<SEC-DOCUMENT>0001072613-20-000266.txt : 20200811
<SEC-HEADER>0001072613-20-000266.hdr.sgml : 20200811
<ACCEPTANCE-DATETIME>20200811080657
ACCESSION NUMBER:		0001072613-20-000266
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20200806
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200811
DATE AS OF CHANGE:		20200811

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:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16653
		FILM NUMBER:		201091105

	BUSINESS ADDRESS:	
		STREET 1:		1203 EAST 33RD STREET
		STREET 2:		SUITE 250
		CITY:			TULSA
		STATE:			OK
		ZIP:			74105
		BUSINESS PHONE:		(539) 444-8002

	MAIL ADDRESS:	
		STREET 1:		1203 EAST 33RD STREET
		STREET 2:		SUITE 250
		CITY:			TULSA
		STATE:			OK
		ZIP:			74105

	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>emp_8k-18422.htm
<DESCRIPTION>FORM 8K DATED AUGUST 6, 2020
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-weight: bold; font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">UNITED
STATES</FONT></P>

<P STYLE="font-weight: bold; font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font-weight: bold; font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font-weight: bold; font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">_________________</P>

<P STYLE="padding-top: 0pt; font-size: 14pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 0pt">&nbsp;</P>

<P STYLE="padding-top: 0pt; font-size: 14pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 16pt">FORM
8-K</FONT></P>

<P STYLE="padding-top: 0pt; font-size: 14pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 11pt"></FONT><FONT STYLE="font-size: 16pt"></FONT></P>

<P STYLE="padding-top: 0pt; font-size: 14pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 0pt"><FONT STYLE="font-size: 16pt"></FONT></P>

<P STYLE="padding-bottom: 0pt; padding-top: 0pt; margin-top: 0pt; margin-bottom: 12pt; text-align: center">_________________</P>

<P STYLE="font-weight: bold; font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 6pt"></P>

<P STYLE="font: 12pt/85% CG Times (W1); margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 11pt; font-variant: small-caps; letter-spacing: -0.1pt"><B>Current
Report </B></FONT></P>

<P STYLE="font: 12pt/85% CG Times (W1); margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 11pt; font-variant: small-caps; letter-spacing: -0.1pt"><B>Pursuant
To Section 13 or 15 (</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; letter-spacing: -0.1pt">d</FONT></B><B><FONT STYLE="font-size: 11pt; font-variant: small-caps; letter-spacing: -0.1pt">)
of the Securities Exchange Act of 1934</FONT></B></P>

<P STYLE="font: 9pt/85% CG Times (W1); margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 11pt; font-variant: small-caps; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/85% CG Times (W1); margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 11pt; font-variant: small-caps; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 11pt; font-variant: small-caps; letter-spacing: -0.1pt"><B>Date
of Report (date of earliest event reported):</B></FONT></P>

<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps; letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>AUGUST 6, 2020</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="text-align: center">_______________________________</P>

<P STYLE="font-size: 12pt; text-align: center; margin-top: 6pt; margin-bottom: 0; font-weight: bold"><FONT STYLE="font-size: 20pt; letter-spacing: -0.1pt">EMPIRE
PETROLEUM CORPORATION</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 6pt">(Exact name of registrant as specified in its charter)</P>

<P STYLE="text-align: center">_______________________________</P>

<P>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
     <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Delaware</FONT></TD>
     <TD STYLE="width: 34%; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">001-16653</FONT></TD>
     <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">73-1238709</FONT></TD>
</TR>
<TR STYLE="vertical-align: top">
     <TD STYLE="font-size: 10pt; text-align: center">(State or Other Jurisdiction</TD>
     <TD STYLE="font-size: 10pt; text-align: center">(Commission</TD>
     <TD STYLE="font-size: 10pt; text-align: center">(I.R.S. Employer</TD>
</TR>
<TR STYLE="vertical-align: top">
     <TD STYLE="font-size: 10pt; text-align: center">of Incorporation)</TD>
     <TD STYLE="font-size: 10pt; text-align: center">File Number)</TD>
     <TD STYLE="font-size: 10pt; text-align: center">Identification No.)</TD>
</TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 12pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 12pt; margin-bottom: 0pt"><B>1203 E. 33rd Street, Suite 250, Tulsa
Oklahoma <FONT STYLE="letter-spacing: -0.1pt">&#9; 74105</FONT></B></P>

<P STYLE="margin: 0pt 0pt 6pt; font-size: 10pt; text-align: center">(Address of Principal
Executive Offices) (Zip Code)</P>

<P STYLE="margin: 0pt 0pt 6pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 0pt"><FONT STYLE="letter-spacing: -0.1pt"><B>(539)
444-8002</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 6pt">(Registrant&rsquo;s
telephone number, including area code)</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 0pt"><B></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 6pt">(Former name or former address,
if changed since last report)</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">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:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top">
     <TD STYLE="width: 3%; font-size: 10pt; text-align: left">&#9744;</TD>
     <TD STYLE="width: 97%; font-size: 10pt; text-align: left"> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top">
     <TD STYLE="width: 3%; font-size: 10pt; text-align: left">&#9744;</TD>
     <TD STYLE="width: 97%; font-size: 10pt; text-align: left"> Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top">
     <TD STYLE="width: 3%; font-size: 10pt; text-align: left">&#9744;</TD>
     <TD STYLE="width: 97%; font-size: 10pt; text-align: left"> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top">
     <TD STYLE="width: 3%; font-size: 10pt; text-align: left">&#9744;</TD>
     <TD STYLE="width: 97%; font-size: 10pt; text-align: left"> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>
</TABLE>


<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">Securities registered pursuant to Section 12(b) of the Act:</P>

<TABLE BORDER="1" CELLSPACING="0" CELLPADDING="2" STYLE="border: Black 1pt solid; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 6pt; width: 33%; border-bottom: Black 1pt solid">Title of each class</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 6pt; width: 34%; border-bottom: Black 1pt solid">Trading Symbol(s)</TD>
    <TD STYLE="vertical-align: middle; font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 6pt; width: 33%; border-bottom: Black 1pt solid">Name of each exchange on which registered</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><P STYLE="margin: 0; font: 11pt CG Times (W1),serif"><FONT STYLE="letter-spacing: -0.1pt">None</FONT></P>


</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><P STYLE="font: 11pt CG Times (W1),serif; margin: 0 0 0pt"><FONT STYLE="letter-spacing: -0.1pt">EMPR</FONT></P>


</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><P STYLE="margin: 0; font: 11pt CG Times (W1),serif"><FONT STYLE="letter-spacing: -0.1pt">None</FONT></P>


</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act
of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">Emerging growth company &#9744;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">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 or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</P>


<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-weight: bold; font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 6pt"></P>

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<P STYLE="font-weight: bold; font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 6pt"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 60pt; text-align: left"><B>Item 1.01</B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 6, 2020, Empire Petroleum Corporation,
a Delaware corporation (the &ldquo;Corporation&rdquo;), and Empire Texas LLC, a Delaware limited liability company and wholly owned
subsidiary of the Corporation (&ldquo;Empire Texas&rdquo;), entered into several agreements with Petroleum Independent &amp; Exploration
LLC, a Nevada limited liability company (&ldquo;PIE&rdquo;), and certain entities related to PIE as further described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Corporation and Empire Texas entered into
a joint development agreement dated as of August 6, 2020 (the &ldquo;JDA&rdquo;), with PIE, PIE Operating LLC, a Nevada limited
liability company (&ldquo;PIE Operating&rdquo;), PIE Holdings, LP, a Nevada limited partnership (&ldquo;PIE Holdings&rdquo;), and
Mineral Resources Texas, LLC, a Delaware limited liability company (&ldquo;MRT&rdquo;), in the ordinary course of business, which
JDA is described under Item 8.01 below. The description of the JDA is incorporated by reference into this Item 1.01 and should
be read first before reading the rest of this Item 1.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Securities Purchase Documents</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Corporation entered into a securities purchase
agreement dated as of August 6, 2020 (the &ldquo;Securities Agreement&rdquo;), with PIE, pursuant to which PIE purchased (a) 3,500,000
shares of the Corporation&rsquo;s common stock, (b) a warrant to purchase up to 2,625,000 shares of the Corporation&rsquo;s common
stock at an exercise price of $0.20 per share (the &ldquo;PIE-1 Warrant&rdquo;), (c) a warrant to purchase up to 1,800,000 shares
of the Corporation&rsquo;s common stock at an exercise price of $0.25 per share (the &ldquo;PIE-2 Warrant&rdquo;), (d) a warrant
to purchase up to 8,136,518 shares of the Corporation&rsquo;s common stock at an exercise price of $0.10 per share (the &ldquo;PIE-3
Warrant&rdquo;), and (e) a warrant to purchase up to 11,066,667 shares of the Corporation&rsquo;s common stock at an exercise price
of $0.141 per share (the &ldquo;PIE-4 Warrant&rdquo; and, collectively with the Securities Agreement, the PIE-1 Warrant, the PIE-2
Warrant, and the PIE-3 Warrant, the &ldquo;Securities Purchase Documents&rdquo;), for an aggregate purchase price of $525,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Securities Purchase Agreement, the
Corporation agreed to (a) take commercially reasonable efforts to cause the appointment of one individual designated by PIE to
serve on the Board of Directors of the Corporation after the exercise of the PIE-1 Warrant in full, (b) take commercially reasonable
efforts to cause the appointment of a second individual designated by PIE to serve on the Board of Directors of the Corporation
after the exercise of the PIE-3 Warrant in full, and (c) commence and reasonably pursue registration of the shares of common stock
purchased by PIE and the warrant shares within 90 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the PIE-1 Warrant, PIE has an obligation
to fully exercise such warrant within 45 business days after (a) the 3-month trailing average monthly aggregate production from
the oil and gas properties of Empire Texas have increased by 20% from the 3-month trailing average monthly production of the same
properties as of July 2020, (b) the aggregate expenditures on well workovers by PIE Operating under the JDA have exceeded $1,000,000,
and (c) the Corporation shall have effected a reverse stock split mutually agreeable to the Corporation and PIE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the PIE-2 Warrant, PIE does not
have the right to exercise such warrant until such time as all warrants to purchase shares of common stock outstanding as of August
6, 2020 (other than those held by PIE) have been fully exercised or lapsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the PIE-4 Warrant, (a) the number
of warrant shares that initially may be acquired under such warrant is 7,533,333, but in the event that any stockholder (other
than current officers and directors) exercises any warrants to acquire shares of common stock on or before December 31, 2020 (the
&ldquo;Adjustment Shares&rdquo;), such warrant shares shall be adjusted by a number of warrant shares equal to (i) the number of
Adjustment Shares so exercised multiplied by (ii) 0.6667, and (b) the exercise price initially is $0.141, but at any time after
the number of warrant shares are adjusted, such exercise price shall be equal to a quotient, the numerator of which is (i) the
difference between (A) $1,062,200 less (B) the total amount paid by warrant holder as of the date of such calculation and the denominator
of which is (ii) the number of warrant shares that may still be acquired as of the date of such calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Securities Purchase Documents also contain
certain covenants, representations and warranties, and other customary terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The foregoing descriptions of the Securities
Purchase Documents are qualified in their entirety by reference to the full terms and conditions of the Securities Purchase Documents,
copies of which are filed as Exhibit 10.1, Exhibit 10.2, Exhibit 10.3, Exhibit 10.4, and Exhibit 10.5 to this Current Report on
Form 8-K and are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Loan Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Empire Texas entered into a term loan agreement
with PIE dated as of August 6, 2020 (the &ldquo;Loan Agreement&rdquo;). Pursuant to the Loan Agreement, (a) the commitment amount
is $1,000,000 until the first anniversary and, thereafter, is $2,000,000, (b) the loan proceeds are required to be used for certain
recompletion and workover projects on wellbores under the JDA, (c) the Assigned Interest is used as collateral for the obligations
of Empire Texas, (d) the net cash proceeds received by PIE in connection with Assigned Interest shall be applied to repay outstanding
principal and interest, (e) the final maturity date is August 6, 2024, (f) outstanding borrowings bear interest at a rate equal
to 6% per annum, and (g) Empire Texas has the right to prepay loans at any time without a prepayment penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Loan Agreement also contains certain affirmative
and negative covenants, representations and warranties, and other customary terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The foregoing summary of the Loan Agreement
is qualified in its entirety by reference to the full terms and conditions of the Loan Agreement, a copy of which is filed as Exhibit
10.6 to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 60pt; text-align: left"><B>Item 2.03</B></TD><TD STYLE="text-align: justify"><B>Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See the description of the Loan Agreement under
&ldquo;Loan Agreement&rdquo; in Item 1.01 above, which information is incorporated by reference into this Item 2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 60pt; text-align: left"><B>Item 3.02</B></TD><TD STYLE="text-align: justify"><B>Unregistered Sales of Equity Securities</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See the description of unregistered sales of
securities under &ldquo;Securities Purchase Documents&rdquo; in Item 1.01 above, which information is incorporated by reference
into this Item 3.02. The material terms and conditions applicable to the purchase and sale of the common stock and the warrants
are set forth in the securities purchase agreement and related common share warrant certificate included as exhibits to this Current
Report on Form 8-K. 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(a)(2)
thereof and Regulation D promulgated by the Securities and Exchange Commission thereunder. PIE is a sophisticated accredited investor
with the experience and expertise to evaluate the merits and risks of an investment in the Corporation&rsquo;s securities and the
financial means to bear the risks of such an investment. In addition, PIE was provided access to all of the material information
regarding the Corporation and Empire Texas that PIE would have received if the offer and sale of the securities had been registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 60pt; text-align: left"><B>Item 8.01</B></TD><TD STYLE="text-align: justify"><B>Other Events</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the JDA, the parties agreed, among
other things, that (a) PIE Operating will act as contractor operator for Empire Texas, (b) the Corporation, Empire Texas, and PIE
will enter into the Securities Purchase Documents and Loan Agreement described in Item 1.01 above, (c) PIE Operating will perform
certain recompletion and workover projects on certain wellbores using proceeds from the Loan Agreement, (d) prior to conducting
any such project on any such workover wellbore, Empire Texas will assign (i) a 70% gross working interest and 70% gross revenue
interest in such workover wellbore and the related production unit to PIE (the &ldquo;Assigned Interest&rdquo;) and (ii) a 15%
gross working interest and 15% gross revenue interest in such workover wellbore and the related production unit to PIE Holdings,
(e) the parties will execute a joint operating agreement, (f) PIE will use the proceeds from the Assigned Interest to pay the obligations
of Empire Texas under the Loan Agreement, and (g) after the payment of all obligations of Empire Texas under the Loan Agreement,
PIE and PIE Holdings will assign (i) a 35% gross working interest and 35% gross revenue interest in the workover wellbores and
the related production units to Empire and (ii) a 50% gross working interest and 50% gross revenue interest in the workover wellbores
and the related production units to MRT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 60pt; text-align: left"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                                                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(d)&nbsp;</TD><TD STYLE="text-align: justify"><U>Exhibits.</U></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">The following exhibits are filed herewith.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><A HREF="exh10-1_18422.htm">10.1</A></TD><TD STYLE="text-align: justify"><A HREF="exh10-1_18422.htm">Securities Purchase Agreement dated as of August 6, 2020,
by and between Empire Petroleum Corporation and Petroleum Independent &amp; Exploration LLC</A></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><A HREF="exh10-2_18422.htm">10.2</A></TD><TD STYLE="text-align: justify"><A HREF="exh10-2_18422.htm">Common Share Warrant Certificate No. PIE-1 dated August
6, 2020</A></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><A HREF="exh10-3_18422.htm">10.3</A></TD><TD STYLE="text-align: justify"><A HREF="exh10-3_18422.htm">Common Share Warrant Certificate No. PIE-2 dated August
6, 2020</A></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><A HREF="exh10-4_18422.htm">10.4</A></TD><TD STYLE="text-align: justify"><A HREF="exh10-4_18422.htm">Common Share Warrant Certificate No. PIE-3 dated August
6, 2020</A></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><A HREF="exh10-5_18422.htm">10.5</A></TD><TD STYLE="text-align: justify"><A HREF="exh10-5_18422.htm">Common Share Warrant Certificate No. PIE-4 dated August
6, 2020</A></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><A HREF="exh10-6_18422.htm">10.6</A></TD><TD STYLE="text-align: justify"><A HREF="exh10-6_18422.htm">Loan Agreement dated as of August 6, 2020, by and between
Empire Texas LLC and Petroleum Independent &amp; Exploration LLC</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp;</P>



