Empire Petroleum Settles Loan with Equity, Enhances Financial Management

The latest update is out from Empire Petroleum (EP).

Empire Petroleum Corporation’s subsidiary, Empire Texas LLC, wrapped up its financial dealings with Petroleum Independent & Exploration, LLC by entering into a Termination Agreement to settle an outstanding $1,060,004 loan with shares instead of cash. Under the agreement, Empire will issue shares valued at the loan amount, based on a fixed share price, to close the loan before its 2024 maturity date. This strategic move allows Empire to manage its debt without immediate cash outlay, marking a savvy pivot in its financial management.

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