<SEC-DOCUMENT>0001072613-21-000307.txt : 20210315
<SEC-HEADER>0001072613-21-000307.hdr.sgml : 20210315
<ACCEPTANCE-DATETIME>20210312182224
ACCESSION NUMBER:		0001072613-21-000307
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210310
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:		Financial Statements and Exhibits
FILED AS OF DATE:		20210315
DATE AS OF CHANGE:		20210312

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:		21739140

	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-18479.htm
<DESCRIPTION>FORM 8K DATED MARCH 10, 2021
<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>MARCH 10, 2021</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>2200 S. Utica Place, Suite 150, Tulsa Oklahoma <FONT STYLE="letter-spacing: -0.1pt">&#9; 74114</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"></P>

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

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

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

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

<P STYLE="padding-top: 0pt; 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"><B>None</B></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"><B>EMPR</B></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"><B>None</B></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"><FONT STYLE="letter-spacing: -0.1pt">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)</FONT>.</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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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"> </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Cross
First Third Amendment</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Empire
North Dakota LLC, a Delaware limited liability company (&quot;Empire North Dakota&quot;), and Empire Louisiana LLC, a Delaware
limited liability company d/b/a Empire Louisiana LLC of Delaware (&quot;Empire Louisiana&quot;), are wholly owned subsidiaries
of Empire Petroleum Corporation (the &quot;Corporation&quot;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously reported on the Current Report on Form 8-K of the Corporation filed on September 25, 2018 (the &quot;CrossFirst No.
1 Form 8-K&quot;), Empire Louisiana entered into a senior revolver loan agreement with CrossFirst Bank (&quot;CrossFirst&quot;)
dated as of September 20, 2018 (the &quot;Loan Agreement&quot;). A copy of the Loan Agreement is filed as Exhibit 10.1 to the
CrossFirst No.1 Form 8-K.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously reported on the Current Report on Form 8-K of the Corporation filed on April 2, 2019 (the &quot;CrossFirst No. 2 Form
8-K&quot;), effective as of March 27, 2019, Empire Louisiana, Empire North Dakota and CrossFirst entered in that certain first
amendment to the Loan Agreement (the &quot;First Amendment&quot;). A copy of the First Amendment is filed as Exhibit 10.1 to the
CrossFirst No.2 Form 8-K.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously reported on the Current Report on Form 8-K of the Corporation filed on October 6, 2020 (the &quot;CrossFirst No. 3
Form 8-K&quot;), effective as of June 30, 2020, Empire Louisiana, Empire North Dakota and CrossFirst entered in that certain second
amendment to the Loan Agreement (the &quot;Second Amendment&quot;). A copy of the Second Amendment is filed as Exhibit 10.1 to
the CrossFirst No. 3 Form 8-K.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 10, 2021, Empire Louisiana, Empire North Dakota and CrossFirst entered in that certain third amendment to the Loan Agreement,
dated as of December 31, 2020 (the &quot;Third Amendment&quot;). The Third Amendment amended the Loan Agreement to, among other
things: (1) add certain definitions; (2) continue the revolver commitment in the maximum principal amount of $20,000,000; (3)
redetermine the collateral borrowing base in the amount of $8,520,000; (4) reaffirm the quarterly commitment reduction (QCR) payments;
(5) waive certain non-compliance with the maximum leverage ratio covenant and minimum interest coverage ratio covenant; (6) suspend
the maximum leverage ratio covenant for the fiscal quarter ended December 31, 2020, with it resuming with the fiscal quarter ending
March 31, 2021; (7) suspend the minimum interest coverage ratio covenant for the fiscal quarter ended December 31, 2020, with
it resuming with the fiscal quarter ending March 31, 2021; (8) implement a leverage ratio covenant of less than (a) 6.00 to 1.00
commencing with the fiscal quarter ending March 31, 2021, (b) 5.50 to 1.00 commencing with the fiscal quarter ending June 30,
2021, (c) 5.00 to 1.00 commencing with the fiscal quarter ending September 30, 2021, (d) 4.50 to 1.00 commencing with the fiscal
quarter ending December 31, 2021, and (e) 4.00 to 1.00 commencing with the fiscal quarter ending March 31, 2022 and thereafter;
and (9) waive non-compliance with the minimum hedging requirements through the period ended December 31, 2020.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing summary of the Third Amendment is qualified in its entirety by reference to the full terms and conditions of such agreement,
a copy of which is included as an exhibit to this Current Report on Form 8-K and is incorporated herein by reference.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>PIE
Warrant Certificates</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously reported on the Current Report on Form 8-K of the Corporation filed on August 11, 2020, the Corporation entered into
a securities purchase agreement dated as of August 6, 2020 with Petroleum Independent &amp; Exploration LLC, a Nevada limited
liability company (&ldquo;PIE&rdquo;), 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, (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, 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, for an aggregate purchase price of $525,000. On March 11, 2021, the Corporation
and PIE amended the warrant documentation to, among other things, remove the vesting provisions from the &ldquo;PIE-2 Warrant
(the &ldquo;Warrant Amendment&rdquo;). The foregoing description of the Warrant Amendment is qualified in its entirety by reference
to the full terms and conditions of the Warrant Agreement, a copy of which is filed as Exhibit 10.2 to this Current Report on
Form 8-K and is incorporated herein by reference. On March 12, 2021, the forgoing warrants were exercised in full for an aggregate
exercise price of approximately $3,350,000.</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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="text-align: left; width: 60pt"><FONT STYLE="font-size: 10pt"><B>Item 2.03</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Creation
                                         of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
                                         of a Registrant</B></FONT></TD>
</TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">For information
on a direct financial obligation that is material to the Corporation, see Item 1.01 of this Current Report on Form 8-K.</FONT></P>

