<SEC-DOCUMENT>0001072613-15-000276.txt : 20150511
<SEC-HEADER>0001072613-15-000276.hdr.sgml : 20150511
<ACCEPTANCE-DATETIME>20150511172923
ACCESSION NUMBER:		0001072613-15-000276
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150511
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150511
DATE AS OF CHANGE:		20150511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMPIRE PETROLEUM CORP
		CENTRAL INDEX KEY:			0000887396
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				731238709
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1213

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16653
		FILM NUMBER:		15852029

	BUSINESS ADDRESS:	
		STREET 1:		165 S. UNION BLVD.
		STREET 2:		UNION TOWER, SUITE 360
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
		BUSINESS PHONE:		720-627-5641

	MAIL ADDRESS:	
		STREET 1:		165 S. UNION BLVD.
		STREET 2:		UNION TOWER, SUITE 360
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICOMM RESOURCES CORP
		DATE OF NAME CHANGE:	19951115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICOMM CORP
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k_17804.htm
<DESCRIPTION>FORM 8K DATED MAY 11, 2015
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<div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">FORM 8-K</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="FONT-VARIANT: small-caps; DISPLAY: inline">Pursuant To Section 13 or 15 (</font><font style="FONT-FAMILY: Times New Roman; DISPLAY: inline">d</font><font style="FONT-VARIANT: small-caps; DISPLAY: inline">) of the Securities Exchange Act of 1934</font></font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Item 2.01 Completion of Acquisition or Disposition of Assets.</font></font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On May 11, 2015, Empire Petroleum Corporation (the &#8220;Company&#8221;) entered into an Option to Acquire Oil &amp; Gas Leases (the &#8220;Lease Option Agreement&#8221;) with Dennis Anderson and Stan Anderson (collectively, the &#8220;Anderson Brothers&#8221;).&#160;&#160;The Lease Option Agreement has an effective date of April 30, 2015.&#160;&#160;Pursuant to the Lease Option Agreement, the Company acquired the sole and exclusive option for a period of two years to enter into one or more oil and gas leases with respect to any mineral interests owned by the Anderson Brothers within an area of mutual interest located in the County of Adams in the State of North Dakota and the Counties of Harding and Perkins in the State of South Dakota (the &#8220;Area of Mutual Interest&#8221;).&#160;&#160;The Lease Option Agreement covers approximately 10,000 gross leasable acres.</font></font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">As the initial consideration under the Lease Option Agreement, the Company granted to the Anderson Brothers options to acquire an aggregate of 250,000 shares of the Company&#8217;s common stock, par value $0.001 per share (the &#8220;Common Stock&#8221;), at exercise price of $0.25 per share for a period of two years from the effective date of the Lease Option Agreement.&#160;&#160;In addition, under the Lease Option Agreement, the Anderson Brothers have the right to be issued additional options to acquire shares of Common Stock at an exercise price of $0.25 per share upon assisting the Company securing additional oil and gas leases or options to acquire oil and gas leases within the Area of Mutual Interest.</font></font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The foregoing summary of the<font style="FONT-SIZE: 10pt; DISPLAY: inline">&#160;</font>Lease Option Agreement is qualified in its entirety by reference to the full terms and conditions of such agreement, a copy of which is included as an exhibit to this Current Report on Form 8-K and is incorporated herein by reference.</font></font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Item 3.02 Unregistered Sales of Equity Securities.</font></font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">As discussed above, as the initial consideration under the Lease Option Agreement, the Company granted to the Anderson Brothers options to acquire an aggregate of 250,000 shares of the Company&#8217;s common stock, par value $0.001 per share, at an exercise price of $0.25 per share for a period of two years from the effective date of the Lease Option Agreement.&#160;&#160;The material terms and conditions applicable to such options are set forth in the form of the stock option agreement included as an exhibit to this Current Report on Form 8-K.</font></font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The offers and sales related to the securities described above were not registered under the Securities Act of 1933, as amended, in reliance upon the exemption from the registration requirements of that act provided by section 4(2) thereof.&#160;&#160;Each of the investors that acquired the securities described above is a sophisticated investor with the experience and expertise to evaluate the merits and risks of an investment in the Company&#8217;s securities and the financial means to bear the risks of such an investment. In addition, each investor was provided access to all of the material information regarding the Company that such investor would have received if the offer and sale of the securities had been registered.</font></font></div>