<P STYLE="font: 10pt CG Times (W1); margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font-size: 10pt; font-weight: bold; text-align: left; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 6pt; margin-bottom: 6pt"><A NAME="Signatures"></A>SIGNATURES</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 20pt; margin-top: 6pt; margin-bottom: 6pt">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.</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif"><B>EMPIRE PETROLEUM CORPORATION</B></P>
                    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
                    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
                    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD STYLE="vertical-align: top; width: 43%">Date: August 11, 2020</TD>
    <TD STYLE="width: -1mm !important">By:</TD>
    <TD STYLE="vertical-align: top; width: 39%">/s/ Michael R. Morrisett</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
</TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid"><P STYLE="margin-top: 0; margin-bottom: 0">Michael R. Morrisett</P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">President</P></TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 6pt">-5-</P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh10-1_18422.htm
<DESCRIPTION>SECURITIES PURCHASE AGREEMENT DATED AS OF AUGUST 6, 2020, BY AND BETWEEN EMPIRE PETROLEUM CORPORATION AND PETROLEUM INDEPENDENT & EXPLORATION LLC
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="text-transform: uppercase; letter-spacing: -0.15pt"><B><U>Exhibit
10.1</U></B></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>SECURITIES
PURCHASE AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt/12pt Sans-Serif; margin: 0; text-align: center; color: Red"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">1203
E. 33<SUP>rd</SUP> Street</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">Suite
250</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">Tulsa,
Oklahoma 74105</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">(539)
444-8002 </FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">August
6, 2020</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="letter-spacing: -0.15pt">To:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Petroleum Independent
&amp; Exploration LLC</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="letter-spacing: -0.15pt">25025
I-45 North, Suite 420</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Woodlands, TX 77380</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">The
undersigned, Empire Petroleum Corporation, a Delaware corporation (the &#8220;Company&#8221;), hereby agrees with you as follows,
effective as of the date first above written:</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="letter-spacing: -0.15pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>Authorization
and Sale of the Securities.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">1.1<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorization</I>.
The Company represents that it has authorized the issuance to you (or in the case of the Warrants, your affiliates, nominees or
assignees who are &ldquo;Accredited Investors&rdquo; as defined in Section 230.501(a) of the Act) pursuant to the terms and conditions
hereof of:</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,500,000
shares (the &#8220;Sale Shares&#8221;) of its common stock (par value $0.001 per share) at $0.15 per share (the &#8220;Common Stock&#8221;);</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
warrant (the &#8220;PIE-1 Warrant&#8221;) to purchase up to 2,625,000 shares of the Company&#8217;s Common Stock (&#8220;PIE-1
Warrant Shares&#8221;) in accordance with the terms set forth in the form of the Common Share Warrant Certificate attached hereto
as <U>Exhibit A</U>;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
warrant (the &#8220;PIE-2 Warrant&#8221;) to purchase up to 1,800,000 shares of the Company&#8217;s Common Stock (&#8220;PIE-2
Warrant Shares&#8221;) in accordance with the terms set forth in the form of the Common Share Warrant Certificate attached hereto
as <U>Exhibit B</U>;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
warrant (the &#8220;PIE-3 Warrant&#8221;) to purchase up to 8,136,518 shares of the Company&#8217;s Common Stock (&#8220;PIE-3
Warrant Shares&#8221;) in accordance with the terms set forth in the form of the Common Share Warrant Certificate attached hereto
as <U>Exhibit C</U>; and</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
warrant (the &#8220;PIE-4 Warrant&#8221;) to purchase up to 11,066,667 shares of the Company&#8217;s Common Stock (&#8220;PIE-4
Warrant Shares&#8221;) in accordance with the terms set forth in the form of the Common Share Warrant Certificate attached hereto
as <U>Exhibit D</U>.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">The
PIE-1 Warrant, PIE-2 Warrant, PIE-3 Warrant, and PIE-4 Warrant are sometimes collectively referred to herein as the &#8220;Warrants.&#8221;
The PIE-1 Warrant Shares, PIE-2 Warrant Shares, PIE-3 Warrant Shares, and PIE-4 Warrant Shares are sometimes collectively referred
to herein as the &#8220;Warrant Shares.&#8221; The Sales Shares and the Warrants are referred to herein, collectively, as the &#8220;Securities&#8221;.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">1.2<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale</I>.
Subject to the terms and conditions hereof, on the Purchase Date (as defined Section 2 below), the Company shall issue and sell
to you and you shall purchase from the Company, the Securities for an aggregate purchase price of $525,000 (the &#8220;Purchase
Price&#8221;).</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="letter-spacing: -0.15pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>Payment of Purchase
Price; Delivery.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">Upon
the execution of this Agreement, you shall deliver to the Company wire funds payable to the Company in the amount of the Purchase
Price in accordance with the following wire instructions: Arvest Bank, 502 South Main, Tulsa, Oklahoma 74103, (918) 631-1000, Routing
Number: 082900872, FBO: Empire Petroleum Corporation, Account Number: 33585974, 1203 E. 33<SUP>rd</SUP> Street, Suite 250, Tulsa,
Oklahoma 74105. Upon receipt of the Purchase Price from you (the &#8220;Purchase Date&#8221;), the Company shall promptly issue
and deliver to you the Securities. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="letter-spacing: -0.15pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>Representations
and Warranties of the Company.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">The
Company hereby represents and warrants to you as follows on the date of this Agreement:</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">3.1<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization
and Standing; Articles and Bylaws</I>. The Company is a corporation duly organized and existing under, and by virtue of, the laws
of the State of Delaware and is in good standing under such laws. The Company is qualified, licensed or domesticated as a foreign
corporation in all jurisdictions where the nature of its business conducted or the character of its properties owned or leased
makes such qualification, licensing or domestication necessary at this time except in those jurisdictions where the failure to
be so qualified or licensed and in good standing does not and will not have a materially adverse effect on the Company, the conduct
of its business or the ownership or operation of its properties. The Company&#8217;s Certificate of Incorporation, as amended,
and Bylaws that have been filed as attachments to the Company reports it files with Securities and Exchange Commission (the &#8220;SEC&#8221;),
are true, correct and complete, and contain all amendments through the date of this Agreement.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">3.2<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
Power</I>. The Company has the requisite corporate power to own and operate its properties and assets, and to carry on its business
as presently conducted and as proposed to be conducted. The Company has now, and will have at the Purchase Date, all requisite
legal and corporate power to enter into this Agreement, to sell the Securities hereunder, and to carry out and perform its obligations
under the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">3.3<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalization</I>.
The authorized capital stock of the Company consists of 150,000,000 shares of Common Stock. There are issued and outstanding approximately
21,392,277 shares of Common Stock. The issued and outstanding shares of Common Stock are fully paid and nonassessable. Except as
set our n Schedule 1 hereto (the Disclosure Schedule), there are no outstanding options, warrants or other rights, including preemptive
rights, entitling the holder thereof to purchase or acquire shares of Common Stock.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">3.4<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorization</I>.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
corporate action on the part of the Company, its officers, directors and shareholders necessary for the sale and issuance of the
Securities pursuant hereto and the performance of the Company&#8217;s obligations hereunder has been taken or will be taken prior
to the Purchase Date. This Agreement is a legal, valid and binding obligation of the Company, enforceable against the Company in
accordance with its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application
affecting enforcement of creditors&#8217; rights, and except as limited by application of legal principles affecting the availability
of equitable remedies.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities, when issued in compliance with the provisions of this Agreement, will be validly issued, fully paid and nonassessable,
and will be free of any liens or encumbrances; provided, however, that the Sale Shares and the Warrant Shares will be subject to
restrictions on transfer under state and/or Federal securities laws, and as may be required by future changes in such laws.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
shareholder of the Company has any right of first refusal or any preemptive rights in connection with the issuance of the Securities
or of any other capital stock of the Company or the Warrant Shares.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">3.5<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
with Instruments</I>. The Company is not in violation of any terms of its Certificate of Incorporation, as amended, or Bylaws,
or, to the knowledge of the Company, any judgment, decree or order applicable to it. The execution, delivery and performance by
the Company of this Agreement, and the issuance and sale of the Securities pursuant hereto and of the Warrant Shares pursuant to
the Warrants, will not result in any such violation or be in conflict with or constitute a default under any such term, or cause
the acceleration of maturity of any loan or material obligation to which the Company is a party or by which it is bound or with
respect to which it is an obligor or guarantor, or result in the creation or imposition of any material lien, claim, charge, restriction,
equity or encumbrance of any kind whatsoever upon, or, to the knowledge of the Company, give to any other person any interest or
right (including any right of termination or cancellation) in or with respect to any of the material properties, assets, business
or agreements of the Company.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">3.6<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation,
etc</I>. There are no actions, proceedings or, to the knowledge of the Company, investigations pending which might result in any
material adverse change in the business, prospects, conditions, affairs or operations of the Company or in any of its properties
or assets, or in any impairment of the right or ability of the Company to carry on its business as proposed to be conducted, or
in any material liability on the part of the Company, or which question the validity of this Agreement or any action taken or to
be taken in connection herewith.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">3.7<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governmental
Consent, etc</I>. Except as may be required in connection with any filings required under the Federal securities laws and/or the
securities laws of any state due to the offer and sale of the Securities pursuant to this Agreement, no consent, approval or authorization
of, or designation, declaration or filing with, any governmental unit is required on the part of the Company in connection with
the valid execution and delivery of this Agreement, or the offer, sale</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">or issuance of the Securities or the Warrant
Shares or the consummation of any other transaction contemplated hereby.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">3.8<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
Registration and Filings</I>. The outstanding shares of the Company&#8217;s Securities are registered pursuant to Section 12(g)
of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). The Company has filed all reports required
by Section 13 or 15(d) of the Exchange Act during the last two fiscal years. All of such reports were, at the time they were filed,
complete and accurate in all material respects and did not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not
misleading.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="letter-spacing: -0.15pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>Representations
and Warranties of Purchaser and Restrictions on Transfer Imposed by the Securities Act.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">4.1<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations
and Warranties by Purchaser</I>. You represent and warrant to the Company as follows:</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
have reviewed the following copies of the Company&#8217;s (all of which is collectively referred to as the &#8220;Disclosure Materials&#8221;):</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>Current Report on Form 8-K/A filed on June 23, 2020 located at</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; color: blue"><U>https://www.sec.gov/Archives/edgar/data/887396/000107261320000208/emp_8ka-18407.htm</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>Current Report on Form 8-K filed on June 23, 2020 located at</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/887396/000107261320000207/emp_8k-18407.htm">https://www.sec.gov/Archives/edgar/data/887396/000107261320000207/emp_8k-18407.htm</A></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>Quarterly Report on Form 10Q for quarter ended March 31, 2020 located at</TD></TR></TABLE>

<A HREF="http://www.sec.gov/Archives/edgar/data/887396/000107261320000180/form10q33120.htm">https://www.sec.gov/Archives/edgar/data/887396/000107261320000180/form10q33120.htm</A>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>Current Report on Form 8-K filed on April 17, 2020 located at</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; color: blue"><U>https://www.sec.gov/Archives/edgar/data/887396/000107261320000164/emp_8k-18389.htm</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>Current Report on Form 8-K filed on April 10, 2020 located at</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; color: blue"><U>https://www.sec.gov/Archives/edgar/data/887396/000107261320000157/emp_8k-18389.htm</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>Annual Report on Form 10-K for year ended December 31, 2019 located at</TD></TR></TABLE>

<A HREF="http://www.sec.gov/Archives/edgar/data/887396/000107261320000149/form10k123119.htm">https://www.sec.gov/Archives/edgar/data/887396/000107261320000149/form10k123119.htm</A>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">You have also reviewed
the Company&#8217;s Certificate of Incorporation, as amended, and Bylaws.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are experienced in evaluating and investing in companies such as the Company. Further, you understand that the Securities are a
highly speculative nature and could result in the loss of your entire investment.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
have been furnished by the Company with all information requested concerning the proposed operations, affairs and current financial
condition of the Company. Such information and access have been available to the extent you consider necessary and advisable in
making an intelligent investment decision. In addition, you have received and reviewed copies of the Disclosure Materials and have
had the opportunity to discuss the Company&#8217;s business, management and financial affairs with its President and Chief Executive
Officer. You understand</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">that such discussions, as well as the
Disclosure Materials and any other written information issued by the Company, were intended to describe certain aspects of the
Company&#8217;s business and prospects which it believes to be material but were not necessarily a thorough or exhaustive description.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities to be acquired by you will be acquired, solely for your account, for investment purposes only and not with a view to
the resale or distribution thereof, are not being purchased for subdivision or fractionalization thereof, and you have no contract,
undertaking, agreement or arrangement with any person to sell or transfer such Securities to any person and do not intend to enter
into such contract or arrangement.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
understand that the Securities have not been registered under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;),
nor are they registered or qualified under the blue sky or securities laws of any state, by reason of their issuance in a transaction
exempt from the registration and prospectus delivery requirements of the Securities Act pursuant to Sections 3(b) or 4(2) of the
Securities Act and available exemptions from the registration requirements of any applicable state securities laws. You further
understand that the Securities must be held by you indefinitely and you must therefore bear the economic risk of such investment
indefinitely, unless a subsequent disposition thereof is registered under the Securities Act or is exempt from registration.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
have the full right, power and authority to enter into and perform this Agreement, and this Agreement constitutes a legal, valid
and binding obligation upon you, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
of general application affecting enforcement of creditors&#8217; rights, and except as limited by application of legal principles
affecting the availability of equitable remedies.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are able to bear the full economic risk of your investment in the Securities, including the risk of a total loss of your investment
in connection therewith. You are an accredited investor as that term is defined in Rule 501(a) of Regulation D promulgated by the
SEC. </FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt">By initialing one of the
categories below, the undersigned represents and warrants that the undersigned comes within the category so initialed and has truthfully
set forth the factual basis or reason the undersigned comes within that category. ALL INFORMATION IN RESPONSE TO THIS PARAGRAPH
WILL BE KEPT STRICTLY CONFIDENTIAL. The undersigned agrees to furnish any additional information which the Company deems necessary
in order to verify the answers set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 2in; text-align: left"><FONT STYLE="letter-spacing: -0.15pt">Category I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">The undersigned is
an individual (not a partnership, corporation, etc.) whose individual net worth, or joint net worth with the undersigned's spouse,
presently exceeds U.S. $1,000,000.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 2in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">Explanation.
In calculation of net worth the undersigned may not include equity in the undersigned&#8217;s primary residence, however the undersigned
can include equity in all other real estate. The calculation of net worth may also include the undersigned&#8217;s personal property,
cash, short term investments, stocks and securities. Equity in personal property and real estate should be based on the fair market
value of such property less debt secured by such property. Any debt that secures the undersigned&#8217;s primary residence can
be</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 2in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 2in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 2in; text-align: justify">excluded from liabilities in calculating
the undersigned&#8217;s net worth, as long as the debt does not exceed the fair market value of the property (except that if the
amount of such debt outstanding at the time of the undersigned&#8217;s purchase of the Shares exceeds the amount outstanding 60
days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included
as a liability). If, however,&nbsp;the amount of the debt exceeds the fair market value of the primary residence and the mortgagee&nbsp;or
other lender has recourse to the undersigned personally&nbsp;for any deficiency, that&nbsp;excess liability should be deducted
from the undersigned's net worth.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 2in; text-align: left"><FONT STYLE="letter-spacing: -0.15pt">Category&nbsp;II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">The undersigned is
an individual (not a partnership, corporation, etc.) who had an individual income in excess of U.S. $200,000 in each of the two
most recent years, or joint income with the undersigned's spouse in excess of $300,000 in each of the two most recent years, and
has a reasonable expectation of reaching the same income level in the current year.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 2in; text-align: left"><FONT STYLE="letter-spacing: -0.15pt">Category&nbsp;III</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><U></U>The
undersigned otherwise meets the definition of &#8220;Accredited Investors&#8221; as defined in Section 230.501(a) of the Act.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 60pt"><FONT STYLE="letter-spacing: -0.15pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
were not offered the Securities by means of general solicitations, publicly disseminated advertisements or sales literature.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">4.2<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legends</I>.
The instrument representing the Securities and the Warrant Shares shall be endorsed with the legend set forth below:</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 1in 0 60pt; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY
STATE SECURITIES ACT. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED
UNLESS (I) THEY HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES ACT, OR
(II) THE COMPANY SHALL HAVE BEEN FURNISHED AN OPINION OF COUNSEL, SATISFACTORY TO COUNSEL FOR THE COMPANY, THAT REGISTRATION IS
NOT REQUIRED UNDER ANY OF SUCH ACTS.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">In
addition, the instrument representing the Securities and the Warrant Shares shall be endorsed with any other legend required by
any state securities laws. The Company need not register a transfer of legended Securities and the Warrant Shares, and may also
instruct its transfer agent not to register the transfer of the Securities and the Warrant Shares, unless one of the conditions
specified in each of the foregoing legends is satisfied.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="letter-spacing: -0.15pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>Indemnification
by Purchaser.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">You
acknowledge and understand that the Company has agreed to offer and sell the Securities to you based upon the representations and
warranties made by you in this Agreement, and you hereby agree to indemnify the Company and to hold the Company and its officers,
directors and professional advisors harmless against all liability, costs or expenses (including attorneys&#8217; fees) arising
by reason of or in connection with any misrepresentation or any breach of such</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">representations and warranties by you,
or arising as a result of the sale or distribution of any Securities by you in violation of the Securities Act or other applicable
law.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="letter-spacing: -0.15pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>Miscellaneous.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Successors
and Assigns</I>. All the provisions of this Agreement by or for the benefit of the parties shall bind and inure to the benefit
of respective successors and permitted assigns of each party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notices</I>.
<FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.15pt">All notices and other communications required
or permitted hereunder shall be in writing and shall be mailed by first class mail, postage prepaid, addressed (a)&nbsp;if to you,
at your address set forth on the first page hereof, or at such other address as you shall have furnished to the Company in writing,
or (b)&nbsp;if to the Company, at its address set forth on the first page hereof, or at such other address as the Company shall
have furnished to you in writing in accordance with this Section 6.2.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Waivers;
Amendments</I>. Any provision of this Agreement may be amended or modified with (but only with) the written consent of the Company
and you. Any amendment, modification or waiver effected in compliance with this Section 6.3 shall be binding upon the Company and
you. No failure or delay of the Company or you in exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
a right or power, preclude any other or further exercise thereon or the exercise of any other right or power. The rights and remedies
of the Company and you hereunder are cumulative and not exclusive of any rights or remedies which each would otherwise have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Separability</I>.
In case any one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby. The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing
Law</I>. This Agreement shall be construed and enforced in accordance with the laws of the state of Oklahoma without regard to
principles of conflicts of law, except as otherwise required by mandatory provisions of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Board
Designees</I>. After the exercise of the <FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.15pt">PIE-1
Warrant with respect to all 2,625,000 PIE-1 Warrant Shares, t</FONT>he Company shall take commercially reasonable efforts to cause
the appointment of one individual designated by <FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.15pt">Petroleum
Independent &amp; Exploration LLC</FONT> to serve on the Board of Directors of the Company. After the exercise of the <FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.15pt">PIE-3
Warrant with respect to all 8,136,518 PIE-3 Warrant Shares, t</FONT>he Company shall take commercially reasonable efforts to cause
the appointment of a second individual designated by <FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.15pt">Petroleum
Independent &amp; Exploration LLC</FONT> to serve on the Board of Directors of the Company. All such designees shall qualify as
Independent Directors. As used herein, &#8220;Independent Director&#8221; means any director who is or would be an &#8220;independent
director&#8221; with respect to the Company pursuant to Section 303A.02 of the New York Stock Exchange Listed Company Manual, Section
10A of the Exchange Act (or any successor provisions), and the categorical standards utilized by the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Board of Directors when determining director
independence, in each case as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Registration</I>.
The Company agrees to commence and reasonably pursue registration of the Sales Shares and the Warrant Shares within 90 days of
the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section
Headings</I>. The section headings used herein are for convenience of reference only and shall not be construed in any way to affect
the interpretation of any provisions of this Agreement.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">6.9<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entire
Agreement</I>. This Agreement and the other documents delivered pursuant hereto constitute the full and entire understanding and
agreement between the parties hereto with regard to the subjects hereof and thereof.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">6.10<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finder&#8217;s
Fees</I>. You represent and warrant to the Company that no finder or broker has been retained by you in connection with the transactions
contemplated by this Agreement and you hereby agree to indemnify and to hold the Company and its respective officers, directors
and controlling persons, harmless of and from any liability for any commission or compensation in the nature of a finder&#8217;s
fee to any broker or other person or firm (and the costs and expenses of defending against such liability or asserted liability)
for which you, or any of your employees or representatives, are responsible. The Company hereby agrees to indemnify and to hold
you, and your respective officers, directors and controlling persons, harmless of and from any liability for any commission or
compensation in the nature of a finder&#8217;s fee to any broker or other person or firm (and the costs and expenses of defending
against such liability or asserted liability) for which it, or any of its employees or representatives, are responsible.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">6.11<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Documents</I>. The parties to this Agreement shall in good faith execute such other and further instruments, assignments or documents
as may be necessary or advisable to carry out the transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">6.12<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts</I>.
This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall
constitute one instrument, and which shall become effective when there exist copies signed by the Company and by you.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">[Signatures
on Next Page]</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly authorized representatives effective as
of the date set forth on the first page hereof.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>EMPIRE PETROLEUM CORPORATION</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Thomas W. Pritchard</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Thomas W. Pritchard,
CEO<BR></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ <FONT STYLE="letter-spacing: -0.15pt">Michael R. Morrisett</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="letter-spacing: -0.15pt">Michael R. Morrisett, President</FONT></P>