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

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 60pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 9.01</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Financial
                                         Statements and Exhibits</B></FONT></TD>
</TR></TABLE>

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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="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>
</TABLE>

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

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<TD STYLE="width: 40pt; text-align: left"><A HREF="exh10-1_18479.htm">10.1</A></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><A HREF="exh10-1_18479.htm">Third Amendment to Senior Revolver Loan Agreement, dated as of December 31, 2020,
by and between Empire Louisiana LLC, Empire North Dakota LLC and CrossFirst Bank</A></TD>
</TR></TABLE>



<P STYLE="margin: 0"></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: 40pt; text-align: left"><A HREF="exh10-2_18479.htm">10.2</A></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><P STYLE="margin: 0; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="exh10-2_18479.htm">Letter Agreement dated as of March 11, 2021 by and between Empire Petroleum Corporation and Petroleum Independent &amp; Exploration LLC</A></FONT></P></TD>
</TR></TABLE>



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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>

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

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    <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:  &#8239;&#8239;&#8239;March 12, 2021</TD>
    <TD STYLE="width: 1mm">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>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 6pt; margin-bottom: 6pt">-3-</P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh10-1_18479.htm
<DESCRIPTION>THIRD AMENDMENT TO SENIOR REVOLVER LOAN AGREEMENT
<TEXT>
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<P STYLE="font: 18pt/25.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; background-color: white; color: #444444"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>EXHIBIT
10.1</U></B></FONT></P>