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<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>exh2-1_17804.htm
<DESCRIPTION>OPTION TO ACQUIRE OIL & GAS LEASES EFFECTIVE AS OF APRIL 30, 2015
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">This Option to Acquire Oil &amp; Gas Leases (this &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Agreement</font>&#8221;) is entered into effective as of April 30, 2015, by and between Empire Petroleum Corporation, a Delaware corporation (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Empire</font>&#8221;), and Dennis Anderson (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Dennis</font>&#8221;) and<font style="TEXT-DECORATION: underline; DISPLAY: inline">&#160;</font>Stan Anderson (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Stan</font>&#8221;).&#160;&#160;Dennis and Stan are sometimes collectively referred to herein as the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Anderson Brothers</font>&#8221; and individually as an &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Anderson Brother</font>.&#8221;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">Whereas</font>, the parties desire to create an area of mutual interest with respect the area located with the blue outline on <font style="FONT-WEIGHT: bold; DISPLAY: inline">Exhibit A </font>attached hereto (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">AMI</font>&#8221;);</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">Whereas</font>, Empire desires to secure from each Anderson Brother an option to obtain one or more oil and gas leases with respect to any mineral interests owned by such Anderson Brother within the AMI (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Option Lands</font>&#8221;), and Empire may determine to enter into such lease(s) after completion of a Geological &amp; Geophysical (G&amp;G) evaluation by Empire;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">Whereas</font>, upon completion of the G&amp;G evaluation by Empire, Empire may also desire for the Anderson Brothers to assist Empire in obtaining one or more oil and gas leases from third parties with respect to any mineral interests owned by such third parties within the AMI (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">White Acreage</font>&#8221;); and</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">1.&#160;&#160;Initial Consideration</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In consideration of the grant of options (each, an &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Initial Stock Option</font>&#8221; and, collectively, the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Initial Stock Options</font>&#8221;) to the Anderson Brothers to acquire an aggregate of 250,000 shares of Empire&#8217;s common stock, par value $0.001 per share (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Common Stock</font>&#8221;), at $0.25 per share for a period of two years from the date hereof, each Anderson Brother hereby grants and conveys to Empire, its successors and assigns, the sole and exclusive option (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Lease Option</font>&#8221;) to acquire one or more oil and gas leases pertaining to the Option Lands using the oil and gas lease agreement substantially in the form attached hereto as <font style="FONT-WEIGHT: bold; DISPLAY: inline">Exhibit&#160;B</font> (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Lease</font>&#8221;).&#160;&#160;The Initial Stock Options shall be granted using the stock option agreement substantially in the form attached hereto as <font style="FONT-WEIGHT: bold; DISPLAY: inline">Exhibit&#160;C</font> (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Stock Option Agreement</font>&#8221;) and shall be issued as directed by the Anderson Brothers in writing.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Lease Option is hereby granted for a period of two years, commencing with the effective date hereof and ending at midnight on April 30, 2017 (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Lease Option Term</font>&#8221;).</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">During the Lease Option Term and for so long as any Lease remains in effect, Empire shall have the right to conduct seismic operations over the Option Lands as well as any surface owned by the Anderson Brothers within the AMI.&#160;&#160;In connection with any such seismic operations, Empire agrees to use commercially reasonable efforts not to cut, damage or destroy any merchantable crops on the Option Lands and, in the event any merchantable crops of an Anderson Brother are so damaged, Empire shall promptly pay to such Anderson Brother the market value of such crops less (a) the salvage value (if any) of such crops and (b) an estimate of the costs that would have been incurred by such Anderson Brother in connection with harvesting such crops.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In the event Empire desires to exercise the Lease Option one or more times with respect to any or all of the Option Lands, Empire shall notify the Anderson Brothers during the Lease Option Term.