<BR></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">Accepted
and agreed to this 6<SUP>th</SUP> day of August, 2020.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>Petroleum Independent &amp; Exploration LLC</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Phil E. Mulacek</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-top: #000000 1px solid; vertical-align: top">Phil E. Mulacek<BR></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="vertical-align: top">Manager</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font-size: 10pt; text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->-&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Disclosure Schedule</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>A warrant covering 500,000 shares of Common Stock at an exercise price of $0.15 per share issued to Tony Kamin</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>A warrant covering 2,500,000 shares of Common Stock at an exercise price of $0.25 per share issued to Tony Kamin</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>A warrant covering 500,000 shares of Common Stock at an exercise price of $0.25 per share issued to Mike Morrisett</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>A warrant covering 500,000 shares of Common Stock at an exercise price of $0.25 per share issued to Tommy Pritchard</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>A warrant covering 5,000,000 shares of Common Stock at an exercise price of $0.15 per share issued to Puckett Land Company</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>A warrant covering 300,000 shares of Common Stock at an exercise price of $0.17 per share issued to Kenny Savoie</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>An option covering 2,500,000 shares of Common Stock at an exercise price $0.33 per share issued to Mike Morrisett</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>An option covering 2,500,000 shares of Common Stock at an exercise price $0.33 per share issued to Tommy Pritchard</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9.</TD><TD>Options covering 4,167 shares of Common Stock exercisable at an average exercise price of $3.12 issued by former management</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10.</TD><TD>Options covering up to 5,000,000 shares of Common Stock to be issued to directors, officers, and employees at a yet to be determined
exercise price</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">-10-</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>exh10-2_18422.htm
<DESCRIPTION>COMMON SHARE WARRANT CERTIFICATE NO. PIE-1 DATED AUGUST 6, 2020
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: right"><B><U>EXHIBIT 10.2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES ACT. THE SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS (I) THEY HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES ACT, OR (II) THE COMPANY SHALL HAVE BEEN FURNISHED
AN OPINION OF COUNSEL, SATISFACTORY TO COUNSEL FOR THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER ANY OF SUCH ACTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">No. PIE-1&#9; August 6, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>EMPIRE PETROLEUM CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>COMMON SHARE WARRANT CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Warrant to Purchase up to 2,625,000
Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Expiring August 6, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">THIS CERTIFIES THAT Petroleum Independent
&amp; Exploration LLC or, pursuant to Section 5.1(a), its Affiliates, nominees or assignees (the &#8220;<B>Warrant Holder</B>&#8221;),
in consideration for entering into that certain Securities Purchase Agreement dated as of August 6, 2020 (the &#8220;<B>Purchase
Agreement</B>&#8221;), by and between the Warrant Holder and Empire Petroleum Corporation, a Delaware corporation (the &#8220;<B>Company</B>&#8221;),
at any time on any Business Day on or prior to 5:00 p.m., Central Time, on the Expiration Date (as defined in Section 1), is entitled
to subscribe for and purchase from the Company, up to 2,625,000 Common Shares (as defined in Section 1) at a price per Common Share
equal to the Exercise Price (as defined in Section 1); provided, however, that the number of Common Shares issuable upon any exercise
of this Warrant (as defined in Section 1) shall be adjusted and readjusted from time to time in accordance with Section 4 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>1. Certain Definitions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The following terms, as used herein,
have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Accredited
Investor&#8221; means an accredited investor as that term is defined in Rule 501(a) of Regulation D promulgated by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Affiliate&#8221;
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Business
Day&#8221; means any day except a Saturday, Sunday, or other day on which commercial banks in Houston, Texas, are authorized by
law to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Capital
Reorganization&#8221; has the meaning set forth in Section 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Commission&#8221;
means the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Common
Share Reorganization&#8221; has the meaning set forth in Section 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Common
Shares&#8221; means the Company&#8217;s currently authorized class of Common Stock, par value $0.001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Company&#8221;
has the meaning set forth in the preamble to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Empire
Texas LLC&#8221; means Empire Texas LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Exchange
Act&#8221; means the Securities Exchange Act of 1934, as amended, or any successor Federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Exchange
Act shall include a reference to the comparable section, if any, of any such successor Federal statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Exercise
Price&#8221; means $0.20, subject to adjustment from time to time pursuant to Section 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Joint
Development Agreement&#8221; means the Joint Development Agreement dated on or about the date hereof between the Company and the
other parties thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Notice
of Exercise&#8221; has the meaning set forth in Section 2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Person&#8221;
means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;PIE Operating
LLC&#8221; means PIE Operating LLC, a Nevada limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Purchase
Agreement&#8221; has the meaning set forth in the preamble to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;RRC Monthly
Production Report&#8221; has the meaning set forth in the Joint Development Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Securities
Act&#8221; means the Securities Act of 1933, as amended, or any successor Federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Securities Act
shall include a reference to the comparable section, if any, of any such successor Federal statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Triggering
Events&#8221; means (a) the 3 month trailing average monthly aggregate production from the oil and gas properties of Empire Texas
LLC operated by PIE Operating LLC shall have increased by 20% from the 3 month trailing average monthly production of the same
properties as of July 2020, in each case as set forth in the relevant RRC Monthly Production Reports, (b) aggregate expenditures
on well workovers by PIE Operating LLC under the Joint Development Agreement shall have exceeded US$1 million, and (c) the Company
shall have effected a Capital Reorganization mutually agreeable to the Company and the Warrant Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Warrant&#8221;
means the rights granted to the Warrant Holder pursuant to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Warrant
Certificate&#8221; means this Common Share Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Warrant
Holder&#8221; has the meaning set forth in the preamble to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Warrant
Shares&#8221; means 2,625,000 Common Shares issued or issuable upon exercise of this Warrant, subject to adjustment from time to
time pursuant to Section 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>2. Vesting and Exercise.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time, the Warrant Holder may exercise this Warrant by delivering to the Company a duly executed notice (a &#8220;Notice of
Exercise&#8221;) in the form of Annex A specifying the number of Warrant Shares as to which this Warrant is being exercised along
with payment, made 50% to the Company and 50% to Empire Texas LLC, of the an aggregate amount equal to the product of: (a) the
Exercise Price times (b) the number of Warrant Shares as to which the Warrant is being exercised. Notwithstanding anything contained
herein to the contrary, within 45 Business Days after the occurrence of the last of the Triggering Events, the Warrant Holder shall
exercise this Warrant as to all of the remaining Warrant Shares by delivering to the Company a duly executed Notice of Exercise
along with the payment of the aggregate Exercise Price made 50% to the Company and 50% to Empire Texas LLC therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">The Company
shall cause Empire Texas LLC to (a) retain for its own account and not dividend or distribute to the Company or any other person
all monies paid to Empire Texas LLC by the Warrant Holder on any exercise of this Warrant, and (b) apply such monies solely to
meet Empire Texas LLC&#8217;s financial obligations for operation and maintenance of all wells in which it is a working interest
holder and which are operated by PIE Operating LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary set forth in this Warrant Certificate, at no time may all or a portion of the Warrant be exercised if
the number of shares of Common Shares to be issued pursuant to such exercise would cause the Warrant Holder&#8217;s beneficial
ownership to exceed, when aggregated with all other shares of Common Shares beneficially owned (as determined in accordance with
Section 13(d) of the Exchange Act and the rules thereunder) by the Warrant Holder at such time, a number of shares of Common Shares
that totals more than 49.99% of all of the Common Shares issued and outstanding at such time. For purposes of this Section 2(b),
in determining the number of outstanding Common Shares, the Warrant Holder may rely on the number of outstanding Common Shares
as reflected in (1) the Company&#8217;s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with
the Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company
setting forth the number of outstanding Common Shares. For any reason at any time, upon the written request of the warrant Holder,</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify">the Company shall within one
Business Day confirm in writing to the Warrant Holder the number of shares of outstanding Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
soon as practicable, but not later than five (5) Business Days after the Company shall have received such Notice of Exercise and
payment of the aggregate Exercise Price made 50% to the Company and 50% to Empire Texas LLC, the Company shall execute and deliver
or cause to be executed and delivered, in accordance with such Notice of Exercise, a certificate or certificates representing the
number of Common Shares specified in such Notice of Exercise issued in the name of the Warrant Holder. This Warrant shall be deemed
to have been exercised and such share certificate or certificates shall be deemed to have been issued, and such Warrant Holder
shall be deemed for all purposes to have become a holder of record of Common Shares, as of the date that such Notice of Exercise
and payment of the aggregate Exercise Price shall have been received by the Company and Empire Texas LLC in the manner set forth
in Sections 2(a) and 2(c) above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Warrant Holder shall surrender this Warrant Certificate to the Company when it delivers the Notice of Exercise, and in the event
of a partial exercise of the Warrant, the Company shall execute and deliver to the Warrant Holder, at the time the Company delivers
the share certificate or certificates issued pursuant to such Notice of Exercise, a new Warrant Certificate for the unexercised
portion of this Warrant Certificate, but in all other respects identical to this Warrant Certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall pay all expenses, taxes and other charges payable in connection with the preparation, issuance and delivery of certificates
for the Warrant Shares and a new Warrant Certificate, if any, except that if the certificates for the Warrant Shares or the new
Warrant Certificate, if any, are to be registered in a name or names other than the name of the Warrant Holder, funds sufficient
to pay all transfer taxes payable as a result of such transfer shall be paid by the Warrant Holder at the time of its delivery
of the Notice of Exercise or promptly upon receipt of a written request by the Company for payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional Common Shares will be issued in connection with any exercise of the Warrant, and any fractional Common Share (resulting
from any adjustment pursuant to Section 4 or otherwise) in the aggregate number of Common Shares being purchased upon any exercise
of the Warrant shall be eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>3. Validity of Warrant and Issuance of Common Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Company represents and warrants
that this Warrant has been duly authorized and is validly issued. The Company further represents and warrants that on the date
hereof it has duly authorized and reserved, and the Company hereby agrees that it will at all times until the Expiration Date have
duly authorized and reserved, such number of Common Shares as will be sufficient to permit the exercise in full of the Warrant,
and that all such Common Shares are and will be duly authorized and, when issued upon exercise of the Warrant, will be validly
issued, fully paid and nonassessable, and free and clear of all security interests, claims, liens, equities and other encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>4. Adjustment Provisions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The number of Warrant Shares that
may be purchased upon any exercise of the Warrant, shall be subject to change or adjustment as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>4.1. Common
Share Reorganization.</B> If the Company shall subdivide its outstanding Common Shares into a greater number of shares, by way
of share split, share dividend or otherwise, or consolidate its outstanding Common Shares into a smaller number of shares (any
such event being herein called a &#8220;Common Share Reorganization&#8221;), then (a) the definition of Exercise Price shall be
adjusted, effective immediately after the effective date of such Common Share Reorganization, so that each amount contained in
the definition of the Exercise Price is equal to such amount multiplied by a fraction, the numerator of which shall be the number
of Common Shares outstanding on such effective date before giving effect to such Common Share Reorganization and the denominator
of which shall be the number of Common Shares outstanding after giving effect to such Common Shares Reorganization, and (b) the
number of Common Shares subject to purchase upon exercise of this Warrant shall be adjusted, effective at such time, to a number
determined by multiplying the number of Common Shares subject to purchase immediately before such Common Share Reorganization by
a fraction, the numerator of which shall be the number of shares outstanding after giving effect to such Common Share Reorganization
and the denominator of which shall be the number of Common Shares outstanding immediately before giving effect to such Common Share
Reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>4.2. Capital
Reorganization.</B> If there shall be any consolidation or merger to which the Company is a party, other than a consolidation or
a merger of which the Company is the continuing corporation and that does not result in any reclassification of, or change (other
than a Common Share Reorganization) in, outstanding Common Shares, or any sale or conveyance of the property of the Company as
an entirety or substantially as an entirety, or any recapitalization of the Company (any such event being called a &#8220;Capital
Reorganization&#8221;), then, effective upon the effective date of such Capital Reorganization, the Warrant Holder shall no longer
have the right to purchase Common Shares, but shall have instead the right to purchase, upon exercise of this Warrant, the kind
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">amount of Common Shares and other
securities and property (including cash) which the Warrant Holder would have owned or have been entitled to receive pursuant to
such Capital Reorganization, if the Warrant had been exercised immediately prior to the effective date of such Capital Reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-indent: 0.5in"><B>4.3. Adjustment Rules.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
adjustments pursuant to this Section 4 shall be made successively whenever any event referred to herein shall occur, except that,
notwithstanding any other provision of this Section 4, no adjustment shall be made to the number of Warrant Shares to be delivered
to the Warrant Holder (or to the Exercise Price) if such adjustment represents less than one-percent (1%) of the number of Warrant
Shares previously required to be so delivered, but any lesser adjustment shall be carried forward and shall be made at the time
and together with the next subsequent adjustment which together with any adjustments so carried forward shall amount to one-percent
(1%) or more of the number of Warrant Shares to be so delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall take a record of the holders of its Common Shares for any purpose referred to in this Section 4, then (i) such
record date shall be deemed to be the date of the issuance, sale, distribution or grant in question and (ii) if the Company shall
legally abandon such action prior to effecting such action, no adjustment shall be made pursuant to this Section 4 in respect of
such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a condition precedent to the taking of any action which would require an adjustment pursuant to this Section 4, the Company shall
take any action which may be necessary, including obtaining regulatory approvals or exemptions, in order that the Company may thereafter
validly and legally issue as fully paid and nonassessable all Common Shares which the Warrant Holder is entitled to receive upon
exercise of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>5. Transfer of Warrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>5.1. No Transfer
Without the Consent of the Company.</B> This Warrant is personal to the Warrant Holder and this Warrant Certificate and the rights
of the Warrant Holder hereunder may not be sold, assigned, transferred or conveyed, in whole or in part, except (a) to an Affiliate,
nominee or assignee of the Warrant Holder that is an Accredited Investor or (b) with the prior written consent of the Company,
which shall not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>5.2. Permitted
Transfers.</B> Upon transfer of the Warrant permitted under Section 5.1 above, the Warrant Holder must deliver to the Company a
duly executed Warrant Assignment in the form of Annex B attached hereto with funds sufficient to pay any transfer tax imposed in
connection with such assignment. Upon surrender of this Warrant to the Company, the Company shall execute and deliver a new Warrant
in the form of this Warrant, with appropriate changes to reflect such assignment, in the name or names of the assignee or assignees
specified in the fully executed Warrant Assignment or other instrument of assignment and, if the Warrant Holder&#8217;s entire
interest is not being transferred or assigned, in the name of the Warrant Holder, and this Warrant shall promptly be canceled.
In connection with any transfer or exchange of this Warrant permitted hereunder, the transferring Warrant Holder shall pay all
costs and expenses relating thereto, including, without limitation, all transfer taxes, if any, and all reasonable expenses incurred
by the Company (including legal fees and expenses). Any new Warrant issued shall be dated the date hereof. The terms &#8220;Warrant&#8221;
and &#8220;Warrant Holder&#8221; as used herein include all Warrants into which this Warrant (or any successor Warrant) may be
exchanged or issued in connection with the permitted transfer or assignment of this Warrant, any successor Warrant and the holders
of those Warrants, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>6. Lost Mutilated or Missing Warrant Certificates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant Certificate and, in the case of loss, theft or
destruction, upon receipt of indemnification satisfactory to the Company, or, in the case of mutilation, upon surrender and cancellation
of the mutilated Warrant Certificate, the Company shall execute and deliver a new Warrant Certificate of like tenor and representing
the right to purchase the same aggregate number of Warrant Shares. The recipient of any such Warrant Certificate shall reimburse
the Company for all reasonable expenses incidental to the replacement of such lost, mutilated or missing Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>7. Miscellaneous.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.1. Successors
and Assigns.</B> All the provisions of this Warrant Certificate by or for the benefit of the Company or the Warrant Holder shall
bind and inure to the benefit of their respective successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.2. Notices.</B>
All notices, requests, demands and other communications hereunder shall be given in accordance with the terms of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.3. Waivers;
Amendments.</B> Any provision of this Warrant Certificate may be amended or modified with (but only with) the written consent of
the Company and the Warrant Holder. Any amendment, modification or waiver effected in compliance with this Section 7.3 shall be
binding upon the Company and the Warrant Holder. No failure or delay of the Company or the Warrant Holder in exercising any power
or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereon or the
exercise of any other right or power. The rights and remedies of the Company and the Warrant Holder hereunder are cumulative and
not exclusive of any rights or remedies which each would otherwise have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.4. No Rights
as a Shareholder.</B> The Warrant shall not entitle the Warrant Holder, prior to the exercise of the Warrant, to any rights as
a holder of shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.5. Separability.</B>
In case any one or more of the provisions contained in this Warrant shall be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby. The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.6. Governing
Law.</B> This Warrant shall be construed and enforced in accordance with the laws of the State of Delaware without regard to principles
of conflicts of law, except as otherwise required by mandatory provisions of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.7. Section
Headings.</B> The section headings used herein are for convenience of reference only and shall not be construed in any way to affect
the interpretation of any provisions of the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">[Signature on Next Page]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Company has caused this Warrant Certificate to be duly executed and attested by an officer of the Company, all as of the day
and year first above written.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>EMPIRE PETROLEUM CORPORATION</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%"><FONT STYLE="font-size: 10pt">/s/ Michael R. Morrisett</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #000000 1px solid; vertical-align: top"><FONT STYLE="font-size: 10pt">Michael R. Morrisett</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">President<BR></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%"><FONT STYLE="font-size: 10pt">/s/ Thomas W. Pritchard</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #000000 1px solid; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Thomas
                                         W. Pritchard</FONT></P>


