EMPIRE PETROLEUM CORP (EP) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 14, 2026

Risk Assessment Details

Potential Dilution: 74.7% of current shares
Recent Dilution: 19.51% (2 years)
Historical Dilution Factor: moderate recent dilution
Outstanding Shares
36M
Potential Supply
27M
Additional shares possible
Splits
None
Past 2 years

Summary

EP currently has 36M outstanding shares. with significant dilution risk as 26.9M authorized shares could dilute existing holders by 74.7%. The company has diluted shareholders by 19.51% over the past 2 years through share issuances.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 14, 2026

10-Q filing | 36.0M shares outstanding

36M 27M
Mar 13, 2026

10-K filing | 34.1M shares outstanding

34M 29M
Nov 14, 2025

10-Q filing | 34.0M shares outstanding

34M 29M
Nov 07, 2025

8-K filing: Empire Petroleum Corporation amended the terms of a Promissory Note and Warrant with Phil E. Mulacek on November 5, 2025, affecting the conversion price, warrant shares, and exercise price, while limiting the aggregate amount of common stock Mr. Mulacek can receive.

34M 29M
Sep 26, 2025

8-K filing: Empire Petroleum Corporation issued a promissory note for $4,000,000 to Phil E. Mulacek, with a potential conversion into 936,768 shares of common stock at $4.27 per share, and also issued a warrant to Mr. Mulacek to purchase 281,030 shares of common stock at $4.27 per share.

34M 29M
Aug 13, 2025

10-Q filing | 33.8M shares outstanding

34M 29M
May 14, 2025

10-Q filing | 33.8M shares outstanding

34M 29M
Mar 27, 2025

10-K filing | 33.7M shares outstanding

34M 29M
Nov 13, 2024

10-Q filing | 31.6M shares outstanding

32M 31M
Aug 14, 2024

10-Q filing | 29.8M shares outstanding

30M 33M
Aug 06, 2024

8-K filing: Empire Petroleum Corporation issued 205,427 shares of common stock to Petroleum Independent & Exploration, LLC to pay off $1,060,004 outstanding loan amount at an agreed price of $5.16 per share. ($1.06M proceeds)

30M 33M
May 31, 2024

8-K filing: Empire Petroleum Corporation issued 800,000 shares of common stock to Energy Evolution Master Fund, Ltd. upon conversion of a promissory note at a conversion price of $6.25 per share, and also issued a warrant to purchase up to 128,800 shares of common stock at an exercise price of $5.00 per share.

30M 33M
May 15, 2024

10-Q filing | 30.4M shares outstanding

30M 33M
Mar 28, 2024

10-K filing | 25.6M shares outstanding

26M 37M
Feb 21, 2024

8-K filing: Empire Petroleum Corporation issued a Promissory Note for $5,000,000 to Energy Evolution Master Fund, Ltd., with $2,500,000 advanced initially and the possibility of converting the principal amount into shares of common stock at a conversion price of $6.25 per share. ($5.0M proceeds)

23M 40M
Dec 01, 2023

8-K filing: Empire Petroleum Corporation amended the Securities Purchase Agreement with Phil Mulacek, resulting in Mulacek purchasing 609,013 shares of common stock at $8.21 per share instead of 625,000 shares at $8.00 per share, for a total of 1,240,845 shares instead of 1,256,832 shares under the agreement. ($5.0M proceeds)

23M 40M
Nov 29, 2023

8-K filing: Empire Petroleum Corporation sold 1,256,832 shares of common stock to Phil Mulacek and 1,256,832 shares of common stock to Energy Evolution Master Fund, Ltd at $8.00 per share on November 29, 2023. ($20.11M proceeds)

23M 40M
Nov 13, 2023

10-Q filing | 22.7M shares outstanding

23M 40M
Sep 13, 2023

S-3/A filing: EMPIRE PETROLEUM CORPORATION is offering debt securities, shares of common stock, shares of preferred stock, depositary shares, warrants, subscription rights, purchase contracts and units, with an aggregate initial offering price not to exceed $350,000,000.

22M 41M
Sep 01, 2023

S-3 filing: Empire Petroleum Corporation is filing an S-3 to register an indeterminate number or amount of Debt Securities, Common Stock, Preferred Stock, Depositary Shares, Warrants, Subscription Rights, Purchase Contracts, Units and Guarantees, as may be issued from time to time at indeterminate prices with an aggregate initial offering price not to exceed $350,000,000.

22M 41M
Aug 14, 2023

10-Q filing | 22.1M shares outstanding

22M 30M
May 15, 2023

10-Q filing | 22.1M shares outstanding

22M 30M
Mar 31, 2023

10-K filing | 23.4M shares outstanding

23M 29M
Nov 14, 2022

10-Q filing | 21.7M shares outstanding

22M 31M
Aug 15, 2022

10-Q filing | 20.4M shares outstanding

20M 32M
May 16, 2022

10-Q filing | 19.9M shares outstanding

20M 33M
Mar 31, 2022

10-K filing | 19.9M shares outstanding

20M 33M
Mar 09, 2022
Stock Split

8-K filing: The company implemented a one-for-four reverse stock split, amended its Certificate of Incorporation to authorize preferred stock issuance and implement supermajority stockholder approval requirements, and issued Series A Voting Preferred Stock to Phil Mulacek.

190M 0
Jan 06, 2022

8-K filing: Investor converted $5,715,353 principal and $55,075 interest into 4,616,343 shares of common stock.

74M 140M
Nov 15, 2021

10-Q filing | 74.3M shares outstanding

74M 140M
Oct 28, 2021

S-3 filing: Empire Petroleum Corporation files an S-3 to offer shares of common stock, warrants, subscription rights, purchase contracts, and units up to an aggregate amount of $350,000,000.

66M 140M
Oct 05, 2021

8-K filing: Empire Petroleum Company entered into a Loan Modification Agreement with Energy Evolution Master Fund, Ltd., which included the conversion of debt into common stock and the issuance of a warrant, also contemplating a 1-for-4 reverse stock split.

66M 0
Aug 23, 2021

10-Q filing | 65.7M shares outstanding

66M 0
May 17, 2021

10-Q filing | 57.5M shares outstanding

58M 0
Apr 01, 2021

8-K filing: Empire Petroleum Corporation closed an offering of 8,993,857 shares of its common stock along with warrants to purchase up to 8,993,857 shares at an exercise price of $0.50, for an aggregate purchase price of $3,147,850. ($3.15M proceeds)

49M 0
Mar 31, 2021

10-K filing | 48.5M shares outstanding

49M 0
Mar 15, 2021

8-K filing: Empire Petroleum Corporation's subsidiary, Empire Louisiana, amended its senior revolver loan agreement with CrossFirst Bank and warrants previously issued to Petroleum Independent & Exploration LLC (PIE) were fully exercised for approximately $3,350,000. ($3.35M proceeds)

25M 0
Nov 16, 2020

10-Q filing | 24.9M shares outstanding

25M 0
Aug 14, 2020

10-Q filing | 21.4M shares outstanding

21M 0
Aug 11, 2020

8-K filing: Empire Petroleum Corporation sold 3,500,000 shares of common stock and warrants to purchase shares of common stock to Petroleum Independent & Exploration LLC for $525,000. ($0.53M proceeds)

N/A 0
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