&#160;&#160;Such notice shall contain (a)&#160;a statement that Empire is exercising the Lease Option, (b)&#160;a legal description of the Option Lands to be leased in connection with such exercise and (c)&#160;the appropriate Lease bonus payment calculated in accordance with Section 6 below along with (d) the applicable Lease to be executed by the appropriate parties.&#160;&#160;The effective date of the Lease(s) will be, at Empire&#8217;s option, any date (inclusive) between the effective date of this Agreement and the expiration date hereof.&#160;&#160;The Lease(s) executed hereunder shall cover Option Lands selected by Empire in its sole discretion; <font style="FONT-STYLE: italic; DISPLAY: inline">provided</font>, however, that with respect to each Anderson Brother leasing hereunder, the selected lands for a Lease in a given section must comprise all of the mineral acres owned by the such Anderson Brother in that particular section.&#160;&#160;Additionally, in connection with acquiring any Lease(s) hereunder, Empire shall, and shall cause its leasing agents to, use commercially reasonable efforts to assist the Anderson Brothers in indentifying and reclaiming any abandoned mineral rights to which the Anderson Brothers are entitled to reclaim pursuant to the South Dakota Dormant Mineral Act.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Notwithstanding the above, in the event that any Option Lands should become subject to a regulatory hearing before the State of South Dakota which involves the forced integration or pooling of any portion of the Option Lands, the Anderson Brothers shall, within five days of being notified of such action, give Empire written notice of such hearing. Within fifteen days of receiving notice from the Anderson Brothers, or five days prior to the regulatory hearing date (provided Empire has received written notice from the Anderson Brothers), whichever occurs first, Empire must make an election to either (a) exercise the Option Lands which are subject to the regulatory hearing for inclusion in a Lease and promptly obtain a Lease from the Anderson Brothers or (b) Empire shall release the Option Lands subject to the regulatory hearing from this Agreement, in which case Empire shall have no further Lease Option in the acreage so released.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In connection with any exercise of the Lease Option hereunder, the Lease bonus payment with respect to such exercise shall be $30.00 per each net mineral acre owned by the applicable Anderson Brothers in the Option Lands to be subject to the Lease in connection with the exercise, payable by check, accompanying the option notification.&#160;&#160;The primary term for the Lease(s) will be five years.&#160;&#160;The lessor&#8217;s royalty reserved in each Lease will be 15.00%.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Anderson Brothers agree to make available to Empire all technical and land information within the AMI in their possession unless the Anderson Brothers are prohibited from giving out such information by the existence of a license or confidentiality agreement.&#160;&#160;All data provided by the Anderson Brothers pursuant to this Agreement shall not be disclosed to the public in a general manner by Empire, except as may be required by law without the Anderson Brothers&#8217; written consent.&#160;&#160;Such data may, however, be disclosed without prior approval by the Anderson Brothers to entities involved in Empire&#8217;s normal course of business, which includes consultants whose professional advice is necessary to interpret such data or to prospective purchasers of mineral fee title, oil and gas leases, or production from leased premises and partners in the exploration project.&#160;&#160;The Anderson Brothers make no representation or warranty, express, implied, statutory or otherwise, with respect to the accuracy or completeness of any information, records or data, factual, interpretive or otherwise furnished or made available by the Anderson Brothers to Empire under the provision of, or in connection with this Agreement and any use of such information, records and data by Empire for any purpose whatsoever shall be at Empire&#8217;s sole risk.&#160;&#160;If at any time Empire determines not to continue leasing or developing the AMI, Empire shall deliver to the Anderson Brothers all G&amp;G work relating to the AMI in Empire&#8217;s possession, unless the Empire is prohibited from giving out such information by the existence of a license or confidentiality agreement.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Empire shall consult with the Anderson Brothers from time to time with respect to White Acreage areas that Empire desires to either (a) option to lease from third parties pursuant to an option agreement containing terms and conditions acceptable to Empire in its sole discretion (each, a &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">White Acreage Option Agreement</font>&#8221;) or (b) lease from third parties pursuant to an oil and gas lease substantially in the form attached hereto as <font style="FONT-WEIGHT: bold; DISPLAY: inline">Exhibit&#160;B</font> (each, a &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">White Acreage Lease</font>&#8221;).