EMPIRE PETROLEUM CORP (EP) - Dilution Analysis
Visualizing historical and potential share dilution over time
Dilution Analysis
Risk Assessment Details
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
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 |