Empire Petroleum Corporation (NYSEAM:EP) acquired Additional Interests in Eunice Monument South Unit A, Eunice Monument South Unit B, and Arrowhead Grayburg Unit from Coert Holdings 1 LLC for approximately $6.7 million on August 9, 2023. Consideration for the Transaction included a cash payment of $5.0 million by EEF Acquisition Company, LLC, an indirect wholly-owned subsidiary of Energy Evolution Master Fund, Ltd., which is Empire's largest shareholder ("EEF"). 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 $5.0 million.

Empire Petroleum Corporation (NYSEAM:EP) completed the acquisition of Additional Interests in Eunice Monument South Unit A, Eunice Monument South Unit B, and Arrowhead Grayburg Unit from Coert Holdings 1 LLC on August 9, 2023.