Empire Petroleum Company introduced that it has entered into an modification to its Revolver Mortgage Settlement with Fairness Financial institution, rising the whole principal dedication to $20.0 million, up from an preliminary $10.0 million by way of December 29, 2026. Presently, Empire has roughly $8.4 million borrowed on the $20.0 million facility.
The mortgage is secured by property from two of the corporate’s subsidiaries, Empire North Dakota, LLC, and Empire ND Acquisition, LLC. The rise highlights Empire’s sturdy operational and monetary progress, supported by ongoing strategic initiatives, together with the profitable completion of an oversubscribed $10.0 million rights providing earlier this yr.
“I wish to categorical my appreciation to Fairness Financial institution’s vitality crew for his or her continued help,” mentioned Mike Morrisett, President and CEO. “This revolver improve gives us with extra monetary sources to additional execute our North Dakota improvement, drive development, and ship worth to our shareholders.”
About Empire Petroleum
Empire Petroleum Company is a publicly traded, Tulsa-based oil and gasoline firm with present producing property in New Mexico, North Dakota, Montana, Texas, and Louisiana. Administration is concentrated on natural development and focused acquisitions of proved developed property with synergies with its current portfolio of wells.
