Empire Petroleum Corporation announced that it has entered into an amendment to its Revolver Loan Agreement with Equity Bank, increasing the total principal commitment to $20.0 million, up from an initial $10.0 million through December 29, 2026. Currently, Empire has approximately $8.4 million borrowed on the $20.0 million facility.
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 $10.0 million rights offering earlier this year.
“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 North Dakota development, drive growth, and deliver value to our shareholders.”
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.
This article was originally posted at www.worldoil.com
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