Energy Evolution Master Fund, Ltd. 4

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.