</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">CEO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>ANNEX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Form of Notice of Exercise</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">Date: __________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">To: Empire Petroleum Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Reference is made to the Common Share
Purchase Warrant No. PIE-1 dated August 6, 2020, issued to the undersigned by Empire Petroleum Corporation. Terms defined therein
are used herein as therein defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The undersigned, pursuant to the
provisions set forth in the Warrant Certificate, hereby irrevocably elects and agrees to purchase the number of Common Shares at
the Exercise Price(s) set forth below, and makes payment herewith by check payable to the order of (1) the Company in an amount
equal to $________ and (2) Empire Texas LLC in an amount equal to $ __________.</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 60%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 40%">Number of Warrant Shares</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 40%">Applicable
Exercise Price</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">If said number of shares is less
than all of the shares purchasable hereunder, the undersigned hereby requests that a new Warrant Certificate representing the remaining
balance of the Warrant Shares be issued to me.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The undersigned hereby represents
that it is exercising the Warrant for its own account for investment purposes and not with the view to any sale or distribution
and that the Warrant Holder will not offer, sell or otherwise dispose of the Warrant or any underlying Warrant Shares in violation
of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">Petroleum Independent &amp;
Exploration</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>ANNEX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Form of Warrant Assignment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">Date:__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Reference is made to the Common Share
Purchase Warrant No. PIE-1 dated August 6, 2020, issued to the undersigned by Empire Petroleum Corporation. Terms defined therein
are used herein as therein defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">FOR VALUE RECEIVED __________________
(the &#8220;Assignor&#8221;) hereby sells, assigns and transfers all of the rights of the Assignor as set forth in the Warrant
Certificate with respect to the number of Warrant Shares covered thereby as set forth below, to the Assignee(s) as set forth below:</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom">Name of Assignee</TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom">Address</TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0">Number of Applicable</P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">Warrant Shares</P></TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom">&nbsp;<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">Exercise
                                         Price of</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">Warrant Shares</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">All notices to be given by the Company
to the Assignor as Warrant Holder shall be sent to the Assignee(s) at the above listed address(es), and, if the number of Warrant
Shares being hereby assigned is less than all of the Warrant Shares covered by the Warrant Certificate held by the Assignor, then
also to the Assignor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">In accordance with Section 5 of the
Warrant Certificate, the Assignor requests that the Company execute and deliver a new Warrant Certificate or Warrant Certificates
in the name or names of the Assignee or Assignees, as is appropriate, or, if the number of Warrant Shares being hereby assigned
is less than all of the Warrant Shares covered by the Warrant held by the Assignor, new Warrant Certificates in the name or names
of the Assignee or the Assignees, as is appropriate, and in the name of the Assignor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The undersigned represents that the
Assignee has represented to the Assignor that the Assignee or each Assignee, as is appropriate, is acquiring the Warrant for its
own account or the account of an Affiliate for investment purposes and not with the view to sell or distribute, and that the Assignee
or each Assignee, as is appropriate, will not offer, sell or otherwise dispose of the Warrant or the Warrant Shares except under
circumstances as will not result in a violation of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">Petroleum Independent &amp;
Exploration</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U>&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>exh10-3_18422.htm
<DESCRIPTION>COMMON SHARE WARRANT CERTIFICATE NO. PIE-2 DATED AUGUST 6, 2020
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: right"><B><U>EXHIBIT 10.3</U>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>EXHIBIT B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES ACT. THE SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS (I) THEY HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES ACT, OR (II) THE COMPANY SHALL HAVE BEEN FURNISHED
AN OPINION OF COUNSEL, SATISFACTORY TO COUNSEL FOR THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER ANY OF SUCH ACTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">No. PIE-2 &#9; August 6, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>EMPIRE PETROLEUM CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>COMMON SHARE WARRANT CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Warrant to Purchase up to 1,800,000
Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Expiring August 6, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">THIS CERTIFIES THAT Petroleum Independent
&amp; Exploration LLC or, pursuant to Section 5.1(a), its Affiliates, nominees or assignees (the &ldquo;Warrant Holder&rdquo;),
in consideration for entering into that certain Securities Purchase Agreement dated as of August 6, 2020 (the &ldquo;Purchase Agreement&rdquo;),
by and between the Warrant Holder and Empire Petroleum Corporation, a Delaware corporation (the &ldquo;Company&rdquo;), at any
time following the Vesting Event (as defined in Section 2.1), on any Business Day on or prior to 5:00 p.m., Central Time, on the
Expiration Date (as defined in Section 1), is entitled to subscribe for and purchase from the Company, up to 1,800,000 Common Shares
(as defined in Section 1) at a price per Common Share equal to the Exercise Price (as defined in Section 1); provided, however,
that the number of Common Shares issuable upon any exercise of this Warrant (as defined in Section 1) shall be adjusted and readjusted
from time to time in accordance with Section 4 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>1. Certain Definitions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The following terms, as used herein,
have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Accredited
Investor&rdquo; means an accredited investor as that term is defined in Rule 501(a) of Regulation D promulgated by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Affiliate&rdquo;
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Business
Day&rdquo; means any day except a Saturday, Sunday, or other day on which commercial banks in Houston, Texas, are authorized by
law to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Capital
Reorganization&rdquo; has the meaning set forth in Section 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Commission&rdquo;
means the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Common
Share Reorganization&rdquo; has the meaning set forth in Section 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Common
Shares&rdquo; means the Company&rsquo;s currently authorized class of Common Stock, par value $0.001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Company&rdquo;
has the meaning set forth in the preamble to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Empire
Texas LLC&rdquo; means Empire Texas LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Exchange
Act&rdquo; means the Securities Exchange Act of 1934, as amended, or any successor Federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Exchange
Act shall include a reference to the comparable section, if any, of any such successor Federal statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Exercise
Price&rdquo; means $0.25, subject to adjustment from time to time pursuant to Section 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Joint
Development Agreement&rdquo; means the Joint Development Agreement dated on or about the date hereof between the Company and the
other parties thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Notice
of Exercise&rdquo; has the meaning set forth in Section 2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Person&rdquo;
means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;PIE Operating
LLC&rdquo; means PIE Operating LLC, a Nevada limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Purchase
Agreement&rdquo; has the meaning set forth in the preamble to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Securities
Act&rdquo; means the Securities Act of 1933, as amended, or any successor Federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Securities Act
shall include a reference to the comparable section, if any, of any such successor Federal statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Vesting
Event&rdquo; means that all outstanding warrants for purchase of Common Shares as of the date of this Warrant Certificate (other
than those held by the Warrant Holder) have been fully exercised or lapsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Warrant&rdquo;
means the rights granted to the Warrant Holder pursuant to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Warrant
Certificate&rdquo; means this Common Share Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Warrant
Holder&rdquo; has the meaning set forth in the preamble to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;Warrant
Shares&rdquo; means 1,800,000 Common Shares issued or issuable upon exercise of this Warrant, subject to adjustment from time to
time pursuant to Section 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>2. Exercise.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time after the Vesting Event, the Warrant Holder may exercise this Warrant by delivering to the Company a duly executed notice
(a &ldquo;Notice of Exercise&rdquo;) in the form of Annex A specifying the number of Warrant Shares as to which this Warrant is
being exercised along with payment, made 50% to the Company and 50% to Empire Texas LLC, of the an aggregate amount equal to the
product of: (a) the Exercise Price times (b) the number of Warrant Shares as to which the Warrant is being exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">The Company
shall cause Empire Texas LLC to (a) retain for its own account and not dividend or distribute to the Company or any other person
all monies paid to Empire Texas LLC by the Warrant Holder on any exercise of this Warrant, and (b) apply such monies solely to
meet Empire Texas LLC&rsquo;s financial obligations for operation and maintenance of all wells in which it is a working interest
holder and which are operated by PIE Operating LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary set forth in this Warrant Certificate, at no time may all or a portion of the Warrant be exercised if
the number of shares of Common Shares to be issued pursuant to such exercise would cause the Warrant Holder&rsquo;s beneficial
ownership to exceed, when aggregated with all other shares of Common Shares beneficially owned (as determined in accordance with
Section 13(d) of the Exchange Act and the rules thereunder) by the Warrant Holder at such time, a number of shares of Common Shares
that totals more than 49.99% of all of the Common Shares issued and outstanding at such time. For purposes of this Section 2(b),
in determining the number of outstanding Common Shares, the Warrant Holder may rely on the number of outstanding Common Shares
as reflected in (1) the Company&rsquo;s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with
the Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company
setting forth the number of outstanding Common Shares. For any reason at any time, upon the written request of the warrant Holder,
the Company shall within one Business Day confirm in writing to the Warrant Holder the number of shares of outstanding Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
soon as practicable, but not later than five (5) Business Days after the Company shall have received such Notice of Exercise and
payment of the aggregate Exercise Price made 50% to the Company and 50% to Empire Texas LLC, the Company shall execute and deliver
or cause to be executed and delivered, in accordance with such Notice of Exercise, a certificate or certificates representing the
number of Common Shares specified in such Notice of Exercise issued in the name of the Warrant Holder. This Warrant shall be deemed
to have been exercised and such share certificate or certificates shall be deemed to have been issued, and such Warrant Holder
shall be deemed for all purposes to have become a</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify">holder of record of Common
Shares, as of the date that such Notice of Exercise and payment of the aggregate Exercise Price shall have been received by the
Company and Empire Texas LLC in the manner set forth in Sections 2(a) and 2(c) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Warrant Holder shall surrender this Warrant Certificate to the Company when it delivers the Notice of Exercise, and in the event
of a partial exercise of the Warrant, the Company shall execute and deliver to the Warrant Holder, at the time the Company delivers
the share certificate or certificates issued pursuant to such Notice of Exercise, a new Warrant Certificate for the unexercised
portion of this Warrant Certificate, but in all other respects identical to this Warrant Certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall pay all expenses, taxes and other charges payable in connection with the preparation, issuance and delivery of certificates
for the Warrant Shares and a new Warrant Certificate, if any, except that if the certificates for the Warrant Shares or the new
Warrant Certificate, if any, are to be registered in a name or names other than the name of the Warrant Holder, funds sufficient
to pay all transfer taxes payable as a result of such transfer shall be paid by the Warrant Holder at the time of its delivery
of the Notice of Exercise or promptly upon receipt of a written request by the Company for payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional Common Shares will be issued in connection with any exercise of the Warrant, and any fractional Common Share (resulting
from any adjustment pursuant to Section 4 or otherwise) in the aggregate number of Common Shares being purchased upon any exercise
of the Warrant shall be eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>3. Validity of Warrant and Issuance of Common Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Company represents and warrants
that this Warrant has been duly authorized and is validly issued. The Company further represents and warrants that on the date
hereof it has duly authorized and reserved, and the Company hereby agrees that it will at all times until the Expiration Date have
duly authorized and reserved, such number of Common Shares as will be sufficient to permit the exercise in full of the Warrant,
and that all such Common Shares are and will be duly authorized and, when issued upon exercise of the Warrant, will be validly
issued, fully paid and nonassessable, and free and clear of all security interests, claims, liens, equities and other encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>4. Adjustment Provisions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The number of Warrant Shares that
may be purchased upon any exercise of the Warrant, shall be subject to change or adjustment as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>4.1. Common
Share Reorganization.</B> If the Company shall subdivide its outstanding Common Shares into a greater number of shares, by way
of share split, share dividend or otherwise, or consolidate its outstanding Common Shares into a smaller number of shares (any
such event being herein called a &ldquo;Common Share Reorganization&rdquo;), then (a) the definition of Exercise Price shall be
adjusted, effective immediately after the effective date of such Common Share Reorganization, so that each amount contained in
the definition of the Exercise Price is equal to such amount multiplied by a fraction, the numerator of which shall be the number
of Common Shares outstanding on such effective date before giving effect to such Common Share Reorganization and the denominator
of which shall be the number of Common Shares outstanding after giving effect to such Common Shares Reorganization, and (b) the
number of Common Shares subject to purchase upon exercise of this Warrant shall be adjusted, effective at such time, to a number
determined by multiplying the number of Common Shares subject to purchase immediately before such Common Share Reorganization by
a fraction, the numerator of which shall be the number of shares outstanding after giving effect to such Common Share Reorganization
and the denominator of which shall be the number of Common Shares outstanding immediately before giving effect to such Common Share
Reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>4.2. Capital
Reorganization.</B> If there shall be any consolidation or merger to which the Company is a party, other than a consolidation or
a merger of which the Company is the continuing corporation and that does not result in any reclassification of, or change (other
than a Common Share Reorganization) in, outstanding Common Shares, or any sale or conveyance of the property of the Company as
an entirety or substantially as an entirety, or any recapitalization of the Company (any such event being called a &ldquo;Capital
Reorganization&rdquo;), then, effective upon the effective date of such Capital Reorganization, the Warrant Holder shall no longer
have the right to purchase Common Shares, but shall have instead the right to purchase, upon exercise of this Warrant, the kind
and amount of Common Shares and other securities and property (including cash) which the Warrant Holder would have owned or have
been entitled to receive pursuant to such Capital Reorganization, if the Warrant had been exercised immediately prior to the effective
date of such Capital Reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-indent: 0.5in"><B>4.3. Adjustment Rules.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
adjustments pursuant to this Section 4 shall be made successively whenever any event referred to herein shall occur, except that,
notwithstanding any other provision of this Section 4, no adjustment shall be made to the number of Warrant Shares to be delivered
to the Warrant Holder (or to the Exercise Price) if such adjustment represents less than one-percent (1%) of the number of Warrant
Shares previously required to be so delivered, but any lesser adjustment shall be carried forward and shall be made at the time
and together with the next subsequent adjustment which together with any adjustments so carried forward shall amount to one-percent
(1%) or more of the number of Warrant Shares to be so delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall take a record of the holders of its Common Shares for any purpose referred to in this Section 4, then (i) such
record date shall be deemed to be the date of the issuance, sale, distribution or grant in question and (ii) if the Company shall
legally abandon such action prior to effecting such action, no adjustment shall be made pursuant to this Section 4 in respect of
such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a condition precedent to the taking of any action which would require an adjustment pursuant to this Section 4, the Company shall
take any action which may be necessary, including obtaining regulatory approvals or exemptions, in order that the Company may thereafter
validly and legally issue as fully paid and nonassessable all Common Shares which the Warrant Holder is entitled to receive upon
exercise of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>5. Transfer of Warrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>5.1. No Transfer
Without the Consent of the Company.</B> This Warrant is personal to the Warrant Holder and this Warrant Certificate and the rights
of the Warrant Holder hereunder may not be sold, assigned, transferred or conveyed, in whole or in part, except (a) to an Affiliate,
nominee or assignee of the Warrant Holder that is an Accredited Investor or (b) with the prior written consent of the Company,
which shall not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>5.2. Permitted
Transfers.</B> Upon transfer of the Warrant permitted under Section 5.1 above, the Warrant Holder must deliver to the Company a
duly executed Warrant Assignment in the form of Annex B attached hereto with funds sufficient to pay any transfer tax imposed in
connection with such assignment. Upon surrender of this Warrant to the Company, the Company shall execute and deliver a new Warrant
in the form of this Warrant, with appropriate changes to reflect such assignment, in the name or names of the assignee or assignees
specified in the fully executed Warrant Assignment or other instrument of assignment and, if the Warrant Holder&rsquo;s entire
interest is not being transferred or assigned, in the name of the Warrant Holder, and this Warrant shall promptly be canceled.
In connection with any transfer or exchange of this Warrant permitted hereunder, the transferring Warrant Holder shall pay all
costs and expenses relating thereto, including, without limitation, all transfer taxes, if any, and all reasonable expenses incurred
by the Company (including legal fees and expenses). Any new Warrant issued shall be dated the date hereof. The terms &ldquo;Warrant&rdquo;
and &ldquo;Warrant Holder&rdquo; as used herein include all Warrants into which this Warrant (or any successor Warrant) may be
exchanged or issued in connection with the permitted transfer or assignment of this Warrant, any successor Warrant and the holders
of those Warrants, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>6. Lost Mutilated or Missing Warrant Certificates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant Certificate and, in the case of loss, theft or
destruction, upon receipt of indemnification satisfactory to the Company, or, in the case of mutilation, upon surrender and cancellation
of the mutilated Warrant Certificate, the Company shall execute and deliver a new Warrant Certificate of like tenor and representing
the right to purchase the same aggregate number of Warrant Shares. The recipient of any such Warrant Certificate shall reimburse
the Company for all reasonable expenses incidental to the replacement of such lost, mutilated or missing Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>7. Miscellaneous.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.1. Successors
and Assigns.</B> All the provisions of this Warrant Certificate by or for the benefit of the Company or the Warrant Holder shall
bind and inure to the benefit of their respective successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.2. Notices.</B>
All notices, requests, demands and other communications hereunder shall be given in accordance with the terms of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.3. Waivers;
Amendments.</B> Any provision of this Warrant Certificate may be amended or modified with (but only with) the written consent of
the Company and the Warrant Holder. Any amendment, modification or waiver effected in compliance with this Section 7.3 shall be
binding upon the Company and the Warrant Holder. No failure or delay of the Company or the Warrant Holder in exercising any power
or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">or the exercise of any other right
or power. The rights and remedies of the Company and the Warrant Holder hereunder are cumulative and not exclusive of any rights
or remedies which each would otherwise have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.4. No Rights
as a Shareholder.</B> The Warrant shall not entitle the Warrant Holder, prior to the exercise of the Warrant, to any rights as
a holder of shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.5. Separability.</B>
In case any one or more of the provisions contained in this Warrant shall be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby. The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.6. Governing
Law.</B> This Warrant shall be construed and enforced in accordance with the laws of the State of Delaware without regard to principles
of conflicts of law, except as otherwise required by mandatory provisions of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.7. Section
Headings.</B> The section headings used herein are for convenience of reference only and shall not be construed in any way to affect
the interpretation of any provisions of the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">[Signature on Next Page]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Company has caused this Warrant Certificate to be duly executed and attested by an officer of the Company, all as of the day
and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>EMPIRE PETROLEUM CORPORATION</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%"><FONT STYLE="font-size: 10pt">/s/ Michael R. Morrisett</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #000000 1px solid; vertical-align: top"><FONT STYLE="font-size: 10pt">Michael R. Morrisett</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">President<BR></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%"><FONT STYLE="font-size: 10pt">/s/ Thomas W. Pritchard</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #000000 1px solid; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Thomas
                                         W. Pritchard</FONT></P>


