Energy Evolution Master Fund Converts Debt into Equity in Empire Petroleum
January 6, 2022
Empire Petroleum Corporation said Energy Evolution Master Fund, Ltd. converted the remaining $5.77 million of principal and accrued interest on a Senior Secured Convertible Note into 4,616,343 common shares, eliminating the associated debt and annual interest expense. The conversion reduces Empire's long-term institutional debt and strengthens its balance sheet, leaving only a $7.1 million loan from CrossFirst Bank.
- Buyers
- Energy Evolution Master Fund, Ltd.
- Targets
- Empire Petroleum Corporation
- Industry
- Oil & Gas
- Location
- Oklahoma, United States
- Transaction Type
- Recapitalization
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