XML 44 R33.htm IDEA: XBRL DOCUMENT v3.21.1
JOINT DEVELOPMENT AGREEMENT (Details Narrative)
3 Months Ended
Mar. 31, 2021
USD ($)
$ / shares
shares
Joint Development Agreement [Member] | Petroleum & Independent Exploration, LLC [Member] | August 6, 2020 [Member]  
Loan from related party $ 2,000,000
Maturity date Aug. 07, 2024
Proceeds from loan $ 446,000
Description of working and revenue interest As part of the JDA, Empire Texas will assign to PIE a combined 85% working and revenue interest in the Workover Wells; an assignment was completed in October 2020 for the initial three Workover Wells. Of the assigned interest, 70% working and revenue interest will be used to repay the obligations under the term loan agreement. Once the term loan is repaid, PIE will reassign a 35% working and revenue interest to Empire Texas in each of the Workover Wells and retain a 50% working and revenue interest
Rate of interest 6.00%
Security Purchase Agreement [Member]  
Description of security purchase agreement PIE purchased for $525,000 (a) 3,500,000 shares of Empire common stock, (b) warrants to purchase 2,625,000 shares of Empire common stock at an exercise price of $0.20 per share, (c) warrants to purchase 1,800,000 shares of Empire common stock at an exercise price of $0.25 per share, (d) warrants to purchase 8,136,518 shares of Empire common stock at an exercise price of $0.10 per share, and (e) warrants to purchase up to 11,066,667 shares of Empire common stock at an exercise price of $0.141 per share. Pursuant to the Securities Agreement, PIE was obligated to exercise the $0.20 warrants within 45 days of when 3 month trailing average production from the Empire Texas properties have increased by 20% over the trailing 3 month trailing average production as of July 2020
Warrant exercise price | $ / shares $ 0.25
Per share price | $ / shares $ 0.141
Aggregate exercise price $ 3,349,052
Shares Acquired, shares | shares 7,533,333