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Mulacek Shenanigans......The news release of Empire of 8/11/2020 states that PIE (owned by Phil Mulacek) and Mineral Resources (financed in 2016 by Phil Mulacek) bought 40% of Empire for $ 3,375 million and a loan of $ 2 million. So Empire which today has a market cap of $ 230 million owns only 60% of the properties? Energy Evolution Fund, owned by Mulacek, owns 20% of EMPR which means that Mulacek and his family members own over 40% of the outstanding shares of EMPR. With Mulacek on the Board now, doesn't this represent a conflict of interest? The purchase price of the Mulaceks was 50 cents per share. Most of the employees of Mulacek in the Houston office and in the Singapore office own shares at that price too and are all listed as "selling shareholders" in the shelf-filing. Are the employees bailing out? Is Mulacek telling them to sell? check the news release for "About Petroleum Independent, PIE LLC" containing multiple false statements. Mulacek first raised money from partners at $ 1, among them Nikiski Partners, in 1996. Then Interoil raised money in an IPO at $ 5 and the stock went down to 50 cents. Then it started rising and it did hit $ 109 for one day in 2013, before then crashing all the way back to $ 30. Interoil was then taken over by Exxon in 2017 (4 years later) at $ 50. Meanwhile, in early 2013 Mulacek was forced out as CEO by the Board of Interoil. His first partners, Nikiski, sued Mulacek for fraud and breach of fiduciary duty in 2009 and Mulacek settled the lawsuit in 2010 with total payments of over $ 50 million. Note that Interoil issued a news release saying that the lawsuit had nothing to do with Interoil itself. Only 3 months later Interoil announced that they paid $ 12 million for settling the lawsuit (that they had nothing to do with). No word about Mulacek himself having paid a large amount of money to the Plaintiffs to settle. Mulacek claims that Interoil's Antelope 2 well tested at 755 mcf, but in reality it was a still impressive 708 mcf. He also claims that Interoil found certified 10TCF of gas. Exxon in the takeover certified 7,2TCF. So is Empire now under Mulacek continuing the Interoil saga of issuing false and misleading news releases?
EMPR buy 3.2000
https://empirepetroleumcorp.com/
https://finance.yahoo.com/quote/EMPR/profile?p=EMPR
https://www.barchart.com/stocks/quotes/EMPR
https://finviz.com/quote.ashx?t=EMPR
https://www.stockconsultant.com/consultnow/basicplus.cgi?symbol=EMPR
https://stockcharts.com/c-sc/sc?chart=EMPR,uu[e,a]dhclyiay[uu][pb5!b10!b50!b100!b200!d20,2!h.02,.20!f][vb5!b20][iut!lv8!lk9!LE12,26,9!ll14!la6,13,5!la8,17,9!la12,26,9!uc14!ub14!ub6!lo!lp7,3!lh9,3!LI14,3!lxa!ld8!lq!lg14!lf14][j20444984,y]&r=3555b
https://www.barchart.com/etfs-funds/quotes/EMPR/technical-chart?plot=CANDLE&volume=toEMPR&data=DO&density=X&pricesOn=1&asPctChange=0&logscale=1&indicators=TREND&sym=EMPR&grid=1&height=500&studyheight=100&timeframe=2%20Months
normal chart
log chart
normal chart
log chart
Hey CashCow, I don't see a R/S? also is Empress Royalty and Empire the same company?
wow a R/S? 1-4 on an already low share count and a OTCQB. Unreal.
This thing was dead for so long and I had a hunch to take a position at .30 and now look.
Does this thing not trade anymore? Must be over valued
I wonder how that is coming along. Been enough time to maybe get an update.
News: $EMPR Empire Petroleum Corporation Announces a Joint Development Agreement with Petroleum Independent & Exploration LLC
Petroleum Independent and Exploration Corporation to jointly develop the Ft. Trinidad Field with Empire Texas LLC Contract Operator, PIE, has identified the first of many workover/recompletion programs to potentially uplift field production Technical Services Agreement i...
Find out more EMPR - Empire Petroleum Corporation Announces a Joint Development Agreement with Petroleum Independent & Exploration LLC
Need to dig more into this last PR. They just picked up a big package.
appears to have decent sales now. expenses up but......
I am not in it. Just posted for others.
Hasnt done much since your post. Need some good news.
News: $EMPR Empire Petroleum Corporation Announces Acquisition of Oil and Gas Assets and a $20 Million Credit Facility with CrossFirst Bank
Completes EnergyQuest II Acquisition Credit Facility Increased with CrossFirst Bank Empire Petroleum Corporation (“Empire”) (OTCQB:EMPR) announced today that it has acquired producing oil and gas assets located in Billings, Bottineau, Bowman, Burke, McHenry, McKenz...
In case you are interested https://marketwirenews.com/news-releases/empire-petroleum-corporation-announces-acquisition-of-oil-and-gas-assets-and-a-20-million-credit-facility-with-crossfirst-bank-7940036.html
EMPR.28 News...