</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">CEO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>ANNEX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Form of Notice of Exercise</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">Date: __________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">To: Empire Petroleum Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Reference is made to the Common Share
Purchase Warrant No. PIE-2 dated August 6, 2020, issued to the undersigned by Empire Petroleum Corporation. Terms defined therein
are used herein as therein defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The undersigned, pursuant to the
provisions set forth in the Warrant Certificate, hereby irrevocably elects and agrees to purchase the number of Common Shares at
the Exercise Price(s) set forth below, and makes payment herewith by check payable to the order of (1) the Company in an amount
equal to $________ and (2) Empire Texas LLC in an amount equal to $ __________.</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 60%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 40%">Number of Warrant Shares</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 40%">Applicable
Exercise Price</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">If said number of shares is less
than all of the shares purchasable hereunder, the undersigned hereby requests that a new Warrant Certificate representing the remaining
balance of the Warrant Shares be issued to me.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The undersigned hereby represents
that it is exercising the Warrant for its own account for investment purposes and not with the view to any sale or distribution
and that the Warrant Holder will not offer, sell or otherwise dispose of the Warrant or any underlying Warrant Shares in violation
of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">Petroleum Independent &amp;
Exploration</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>ANNEX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Form of Warrant Assignment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">Date:__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Reference is made to the Common Share
Purchase Warrant No. PIE-2 dated August 6, 2020, issued to the undersigned by Empire Petroleum Corporation. Terms defined therein
are used herein as therein defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">FOR VALUE RECEIVED __________________
(the &ldquo;Assignor&rdquo;) hereby sells, assigns and transfers all of the rights of the Assignor as set forth in the Warrant
Certificate with respect to the number of Warrant Shares covered thereby as set forth below, to the Assignee(s) as set forth below:</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom"><B>Name of Assignee</B></TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom"><B>Address</B></TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Number of
                                         Applicable</B></P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0"><B>Warrant Shares</B></P></TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom"><B>&nbsp;</B><P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"><B>Exercise
                                         Price of</B></P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"><B>Warrant Shares</B></P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">All notices to be given by the Company
to the Assignor as Warrant Holder shall be sent to the Assignee(s) at the above listed address(es), and, if the number of Warrant
Shares being hereby assigned is less than all of the Warrant Shares covered by the Warrant Certificate held by the Assignor, then
also to the Assignor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">In accordance with Section 5 of the
Warrant Certificate, the Assignor requests that the Company execute and deliver a new Warrant Certificate or Warrant Certificates
in the name or names of the Assignee or Assignees, as is appropriate, or, if the number of Warrant Shares being hereby assigned
is less than all of the Warrant Shares covered by the Warrant held by the Assignor, new Warrant Certificates in the name or names
of the Assignee or the Assignees, as is appropriate, and in the name of the Assignor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The undersigned represents that the
Assignee has represented to the Assignor that the Assignee or each Assignee, as is appropriate, is acquiring the Warrant for its
own account or the account of an Affiliate for investment purposes and not with the view to sell or distribute, and that the Assignee
or each Assignee, as is appropriate, will not offer, sell or otherwise dispose of the Warrant or the Warrant Shares except under
circumstances as will not result in a violation of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">Petroleum Independent &amp;
Exploration</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>6
<FILENAME>exh10-4_18422.htm
<DESCRIPTION>COMMON SHARE WARRANT CERTIFICATE NO. PIE-3 DATED AUGUST 6, 2020
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: right"><B><U>EXHIBIT 10.4</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>EXHIBIT C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES ACT. THE SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS (I) THEY HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES ACT, OR (II) THE COMPANY SHALL HAVE BEEN FURNISHED
AN OPINION OF COUNSEL, SATISFACTORY TO COUNSEL FOR THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER ANY OF SUCH ACTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">No. PIE-3 &#9; August 6, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>EMPIRE PETROLEUM CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>COMMON SHARE WARRANT CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Warrant to Purchase up to 8,136,518
Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Expiring August 6, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">THIS CERTIFIES THAT Petroleum Independent
&amp; Exploration LLC or, pursuant to Section 5.1(a), its Affiliates, nominees or assignees (the &#8220;Warrant Holder&#8221;),
in consideration for entering into that certain Securities Purchase Agreement dated as of August 6, 2020 (the &#8220;Purchase Agreement&#8221;),
by and between the Warrant Holder and Empire Petroleum Corporation, a Delaware corporation (the &#8220;Company&#8221;), at any
time on any Business Day on or prior to 5:00 p.m., Central Time, on the Expiration Date (as defined in Section 1), is entitled
to subscribe for and purchase from the Company, up to 8,136,518 Common Shares (as defined in Section 1) at a price per Common Share
equal to the Exercise Price (as defined in Section 1); provided, however, that the number of Common Shares issuable upon any exercise
of this Warrant (as defined in Section 1) shall be adjusted and readjusted from time to time in accordance with Section 4 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>1. Certain Definitions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The following terms, as used herein,
have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Accredited
Investor&#8221; means an accredited investor as that term is defined in Rule 501(a) of Regulation D promulgated by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Affiliate&#8221;
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Business
Day&#8221; means any day except a Saturday, Sunday, or other day on which commercial banks in Houston, Texas, are authorized by
law to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Capital
Reorganization&#8221; has the meaning set forth in Section 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Commission&#8221;
means the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Common
Share Reorganization&#8221; has the meaning set forth in Section 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Common
Shares&#8221; means the Company&#8217;s currently authorized class of Common Stock, par value $0.001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Company&#8221;
has the meaning set forth in the preamble to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Empire
Texas LLC&#8221; means Empire Texas LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Exchange
Act&#8221; means the Securities Exchange Act of 1934, as amended, or any successor Federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Exchange
Act shall include a reference to the comparable section, if any, of any such successor Federal statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Exercise
Price&#8221; means $0.10, subject to adjustment from time to time pursuant to Section 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Notice
of Exercise&#8221; has the meaning set forth in Section 2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Person&#8221;
means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;PIE Operating
LLC&#8221; means PIE Operating LLC, a Nevada limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Purchase
Agreement&#8221; has the meaning set forth in the preamble to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Securities
Act&#8221; means the Securities Act of 1933, as amended, or any successor Federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Securities Act
shall include a reference to the comparable section, if any, of any such successor Federal statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Warrant&#8221;
means the rights granted to the Warrant Holder pursuant to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Warrant
Certificate&#8221; means this Common Share Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Warrant
Holder&#8221; has the meaning set forth in the preamble to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Warrant
Shares&#8221; means 8,136,518 Common Shares issued or issuable upon exercise of this Warrant, subject to adjustment from time to
time pursuant to Section 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>2. Exercise.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time, the Warrant Holder may exercise this Warrant by delivering to the Company a duly executed notice (a &#8220;Notice of
Exercise&#8221;) in the form of Annex A specifying the number of Warrant Shares as to which this Warrant is being exercised along
with payment, made 50% to the Company and 50% to Empire Texas LLC, of the an aggregate amount equal to the product of: (a) the
Exercise Price times (b) the number of Warrant Shares as to which the Warrant is being exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">The Company
shall cause Empire Texas LLC to (a) retain for its own account and not dividend or distribute to the Company or any other person
all monies paid to Empire Texas LLC by the Warrant Holder on any exercise of this Warrant, and (b) apply such monies solely to
meet Empire Texas LLC&#8217;s financial obligations for operation and maintenance of all wells in which it is a working interest
holder and which are operated by PIE Operating LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary set forth in this Warrant Certificate, at no time may all or a portion of the Warrant be exercised if
the number of shares of Common Shares to be issued pursuant to such exercise would cause the Warrant Holder&#8217;s beneficial
ownership to exceed, when aggregated with all other shares of Common Shares beneficially owned (as determined in accordance with
Section 13(d) of the Exchange Act and the rules thereunder) by the Warrant Holder at such time, a number of shares of Common Shares
that totals more than 49.99% of all of the Common Shares issued and outstanding at such time. For purposes of this Section 2(b),
in determining the number of outstanding Common Shares, the Warrant Holder may rely on the number of outstanding Common Shares
as reflected in (1) the Company&#8217;s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with
the Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company
setting forth the number of outstanding Common Shares. For any reason at any time, upon the written request of the warrant Holder,
the Company shall within one Business Day confirm in writing to the Warrant Holder the number of shares of outstanding Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
soon as practicable, but not later than five (5) Business Days after the Company shall have received such Notice of Exercise and
payment of the aggregate Exercise Price made 50% to the Company and 50% to Empire Texas LLC, the Company shall execute and deliver
or cause to be executed and delivered, in accordance with such Notice of Exercise, a certificate or certificates representing the
number of Common Shares specified in such Notice of Exercise issued in the name of the Warrant Holder. This Warrant shall be deemed
to have been exercised and such share certificate or certificates shall be deemed to have been issued, and such Warrant Holder
shall be deemed for all purposes to have become a holder of record of Common Shares, as of the date that such Notice of Exercise
and payment of the aggregate Exercise Price shall have been received by the Company and Empire Texas LLC in the manner set forth
in Sections 2(a) and 2(c) above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Warrant Holder shall surrender this Warrant Certificate to the Company when it delivers the Notice of Exercise, and in the event
of a partial exercise of the Warrant, the Company shall execute and deliver to the Warrant Holder, at the time the Company delivers
the share certificate or certificates issued pursuant to such Notice of Exercise, a new</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify">Warrant Certificate for the
unexercised portion of this Warrant Certificate, but in all other respects identical to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall pay all expenses, taxes and other charges payable in connection with the preparation, issuance and delivery of certificates
for the Warrant Shares and a new Warrant Certificate, if any, except that if the certificates for the Warrant Shares or the new
Warrant Certificate, if any, are to be registered in a name or names other than the name of the Warrant Holder, funds sufficient
to pay all transfer taxes payable as a result of such transfer shall be paid by the Warrant Holder at the time of its delivery
of the Notice of Exercise or promptly upon receipt of a written request by the Company for payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional Common Shares will be issued in connection with any exercise of the Warrant, and any fractional Common Share (resulting
from any adjustment pursuant to Section 4 or otherwise) in the aggregate number of Common Shares being purchased upon any exercise
of the Warrant shall be eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>3. Validity of Warrant and Issuance of Common Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Company represents and warrants
that this Warrant has been duly authorized and is validly issued. The Company further represents and warrants that on the date
hereof it has duly authorized and reserved, and the Company hereby agrees that it will at all times until the Expiration Date have
duly authorized and reserved, such number of Common Shares as will be sufficient to permit the exercise in full of the Warrant,
and that all such Common Shares are and will be duly authorized and, when issued upon exercise of the Warrant, will be validly
issued, fully paid and nonassessable, and free and clear of all security interests, claims, liens, equities and other encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>4. Adjustment Provisions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The number of Warrant Shares that
may be purchased upon any exercise of the Warrant, shall be subject to change or adjustment as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>4.1. Common
Share Reorganization.</B> If the Company shall subdivide its outstanding Common Shares into a greater number of shares, by way
of share split, share dividend or otherwise, or consolidate its outstanding Common Shares into a smaller number of shares (any
such event being herein called a &#8220;Common Share Reorganization&#8221;), then (a) the definition of Exercise Price shall be
adjusted, effective immediately after the effective date of such Common Share Reorganization, so that each amount contained in
the definition of the Exercise Price is equal to such amount multiplied by a fraction, the numerator of which shall be the number
of Common Shares outstanding on such effective date before giving effect to such Common Share Reorganization and the denominator
of which shall be the number of Common Shares outstanding after giving effect to such Common Shares Reorganization, and (b) the
number of Common Shares subject to purchase upon exercise of this Warrant shall be adjusted, effective at such time, to a number
determined by multiplying the number of Common Shares subject to purchase immediately before such Common Share Reorganization by
a fraction, the numerator of which shall be the number of shares outstanding after giving effect to such Common Share Reorganization
and the denominator of which shall be the number of Common Shares outstanding immediately before giving effect to such Common Share
Reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>4.2. Capital
Reorganization.</B> If there shall be any consolidation or merger to which the Company is a party, other than a consolidation or
a merger of which the Company is the continuing corporation and that does not result in any reclassification of, or change (other
than a Common Share Reorganization) in, outstanding Common Shares, or any sale or conveyance of the property of the Company as
an entirety or substantially as an entirety, or any recapitalization of the Company (any such event being called a &#8220;Capital
Reorganization&#8221;), then, effective upon the effective date of such Capital Reorganization, the Warrant Holder shall no longer
have the right to purchase Common Shares, but shall have instead the right to purchase, upon exercise of this Warrant, the kind
and amount of Common Shares and other securities and property (including cash) which the Warrant Holder would have owned or have
been entitled to receive pursuant to such Capital Reorganization, if the Warrant had been exercised immediately prior to the effective
date of such Capital Reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-indent: 0.5in"><B>4.3. Adjustment Rules.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
adjustments pursuant to this Section 4 shall be made successively whenever any event referred to herein shall occur, except that,
notwithstanding any other provision of this Section 4, no adjustment shall be made to the number of Warrant Shares to be delivered
to the Warrant Holder (or to the Exercise Price) if such adjustment represents less than one-percent (1%) of the number of Warrant
Shares previously required to be so delivered, but any lesser adjustment shall be carried forward and shall be made at the time
and together with the next subsequent adjustment which together with any adjustments so carried forward shall amount to one-percent
(1%) or more of the number of Warrant Shares to be so delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall take a record of the holders of its Common Shares for any purpose referred to in this Section 4, then (i) such
record date shall be deemed to be the date of the issuance, sale, distribution or grant in question and (ii) if the Company shall
legally abandon such action prior to effecting such action, no adjustment shall be made pursuant to this Section 4 in respect of
such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a condition precedent to the taking of any action which would require an adjustment pursuant to this Section 4, the Company shall
take any action which may be necessary, including obtaining regulatory approvals or exemptions, in order that the Company may thereafter
validly and legally issue as fully paid and nonassessable all Common Shares which the Warrant Holder is entitled to receive upon
exercise of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>5. Transfer of Warrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>5.1. No Transfer
Without the Consent of the Company.</B> This Warrant is personal to the Warrant Holder and this Warrant Certificate and the rights
of the Warrant Holder hereunder may not be sold, assigned, transferred or conveyed, in whole or in part, except (a) to an Affiliate,
nominee or assignee of the Warrant Holder that is an Accredited Investor or (b) with the prior written consent of the Company,
which shall not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>5.2. Permitted
Transfers.</B> Upon transfer of the Warrant permitted under Section 5.1 above, the Warrant Holder must deliver to the Company a
duly executed Warrant Assignment in the form of Annex B attached hereto with funds sufficient to pay any transfer tax imposed in
connection with such assignment. Upon surrender of this Warrant to the Company, the Company shall execute and deliver a new Warrant
in the form of this Warrant, with appropriate changes to reflect such assignment, in the name or names of the assignee or assignees
specified in the fully executed Warrant Assignment or other instrument of assignment and, if the Warrant Holder&#8217;s entire
interest is not being transferred or assigned, in the name of the Warrant Holder, and this Warrant shall promptly be canceled.
In connection with any transfer or exchange of this Warrant permitted hereunder, the transferring Warrant Holder shall pay all
costs and expenses relating thereto, including, without limitation, all transfer taxes, if any, and all reasonable expenses incurred
by the Company (including legal fees and expenses). Any new Warrant issued shall be dated the date hereof. The terms &#8220;Warrant&#8221;
and &#8220;Warrant Holder&#8221; as used herein include all Warrants into which this Warrant (or any successor Warrant) may be
exchanged or issued in connection with the permitted transfer or assignment of this Warrant, any successor Warrant and the holders
of those Warrants, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>6. Lost Mutilated or Missing Warrant Certificates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant Certificate and, in the case of loss, theft or
destruction, upon receipt of indemnification satisfactory to the Company, or, in the case of mutilation, upon surrender and cancellation
of the mutilated Warrant Certificate, the Company shall execute and deliver a new Warrant Certificate of like tenor and representing
the right to purchase the same aggregate number of Warrant Shares. The recipient of any such Warrant Certificate shall reimburse
the Company for all reasonable expenses incidental to the replacement of such lost, mutilated or missing Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>7. Miscellaneous.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.1. Successors
and Assigns.</B> All the provisions of this Warrant Certificate by or for the benefit of the Company or the Warrant Holder shall
bind and inure to the benefit of their respective successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.2. Notices.</B>
All notices, requests, demands and other communications hereunder shall be given in accordance with the terms of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.3. Waivers;
Amendments.</B> Any provision of this Warrant Certificate may be amended or modified with (but only with) the written consent of
the Company and the Warrant Holder. Any amendment, modification or waiver effected in compliance with this Section 7.3 shall be
binding upon the Company and the Warrant Holder. No failure or delay of the Company or the Warrant Holder in exercising any power
or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereon or the
exercise of any other right or power. The rights and remedies of the Company and the Warrant Holder hereunder are cumulative and
not exclusive of any rights or remedies which each would otherwise have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.4. No Rights
as a Shareholder.</B> The Warrant shall not entitle the Warrant Holder, prior to the exercise of the Warrant, to any rights as
a holder of shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.5. Separability.</B>
In case any one or more of the provisions contained in this Warrant shall be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby. The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">provisions with valid provisions,
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.6. Governing
Law.</B> This Warrant shall be construed and enforced in accordance with the laws of the State of Delaware without regard to principles
of conflicts of law, except as otherwise required by mandatory provisions of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.7. Section
Headings.</B> The section headings used herein are for convenience of reference only and shall not be construed in any way to affect
the interpretation of any provisions of the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">[Signature on Next Page]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Company has caused this Warrant Certificate to be duly executed and attested by an officer of the Company, all as of the day
and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>EMPIRE PETROLEUM CORPORATION</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%"><FONT STYLE="font-size: 10pt">/s/ Michael R. Morrisett</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #000000 1px solid; vertical-align: top"><FONT STYLE="font-size: 10pt">Michael R. Morrisett</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">President<BR></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%"><FONT STYLE="font-size: 10pt">/s/ Thomas W. Pritchard</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #000000 1px solid; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Thomas
                                         W. Pritchard</FONT></P>


