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Empire Petroleum ( (EP) ) has shared an update.
On February 19, 2026, Empire Petroleum Corporation issued a $3 million promissory note to investor Phil E. Mulacek, with all funds already advanced as of that date to repay existing debt and support general working capital. The unsecured note carries a 5.5% annual interest rate to its May 19, 2026 maturity, 9% thereafter on any unpaid principal, and can be prepaid by the company without penalty subject to notice and full cash payment of principal and interest.
Mulacek holds the option to convert some or all of the $3 million principal into Empire common shares at $2.99 per share, implying issuance of up to 1,003,344 shares if fully converted, with interest on converted amounts paid in cash at conversion. The company plans to secure NYSE American approval for listing the potential new shares, and the unregistered note issuance relied on a private placement exemption, underscoring Empire’s continued reliance on accredited investors for flexible, balance-sheet-focused financing.
The most recent analyst rating on (EP) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Empire Petroleum stock, see the EP Stock Forecast page.
Spark’s Take on EP Stock
According to Spark, TipRanks’ AI Analyst, EP is a Neutral.
The score is primarily held down by weak financial performance (large losses, declining revenue, and poor cash flow). Technicals also lean negative with the stock below key longer-term moving averages and a negative MACD. Corporate events add some support via improved financing flexibility, but the rights offering introduces dilution risk, and valuation is challenged due to negative earnings and no dividend.
To see Spark’s full report on EP stock, click here.
More about Empire Petroleum
Empire Petroleum Corporation operates in the energy sector as an oil and gas company, focusing on the acquisition, development, and production of hydrocarbon properties. The company targets cash-flowing, long-lived assets and typically pursues financing structures that balance debt repayment needs with ongoing working capital for field operations and corporate activities.
Average Trading Volume: 46,137
Technical Sentiment Signal: Sell
Current Market Cap: $108.7M
Learn more about EP stock on TipRanks’ Stock Analysis page.