On May 1, 2026, Empire Petroleum Corporation (the "Company") entered into a Sales Agreement (the "Sales Agreement") with Roth Capital Partners, LLC (the "Agent"), under which the Company may, from time to time, sell shares of the Company's common stock, par value $0.001 per share, having an aggregate offering price of up to $30,000,000 ("Shares") in "at the market" offerings through or to the Agent, as sales agent and/or principal. Sales can be made by any method deemed an "at-the-market offering" as defined in Rule 415(a)(4) under the Securities Act or through privately negotiated transactions. Sales of the Shares, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent.

 

The Company is not obligated to sell, and the Agent is not obligated to sell or offer to sell, any Shares under the Sales Agreement. No assurance can be given that the Company will sell any Shares under the Sales Agreement, or, if it does, as to the price or amount of Shares that it sells or the dates when such sales will take place. Each time the Company wishes to issue and sell the Shares under the Sales Agreement, the Company will provide the Agent with a placement notice describing the number or dollar value of Shares, the time period during which sales are requested to be made, any limitation on the number of Shares that may be sold in any one day and any minimum price below which sales may not be made. Subject to the terms and conditions of the Sales Agreement, the Agent will use commercially reasonable efforts, consistent with its normal trading and sales practices, and applicable state and federal laws, rules and regulations and the rules of the NYSE American to sell the Shares under the terms and subject to the conditions of the placement notice.

 

The Agent will receive a commission from the Company of 3.0% of the gross proceeds of any Shares sold under the Sales Agreement. In addition, the Company has agreed to reimburse the Agent for the reasonable and documented out-of-pocket expenses of the Agent.

 

Pursuant to the terms of the Sales Agreement, the Company agreed to indemnify the Agent against certain liabilities, including under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or to contribute to payments that the Agent may be required to make because of such liabilities. The Company and the Agent may each terminate the Sales Agreement as provided in the Sales Agreement.

 

The Shares will be issued pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-274327), including a base prospectus contained therein, filed with the Securities and Exchange Commission on September 1, 2023, and declared effective on September 22, 2023.