</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">CEO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>ANNEX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Form of Notice of Exercise</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">Date: __________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">To: Empire Petroleum Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Reference is made to the Common Share
Purchase Warrant No. PIE-3 dated August 6, 2020, issued to the undersigned by Empire Petroleum Corporation. Terms defined therein
are used herein as therein defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The undersigned, pursuant to the
provisions set forth in the Warrant Certificate, hereby irrevocably elects and agrees to purchase the number of Common Shares at
the Exercise Price(s) set forth below, and makes payment herewith by check payable to the order of (1) the Company in an amount
equal to $________ and (2) Empire Texas LLC in an amount equal to $ __________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 60%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 40%">Number of Warrant Shares</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 40%">Applicable
Exercise Price</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">If said number of shares is less
than all of the shares purchasable hereunder, the undersigned hereby requests that a new Warrant Certificate representing the remaining
balance of the Warrant Shares be issued to me.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The undersigned hereby represents
that it is exercising the Warrant for its own account for investment purposes and not with the view to any sale or distribution
and that the Warrant Holder will not offer, sell or otherwise dispose of the Warrant or any underlying Warrant Shares in violation
of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">Petroleum Independent &amp;
Exploration</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>ANNEX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Form of Warrant Assignment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">Date:__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Reference is made to the Common Share
Purchase Warrant No. PIE-3 dated August 6, 2020, issued to the undersigned by Empire Petroleum Corporation. Terms defined therein
are used herein as therein defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">FOR VALUE RECEIVED __________________
(the &#8220;Assignor&#8221;) hereby sells, assigns and transfers all of the rights of the Assignor as set forth in the Warrant
Certificate with respect to the number of Warrant Shares covered thereby as set forth below, to the Assignee(s) as set forth below:</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom">Name of Assignee</TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom">Address</TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0">Number of Applicable</P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">Warrant Shares</P></TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom">&nbsp;<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">Exercise
                                         Price of</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">Warrant Shares</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; text-align: justify; margin: 0">All notices to be given by the Company to the Assignor
as Warrant Holder shall be sent to the Assignee(s) at the above listed address(es), and, if the number of Warrant Shares being
hereby assigned is less than all of the Warrant Shares covered by the Warrant Certificate held by the Assignor, then also to the
Assignor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">In accordance with Section 5 of the
Warrant Certificate, the Assignor requests that the Company execute and deliver a new Warrant Certificate or Warrant Certificates
in the name or names of the Assignee or Assignees, as is appropriate, or, if the number of Warrant Shares being hereby assigned
is less than all of the Warrant Shares covered by the Warrant held by the Assignor, new Warrant Certificates in the name or names
of the Assignee or the Assignees, as is appropriate, and in the name of the Assignor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The undersigned represents that the
Assignee has represented to the Assignor that the Assignee or each Assignee, as is appropriate, is acquiring the Warrant for its
own account or the account of an Affiliate for investment purposes and not with the view to sell or distribute, and that the Assignee
or each Assignee, as is appropriate, will not offer, sell or otherwise dispose of the Warrant or the Warrant Shares except under
circumstances as will not result in a violation of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">Petroleum Independent &amp;
Exploration</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>7
<FILENAME>exh10-5_18422.htm
<DESCRIPTION>COMMON SHARE WARRANT CERTIFICATE NO. PIE-4 DATED AUGUST 6, 2020
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: right"><B><U>EXHIBIT 10.5&nbsp;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>EXHIBIT D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES ACT. THE SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS (I) THEY HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES ACT, OR (II) THE COMPANY SHALL HAVE BEEN FURNISHED
AN OPINION OF COUNSEL, SATISFACTORY TO COUNSEL FOR THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER ANY OF SUCH ACTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">No. PIE-4 &#9; August 6, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>EMPIRE PETROLEUM CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>COMMON SHARE WARRANT CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Warrant to Purchase up to 11,066,667
Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Expiring August 6, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">THIS CERTIFIES THAT Petroleum Independent
&amp; Exploration LLC or, pursuant to Section 5.1(a), its Affiliates, nominees or assignees (the &#8220;Warrant Holder&#8221;),
in consideration for entering into that certain Securities Purchase Agreement dated as of August 6, 2020 (the &#8220;Purchase Agreement&#8221;),
by and between the Warrant Holder and Empire Petroleum Corporation, a Delaware corporation (the &#8220;Company&#8221;), at any
time, on any Business Day on or prior to 5:00 p.m., Central Time, on the Expiration Date (as defined in Section 1), is entitled
to subscribe for and purchase from the Company, up to 11,066,667 Common Shares (as defined in Section 1) at a price per Common
Share equal to the Exercise Price (as defined in Section 1); provided, however, that the number of Common Shares issuable upon
any exercise of this Warrant (as defined in Section 1) shall be adjusted and readjusted from time to time in accordance with Section
4 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>1. Certain Definitions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The following terms, as used herein,
have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Accredited
Investor&#8221; means an accredited investor as that term is defined in Rule 501(a) of Regulation D promulgated by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Affiliate&#8221;
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Business
Day&#8221; means any day except a Saturday, Sunday, or other day on which commercial banks in Houston, Texas, are authorized by
law to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Capital
Reorganization&#8221; has the meaning set forth in Section 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Commission&#8221;
means the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Common
Share Reorganization&#8221; has the meaning set forth in Section 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Common
Shares&#8221; means the Company&#8217;s currently authorized class of Common Stock, par value $0.001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Company&#8221;
has the meaning set forth in the preamble to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Empire
Texas LLC&#8221; means Empire Texas LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Exchange
Act&#8221; means the Securities Exchange Act of 1934, as amended, or any successor Federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Exchange
Act shall include a reference to the comparable section, if any, of any such successor Federal statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Exercise
Price&#8221; initially means $0.141, provided, however, at any time after the number of Warrant Shares are adjusted hereunder (as
described in the definition of Warrant Shares (other than pursuant to Section 4)), the Exercise Price shall be equal to a quotient,
the numerator of which is (a) the difference between (i) $1,062,200 <I>less</I> (ii) the total amount paid by Warrant Holder hereunder
as of the date of such calculation and the denominator of which is (b) the number of Warrant Shares that may still be acquired
hereunder as of the date of such calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Notice
of Exercise&#8221; has the meaning set forth in Section 2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Person&#8221;
means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;PIE Operating
LLC&#8221; means PIE Operating LLC, a Nevada limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Purchase
Agreement&#8221; has the meaning set forth in the preamble to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Securities
Act&#8221; means the Securities Act of 1933, as amended, or any successor Federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Securities Act
shall include a reference to the comparable section, if any, of any such successor Federal statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Warrant&#8221;
means the rights granted to the Warrant Holder pursuant to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Warrant
Certificate&#8221; means this Common Share Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Warrant
Holder&#8221; has the meaning set forth in the preamble to this Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&#8220;Warrant
Shares&#8221; initially means 7,533,333 Common Shares issued or issuable upon exercise of this Warrant, provided, however, in the
event that any stockholder (other than current officers and directors) exercises any warrants to acquire Common Shares on or before
December 31, 2020 (the &#8220;Adjustment Shares&#8221;), the Common Shares issued or issuable upon exercise of this Warrant shall
be adjusted upward as of the effective time of any such exercise by a number of Warrant Shares equal to (a) the number of Adjustment
Shares so exercised <I>multiplied by</I> (b) 0.6667, provided, further, any such adjustment shall in no event exceed 3,533,333
Warrant Shares, and all of such Warrant Shares are subject to adjustment from time to time pursuant to Section 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>2. Exercise.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time, the Warrant Holder may exercise this Warrant by delivering to the Company a duly executed notice (a &#8220;Notice of
Exercise&#8221;) in the form of Annex A specifying the number of Warrant Shares as to which this Warrant is being exercised along
with payment, made 50% to the Company and 50% to Empire Texas LLC, of the an aggregate amount equal to the product of: (a) the
Exercise Price times (b) the number of Warrant Shares as to which the Warrant is being exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">The Company
shall cause Empire Texas LLC to (a) retain for its own account and not dividend or distribute to the Company or any other person
all monies paid to Empire Texas LLC by the Warrant Holder on any exercise of this Warrant, and (b) apply such monies solely to
meet Empire Texas LLC&#8217;s financial obligations for operation and maintenance of all wells in which it is a working interest
holder and which are operated by PIE Operating LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary set forth in this Warrant Certificate, at no time may all or a portion of the Warrant be exercised if
the number of shares of Common Shares to be issued pursuant to such exercise would cause the Warrant Holder&#8217;s beneficial
ownership to exceed, when aggregated with all other shares of Common Shares beneficially owned (as determined in accordance with
Section 13(d) of the Exchange Act and the rules thereunder) by the Warrant Holder at such time, a number of shares of Common Shares
that totals more than 49.99% of all of the Common Shares issued and outstanding at such time. For purposes of this Section 2(b),
in determining the number of outstanding Common Shares, the Warrant Holder may rely on the number of outstanding Common Shares
as reflected in (1) the Company&#8217;s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with
the Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company
setting forth the number of outstanding Common Shares. For any reason at any time, upon the written request of the warrant Holder,
the Company shall within one Business Day confirm in writing to the Warrant Holder the number of shares of outstanding Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
soon as practicable, but not later than five (5) Business Days after the Company shall have received such Notice of Exercise and
payment of the aggregate Exercise Price made 50% to the Company and 50% to Empire Texas LLC, the Company shall execute and deliver
or cause to be executed and delivered, in accordance with such Notice of Exercise, a certificate or certificates representing the
number of Common Shares specified in such Notice of Exercise issued</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify">in the name of the Warrant
Holder. This Warrant shall be deemed to have been exercised and such share certificate or certificates shall be deemed to have
been issued, and such Warrant Holder shall be deemed for all purposes to have become a holder of record of Common Shares, as of
the date that such Notice of Exercise and payment of the aggregate Exercise Price shall have been received by the Company and Empire
Texas LLC in the manner set forth in Sections 2(a) and 2(c) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Warrant Holder shall surrender this Warrant Certificate to the Company when it delivers the Notice of Exercise, and in the event
of a partial exercise of the Warrant, the Company shall execute and deliver to the Warrant Holder, at the time the Company delivers
the share certificate or certificates issued pursuant to such Notice of Exercise, a new Warrant Certificate for the unexercised
portion of this Warrant Certificate, but in all other respects identical to this Warrant Certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall pay all expenses, taxes and other charges payable in connection with the preparation, issuance and delivery of certificates
for the Warrant Shares and a new Warrant Certificate, if any, except that if the certificates for the Warrant Shares or the new
Warrant Certificate, if any, are to be registered in a name or names other than the name of the Warrant Holder, funds sufficient
to pay all transfer taxes payable as a result of such transfer shall be paid by the Warrant Holder at the time of its delivery
of the Notice of Exercise or promptly upon receipt of a written request by the Company for payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional Common Shares will be issued in connection with any exercise of the Warrant, and any fractional Common Share (resulting
from any adjustment pursuant to Section 4 or otherwise) in the aggregate number of Common Shares being purchased upon any exercise
of the Warrant shall be eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>3. Validity of Warrant and Issuance of Common Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Company represents and warrants
that this Warrant has been duly authorized and is validly issued. The Company further represents and warrants that on the date
hereof it has duly authorized and reserved, and the Company hereby agrees that it will at all times until the Expiration Date have
duly authorized and reserved, such number of Common Shares as will be sufficient to permit the exercise in full of the Warrant,
and that all such Common Shares are and will be duly authorized and, when issued upon exercise of the Warrant, will be validly
issued, fully paid and nonassessable, and free and clear of all security interests, claims, liens, equities and other encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>4. Adjustment Provisions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The number of Warrant Shares that
may be purchased upon any exercise of the Warrant, shall be subject to change or adjustment as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>4.1. Common
Share Reorganization.</B> If the Company shall subdivide its outstanding Common Shares into a greater number of shares, by way
of share split, share dividend or otherwise, or consolidate its outstanding Common Shares into a smaller number of shares (any
such event being herein called a &#8220;Common Share Reorganization&#8221;), then (a) the definition of Exercise Price shall be
adjusted, effective immediately after the effective date of such Common Share Reorganization, so that each amount contained in
the definition of the Exercise Price is equal to such amount multiplied by a fraction, the numerator of which shall be the number
of Common Shares outstanding on such effective date before giving effect to such Common Share Reorganization and the denominator
of which shall be the number of Common Shares outstanding after giving effect to such Common Shares Reorganization, and (b) the
number of Common Shares subject to purchase upon exercise of this Warrant shall be adjusted, effective at such time, to a number
determined by multiplying the number of Common Shares subject to purchase immediately before such Common Share Reorganization by
a fraction, the numerator of which shall be the number of shares outstanding after giving effect to such Common Share Reorganization
and the denominator of which shall be the number of Common Shares outstanding immediately before giving effect to such Common Share
Reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>4.2. Capital
Reorganization.</B> If there shall be any consolidation or merger to which the Company is a party, other than a consolidation or
a merger of which the Company is the continuing corporation and that does not result in any reclassification of, or change (other
than a Common Share Reorganization) in, outstanding Common Shares, or any sale or conveyance of the property of the Company as
an entirety or substantially as an entirety, or any recapitalization of the Company (any such event being called a &#8220;Capital
Reorganization&#8221;), then, effective upon the effective date of such Capital Reorganization, the Warrant Holder shall no longer
have the right to purchase Common Shares, but shall have instead the right to purchase, upon exercise of this Warrant, the kind
and amount of Common Shares and other securities and property (including cash) which the Warrant Holder would have owned or have
been entitled to receive pursuant to such Capital Reorganization, if the Warrant had been exercised immediately prior to the effective
date of such Capital Reorganization.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-indent: 0.5in"><B>4.3. Adjustment Rules.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
adjustments pursuant to this Section 4 shall be made successively whenever any event referred to herein shall occur, except that,
notwithstanding any other provision of this Section 4, no adjustment shall be made to the number of Warrant Shares to be delivered
to the Warrant Holder (or to the Exercise Price) if such adjustment represents less than one-percent (1%) of the number of Warrant
Shares previously required to be so delivered, but any lesser adjustment shall be carried forward and shall be made at the time
and together with the next subsequent adjustment which together with any adjustments so carried forward shall amount to one-percent
(1%) or more of the number of Warrant Shares to be so delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall take a record of the holders of its Common Shares for any purpose referred to in this Section 4, then (i) such
record date shall be deemed to be the date of the issuance, sale, distribution or grant in question and (ii) if the Company shall
legally abandon such action prior to effecting such action, no adjustment shall be made pursuant to this Section 4 in respect of
such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a condition precedent to the taking of any action which would require an adjustment pursuant to this Section 4, the Company shall
take any action which may be necessary, including obtaining regulatory approvals or exemptions, in order that the Company may thereafter
validly and legally issue as fully paid and nonassessable all Common Shares which the Warrant Holder is entitled to receive upon
exercise of this Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>5. Transfer of Warrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>5.1. No Transfer
Without the Consent of the Company.</B> This Warrant is personal to the Warrant Holder and this Warrant Certificate and the rights
of the Warrant Holder hereunder may not be sold, assigned, transferred or conveyed, in whole or in part, except (a) to an Affiliate,
nominee or assignee of the Warrant Holder that is an Accredited Investor or (b) with the prior written consent of the Company,
which shall not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>5.2. Permitted
Transfers.</B> Upon transfer of the Warrant permitted under Section 5.1 above, the Warrant Holder must deliver to the Company a
duly executed Warrant Assignment in the form of Annex B attached hereto with funds sufficient to pay any transfer tax imposed in
connection with such assignment. Upon surrender of this Warrant to the Company, the Company shall execute and deliver a new Warrant
in the form of this Warrant, with appropriate changes to reflect such assignment, in the name or names of the assignee or assignees
specified in the fully executed Warrant Assignment or other instrument of assignment and, if the Warrant Holder&#8217;s entire
interest is not being transferred or assigned, in the name of the Warrant Holder, and this Warrant shall promptly be canceled.
In connection with any transfer or exchange of this Warrant permitted hereunder, the transferring Warrant Holder shall pay all
costs and expenses relating thereto, including, without limitation, all transfer taxes, if any, and all reasonable expenses incurred
by the Company (including legal fees and expenses). Any new Warrant issued shall be dated the date hereof. The terms &#8220;Warrant&#8221;
and &#8220;Warrant Holder&#8221; as used herein include all Warrants into which this Warrant (or any successor Warrant) may be
exchanged or issued in connection with the permitted transfer or assignment of this Warrant, any successor Warrant and the holders
of those Warrants, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>6. Lost Mutilated or Missing Warrant Certificates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant Certificate and, in the case of loss, theft or
destruction, upon receipt of indemnification satisfactory to the Company, or, in the case of mutilation, upon surrender and cancellation
of the mutilated Warrant Certificate, the Company shall execute and deliver a new Warrant Certificate of like tenor and representing
the right to purchase the same aggregate number of Warrant Shares. The recipient of any such Warrant Certificate shall reimburse
the Company for all reasonable expenses incidental to the replacement of such lost, mutilated or missing Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>7. Miscellaneous.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.1. Successors
and Assigns.</B> All the provisions of this Warrant Certificate by or for the benefit of the Company or the Warrant Holder shall
bind and inure to the benefit of their respective successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.2. Notices.</B>
All notices, requests, demands and other communications hereunder shall be given in accordance with the terms of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.3. Waivers;
Amendments.</B> Any provision of this Warrant Certificate may be amended or modified with (but only with) the written consent of
the Company and the Warrant Holder. Any amendment, modification or waiver effected in compliance with this Section 7.3 shall be
binding upon the Company and the Warrant Holder. No failure or delay of the Company or the Warrant Holder in exercising any power
or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereon or the
exercise of any other right or power. The rights and remedies of the Company and the Warrant Holder hereunder are cumulative and
not exclusive of any rights or remedies which each would otherwise have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.4. No Rights
as a Shareholder.</B> The Warrant shall not entitle the Warrant Holder, prior to the exercise of the Warrant, to any rights as
a holder of shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.5. Separability.</B>
In case any one or more of the provisions contained in this Warrant shall be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby. The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.6. Governing
Law.</B> This Warrant shall be construed and enforced in accordance with the laws of the State of Delaware without regard to principles
of conflicts of law, except as otherwise required by mandatory provisions of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in"><B>7.7. Section
Headings.</B> The section headings used herein are for convenience of reference only and shall not be construed in any way to affect
the interpretation of any provisions of the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">[Signature on Next Page]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Company has caused this Warrant Certificate to be duly executed and attested by an officer of the Company, all as of the day
and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>EMPIRE PETROLEUM CORPORATION</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%"><FONT STYLE="font-size: 10pt">/s/ Michael R. Morrisett</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #000000 1px solid; vertical-align: top"><FONT STYLE="font-size: 10pt">Michael R. Morrisett</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">President<BR></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%"><FONT STYLE="font-size: 10pt">/s/ Thomas W. Pritchard</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #000000 1px solid; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Thomas
                                         W. Pritchard</FONT></P>


