<SEC-DOCUMENT>0001072613-18-000136.txt : 20180213
<SEC-HEADER>0001072613-18-000136.hdr.sgml : 20180213
<ACCEPTANCE-DATETIME>20180213170746
ACCESSION NUMBER:		0001072613-18-000136
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180207
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180213
DATE AS OF CHANGE:		20180213

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:		18604678

	BUSINESS ADDRESS:	
		STREET 1:		2651 E. 21ST STREET
		STREET 2:		SUITE 310
		CITY:			TULSA
		STATE:			OK
		ZIP:			74114
		BUSINESS PHONE:		(539) 444-8002

	MAIL ADDRESS:	
		STREET 1:		2651 E. 21ST STREET
		STREET 2:		SUITE 310
		CITY:			TULSA
		STATE:			OK
		ZIP:			74114

	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
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<FILENAME>form8k_18170.htm
<DESCRIPTION>FORM 8K DATED FEBRUARY 7, 2018
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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">WASHINGTON, D.C.&#160; 20549</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM 8-K</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Current Report</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps">Pursuant To Section 13 or 15 (</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif">d</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps">) of the Securities Exchange Act of 1934</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">FEBRUARY 7, 2018</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">EMPIRE PETROLEUM CORPORATION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">(Exact name of registrant as specified in its charter)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">(State or other jurisdiction</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">of incorporation)</div>
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<div style="TEXT-ALIGN: center"><strong>2651 E. 21</strong><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">st</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"> Street, Suite 310, Tulsa Oklahoma</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">(539) 444-8002</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">see</font> General Instruction A.2. below):</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#9744;&#8301;&#160; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#9744;&#8301;&#160; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#9744;&#8301;&#160; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#9744;&#8301;&#160; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Emerging growth company&#160;&#160; &#9744;</font><font style="FONT-SIZE: 1px; WIDTH: 180pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <a id="Check1" name="Check1"></a></font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.<font style="FONT-SIZE: 1px; WIDTH: 12pt; DISPLAY: inline-block">&#160;</font>&#9744;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 1.02 <font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font>Termination of&#160;a Material Definitive Agreement</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><a id="_Hlk504384074" name="_Hlk504384074"></a>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><a id="_Hlk504384074" name="_Hlk504384074"><!--Anchor--></a>As previously reported in a Form 8-K filed on January 22, 2018, on January 16, 2018, Empire Petroleum Corporation (the "Corporation") entered into a purchase and sale agreement (the "Purchase Agreement"), with Wagon Wheel ArklaTex, LLC and Green Wheel, LLC (collectively, "Seller"), pursuant to which, among other things, the Corporation agreed to acquire certain oil and gas properties from Seller in North Louisiana.&#160; Pursuant to the Purchase Agreement, the closing date was to occur on February 5, 2018.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Corporation requested an extension of the time within which to conduct title due diligence and close the transaction, but such request was not agreed to by Seller.&#160; On February 7, 2018, a termination of purchase and sale agreement (the "Termaintion Agreement") was executed by Empire and Seller, pursuant to which, among other things, the Purchase Agreement was terminated effectives as of February 5, 2018.&#160; The foregoing description of the Termination Agreement is only a summary, does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the Termination Agreement, a copy of which is filed as Exhibit 2.1 to this Current Report on Form 8-K and incorporated herein by reference.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Corporation intends to continue to cooperate with Seller with respect to the potential purchase the oil and gas properties described in the terminated Purchase Agreement as well as evaluate other acquisition opportunities.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Item 9.01 <font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font>Financial Statements and Exhibits</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"><a href="exh2-1_18170.htm">2.1</a></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><a href="exh2-1_18170.htm">Termination Agreement dated as of February 6, 2018 (executed as of February 7, 2018 and effective as of February 5, 2018), by and among Wagon Wheel ArklaTex, LLC, Green Wheel, LLC and Empire Petroleum Corporation</a></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160; February 13, 2018</div>
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<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>exh2-1_18170.htm
<DESCRIPTION>TERMINATION OF PURCHASE AND SALE AGREEMENT
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<div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; FONT-STYLE: normal"><u>EXHIBIT 2.1</u></font><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>TERMINATION OF PURCHASE AND SALE AGREEMENT</u></font><a name="_DV_M1"><!--Anchor--></a></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">This Termination of Purchase and Sale Agreement (this "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Termination Agreement</font>") is made as of February 6, 2018 but is effective for all purposes as of 10:01 A.M. February 5, 2018 (the "Effective Time"), by and among <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WAGON WHEEL ARKLATEX, LCC ("Wagon Wheel")</font>, a Delaware limited liability company,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>and<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"> GREEN WHEEL, LLC ("Green Wheel")</font>,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>a Delaware limited liability company<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font><a name="QuickMark_1"><!--Anchor--></a>(Wagon Wheel and Green Wheel are hereafter individually and collectively referred to as <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">"Seller"</font>), and<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"> EMPIRE PETROLEUM CORPORATION ("Empire")</font>, a Delaware corporation, and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">EMPIRE LOUISIANA LLC</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">("Empire LA")</font>, a Delaware limited liability company (Empire and Empire LA are hereafter individually and collectively referred to as "Buyer").&#160; Seller and Buyer are sometimes herein referred to as the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Parties</font>," and each individually as a "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Party</font>."&#160; All capitalized terms used but not otherwise defined in this Termination Agreement shall have the meaning assigned to such terms in the PSA (as defined below).