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Empire Petroleum Corporation issued new common stock to a large shareholder as part of an oil and gas asset transaction. On January 5, 2026, Energy Evolution Master Fund, Ltd., a 10% owner of Empire, received 562,500 shares of common stock when Empire exercised the remaining portion of an option to acquire certain oil and gas working interests owned by a subsidiary of the fund.
The shares were valued at $1,800,000, based on a price of $3.20 per share, and brought the fund’s directly held position to 11,295,528 shares of Empire common stock following the transaction.
Empire Petroleum Corp director and 10% owner Phil E. Mulacek reported open-market purchases of the company’s common stock. On 12/31/2025, he bought 5,000 shares at $3 per share and 732 shares at $2.95 per share. On 01/02/2026, he purchased an additional 1,068 shares at $3 per share. After these transactions, he directly held 6,173,732 common shares and also reported indirect ownership of additional shares through several entities and a spouse.
Empire Petroleum Corporation reported that its subsidiaries amended their revolving credit facility with Equity Bank. The Third Amendment extends the loan’s final maturity from December 29, 2026 to December 29, 2028, giving the company a longer period to use and repay this revolving debt. The borrowers delivered a replacement promissory note, Empire Texas Development LLC updated its security agreement, and the borrowers paid a fully earned, non‑refundable loan extension fee of $50,550.
The revolver, originally put in place in 2023, provides for a maximum commitment that had been increased to $20.0 million and includes scheduled monthly reductions of the commitment amount. It bears interest at the prime rate plus 1.50%, with a minimum rate of 8.50%. The facility is guaranteed by Empire Petroleum and is secured by liens on substantially all assets of the borrower subsidiaries, including first‑priority mortgage liens on at least 80% of their producing oil, gas and other mineral interests.
Empire Petroleum Corp insider Phil E. Mulacek, a director and 10% owner, reported buying additional common stock. On 12/29/2025 he purchased 5,367 shares of common stock at $3 per share, followed by another purchase of 84 shares at $3 per share on 12/30/2025.
After these transactions, he beneficially owns 6,166,932 shares directly. He also reports indirect beneficial ownership of 817,262 shares through Petroleum Independent & Exploration LLC, 526,300 shares through Big Red Revocable Trust, 485,202 shares through Five Sterling LP, and 42,833 shares through his spouse.
Empire Petroleum Corp director and 10% owner Phil E. Mulacek reported buying 7,223 shares of common stock on December 2, 2025. The purchase was an open-market transaction at a weighted average price of $2.9985 per share, with individual trade prices ranging from $2.97 to $3.00.
After this transaction, Mulacek beneficially owns 6,161,481 shares directly. He also reports indirect ownership of additional Empire Petroleum shares through several entities and relationships, including 817,262 shares held by Petroleum Independent & Exploration LLC, 526,300 shares held by Big Red Revocable Trust, 485,202 shares held by Five Sterling LP, and 42,833 shares held by his spouse.
Empire Petroleum Corp11/26/2025, he bought 1,316 shares at $3 per share, and on 11/28/2025 he bought another 1,743 shares at $3 per share. Following these transactions, he directly beneficially owns 6,154,258 common shares. He also reports indirect ownership of 817,262 shares through Petroleum Independent & Exploration LLC, 526,300 shares through Big Red Revocable Trust, 485,202 shares through Five Sterling LP, and 42,833 shares through his spouse.
Empire Petroleum Corp (EP) reported an insider stock purchase by a company director. On 11/18/2025, the director bought 2,000 shares of Empire Petroleum common stock in an open-market transaction coded "P" for purchase. The shares were acquired at a price of $3.1409 per share.
Following this transaction, the director now beneficially owns 63,000 shares of Empire Petroleum common stock in direct ownership form. This filing is a routine Form 4 report providing transparency about insider trading activity and the director's current stake in the company.
Empire Petroleum Corporation filed a Form 8-K to report that it has released its financial and operating results for the third quarter 2025. On November 17, 2025, the company issued a press release detailing these results and furnished it as Exhibit 99 to this report. The Form 8-K clarifies that the information provided under Item 2.02 is being furnished rather than filed under the securities laws.
Empire Petroleum filed its Q3 2025 10‑Q, showing softer results and active balance‑sheet moves. Total revenue was $9.4 million for the quarter (vs. $11.4 million a year ago) and $27.1 million for the nine months (vs. $33.6 million). Net loss was $3.8 million for Q3 and $13.1 million year‑to‑date. Lease operating costs, taxes, and DD&A kept expenses elevated, resulting in an operating loss.
Liquidity remains tight. Cash was $4.6 million and total debt $15.2 million, including $14.1 million on the Equity Bank credit facility. The company reported negative working capital of about $8.6 million. It increased its revolver to $20.0 million with $3.3 million unused as of September 30, 2025, though the commitment steps down by $0.25 million monthly. An August rights offering raised roughly $2.5 million, part of which repaid a related‑party note. Additional related‑party financing included a June note and a September convertible note, with $2.0 million outstanding at quarter‑end and equity‑linked features.
The filing identifies conditions that raised substantial doubt about continuing as a going concern; management cites committed related‑party support and recent financings and believes these plans alleviate that doubt. The company was in compliance with all debt covenants.
Empire Petroleum (EP) reported an insider transaction by director and 10% owner Phil E. Mulacek. On 09/24/2025, the reporting person acquired a Convertible Note due 2027 with principal of $4,000,000, convertible at $4.32 per share, reflecting 462,962 underlying common shares tied to the initial advances. He also acquired a warrant for 138,889 common shares at an exercise price of $4.32.
On 11/05/2025, the note was amended to increase the conversion price to $4.32 and to provide that this price applies only to the first $2,000,000 already advanced, with any additional advances convertible at a floating price as set forth in the note. The warrant was amended the same day to raise the exercise price to $4.32 and reduce the underlying shares from 281,030 to 138,889. The warrant becomes exercisable after NYSE American approves a supplemental listing application covering the underlying shares.