Empire Petroleum Enters, Terminates Material Agreements; New Debt Created
Ticker: EP · Form: 8-K · Filed: Jan 5, 2024 · CIK: 887396
| Field | Detail |
|---|---|
| Company | Empire Petroleum CORP (EP) |
| Form Type | 8-K |
| Filed Date | Jan 5, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $10,000,000, $15,000,000, $150,000, $4.4 million |
| Sentiment | mixed |
Complexity: simple
Sentiment: mixed
Topics: debt, material-agreement, corporate-action
TL;DR
**Empire Petroleum just swapped out major agreements, creating new debt.**
AI Summary
Empire Petroleum Corporation entered into a new material definitive agreement on December 29, 2023, while simultaneously terminating a previous material definitive agreement. This action also created a direct financial obligation for the company. For investors, this indicates a significant strategic shift or restructuring of debt/financing, which could impact the company's financial health and future operational flexibility.
Why It Matters
This filing signals a major change in Empire Petroleum's financial commitments and strategic direction, potentially affecting its balance sheet and future growth prospects.
Risk Assessment
Risk Level: medium — The entry into and termination of material agreements, coupled with the creation of a direct financial obligation, introduces uncertainty regarding the company's financial structure and future performance.
Analyst Insight
A smart investor would investigate the details of the new and terminated agreements, as well as the nature of the new financial obligation, to understand the potential impact on Empire Petroleum's balance sheet and future cash flow before making any investment decisions.
Key Players & Entities
- EMPIRE PETROLEUM CORPORATION (company) — the registrant filing the 8-K
- December 29, 2023 (date) — date of the earliest event reported
- 001-16653 (number) — Commission File Number
- 73-1238709 (number) — I.R.S. Employer Identification No.
- 2200 S. Utica Place, Suite 150, Tulsa, Oklahoma 74114 (address) — Principal Executive Offices of Empire Petroleum Corporation
FAQ
What specific type of event did Empire Petroleum Corporation report in this 8-K filing?
Empire Petroleum Corporation reported the 'Entry into a Material Definitive Agreement,' 'Termination of a Material Definitive Agreement,' and 'Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant' on December 29, 2023.
What is the earliest event date reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on December 29, 2023.
What is the business address of Empire Petroleum Corporation as stated in the filing?
The business address of Empire Petroleum Corporation is 2200 S. Utica Place, Suite 150, Tulsa, Oklahoma 74114.
What is the Commission File Number for Empire Petroleum Corporation?
The Commission File Number for Empire Petroleum Corporation is 001-16653.
What is the primary industry classification for Empire Petroleum Corporation?
Empire Petroleum Corporation's Standard Industrial Classification is 'CRUDE PETROLEUM & NATURAL GAS [1311]'.
Filing Stats: 1,022 words · 4 min read · ~3 pages · Grade level 12.9 · Accepted 2024-01-05 16:05:25
Key Financial Figures
- $10,000,000 — e initial revolver commitment amount is $10,000,000; (b) the maximum revolver commitment am
- $15,000,000 — e maximum revolver commitment amount is $15,000,000; (c) commencing on January 31, 2024, an
- $150,000 — evolver commitment amount is reduced by $150,000; (d) commencing on March 31, 2024, ther
- $4.4 million — ions/dividends. An initial advance of $4.4 million under the Loan Agreement was used to pa
Filing Documents
- emp_8k-18789.htm (8-K) — 41KB
- exh10_18789.htm (EX-10) — 274KB
- 0001072613-24-000011.txt ( ) — 549KB
- ep-20231229.xsd (EX-101.SCH) — 3KB
- ep-20231229_lab.xml (EX-101.LAB) — 33KB
- ep-20231229_pre.xml (EX-101.PRE) — 22KB
- emp_8k-18789_htm.xml (XML) — 3KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. EMPIRE PETROLEUM CORPORATION Date: January 5, 2024 By: /s/ Michael R. Morrisett Michael R. Morrisett President and Chief Executive Officer 3