&#160;&#160;Upon the execution of a White Acreage Option Agreement during the Lease Option Term, Empire shall grant to the Anderson Brothers an option to acquire Common Stock at an exercise price of $0.25 per share for a period of two years from the date of execution of such White Acreage Option Agreement covering two shares of Common Stock for each net mineral acre delivered under such White Acreage Option Agreement and, upon the execution of a White Acreage Lease during the Lease Option Term, Empire shall grant to the Anderson Brothers an option to acquire Common Stock at an exercise price of $0.25 per share for a period of two years from the date of execution of such White Acreage Lease covering (a) one share of Common Stock for each net mineral acre delivered under such White Acreage Lease up to the first 50,000 net mineral acres and (b) thereafter, two shares of Common Stock for each net mineral acre delivered under such White Acreage Lease, without duplication as to any particular net acre covered by both a White Acreage Option Agreement and White Acreage Lease (each, a &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">White Acreage Stock Option</font>&#8221; and, collectively, the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">White Acreage Stock Options</font>&#8221;).&#160;&#160;For the avoidance of doubt, if White Acreage Stock Options are issued with respect to a net acre covered by a White Acreage Option Agreement, no further White Acreage Options shall be issued with the subsequent lease of such net acre by Empire.&#160;&#160;Any such White Acreage Stock Options shall be issued to one or more of the Anderson Brothers covering such number of shares of Common Stock as directed in writing by the Anderson Brothers.&#160;&#160;The White Acreage Stock Options shall be granted using the stock option agreement substantially in the form attached hereto as <font style="FONT-WEIGHT: bold; DISPLAY: inline">Exhibit&#160;C</font>.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">Empire Petroleum Corporation</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">165 S. Union Blvd.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Union Tower, Suite 360</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Lakewood, CO 80228</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Fax:&#160;&#160;(303) 647-4635</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">Anderson Brothers</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">See addresses on <font style="FONT-WEIGHT: bold; DISPLAY: inline">Exhibit D</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Notices shall be deemed effective upon the earlier of receipt when delivered, or, if mailed, upon return receipt, or, if sent via facsimile or e-mail, upon confirmed facsimile or e-mail transmission to the designated fax number or e-mail address of said addressee.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">10. Entire Agreement</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter herein and supersedes all prior negotiations and representations.&#160;&#160;This Agreement may not be modified except in writing signed by the parties.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">This Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective heirs, successors, and assigns; <font style="FONT-STYLE: italic; DISPLAY: inline">provided</font>, however that neither this Agreement nor the obligations hereunder may be transferred or assigned by Empire, on the one hand, or the Anderson Brothers, on the other hand, without the prior written consent of the other party, which consent shall not be unreasonably withheld, conditioned or delayed.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">12. Mandatory Arbitration of Disputes</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">All controversies and disputes of any kind arising out of or relating in any manner to this Agreement that cannot be settled by discussions among the disputing parties within 30 days after the initial written notification thereof, shall be finally settled by confidential arbitration proceedings. Without limiting the foregoing, this Section 12 specifically applies to the construction, performance or alleged breach of this Agreement, including the issue of whether any controversy or dispute is subject to arbitration.&#160;&#160;Such arbitration shall be conducted in Pennington County, South Dakota, before a single arbitrator under the Commercial Arbitration Rules of the American Arbitration Association, as such rules may be amended from time to time, and judgment upon the award rendered in the arbitration may be entered in any court having jurisdiction thereof.&#160;&#160;The arbitration award shall be in writing and shall specify the factual and legal bases for the award.&#160;&#160;Each party hereto understands and agrees that (a) arbitration is final and binding on the parties, (b) the parties are waiving their rights to seek remedies in court, including the right to jury trial, (c) pre-arbitration discovery is generally more limited than and different from court proceedings, (d) any party&#8217;s right to appeal or to seek modification of rulings in the arbitration is strictly limited, and (e) the subject matter of this Agreement involves interstate commerce and any dispute regarding the enforcement of this Section 12, including any motion to compel arbitration or any defense to the arbitrability of this Section 12, shall be interpreted pursuant to the provisions of the Federal Arbitration Act, 9 U.S.C. Section 1, et seq., notwithstanding the governing law provision of this Agreement. In the event any dispute or controversy is resolved by arbitration, the nonprevailing party in such arbitration shall reimburse the prevailing party for the prevailing party&#8217;s reasonable attorneys&#8217; fees, witness fees, court costs and all other costs in connection with such arbitration.