Empire Petroleum director adds note for 1.15M shares

A director and ten percent owner of EMPIRE PETROLEUM CORP acquired a 2028 convertible note indirectly, potentially adding over 1.1 million common shares if fully converted.

Rhea-AI Filing Summary

EMPIRE PETROLEUM CORP (EP) reported that director and ten percent owner Phil E. Mulacek, through Petroleum Independent & Exploration LLC, acquired a Convertible Note due 2028 on September 10, 2026. The note is convertible into 1,145,173 shares of Common Stock at a conversion price of $2.838 per share, exercisable starting November 9, 2026 and expiring March 10, 2028. The reported price field is not usable as a per-share transaction price. No Rule 10b5-1 trading plan is indicated.

Insider Trade Summary

Grant/Award: 0 shares

Grant/Award 1 txn

Insider Mulacek Phil E

Role Director, 10% Owner

Type	Security	Shares	Price	Value
Grant/Award	Convertible Note Due 2028	--	$3,250,000.00 as filed	--

• Price shown as filed: $3,250,000.00 per share is far above the $2.41 close on Sep 10, 2026, so no transaction value is shown.

Holdings After Transaction: Convertible Note Due 2028 — 0 contracts (Indirect, By Petroleum Independent & Exploration LLC)

Key Figures

Underlying Common Stock shares: 1,145,173 shares Conversion or exercise price: $2.838 per share Transaction date: September 10, 2026 +2 more

5 metrics

Underlying Common Stock shares 1,145,173 shares Shares of Common Stock underlying the Convertible Note due 2028

Conversion or exercise price $2.838 per share Conversion price for the Convertible Note due 2028 into Common Stock

Transaction date September 10, 2026 Date the Convertible Note due 2028 was acquired

Exercise start date November 9, 2026 Date from which the Convertible Note may be exercised

Expiration date March 10, 2028 Expiration date of the Convertible Note due 2028

Key Terms

Convertible Note Due 2028, conversion price, indirect ownership

3 terms

Convertible Note Due 2028 financial

"acquired a Convertible Note due 2028 on September 10, 2026"

conversion price financial

"at a conversion price of $2.838 per share"

The conversion price is the fixed price at which a convertible security, like a bond or preferred stock, can be exchanged for shares of common stock. It acts like a set rate that determines how many shares an investor can receive if they choose to convert their investment. This helps investors understand the value and potential benefits of converting their securities into company shares.

indirect ownership financial

"shows indirect ownership, with the Convertible Note held by Petroleum Independent"

FAQ

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

What insider transaction did EMPIRE PETROLEUM CORP (EP) report on this Form 4?

The filing reports that Phil E. Mulacek, a director and ten percent owner, indirectly acquired a Convertible Note due 2028 on September 10, 2026 through Petroleum Independent & Exploration LLC.

How many EMPIRE PETROLEUM (EP) shares are tied to the new convertible note?

The Convertible Note due 2028 is convertible into 1,145,173 shares of Common Stock as the underlying security if fully converted, according to the Form 4 disclosure.

What is the conversion price of the EMPIRE PETROLEUM (EP) convertible note?

The Form 4 states a conversion price of $2.838 per share for the Convertible Note due 2028, determining how many common shares are issuable upon conversion.

When can the EMPIRE PETROLEUM (EP) convertible note be exercised and when does it expire?

The Convertible Note due 2028 is exercisable starting November 9, 2026, and has an expiration date of March 10, 2028, as reported in the Form 4.

Is the EMPIRE PETROLEUM (EP) insider transaction under a Rule 10b5-1 plan?

No. The document-level indicator shows no Rule 10b5-1 trading plan is reported for this transaction.

Is the EMPIRE PETROLEUM (EP) convertible note held directly by the insider?

No. The Form 4 shows indirect ownership, with the Convertible Note due 2028 held by Petroleum Independent & Exploration LLC, associated with Phil E. Mulacek.

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

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Available on EDGAR 09/16/2026 - 06:50 PM Accepted by SEC EDGAR 09/16/2026 - 06:49 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^*

Mulacek Phil E

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2026

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

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 2028	$2.838	09/10/2026		A		$3,250,000		11/09/2026	03/10/2028	Common Stock	1,145,173	$3,250,000	$3,250,000	I	By Petroleum Independent & Exploration LLC

Explanation of Responses:

	/s/ Phil E. Mulacek	09/16/2026
	** 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)