EMPIRE PETROLEUM CORPORATION (OTCMKTS:EMPR) Files An 8-K Entry into a Material Definitive Agreement

Empire North Dakota LLC, a Delaware limited liability company and wholly owned subsidiary of Empire Petroleum Corporation (“Empire North Dakota”), entered into a purchase and sale agreement dated as of February 15, 2019 (the “Purchase Agreement”), with EnergyQuest II, LLC, a Texas limited liability company (“Seller”), to which, among other things, Empire North Dakota has agreed to acquire certain oil and gas properties from Seller in Montana and North Dakota comprising of 183 gross wells currently producing approximately 355 net barrels of oil per day and approximately 20,700 net acres. The Purchase Agreement was not executed and delivered by the parties until February 27, 2019. to the Purchase Agreement, (i) the purchase price shall be $5,600,000 (subject to customary adjustments), (ii) the effective date of the transactions contemplated by Purchase Agreement shall be January 1, 2019, and (iii) the closing date shall be March 22, 2019. The Purchase Agreement also contains various representations and warranties, covenants, indemnities, limitations of liability and other terms and conditions that are customary for transactions similar to the transactions contemplated by the Purchase Agreement. The foregoing description of the Purchase Agreement is only a summary, does not purport to be complete and is subject to, and qualified in its entirety by reference to, the Purchase Agreement, a copy of which is filed as Exhibit 2.1 to this Current Report on Form 8-K and incorporated herein by reference.

EMPIRE PETROLEUM CORP Exhibit
EX-2.1 2 exh2-1_18290.htm PURCHASE AND SALE AGREEMENT DATED AS OF FEBRUARY 15,…
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About EMPIRE PETROLEUM CORPORATION (OTCMKTS:EMPR)

Empire Petroleum Corporation is engaged in exploration and development of oil and gas interests. The Company did not own any interest in oil and gas properties or equipment. The Company continues to seek partners to help it explore and develop oil and gas interests. The Company does not have any producing wells. The Company owned a working interest in oil and gas leases in Nye County, Nevada (the Gabbs Valley Prospect). The Company owned a working interest in oil and gas leases in Natrona County, Wyoming (the South Okie Prospect). The Company owned options to acquire approximately 160,000 gross leasable acres in South Dakota and North Dakota. The Company has no revenue.