Empire Petroleum Increases Revolver Loan Facility with Equity Bank to $20 Million in Support of Strategic Growth Initiatives
Empire Petroleum Corporation (EP)
Company Research
Source: Business Wire
Amended current revolver commitment from $10 Million to $20 MillionInitially provides additional financial capacity of over $11 Million TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum Corporation (NYSE American: EP) (“Empire” or the “Company”) today announced that it has entered into an amendment to its Revolver Loan Agreement with Equity Bank (Equity Bancshares, Inc. NYSE: EQBK), 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
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EP
News
- Empire Petroleum Reports Q3 2024 Results and Provides Strategic Operational UpdatesBusiness Wire
- Empire Petroleum Announces Full Subscription of Rights OfferingBusiness Wire
- Empire Petroleum Announces Extension of Previously Announced Rights OfferingBusiness Wire
- Empire Petroleum Announces Commencement of Previously Announced Rights OfferingBusiness Wire
- Empire Petroleum Announces Record Date for Proposed Rights OfferingBusiness Wire
EP
Sec Filings
- 11/18/24 - Form 4
- 11/18/24 - Form 4
- 11/15/24 - Form 8-K
- EP's page on the SEC website