Empire Petroleum : Material Agreement - Form 8-K

As previously reported on the Current Report on Form 8-K of Empire Petroleum Corporation (the "Company") filed on September 25, 2023, on September 19, 2023, each of Phil Mulacek, an individual, and Energy Evolution Master Fund, Ltd., a Cayman Islands exempted company (collectively, the "Investors"), made a bridge loan to Empire North Dakota LLC, a Delaware limited liability company ("Empire North Dakota") and a wholly owned subsidiary of the Company, in the amount of $5.0 million (collectively, the "Bridge Loans"). On October 31, 2023, the Investors entered into an amendment to the Bridge Loans with Empire North Dakota for the sole purpose of extending the maturity date of the Bridge Loans from October 31, 2023 to November 9, 2023 (the "Letter Amendment").

For a description of any material relationship between the Company and the Investors, see the Company's definitive proxy statement for its 2023 Annual Meeting of Stockholders filed with the Securities and Exchange Commission on May 1, 2023.

The foregoing summary of the Letter Amendment is qualified in its entirety by reference to the full terms and conditions of the Letter Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 1.01.