Empire Petroleum Increases Revolver Loan Facility with Equity Bank to $20 Million in Support of Strategic Growth Initiatives
Empire Petroleum has amended its Revolver Loan Agreement with Equity Bank, doubling the total principal commitment from $10 million to $20 million through December 29, 2026. The company currently has approximately $8.4 million borrowed on the facility, which is secured by assets from Empire North Dakota and Empire ND Acquisition subsidiaries. This increase follows the company's successful completion of an oversubscribed $10 million rights offering earlier this year and will provide additional financial resources for North Dakota development initiatives.
Empire Petroleum ha modificato il suo Accordo di Prestito Revolver con Equity Bank, raddoppiando l'impegno principale totale da 10 milioni di dollari a 20 milioni di dollari fino al 29 dicembre 2026. Attualmente, l'azienda ha preso in prestito circa 8,4 milioni di dollari su questa linea di credito, che è garantita da beni delle sussidiarie Empire North Dakota ed Empire ND Acquisition. Questo aumento segue il successo dell'azienda nel completare un'offerta di diritti sovrascritta da 10 milioni di dollari all'inizio di quest'anno e fornirà ulteriori risorse finanziarie per le iniziative di sviluppo nel Dakota del Nord.
Empire Petroleum ha modificado su Acuerdo de Préstamo Revolver con Equity Bank, duplicando el compromiso principal total de 10 millones de dólares a 20 millones de dólares hasta el 29 de diciembre de 2026. Actualmente, la empresa tiene aproximadamente 8.4 millones de dólares prestados en esta línea de crédito, que está asegurada por activos de las subsidiarias Empire North Dakota y Empire ND Acquisition. Este aumento sigue al exitoso completamiento de una oferta de derechos sobresuscrita de 10 millones de dólares a principios de este año, y proporcionará recursos financieros adicionales para iniciativas de desarrollo en Dakota del Norte.
엠파이어 석유가 에쿼티 뱅크와의 회전 대출 계약을 수정하여 총 원금 약정을 1천만 달러에서 2천만 달러로 늘려 2026년 12월 29일까지 연장했습니다. 현재 이 회사는 8.4백만 달러 정도를 대출받고 있으며, 이는 엠파이어 노스 다코타와 엠파이어 ND 인수 자회사의 자산으로 담보되어 있습니다. 이 증가는 올해 초에 성공적으로 완료된 1천만 달러의 초과 청약 권리 공모에 따른 것이며, 노스 다코타 개발 이니셔티브를 위한 추가 재정 자원을 제공합니다.
Empire Petroleum a modifié son Accord de Prêt Revolver avec Equity Bank, doublant l'engagement principal total de 10 millions de dollars à 20 millions de dollars jusqu'au 29 décembre 2026. Actuellement, la société a emprunté environ 8,4 millions de dollars sur cette ligne de crédit, qui est garantie par des actifs des filiales Empire North Dakota et Empire ND Acquisition. Cette augmentation fait suite à l'achèvement réussi d'une offre de droits sursouscrite de 10 millions de dollars plus tôt cette année et fournira des ressources financières supplémentaires pour les initiatives de développement dans le Dakota du Nord.
Empire Petroleum hat seine revolvierende Kreditvereinbarung mit Equity Bank geändert und das gesamte Hauptverpflichtung von 10 Millionen Dollar auf 20 Millionen Dollar bis zum 29. Dezember 2026 verdoppelt. Das Unternehmen hat derzeit etwa 8,4 Millionen Dollar aus dieser Kreditlinie entnommen, die durch Vermögenswerte der Tochtergesellschaften Empire North Dakota und Empire ND Acquisition gesichert ist. Diese Erhöhung folgt auf den erfolgreichen Abschluss einer überzeichneten Rechteangebot von 10 Millionen Dollar zu Beginn dieses Jahres und wird zusätzliche finanzielle Mittel für Entwicklungsinitiativen in North Dakota bereitstellen.
- Doubled credit facility from $10M to $20M, providing $11M+ additional financial capacity
- Successfully completed oversubscribed $10M rights offering
- Secured favorable loan terms through December 2026
- Currently carries $8.4M in debt on the facility
Insights
The doubling of Empire Petroleum's revolver facility to
The extended commitment through 2026 and Equity Bank's willingness to increase exposure indicates confidence in Empire's operational performance and asset quality. The asset-backed nature of the loan, secured by North Dakota subsidiaries, suggests favorable terms while maintaining a manageable risk profile. This enhanced liquidity position better equips Empire to pursue strategic growth opportunities in their core operating region.
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Amended current revolver commitment from
$10 Million $20 Million -
Initially provides additional financial capacity of over
$11 Million
The loan is secured by assets from two of the Company’s subsidiaries, Empire North Dakota, LLC, and Empire ND Acquisition, LLC. The increase highlights Empire’s strong operational and financial progress, supported by ongoing strategic initiatives, including the successful completion of an oversubscribed
“I would like to express my appreciation to Equity Bank’s energy team for their continued support,” said Mike Morrisett, President and CEO. “This revolver increase provides us with additional financial resources to further execute our
ABOUT EMPIRE PETROLEUM
Empire Petroleum Corporation is a publicly traded,
SAFE HARBOR STATEMENT
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company’s estimates, strategy, and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2023, and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, uncertainties associated with legal and regulatory matters, and other risks and uncertainties related to the conduct of business by the Company. Other than as required by applicable securities laws, the Company does not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations, or otherwise.
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Empire Petroleum Corporation
Mike Morrisett
President & CEO
539-444-8002
Info@empirepetrocorp.com
Kali Carter
Communications & Investor Relations Manager
918-995-5046
IR@empirepetrocorp.com
Source: Empire Petroleum Corporation
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