</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">CEO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 1.5in; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>ANNEX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Form of Notice of Exercise</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">Date: __________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">To: Empire Petroleum Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Reference is made to the Common Share
Purchase Warrant No. PIE-4 dated August 6, 2020, issued to the undersigned by Empire Petroleum Corporation. Terms defined therein
are used herein as therein defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The undersigned, pursuant to the
provisions set forth in the Warrant Certificate, hereby irrevocably elects and agrees to purchase the number of Common Shares at
the Exercise Price(s) set forth below, and makes payment herewith by check payable to the order of (1) the Company in an amount
equal to $________ and (2) Empire Texas LLC in an amount equal to $ __________.</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 60%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 40%">Number of Warrant Shares</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 40%">Applicable
Exercise Price</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">If said number of shares is less
than all of the shares purchasable hereunder, the undersigned hereby requests that a new Warrant Certificate representing the remaining
balance of the Warrant Shares be issued to me.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The undersigned hereby represents
that it is exercising the Warrant for its own account for investment purposes and not with the view to any sale or distribution
and that the Warrant Holder will not offer, sell or otherwise dispose of the Warrant or any underlying Warrant Shares in violation
of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">Petroleum Independent &amp;
Exploration</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>ANNEX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Form of Warrant Assignment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">Date:__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Reference is made to the Common Share
Purchase Warrant No. PIE-4 dated August 6, 2020, issued to the undersigned by Empire Petroleum Corporation. Terms defined therein
are used herein as therein defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">FOR VALUE RECEIVED __________________
(the &#8220;Assignor&#8221;) hereby sells, assigns and transfers all of the rights of the Assignor as set forth in the Warrant
Certificate with respect to the number of Warrant Shares covered thereby as set forth below, to the Assignee(s) as set forth below:</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom">Name of Assignee</TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom">Address</TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0">Number of Applicable</P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">Warrant Shares</P></TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%; vertical-align: bottom">&nbsp;<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">Exercise
                                         Price of</P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">Warrant Shares</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">All notices to be given by the Company
to the Assignor as Warrant Holder shall be sent to the Assignee(s) at the above listed address(es), and, if the number of Warrant
Shares being hereby assigned is less than all of the Warrant Shares covered by the Warrant Certificate held by the Assignor, then
also to the Assignor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">In accordance with Section 5 of the
Warrant Certificate, the Assignor requests that the Company execute and deliver a new Warrant Certificate or Warrant Certificates
in the name or names of the Assignee or Assignees, as is appropriate, or, if the number of Warrant Shares being hereby assigned
is less than all of the Warrant Shares covered by the Warrant held by the Assignor, new Warrant Certificates in the name or names
of the Assignee or the Assignees, as is appropriate, and in the name of the Assignor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The undersigned represents that the
Assignee has represented to the Assignor that the Assignee or each Assignee, as is appropriate, is acquiring the Warrant for its
own account or the account of an Affiliate for investment purposes and not with the view to sell or distribute, and that the Assignee
or each Assignee, as is appropriate, will not offer, sell or otherwise dispose of the Warrant or the Warrant Shares except under
circumstances as will not result in a violation of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">Petroleum Independent &amp;
Exploration</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase">LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title:<U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"></P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>8
<FILENAME>exh10-6_18422.htm
<DESCRIPTION>LOAN AGREEMENT DATED AS OF AUGUST 6, 2020, BY AND BETWEEN EMPIRE TEXAS LLC AND PETROLEUM INDEPENDENT & EXPLORATION LLC
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: right"><FONT STYLE="text-transform: uppercase"><B><U>Exhibit
10.6</U></B></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>TERM LOAN AGREEMENT</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">This TERM LOAN AGREEMENT (this &ldquo;<B>Agreement</B>&rdquo;),
dated as of August 6, 2020 (the &ldquo;<B>Effective Date</B>&rdquo;), is entered into by and between</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">EMPIRE TEXAS LLC, a Delaware limited liability company (&ldquo;<B>Borrower</B>&rdquo;); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">PETROLEUM INDEPENDENT &amp; EXPLORATION LLC, a Nevada limited liability company (&ldquo;<B>Lender</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><U>RECITALS</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">WHEREAS, Borrower, Lender and certain of their respective Affiliates have concurrently entered
into the Joint Development Agreement dated as of the date of this Agreement (the &ldquo;<B>JDA</B>&rdquo;) and the other Transaction
Documents (as defined in the JDA); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">WHEREAS, pursuant to the JDA, among other provisions, Lender&rsquo;s Affiliate, PIE Operating LLC
(&ldquo;<B>PIE Operating</B>&rdquo;) will act as contract operator to carry out certain recompletion and workover projects on Workover
Wellbores (as defined in the JDA) (the &ldquo;<B>Work</B>&rdquo;); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">WHEREAS, Borrower has requested that Lender make advances to Borrower from time to time in an aggregate
principal amount at any time not to exceed Two Million Dollars ($2,000,000) (the &ldquo;<B>Loan</B>&rdquo;) to fund the Work; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: justify">WHEREAS, Lender and Borrower wish to make the proceeds of the Loan available directly to PIE Operating;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: justify"><P STYLE="margin: 0; font: 10pt/115% Times New Roman, Times, Serif">WHEREAS, pursuant to the Wellbore Assignment (as defined
                                                                                          in the JDA), Borrower has assigned to Lender a 70% of 8/8ths gross working interest and 70% of 8/8ths gross revenue interest
                                                                                          from the Workover Wellbores (the &ldquo;<B>Assigned Interests</B>&rdquo;) as security for the Obligations of Borrower
                                                                                          hereunder; and </P>


</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">F.</TD><TD STYLE="text-align: justify">WHEREAS, Lender is willing to advance the Loan to Borrower on the terms and subject to the conditions
set forth herein.</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">NOW, THEREFORE, in consideration of
the premises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Borrower and Lender, intending to be legally bound, hereby agree as follows:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt; margin-top: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Loans and Promissory
                                         Note.</B></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Commitment to Lend</U>. Subject to the terms and conditions set forth in this Agreement, Lender
hereby agrees to make advances to Borrower (each a &ldquo;<B>Loan Advance</B>&rdquo; and collectively, the &ldquo;<B>Loan Advances</B>&rdquo;)
from time to time, during the period beginning on the date hereof and ending on the Maturity Date (the &ldquo;<B>Draw Period</B>&rdquo;),
in an aggregate principal amount up to, but not to exceed the Commitment Amount at any relevant time. Amounts borrowed and repaid
may not be reborrowed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Purpose</U>. The Loan proceeds shall be used solely for the purpose of funding the Work and
related matters and for no other purpose without consent of Lender</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>Promissory Note</U>. The Loan Advances made by Lender hereunder shall be evidenced by the duly
executed Promissory Note of Borrower to Lender, dated as of the date hereof in an original principal amount equal to the full Commitment
Amount and in the form attached hereto as Exhibit A (as amended, restated, modified, extended, renewed or replaced from time to
time, the &ldquo;<B>Promissory Note</B>&rdquo;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>Repayments</U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">All net cash proceeds of the Assigned Interest received by Lender from time to time pursuant to
the Wellbore Assignment shall be applied to repay outstanding principal and pay all accrued interest on outstanding Loan Advances
and other Obligations due and owing from time to time. All such payments shall be applied first to payment of unpaid accrued interest,
then to the repayment of outstanding principal, then to any other outstanding Obligations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Borrower shall pay in full any remaining outstanding principal amount, all accrued but unpaid interest,
and all other Obligations on the Maturity Date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><U>Prepayments</U>. Borrower may prepay any of the Obligations without penalty or premium but with
accrued interest to the date of such prepayment on the amount prepaid, at any time and from time to time, in whole or in part,
upon notification to Lender of such prepayment not later than 10:00 a.m. Houston time on the date of such prepayment. Any such
prepayment shall be applied first to payment of unpaid accrued interest, then to the repayment of outstanding principal, then to
any other outstanding Obligations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><U>Payment of Interest</U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Subject to Section 5(b)(ii), the principal amount outstanding under the Loan Advances shall accrue
interest from the date of issuance until the Maturity Date at the fixed rate of six percent (6%) per annum.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The initial payment of accrued interest shall be due on the first Business Day of the calendar
month following the calendar month in which the first Loan Advance</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0 6pt 1in; text-align: justify">is made, and payment of accrued
interest shall be due on the first Business Day of each calendar month thereafter.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Interest will be computed on the basis of a year deemed to consist of 365 days and shall be paid
for the actual number of days elapsed.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="text-align: justify">Conditions of Loans.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Conditions Precedent to the Initial Advance</U>. The obligation of Lender to make the initial
Loan Advance shall be subject to the conditions precedent that Lender shall have received the following documents:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Promissory Note, executed by Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">limited liability company resolutions of the member of Borrower, certified by an officer of Borrower,
which authorize the execution, delivery and performance by Borrower of this Agreement and the other Transaction Documents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">a certificate of incumbency certified by an officer of Borrower certifying the names of each person
authorized to execute this Agreement and the other Transaction Documents, together with specimen signatures of such persons;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">copies of the certificate of formation and limited liability company agreement of Borrower certified
to be true and correct by an officer of Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">certificates of Good Standing and Existence issued by the appropriate government entities for Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">such other documents, records, instruments, papers, opinions, and reports, as shall have been requested
by Lender, to evidence the status or organization or authority of Borrower or to evidence or secure payment of the Obligations,
all in form satisfactory to Lender and its counsel; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">certification by an officer of Borrower that the representations and warranties herein are accurate
and complete in all material respects.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Conditions Precedent to Loan Advances</U>. Lender&rsquo;s obligation to make the initial and
each subsequent Loan Advance is subject to satisfaction of the following additional conditions precedent:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Lender&rsquo;s receipt of a written executed Notice of Borrowing, as defined in Section&nbsp;2(c),
including designation of the Workover Wellbore for which the proceeds of the Loan Advance will be used;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">each of the Transaction Documents shall have been executed and delivered by the parties thereto
and they shall each be in full force and effect;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the representations and warranties of Borrower in Section&nbsp;3 shall be accurate and complete
in all material respects on the date of the Notice of Borrowing and the Loan Date (as defined below);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">no Event of Default shall have occurred and be continuing or result from such Loan Advance; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">there shall not have occurred any Material Adverse Change (as defined below).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>Procedure for Borrowing</U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">To obtain a Loan Advance, Borrower shall give written notice to Lender (each a &ldquo;<B>Notice
of Borrowing</B>&rdquo;) not later than ten (10) Business Days prior to the date of the proposed Loan Advance (the &ldquo;<B>Loan
Date</B>&rdquo;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Each Notice of Borrowing to Lender shall be in writing and shall specify (w) the Loan Date; (y)
the Workover Wellbore for which such Loan Advance shall be used; and (z) the amount of such proposed Loan Advance.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Following Lender&rsquo;s receipt of a Notice of Borrowing and satisfaction of the other conditions
set forth in Section&nbsp;2(a), Lender shall make the proceeds of the Loan Advance available to PIE Operating for its use in performing
work on the relevant Workover Wellbore or related matters.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>Payment Mechanics</U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Except as provided in Section&nbsp;1(d)(i), all payments by Borrower under the Loan Documents shall
be made to Lender to such account as Lender may direct in writing, prior to 2:00 P.M., Houston, Texas, time, on the date of payment
(or, if the date of payment is not a Business Day, the next Business Day) in funds which are immediately available to Lender.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">All payments received by Lender in immediately available funds prior to 2:00 P.M., Houston, Texas,
time, on any Business Day will be credited to Borrower&rsquo;s applicable account on the date of receipt. All payments received
by Lender in immediately available funds after 2:00 P.M., Houston, Texas, time, on any Business Day will be credited to Borrower&rsquo;s
applicable account on the next Business Day.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD STYLE="text-align: justify">Representations and Warranties of Borrower.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.5in; text-align: justify">Borrower hereby represents
and warrants to Lender as of the date hereof and on and as of the date of each Loan Advance as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Binding Agreement</U>. The Transaction Documents constitute or will constitute, when issued
and delivered, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, subject to bankruptcy,
insolvency and other</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0pt 0.5in; text-align: justify">similar laws affecting
the enforcement of creditors&rsquo; rights in general, and general principles of equity.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Organization; Power; Authorization</U>. Borrower is a limited liability company duly incorporated,
validly existing and in good standing under the laws of the State of Delaware. Borrower has all requisite power and authority (limited
liability company and otherwise) to own and use its properties and assets and carry on its business as currently conducted or contemplated.
Borrower has the requisite limited liability company power and authority to execute, deliver and perform the Transaction Documents
and to consummate the transactions contemplated thereby. The execution, delivery and performance by Borrower of the Transaction
Documents and the consummation of the transactions contemplated thereby have been duly authorized by all necessary limited liability
company action on the part of Borrower.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>Non-Contravention</U>. Neither the execution and the delivery of the Transaction Documents,
nor the consummation of the transactions contemplated hereby, will (a) violate any injunction, judgment, order, decree, ruling,
charge or any provision of Borrower&rsquo;s certificate of formation, limited liability company agreement or other charter documents,
or, to Borrower&rsquo;s knowledge, any restriction of any government, governmental agency or court to which Borrower is subject,
or (b) conflict with, result in a material breach of, constitute a default under, result in the acceleration of, create in any
party the right to accelerate, terminate, modify, or cancel, any material agreement, contract, lease, license, instrument, or other
arrangement to which Borrower is a party or by which it is bound or to which any of its assets are subject.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD STYLE="text-align: justify">Covenants.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Affirmative Covenants</U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><U>Use of Proceeds</U>. Borrower shall use the proceeds of the Loan Advances solely for the purposes
set forth herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><U>Compliance with Laws</U>. Borrower shall comply in all material respects with all laws and regulations
applicable to it in the operation of its business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><U>Taxes</U>. Borrower shall pay when due all taxes, assessments and charges imposed on it or that
are required to be withheld, except where contested in good faith and where adequate reserves have been set aside.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Negative Covenants</U>. Borrower shall not, without Lender&rsquo;s prior written consent:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><U>Collateral</U>. Do, or permit to be done, anything which could be reasonably expected to prejudice
the validity, enforceability, or priority of any of the Assigned Interests;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><U>Mergers or Acquisitions</U>. Merge or consolidate, or permit any of its subsidiaries to merge
or consolidate, with any other Person, or acquire, or permit any of its subsidiaries to acquire, all or substantially all of the
capital stock or property of another Person. A subsidiary may merge or consolidate into another subsidiary or into Borrower; provided
that, in the case of a merger of a subsidiary into Borrower, Borrower shall remain the surviving entity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><U>Indebtedness</U>. Borrow money or engage in any other financing transaction for borrowed money
except under this Agreement and except for trade payables incurred in the ordinary course of Borrower&rsquo;s business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><U>Encumbrances</U>. Create, incur, allow, or suffer any Lien (as defined below) on any existing
or future, tangible or intangible, assets of Borrower, or assign or convey any right to receive income or permit any of Borrower&rsquo;s
subsidiaries to do so, other than Permitted Liens (as defined below);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><U>Loans</U>. Make any loan to any Person except prepaid items or deposits incurred in the ordinary
course of business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify"><U>Capital Expenditures</U>. Make or agree to make any capital expenditures, individually or in
the aggregate, other than for any Workover Wellbore described in any Notice of Borrowing; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify"><U>Dividends</U>. Make any cash distribution or declare any dividends.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD STYLE="text-align: justify">Events of Default; Remedies Upon Default.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Events of Default</U>. The occurrence of any of the following events shall constitute an event
of default (each, an &ldquo;<B>Event of Default</B>&rdquo;) hereunder:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Borrower fails to pay timely any of the principal or any accrued interest or other amounts due
under the Loan Documents when the same becomes due and payable and such failure continues for five (5) Business Days thereafter;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Borrower or EMPR is in material breach of any Transaction Document to which it is a party, and
(except for any failure to pay money, for which a five (5) calendar day cure period applies) such breach is not remedied in full
to the satisfaction of Lender in its sole discretion within 30 days of the breach having occurred;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Borrower (A) files any petition or action for relief under any bankruptcy, reorganization, insolvency
or moratorium law, or any other law for the relief of, or relating to, debtors, now or hereafter in effect; (B) applies for or
consents to the appointment of a custodian, receiver, trustee, sequestrator, conservator or similar official for Borrower or for
a substantial part of Borrower&rsquo;s assets; (C) makes a general assignment for the benefit of creditors; (D) becomes unable
to, or admits</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0 6pt 1in; text-align: justify">in writing its inability to,
pay its debts generally as they come due; or (E) takes any limited liability company action in furtherance of any of the foregoing;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">an involuntary petition is filed against Borrower (unless such petition is dismissed or discharged
within sixty (60) days) under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, sequestrator,
conservator, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control
of any property of Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">one or more final and non-appealable judgments for the payment of money in an amount, individually
or in the aggregate, of at least Fifty Thousand Dollars ($50,000) (not covered by independent third-party insurance as to which
liability has been accepted by such insurance carrier) are entered by a court of competent jurisdiction against Borrower which
judgment remains undischarged, unsatisfied, unvacated or unstayed for a period of sixty (60) days after such judgment becomes final
and non-appealable (and Lender shall not be required to make any Loan Advances prior to the satisfaction, vacation or stay of such
judgment, order or decree);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">any representation, warranty or other statement made by Borrower in the Transaction Documents,
or any other agreement or other document delivered in connection with any of the Transaction Documents, shall prove to have been
false or misleading in any material respect when made;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">Borrower violates any covenant set forth in Section 4, provided that with respect to a non-monetary
default of a covenant set forth in Section 4(a), such default continues unremedied for a period in excess of thirty (30) days;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">a Change of Control shall occur.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Remedies Upon Default</U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Upon the occurrence and during the continuance of an Event of Default hereunder:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">all unpaid principal, accrued interest and other amounts owing hereunder shall, at the option of
Lender, be immediately due and payable by Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">Lender may terminate its commitment to make additional Loan Advances; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify">Lender may proceed to protect and enforce its right by suit in the specific performance of any
covenant or agreement contained in the Loan Documents or in aid of the exercise of any power granted in the Loan Documents or may
proceed to enforce the payment of the Loan Documents or to enforce any other legal or equitable rights as Lender may</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0 6pt 1.5in; text-align: justify">have, including exercising
any right or remedies available to Lender under the Loan Documents and under applicable law;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Any and all amounts (including principal, unpaid interest and all reasonable costs and expenses
of collection, including reasonable attorneys&rsquo; fees) outstanding hereunder after an Event of Default shall, at the option
of Lender, bear interest from the date due until paid at the rate of ten percent (10%) per annum.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left">6.</TD><TD STYLE="text-align: justify">Other Provisions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Demand Waiver</U>. Borrower waives presentment, notice of dishonor, protest and notice of protest
of this Agreement and the Promissory Note and all other notices or demands in connection with the delivery, acceptance, performance,
default or endorsement of the Loan Documents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Cost Indemnities</U>. Borrower shall on demand indemnify Lender against:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any cost, loss or liability incurred by Lender as a result of funding, or making arrangements to
fund, at the request of Borrower any Loan Advance not made by reason of the operation of any one or more of the provisions of this
Agreement (other than due to the default or negligence by Lender alone); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">all costs and expenses (including reasonable attorney&rsquo;s fees) incurred by Lender in connection
with (x) the administration or release of the Assigned Interests or (y) the enforcement of, or the preservation of any rights under,
any Loan Document (including in relation to the issuing to an Borrower of any notice of default or reservation of rights).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>Waivers by Lender; Remedies Cumulative</U>. Lender&rsquo;s failure, at any time or times, to
require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or
diminish any right of Lender thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder
shall be effective unless signed by Lender and then is only effective for the specific instance and purpose for which it is given.
Lender&rsquo;s rights and remedies under this Agreement and the other Loan Documents are cumulative. Lender has all rights and
remedies provided under applicable law, or in equity. Lender&rsquo;s exercise of one right or remedy is not an election, and Lender&rsquo;s
waiver of any Event of Default is not a continuing waiver. Any delay in exercising any remedy by Lender is not a waiver, election,
or acquiescence.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>Binding Agreement</U>. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><U>Governing Law</U>. This Agreement shall be governed by and construed in accordance with the
internal and substantive laws of the State of Texas and without regard to any conflicts of laws concepts which would apply the
substantive law of some other jurisdiction.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><U>Fees and Expenses</U>. Each party shall pay the fees and expenses of its advisers, counsel,
accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement and the other Transaction Documents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><U>Further Assurances</U>. The parties hereto agree to execute and deliver all such other papers
and documents and to take such other further actions that may be reasonably necessary or appropriate to carry out the terms of
this Agreement or any other Transaction Document.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><U>Entire Agreement; Amendment</U>. The Transaction Documents contain the entire agreement among
the parties with respect to the subject matter thereof and there are no agreements, understandings, representations, or warranties
regarding the subject matter hereof that are not set forth herein. This Agreement may not be amended, restated or revised except
by a writing signed by Borrower and Lender.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><U>Notices</U>. All demands, approvals, communications and notices required or permitted by <FONT STYLE="letter-spacing: -0.2pt">this
</FONT>Agreement shall be in writing and may be made by letter or e-mail to <FONT STYLE="letter-spacing: -0.25pt">the </FONT>following
addresses:</TD></TR></TABLE>

