Empire Petroleum Corporation announced that it has entered into a Securities Purchase Agreement with a new investor, Energy Evolution Master Fund, Ltd. and an individual investor, Phil Mulacek, pursuant to which investors purchased 1,256,832 shares of common stock of the company at a price of $8 per share for an aggregate gross proceeds of $10,054,657.53 on November 29, 2023. Out of which $5,000,000 was paid in cash to the company and $5,054,657.53 was paid through cancellation and extinguishment of the outstanding principal amount and all accrued interest thereon under that certain Amended and Restated Promissory Note due December 31, 2024, in the original aggregate principal amount of $5,000,000. The Securities Purchase Agreements also contain certain covenants, representations and warranties, and other customary terms and conditions, including the Company using its commercially reasonable best efforts to register the resale of the shares of common stock of the Company described above under the Securities Act of 1933, as amended, within 90 days.