Empire Petroleum Corporation has increased the target of its subscription rights offering to $10 million and extended the offering deadline to 5:00 p.m. Eastern Time on March 18, 2026. Shareholders may purchase 0.095 shares of common stock at $2.99 per share, requiring a minimum of 11 shares to receive one right. Rights holders who exercise all rights may over‑subscribe for additional shares on a pro‑rata basis.
Energy Evolution Master Fund, the company’s largest shareholder, has indicated it will fully subscribe and over‑subscribe the offering. Chairman Phil E. Mulacek has also signaled participation, underscoring support from key stakeholders.
The financing comes as Empire reports a 100% year‑over‑year decline in revenue, falling from $43.7 million to $9 000, and a negative working‑capital balance of roughly $12.4 million. Despite the revenue collapse, the company’s operating margin improved to 49.8% from –31.3% in the prior year, reflecting stronger cost control and operating leverage. A revolving credit facility with Equity Bank, extended to December 29 2028 with a $20 million principal limit, provides additional liquidity but the company’s working‑capital deficit raises concerns about short‑term cash flow.
Empire’s rights offering follows a February 2026 offering that targeted $6 million and an August 2025 offering that raised $2.5 million. Proceeds from the current offering will be used to fund drilling and workover activity across the company’s producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, as well as for general corporate purposes.
By raising up to $10 million, Empire aims to strengthen its liquidity position, support ongoing field development, and provide a buffer against commodity price volatility. The extended offering period and increased target amount signal the company’s intent to secure capital while limiting dilution for existing shareholders.
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