Thomas W. Pritchard - Jan 4, 2023 Form 4 Insider Report for EMPIRE PETROLEUM CORP (EP)

Role: Chief Executive Officer, Director
Signature: /s/ Thomas W. Pritchard
Stock symbol: EP
Transactions as of: Jan 4, 2023
Transactions value $: $457,113
Form type: 4
Date filed: 1/6/2023, 02:48 PM
Previous filing: Jan 3, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	EP	Common Stock	Exercise of in-the-money or at-the-money derivative security	$413K	+313K	+108.26%	$1.32^*	602K	Jan 4, 2023	Direct
transaction	EP	Common Stock	Exercise of in-the-money or at-the-money derivative security	$44.1K	+31.5K	+5.23%	$1.40^*	633K	Jan 4, 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	EP	Common Stock Optioin (Right to Buy)	Options Exercise	$0	-354K	-100%	$0.00^*	0	Jan 4, 2023	Common Stock	354K	$1.32	Direct	F1, F2, F3
transaction	EP	Employee Stock Option (Right to Buy)	Options Exercise	$0	-35.9K	-7.18%	$0.00	464K	Jan 4, 2023	Common Stock	35.9K	$1.40	Direct	F1, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	As adjusted to give effect to Empire's 1-for-4 reverse common stock split which became effective on March 7, 2022 ("Reverse Stock Split").
F2	The option vested in three installments as follows: 312,500 on April 3, 2019; 156,250 on April 3, 2020; and 156,250 on April 3, 2021 (as adjusted for the Reverse Stock Split).
F3	Of the 354,100 shares, 41,182 were surrendered to Empire in connection with a cashless exercise.
F4	Of the 35,900 shares, 4,428 were surrendered to Empire in connection with a cashless exercise.