Phil Mulacek Exercises Rights Offering to Acquire 2.2M Empire Petroleum Shares

Phil E. Mulacek, a director and 10% owner of Empire Petroleum Corp (EP), exercised subscription rights from the company's rights offering to acquire 2,089,100 shares of common stock directly at $2.99 per share on April 15, 2026. Additionally, through various indirect holdings including Petroleum Independent & Exploration LLC, Big Red Revocable Trust, Five Sterling LP, and his spouse, he acquired an additional 164,838 shares. The total acquisition of approximately 2.25 million shares represents a significant increase in his ownership position. The rights offering provided existing shareholders with basic subscription rights and over-subscription rights, which Mulacek fully exercised. Following these transactions, his direct ownership increased to 9,401,581 shares, with substantial additional indirect holdings through related entities.