Empire Petroleum Corporation Announces Acquisition of Oil and Gas Assets and a $20 Million Credit Facility with CrossFirst Bank
https://www.otcmarkets.com/stock/EMPR/news/Empire-Petroleum-Corporation-Announces-Acquisition-of-Oil-and-Gas-Assets-and-a-20-Million-Credit-Facility-with-CrossFirs?id=223701
News from yesterday
Where are you getting this number?
Is anything happening with Empire? What happened to the plans to drill last August?
EMPR one for 12 reverse split:
http://www.otcbb.com/asp/dailylist_detail.asp?d=08/09/2013&mkt_ctg=NON-OTCBB
bout to be an RS here(12-1)...But I kinda like this one still...Still deciding if I want to throw a few bucks this way. Directors own a lot of shares
EMPR after extreme disparate volume day, 1/16, holding steady at .02 http://www.profitspi.com/stock/view.aspx?v=price-and-chart&p=8363&i=EMPR&pv=recent-symbols&pp=EMPR#&&vs=634961037033243322
EMPR .02 close last 13 trading sessions, no-change.. a good thing http://www.profitspi.com/stock/view.aspx?v=price-and-chart&p=8363&i=EMPR&pv=recent-symbols&pp=EMPR#&&vs=634954157154518667
on watch...insider confidence
EMPR Shares Outstanding 85,564,235 a/o Nov 05, 2012
EMPR .02 Form 4/A: Jan 14, 2013 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9016662
EMPR excellent move today from .0099 to a high of .0179 and close HOD http://stockcharts.com/c-sc/sc?s=EMPR&p=d&b=9&g=0&id=p17970548896
sc
Real cheap one here,loaded at .01 likes to run after 1st of the year.CEO owns 24 mill shs.
Yes, I saw that also.
It's definitely not a purchase on the open market (the stock is barely traded). Probably some kind of private placement.
Insider buys 2 million shares:
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7788714
August is finally here and we will hear something within 30 days or so.
The CEO stated the fact that they will drill sometime this August. That's not saying that they will definitley succeed in getting to the oil, however, I'm personally banking on success, and I have been for a while.
Thanks.
From whom or from where did you get that? That would be great.
The company will be drilling this August.
Why August? Can you expand on that?
I'm with you. Come August, we'll have some significant activity with Empire.
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Empire Petroleum Corporation (“Empire”) (OTCQB:EMPR) announced today that it has acquired producing oil and gas assets located in Billings, Bottineau, Bowman, Burke, McHenry, McKenzie, Mountrail, Renville, Stark & Williams counties in North Dakota and Richland & Sheridan counties in Montana through its wholly owned subsidiary, Empire North Dakota LLC. The assets were acquired from EnergyQuest II, LLC, in a transaction that has been previously reported by Empire in its filings with the Securities and Exchange Commission.
In connection with financing for the acquisition, Empire’s wholly owned subsidiaries, Empire Louisiana LLC d/b/a Empire Louisiana of Delaware and Empire North Dakota LLC entered into a first amendment of Empire’s existing senior revolver loan agreement with CrossFirst Bank located in Tulsa, Oklahoma. The first amendment increased (a) the initial revolver commitment from $1,350,000 to $9,000,000 and (b) and the maximum principal amount that may be advanced from $5,000,000 to $20,000,000.
The acquired producing assets are comprised of 184 producing oil and gas wells with predictable, low decline production profiles, low risk workover opportunities, undeveloped new drilling opportunities and other potential operating and production enhancements to improve unit operating costs and improve existing margins. The properties are currently producing approximately 375 BOEPD (Barrels of Oil Equivalent per Day), net to the Empire’s working interest and encompasses approximately 20,700 acres of leasehold. Empire North Dakota LLC will operate 139 wells, 19 in Montana and 120 in North Dakota.
“Our combined assets are now producing over 450 BOEPD, primarily oil,” stated Mike Morrisett, President. “The experienced team at CrossFirst Bank did an outstanding job processing an amendment to our original loan and facilitating the timely acquisition of these assets.”
CEO Tommy Pritchard added, “This acquisition continues our disciplined growth strategy to acquire and manage mature producing oil properties with predictable, low decline, long life production. These assets also have additional upside in undeveloped resources that we believe will allow Empire to maximize production while minimizing costs through a low-risk, low-cost drill program. The pipeline of growth opportunities remains robust and we are currently evaluating deal flow with a focus on building scale within our core geographical areas of operation.”
About Empire Petroleum Corporation
Empire Petroleum Corporation is a publicly-traded, Tulsa-based oil and gas company with current producing assets in Louisiana, North Dakota and Montana. Management is focused on targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. Empire looks for assets where its operational team can deploy rigorous field/well management techniques to reduce unit operating costs and improve margins while optimizing production. Empire works to create shareholder value through strong free cash flow generation.
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