Empire Petroleum Extends $20.0 Million Revolver Loan Facility with Equity Bank Through 2028
Empire Petroleum Corporation (NYSE:EP) ("Empire" or the "Company") today announced that it has entered into a third amendment to its Revolver Loan Agreement with Equity Bank ((Equity Bancshares, NYSE:EQBK), extending the maturity date of its existing revolving credit facility. The amendment maintains the current maximum principal amount of $20.0 million and extends the facility's maturity from December 29, 2026, to December 29, 2028, providing additional flexibility to support the Company's strategic growth initiatives.
"This extension underscores our strong relationship with Equity Bank and their continued confidence in our business strategy," said Mike Morrisett, President and CEO. "We greatly appreciate the support and deep industry knowledge of their energy team, which has been a valuable resource throughout our partnership. The additional term provides us with enhanced financial flexibility as we pursue opportunities to grow and optimize our asset base."
ABOUT EMPIRE PETROLEUM
Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. More information about Empire can be found at www.empirepetroleumcorp.com.
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, 2024, 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
[email protected]
Kali Carter
Communications & Investor Relations Manager
918-995-5046
[email protected]