Empire Petroleum Corporation (EMPR)

[KingOfSpades]

More sinister red flags on Empire Petroleum....

Form S8 filed by EMPR on November 24th indemnified all directors from any civil or criminal complaint filed against them and says the Company will advance legal fees and expenses. Does Empire anticipate any lawsuits? Why should shareholders pay for that?!


Can they identify the employees of the Houston office that are selling shareholders. Are they ALL accredited investors?! And the shelf filing only mentions PIE whereas in the 2020 news release it says that PIE and Mineral Resources bought 40% of Empire Texas. Where did Mineral Resources go? Another false statement and false SEC filing?


On 9/28 the CEO and President exercised 343,000 shares each and sold them at $0.75 each when the stock that day traded between 1.60 to close at 1.83 so was a prearranged trade. Who bought the shares? CEO and president obviously thought that selling at $0.75 was a good idea - why should anybody now buy anywhere near $2.80?


Again why was Phil Mulacek forced to quit as CEO of IOC (of which he is apparently so proud) by their board in 2013? What skeletons in that cupboard did the board discover? He drilled five unsuccessful wells before Antelope and the second well drilled was a duster. In 2016 Mulacek and his cousin Gerard Jacquin (largest shareholder in Kina Petroleum and EMPR), a french resident, sued Exxon to thwart the takeover of IOC and they proposed an alternate board - but 92% of shareholders voted in favour of Exxon


Oh and look out for the 100 share closing trade at end of most days when the stock is re-traded across the vast bid/ask spread to price it at the offer….barely a few thousand shares trade each day in this ‘company’ with a $200m+ ‘market cap’ that has apparently soared without trace and picked up barely any external liquidity/interest or real volume along the way(!) Makes you wonder who is ‘trading’ these few traded shares and with whom. Talk about red flags galore all over this thing…..