Empire Petroleum acquires interests in three New Mexico assets for $5M

Empire Petroleum announced that it acquired Coert Holdings interests in Empire’s three New Mexico assets, Eunice Monument South Unit A, Eunice Monument South Unit B, and Arrowhead Grayburg Unit, all of which are located in Lea County. The purchase price for the transaction was approximately $6.7M. Consideration for the transaction included a cash payment of $5M by EEF Acquisition, an indirect wholly-owned subsidiary of Energy Evolution Master Fund, which is Empire’s largest shareholder. In exchange for its funding of the transaction, EEF has been assigned an undivided 90% ownership interest in the Coert assets, with Empire having a three-year option to purchase such interest at $5M.