&#160;&#160;A party shall be deemed to have been a prevailing party for purposes of this Section 12 only if such party improved such party&#8217;s position from the parties&#8217; written offers of settlement, if any, prior to the arbitration award.&#160;&#160;As an example of the foregoing, if, prior to the final award in the arbitration, a party had offered in writing to settle a dispute by paying an amount and if the counterparty failed to accept such offer and thereafter obtained an award for less than the offered amount, then the offering party (and not the counterparty) shall be deemed to have been a prevailing party for purposes of this Section 12. Notwithstanding the foregoing, (y) nothing contained in this Agreement shall limit or restrict in any way the right or power of a party at any time to commence and prosecute a proceeding for a preliminary or temporary injunction or other temporary order pending arbitration under this Agreement, and (z) any matter that is within the jurisdiction of a probate or bankruptcy court shall be excluded from the provisions of this Section 12.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Each party to this Agreement, and each individual signing on behalf of each party, hereby represents and warrants to the other that it has full power and authority to enter into this Agreement and that its execution, delivery, and performance of this Agreement has been fully authorized and approved, and that no further corporate approvals or consents are required to bind such party.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">All exhibits referred to herein are deemed to be incorporated in this Agreement in their entirety.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The rights herein granted to Empire are limited to those owned by the Anderson Brothers, which makes no representation or warranty as to its ownership rights in the Option Lands, and the Anderson Brothers shall have no liability to Empire in such regard.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Failure of either party to insist upon the strict performance of any of the terms and conditions hereof, or failure to exercise any rights or remedies provided herein or by law, or to notify the other party in the event of breach, will not release the other party of any of its obligations under this Agreement, nor will any proposed oral modification or rescission of this Agreement by either party operate as a waiver of any of the terms hereof. No waiver by either party of any breach, default, or violation of any term, warranty, representation, agreement, covenant, right, condition, or provision hereof will constitute waiver of any subsequent breach, default, or violation of the same or other term, warranty, representation, agreement, covenant, right, condition, or provision.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">This Agreement shall not be recorded in any public records.&#160;&#160;On request, each Anderson Brother will execute a Memorandum of OGL Agreement in a form suitable for recording.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The validity, construction, and performance of this Agreement will be governed by and construed in accordance with the laws of the States of South Dakota, without regard to its conflict of laws and rules.</font></div>

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<font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this 11<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">th</font> day of May, 2015, before me personally appeared J. C. Whorton, Jr., to me known to be the Chief Executive Officer of Empire Petroleum Corporation, the corporation that executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said company, for the uses and purposes therein mentioned, and on oath stated that they were authorized to execute said instrument.</font></div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 198pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Notary Public in and for the State of Colorado</font></div>

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<font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this 4<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">th</font> day of May, 2015, before me personally appeared Dennis Anderson who executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of him, for the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument.</font></div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 198pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Notary Public in and for the State of South Dakota</font></div>

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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this 1<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">st</font> day of May, 2015, before me personally appeared Stan Anderson who executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of him, for the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument.</font></div>

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