Energy Evolution Master Fund, Ltd. 4
4 · EMPIRE PETROLEUM CORP · Filed Apr 2, 2026
Research Summary
AI-generated summary of this filing
Empire Petroleum (EP) 10% Holder Exercises Rights, Buys 1.86M Shares
What Happened
Energy Evolution Master Fund, Ltd. (a reported 10% owner) participated in Empire Petroleum Corp.'s rights offering and exercised in‑the‑money subscription rights. The filing reports the acquisition of 1,855,757 shares at an exercise price of $2.99 per share for a cash outlay of $5,548,713. The Form 4 also shows 11,295,528 shares reported in connection with derivative/right mechanics at $0.00; footnotes indicate these entries relate to the issuer's rights offering (basic and over‑subscription rights).
Key Details
- Transaction date: 2026-03-31; Form 4 filed: 2026-04-02.
- Purchase: 1,855,757 shares @ $2.99 = $5,548,713 (per footnote F2).
- Additional 11,295,528 shares reported as derivative-related at $0.00 (see footnotes F1–F3 describing rights offering mechanics and over‑subscription).
- Shares owned after transaction: not specified in the supplied filing excerpt.
- Insider status: Energy Evolution is a 10% institutional owner (not an executive officer).
- No indication in the provided data that the filing was late.
Context
These transactions arose from a company rights offering: holders received subscription rights (basic and over‑subscription) and exercised those rights to obtain common stock. For retail investors, purchases via a rights offering are a direct cash commitment to the company and can be viewed simply as the holder increasing its stake; because Energy Evolution is a 10% institutional holder rather than a company insider, this is institutional participation rather than executive insider trading. The $0.00 derivative entries reflect the mechanics of the rights offering per the filing footnotes rather than a conventional market sale.
Insider Transaction Report
- Exercise of In-Money
Common Stock
[F1]2026-03-31$2.99/sh+1,855,757$5,548,713→ 13,151,285 total - Exercise of In-Money
Subscription Rights (right to buy)
[F2][F3]2026-03-31−11,295,528Exercise: $2.99From: 2026-02-02Exp: 2026-03-18→ Common Stock (1,855,757 underlying)
Footnotes (3)
- [F1]Represents shares of the Issuer's common stock purchased by the reporting person following the exercise of subscription rights, including over-subscription rights, pursuant to the Issuer's rights offering to holders of common stock, as described in the Issuer's prospectus supplement dated February 2, 2026, as supplemented by the Issuer's prospectus supplement dated February 25, 2026 (the "Rights Offering").
- [F2]Represents the exercise price of $2.99 per whole share of common stock in the Rights Offering.
- [F3]Each holder of common stock of record as of February 2, 2026 received one right for each share of common stock, and each right carried with it a basic subscription right, which entitled the holder to purchase 0.095 of a share of common stock, and an over-subscription right, which entitled holders that exercised their basic subscription rights in full to subscribe for additional shares of common stock that were not purchased by other stockholders pursuant to their basic subscription rights, subject to proration. Includes shares purchased pursuant to the exercise of over-subscription rights in connection with the Rights Offering.