<P STYLE="padding-top: 0; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; padding-bottom: 0">If to Borrower, to:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-top: 0; margin: 0 0 0 1in; text-align: justify; padding-bottom: 0">&nbsp;</P>

<P STYLE="padding-top: 0; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; padding-bottom: 0">EMPIRE TEXAS LLC</P>

<P STYLE="padding-top: 0; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in; padding-bottom: 0">1203
E. 33rd Street, Suite 250</P>

<P STYLE="padding-top: 0; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in; padding-bottom: 0">Tulsa,
Oklahoma 74105</P>

<P STYLE="padding-top: 0; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in; padding-bottom: 0">Electronic
mail: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mike@empirepetrocorp.com</P>

<P STYLE="padding-top: 0; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in; padding-bottom: 0">tommyp@empirepetrocorp.com</P>

<P STYLE="padding-top: 0; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; padding-bottom: 0">Attention:&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mike Morrisett</P>

<P STYLE="padding-top: 0; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 1in; text-align: justify; padding-bottom: 0">Tommy Pritchard</P>

<P STYLE="padding-top: 0; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; padding-bottom: 0">&nbsp;</P>

<P STYLE="padding-top: 0; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; padding-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-top: 0; margin: 0 0 0 1in; text-align: justify; padding-bottom: 0">If to Lender, to:</P>

<P STYLE="padding-top: 0; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; padding-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-top: 0; margin: 0 0 0 1in; text-align: justify; padding-bottom: 0">PETROLEUM INDEPENDENT &amp;
EXPLORATION LLC</P>

<P STYLE="padding-top: 0; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: left; padding-bottom: 0">25025 I-45 North, Suite 420</P>

<P STYLE="padding-top: 0; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: left; padding-bottom: 0">The Woodlands TX 77380</P>

<P STYLE="padding-top: 0; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: left; padding-bottom: 0">Electronic mail:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;phil@mulacek.com</P>

<P STYLE="padding-top: 0; font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; text-align: left; padding-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling@pieoperating.com<BR>
Attention: &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phil Mulacek<B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Sterling Mulacek</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; padding-top: 0; margin: 0 0 0 70.9pt; text-align: left; padding-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 70.9pt; padding-top: 0; text-align: left; padding-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.5in; text-align: justify">Any demands, approvals,
communication, document or notices made or delivered to any party under or in connection with this Agreement will only be effective
(i) if by way of email, when received in legible form; or (ii) if by way of letter, when it has been left at the above address
(or such other address as informed from time to time) or five (5) business days after being deposited in the post postage prepaid
in an envelope addressed to the above address (or such other address as informed from time to time).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><U>Counterparts</U>. This Agreement may be executed in one or more counterparts, all of which when
taken together shall constitute but one instrument, and in the event any signature is delivered by facsimile or &ldquo;pdf&rdquo;
transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or &ldquo;pdf&rdquo; were an original thereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify"><U>Severability</U>. The provisions of this Agreement are severable, and the invalidity of any
provision shall not affect the validity or enforceability of any other provision hereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify"><U>Captions</U>. The captions herein have been inserted solely for convenience of reference and
in no way define, limit, or describe the scope or substance of any provision of this Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify"><U>Interpretation</U>. All pronouns used herein shall include the masculine, feminine, and neuter
gender as the context requires. All defined terms shall include both the plural and singular case as the context requires.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify"><U>Restriction on Assignment</U>. Notwithstanding anything herein to the contrary, Borrower shall
not assign this Agreement without obtaining the prior written approval of Lender. Any attempted assignment in violation of this
Section&nbsp;6(n) by Borrower shall be void and Lender shall not recognize any such purported assignment.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify"><U>Waivers</U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">No failure or delay on the part of Lender in exercising any right, power or privilege under the
Loan Documents shall operate as a waiver of any right, power or privilege, except as and to the extent that the assertion of such
right, power or privilege shall be barred by an applicable statute of limitations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">No single or partial exercise of, or abandonment or discontinuance of steps to enforce, any right,
power or privilege under the Loan Documents shall preclude any other or further exercise of such right, power or privilege, or
the exercise of any other right, power or privilege.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">BORROWER AND LENDER DO HEREBY EXPRESSLY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING
OF ANY KIND WHETHER ARISING OUT OF, UNDER OR BY REASON OF THE</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0 6pt 1in; text-align: justify">LOAN DOCUMENTS OR ANY ASSIGNMENT
OR TRANSACTION THEREUNDER. BORROWER AND LENDER UNDERSTAND THAT LENDER IS RELYING ON THIS WAIVER IN MAKING THE LOAN ADVANCES PROVIDED
FOR HEREIN AND IN EXECUTING AND DELIVERING THE LOAN DOCUMENTS.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left">7.</TD><TD STYLE="text-align: justify">Definitions.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.5in; text-align: justify">As used in this Agreement:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&ldquo;Account Pledge Agreement&rdquo; has the meaning set forth in Section 1(d)(i).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">&ldquo;Affiliate&rdquo; any person or entity that directly or indirectly is controlled by, controls
or is under common control with another person or entity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">&ldquo;Business Day&rdquo; means any day except Saturday, Sunday and any day which shall be a federal
legal holiday or a day on which banking institutions in the State of Texas are authorized or required by law or governmental action
to close.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">&ldquo;Change of Control&rdquo; shall mean</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the stockholders of EMPR or the members of Borrower immediately prior to the consummation of any
consolidation, share exchange or merger of EMPR or Borrower (a &ldquo;<B>Fundamental Change</B>&rdquo;) do not own at least a majority
of the voting power of the entity which survives/results from such Fundamental Change;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a stockholder of EMPR or member of Borrower who does not own a majority of the voting power of
EMPR or Borrower immediately prior to a Fundamental Change, owns a majority of EMPR or Borrower&rsquo;s voting power immediately
after such Fundamental Change;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">EMPR or Borrower is not the surviving entity following a Fundamental Change;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">EMPR or Borrower is the surviving entity following a Fundamental Change but the equity securities
of EMPR or Borrower outstanding immediately preceding such Fundamental Change are converted or exchanged by virtue of such Fundamental
Change into other property, whether in the form of securities, cash or otherwise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">the approval of the stockholders of EMPR or members of Borrower of the liquidation or dissolution
of Borrower; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">any sale, lease, exchange or other transfer (in one transaction or a series of related transactions)
of all or substantially all of the assets of EMPR or Borrower, including equity held in any of Borrower&rsquo;s subsidiaries.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">&ldquo;Commitment Amount&rdquo; means, during the period from the date hereof until the first anniversary
thereof, US$1,000,000, and thereafter until the Maturity Date, US$2,000,000.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">&ldquo;EMPR&rdquo; means Empire Petroleum Corporation, a Delaware corporation and the parent company
of Borrower.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">&ldquo;JDA&rdquo; has the meaning set forth in the Recitals.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">&ldquo;Lien&rdquo; means any claim, mortgage, deed of trust, levy, charge, pledge, security interest
or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property
of Borrower.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&ldquo;Loan Advances&rdquo; has the meaning set forth in Section 1(a).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">&ldquo;Loan Documents&rdquo; means this Agreement and the Promissory Note and any other document,
instrument or agreement delivered in connection herewith from time to time, each as amended, restated, or otherwise modified.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">&ldquo;Material Adverse Change&rdquo; means a material adverse change after the date hereof in
the business, operations or condition (financial or otherwise) of Borrower.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">&ldquo;Maturity Date&rdquo; means the earliest to occur of (i) termination of Lender&rsquo;s commitment
to make Loan Advances or (ii) or the fourth anniversary of the date of this Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">&ldquo;Obligations&rdquo; means Borrower&rsquo;s obligation to pay when due any debts, principal,
interest, and other amounts Borrower owes Lender now or later under the Loan Documents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">&ldquo;Permitted Lien&rdquo; means (i) the Assigned Interests(ii) any Lien for taxes not delinquent
or for taxes being diligently contested in good faith by Borrower by appropriate proceedings, provided appropriate reserves therefor
are established by Borrower; (iii) any mechanic&rsquo;s, artisan&rsquo;s, materialman&rsquo;s, landlord&rsquo;s, carrier&rsquo;s
or other like Lien arising in the ordinary course of business with respect to obligations which are not due provided that, the
aggregate amount of such Liens does not at any time exceed Fifty Thousand Dollars ($50,000); (iv) any Lien arising out of a judgment,
order or award with respect to which Borrower shall in good faith be prosecuting diligently an appeal or proceeding for review
and with respect to which there shall be in effect a subsisting stay of execution pending such appeal or proceeding for review,
provided appropriate reserves therefor are established by Borrower; (v) any deposit of funds made in the ordinary course of business
to secure obligations of Borrower under worker&rsquo;s compensation laws, unemployment insurance laws or similar legislation, to
secure public or statutory obligations of Borrower, to secure surety, appeal or customs bonds in proceedings to which Borrower
is a party, or to secure Borrower&rsquo;s performance in connection with bids, tenders, contracts (other than contracts for the
payment of money), leases or subleases made by Borrower in the</TD></TR></TABLE>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 12pt 0.5in; text-align: justify">ordinary course of business;
and (vi) any other Lien specifically consented to by Lender in writing.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">&ldquo;Person&rdquo; means an individual, corporation association, partnership, limited liability
company, joint venture, trust, government, agency department or any other entity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">&ldquo;Promissory Note&rdquo; has the meaning set forth in Section 1(c).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">&ldquo;Transaction Documents&rdquo; has the meaning set forth in the JDA.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">&ldquo;Work&rdquo; has the meaning set forth in the Recitals.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">&ldquo;Workover Wellbore&rdquo; has the meaning set forth in the JDA.</TD></TR></TABLE>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">IN WITNESS WHEREOF, the parties hereto
have executed this Loan Agreement as of the date first above written.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="6" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 39%"><B>EMPIRE TEXAS LLC</B></TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>By&#9;<U>/s/ Michael R. Morrissett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By&#9;<U>/s/ Thomas W. Pritchard&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Name: Michael R. Morrissett</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:
Thomas W. Pritchard</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Title: President</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: CEO</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 39%"><B>PETROLEUM INDEPENDENT &amp; EXPLORATION LLC</B></TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>By&#9;<U>/s/ Phil E.
    Mulacek&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="margin: 0; font: 10pt/115% Times New Roman, Times, Serif">Phil E. Mulacek</P>


</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="margin: 0; font: 10pt/115% Times New Roman, Times, Serif">Manager</P>


</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"> &#9;&#9;&#9;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&#9;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; text-align: center">-14-</P>

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