Energy Evolution Master Fund, Ltd. - Nov 14, 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
Nov 14, 2024
Transactions value $
$3,991,586
Form type
4
Date filed
11/18/2024, 04:50 PM
Previous filing
Aug 14, 2024

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 $3.99M +790K +7.95% $5.05 10.7M Nov 14, 2024 Direct F1

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 Subscription Rights (right to buy) Exercise of in-the-money or at-the-money derivative security $0 -9.94M -100% $0.00 0 Nov 14, 2024 Common Stock 790K $5.05 Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents shares of the Issuer's common stock purchased by the reporting person following the exercise of subscription rights, including over-subscription rights, pursuant to the Issuer's rights offering to holders of common stock, as described in the Issuer's prospectus supplement dated September 30, 2024, as supplemented by the Issuer's prospectus supplement dated October 10, 2024 (the "Rights Offering").
F2 Represents the exercise price of $5.05 per whole share of common stock in the Rights Offering.
F3 Each holder of common stock of record as of September 30, 2024 received one right for each share of common stock, and each right carried with it a basic subscription right, which entitled the holder to purchase 0.063 of a share of common stock, and an over-subscription right, which entitled holders that exercised their basic subscription rights in full to subscribe for additional shares of common stock that were not purchased by other stockholders pursuant to their basic subscription rights, subject to proration. Includes shares purchased pursuant to the exercise of over-subscription rights in connection with the Rights Offering.