EP - Empire Petroleum: Rights Offering Boosts Its Liquidity

2024-06-22 03:15:02 ET

Summary

• Empire raised a bit over $20 million in gross proceeds through a rights offering.
• This gives it around $10 million in cash (net of long-term debt and notes payable) and should give it enough liquidity to complete its 2024 development plans.
• Empire now has slightly over 30 million outstanding shares.
• Oil production increased by 11% in Q1 2024 compared to Q4 2023 and is expected to further increase later in the year with its EOR development.

Empire Petroleum ( EP ) boosted its liquidity with a rights offering that generated over $20 million in gross proceeds. This should give it approximately $10 million in cash net of long-term debt and notes payable....

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