Empire Petroleum issues USD 3.25 million promissory note to Petroleum Independent & Exploration

The note matures on March 10, 2028 and carries 6% annual interest, rising to 9% on unpaid principal after maturity.

The holder can convert principal into common stock at USD 2.84 per share from Nov. 9, 2026 until maturity.

Full conversion would issue 1,145,173 shares. The issuer can prepay the note in cash without penalty with five business days’ notice.

Empire Petroleum issued a USD 3.25 million promissory note to Petroleum Independent & Exploration on Sept. 10, 2026.

The note proceeds are earmarked for general working capital.