the amount they were initially offered in a company share sale, with the extras only issued if other buyers don’t take them. Think of it like reserving the option to buy extra tickets for a sold-out show if other people return theirs; for investors this can increase ownership at the same price and prevent dilution of their stake, or allow a greater share of a popular issue.
basic subscription right financial
"each right carried with it a basic subscription right"
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 activity did Empire Petroleum (EP) disclose in this Form 4?
Empire Petroleum reported that Phil E. Mulacek and affiliated entities exercised subscription rights in the company’s Rights Offering, acquiring additional common stock at $2.99 per share and increasing both direct and indirect equity holdings without reporting any share sales.
What was the exercise price for Empire Petroleum (EP) subscription rights?
The Rights Offering subscription rights were exercised at an exercise price of $2.99 per whole share of Empire Petroleum common stock. This price applied to basic subscription rights and any over-subscription rights used to purchase additional available shares.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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