Energy Evolution Master Fund, Ltd. - May 31, 2024 Form 4 Insider Report for EMPIRE PETROLEUM CORP (EP)

Role: 10%+ Owner
Signature: /s/ Energy Evolution Master Fund, Ltd., by Sterling Mulacek, Director
Stock symbol: EP
Transactions as of: May 31, 2024
Transactions value $: $0
Form type: 4
Date filed: 6/4/2024, 04:07 PM
Previous filing: May 29, 2024
Next filing: Jul 2, 2024

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 Warrant (Right to Buy)	Other	$0	+129K		$0.00	129K	May 31, 2024	Common Stock	129K	$5.00	Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	The Warrant was issued pursuant to Section 10(b) of that certain Convertible Note Due 2026 issued by the Issuer to the reporting person. On May 24, 2024, the reporting person elected to convert the Convertible Note into shares of common stock of the Issuer. Upon conversion, pursuant to Section 10(b), the reporting person became entitled to receive certain distributed property by virtue of the Issuer's previously reported subscription rights offering launched on March 7, 2024, which resulted in the issuance of the Warrant.
F2	The Warrant becomes exercisable on the date the NYSE American stock exchange approves a supplemental listing application relating to the shares of common stock of the Issuer underlying the Warrant.

Content

The Warrant was issued pursuant to Section 10(b) of that certain Convertible Note Due 2026 issued by the Issuer to the reporting person. On May 24, 2024, the reporting person elected to convert the Convertible Note into shares of common stock of the Issuer. Upon conversion, pursuant to Section 10(b), the reporting person became entitled to receive certain distributed property by virtue of the Issuer's previously reported subscription rights offering launched on March 7, 2024, which resulted in the issuance of the Warrant.

The Warrant becomes exercisable on the date the NYSE American stock exchange approves a supplemental listing application relating to the shares of common stock of the Issuer underlying the Warrant.