Empire Petroleum Corporation Announces Acquisition of Oil and Gas Assets and $5 Million Credit Facility with CrossFirst Bank

Empire Petroleum Corporation (“Empire”) (OTCQB: EMPR) announced today that it has acquired operated producing oil and gas assets located in St. Landry and Beauregard Parishes in Louisiana through its wholly owned subsidiary, Empire Louisiana, LLC (the “Company”). The assets were acquired from Cardinal Exploration and Production Company and Exodus Energy, Inc. in transactions that have been previously reported by Empire in its filings with the Securities and Exchange Commission. In connection with financing for the acquisitions, the Company entered into a $5,000,000 senior revolver loan agreement with CrossFirst Bank located in Tulsa, Oklahoma and completed a private placement of units consisting of common stock and warrants to Puckett Land Company of Denver, Colorado.

The acquired producing assets are comprised of oil and gas wells with predictable, low decline production profiles, low risk workover opportunities, undeveloped new drilling opportunities and other potential operating and production enhancements to improve unit operating costs and improve existing margins. The properties are currently producing approximately 70 BOEPD (Barrels of Oil Equivalent per Day) net to the Company’s working interest and encompasses approximately 1555 gross acres of leasehold. Current net operating cash flow to the Company is approximately $75,000 per month.

Additionally, Empire announced that Chief Executive Officer Thomas Pritchard has been elected to Empire’s Board of Directors…

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