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">RECITALS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WHEREAS</font>, the Parties entered into that certain Purchase and Sale Agreement, dated January 16, 2018, but effective as of January 1, 2018 (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">PSA</font>") and Empire assigned its rights under the PSA to Empire LA by that certain Assignment and Assumption of Purchase and Sale Agreement dated January 26, 2018;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WHEREAS</font>, under Section 9.01 of the PSA, the Closing was to be consummated and completed at 10:00 A.M. (local Tulsa, Oklahoma time) on or before February 5, 2018 (the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">"Closing Date"</font>);</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WHEREAS</font>, Empire and Empire LA requested an extension of the time within which to conduct title due diligence and the Closing Date, but such request was not agreed to by Seller;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WHEREAS</font>, the Parties have failed to close the contemplated transaction under the PSA by the Closing Date;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WHEREAS</font>, under Section 10.01(a), the Parties may terminate the PSA and abandon the transaction contemplated thereby by mutual written consent of Seller and Buyer;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WHEREAS</font>, the Parties desire to terminate the PSA, reserving certain rights as stipulated herein which rights shall survive this Termination Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">AGREEMENT</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><a name="_DV_M4"><!--Anchor--></a><a name="_DV_M5"><!--Anchor--></a><a name="_DV_M6"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">NOW, THEREFORE</font>, in consideration of the foregoing and the mutual covenants and agreements in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:</div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><u>Termination of PSA</u></font>. Each of the Parties (a) agrees to terminate the PSA and abandon the transaction contemplated thereby, except as set forth herein and in Section 10.02 of the PSA as to survivability in the event of a termination of said PSA, and (b) represents and warrants to the other Parties that as of the date of this Termination Agreement, such Party is not aware of any claim or factual basis for a claim it may have against such other Parties under the surviving provisions of the PSA, the Confidentiality Agreement or this Termination Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><u>Confidentiality</u></font>.&#160; The Parties agree (a) to continue to be bound by the terms of the Confidentiality Agreement dated November 16, 2017 and executed by the Parties (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Confidentiality Agreement"</font>), (b) nothing in this Termination Agreement shall affect or modify the Confidentiality Agreement and (c) Section 14.15 of the PSA shall survive the termination of the PSA for one (1) year.&#160; Additionally, Buyer expressly agrees not to share any information pertaining to the Assets or the Seller that it has discovered or received from Seller during its due diligence period or the period leading up to this Termination Agreement and will not share any of said information with any third party.&#160; Seller reserves its rights to seek all damages allowed under the law from Buyer should Seller learn that Buyer has breached the Confidentiality Agreement or the terms of this Paragraph.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><u>Return or Destruction of All Data Provided by Seller to Buyer</u></font>.&#160; Buyer agrees to destroy or return to Seller any data provided to it by Seller no later than February 28, 2018 and to not make any copies of said data or share any of said data with any third party.&#160; Buyer will also provide to Seller no later than February 28, 2018 a copy of any due diligence title reports it had prepared covering Seller's Assets. In return for said reports, Seller agrees to continue to share data with Buyer up and until February 28, 2018.&#160; Seller reserves its rights to collect all damages allowed under the law from Buyer should Seller learn that Buyer has breached the terms of this Paragraph and collect any damages it suffers as a result of Buyer's breach hereunder from Buyer.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><u>Entire Agreement; Waiver</u></font>.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font> This Termination Agreement shall be deemed to form an integral part of the PSA and shall be governed by the laws of the State of Louisiana.&#160; In the event of any inconsistency or conflict between the provisions of the PSA and this Termination Agreement, the provisions of this Termination Agreement shall prevail and govern.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><u>Joint and Several Liability of Empire and Empire LA</u></font>.&#160; Empire and Empire LA are each jointly and severally liable under the PSA, the Confidentiality Agreement and this Termination Agreement.&#160; Seller may enforce the terms of said agreements and collect damages from either Empire or Empire LA or both for a breach of any said agreements.</font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">6.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><u>Counterparts</u></font>. This Termination Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">[<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Signature Pages Follow.</font>]</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><a name="_DV_M16"><!--Anchor--></a><a name="_DV_M17"><!--Anchor--></a><a name="_DV_M18"><!--Anchor--></a><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">IN WITNESS WHEREOF</font>, each Party has caused this Termination Agreement to be executed on its behalf, all as of the day and year first above written.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 189pt">"SELLER"</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 189pt">WAGON WHEEL ARKLATEX, LLC</div>

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<div style="text-align: justify; margin-left: 189pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>/s/ James Redfearn&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 189pt">James Redfearn</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 189pt">President and Chief Executive Officer </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 189pt">GREEN WHEEL, LLC</div>

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<div style="text-align: justify; margin-left: 189pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>/s/ James Redfearn&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 189pt">James Redfearn</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 189pt">President and Chief Executive Officer</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 189pt">"BUYER"</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 189pt">EMPIRE PETROLEUM CORPORATION</div>

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<div style="text-align: justify; margin-left: 189pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>/s/ Thomas W. Pritchard&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 189pt">Thomas W. Pritchard</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 189pt">Chief Executive Officer</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 189pt">EMPIRE LOUISIANA LLC</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 189pt">By:&#160; Empire Petroleum Corporation</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 189pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Its sole member</div>

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<div style="text-align: justify; margin-left: 189pt; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>/s/ Thomas W. Pritchard&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 189pt">Thomas W. Pritchard</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 189pt">Chief Executive Officer</div>

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<div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; text-align: center;">Signature Page of Termination of Purchase and Sale Agreement</div>
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