<P STYLE="font: 18pt/25.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white; color: #444444"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIRD AMENDMENT TO<BR>
<U>SENIOR REVOLVER LOAN AGREEMENT</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">THIS
THIRD AMENDMENT TO SENIOR REVOLVER LOAN AGREEMENT, dated effective as of December 31, 2020 (the &quot;<U>Third Amendment</U>&quot;),
is entered into by and among EMPIRE LOUISIANA LLC, a Delaware limited liability company (the &quot;<U>Original Borrower</U>&quot;
or &quot;<U>EL</U>&quot;) and EMPIRE NORTH DAKOTA LLC, a Delaware limited liability company (&quot;<U>END</U>&quot;, together
with the Original Borrower are sometimes referred to herein collectively as the &quot;<U>Borrower</U>&quot;) and CROSSFIRST BANK,
a Kansas state-chartered bank (the &quot;<U>Bank</U>&quot;).</FONT></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;The
Original Borrower and the Bank are parties to that certain Senior Revolver Loan Agreement dated as of September 20, 2018, as amended
by that certain First Amendment thereto dated as of March 27, 2019, among the Borrower and the Bank, as amended by that certain
Second Amendment thereto dated as of June 30, 2020 (collectively, the &quot;<U>Existing Loan Agreement</U>&quot;), pursuant to
which the Bank extended and modified a revolving credit facility in favor of the Borrower in the maximum principal amount of $20,000,000.00
(subject to the Revolver Commitment Amount (initially $8,700,000.00), the Collateral Borrowing Base calculation provisions hereof
and the QCR until the Revolver Final Maturity Date (currently March 27, 2021) (the &quot;<U>Revolver Commitment</U>&quot;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;Borrower
has requested the Bank to amend, modify and extend the Revolver Commitment (subject to the reduced Revolver Commitment Amount
of $8,520,000.00) until the extended Revolver Final Maturity Date (March 27, 2022), waive non-compliance with certain financial
covenants and make certain other amendments and modifications.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">C.&nbsp;&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank has agreed to make the amendments and modifications requested by Borrower on the terms, provisions, conditions and limitations
set forth in the Existing Loan Agreement, as amended by the provisions of this Third Amendment (collectively, the &quot;<U>Loan
Agreement</U>&quot;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration,
receipt of which is acknowledged by the parties hereto, the parties agree as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U>. Capitalized terms used herein and not otherwise defined shall have the meaning given in the Existing
Loan Agreement. In addition, the following terms are added to Article I of the Existing Loan Agreement or amended to read as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<U>EBITDAX</U>&quot;
shall mean for any period, the sum of a Person's net income for the period minus any non-recurring gains (losses) from the sale
of assets, plus non-recurring expenses (including non-recurring workovers that improve production levels), plus non-recurring
costs associated with acquisitions and prospects plus the following charges to the extent deducted from net income in such period:
interest, income taxes (including franchise taxes calculated with respect to income), depreciation, depletion and amortization,
and any other non-cash charges and non-cash revenues plus intangible drilling costs and lease impairment expenses and write downs
from impairment of oil and gas properties) and after eliminating extraordinary items. In addition, for any applicable period during
which an acquisition or disposition permitted by this Agreement is consummated, EBITDAX shall be determined on a pro forma basis
(with such calculation to be acceptable to, and approved by, Bank) as if such acquisition or disposition were consummated on the
first day of such applicable period.</FONT></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<U>Interest
Coverage Ratio</U>&quot; means, as of each Test Period, the ratio of (i) EBITDAX for such Test Period divided by (ii) Interest
Expense for such Test Period. For purposes of this calculation, &quot;Test Period&quot; shall mean a building trailing twelve-month
period, commencing with the first quarterly calculation on March 31, 2021 (1Q21 <I>multiplied</I> by 4), then the second quarterly
calculation on June 30, 2021 (2Q21 <I>plus</I> 1Q21, <I>multiplied</I> by 2), then the third quarterly calculation on September
30, 2021 (3Q21 <I>plus</I> 2Q21 <I>plus</I> 1Q21, <I>multiplied</I> by 4/3), until a full trailing twelve-month period is achieved.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<U>Leverage
Ratio</U>&quot; means, as of each Test Period, the quotient of Borrower's (i) total Funded Debt for such Test Period divided by
(ii) EBITDAX for such Test Period. For purposes of this calculation, &quot;Test Period&quot; shall mean a building trailing twelve-month
period, commencing with the first quarterly calculation on March 31, 2021 (1Q21 <I>multiplied</I> by 4), then the second quarterly
calculation on June 30, 2021 (2Q21 <I>plus</I> 1Q21, <I>multiplied</I> by 2), then the third quarterly calculation on September
30, 2021 (3Q21 <I>plus</I> 2Q21 <I>plus</I> 1Q21, <I>multiplied</I> by 4/3), until a full trailing twelve-month period is achieved.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<U>Revolver
Commitment Amount</U>&quot; shall be the maximum outstanding principal amount plus Letter of Credit Exposure the Bank agrees from
time to time to make available under the Revolver Commitment Amount (initially stipulated to be equal to $8,520,000.00), subject
to the Collateral Borrowing Base calculations and the QCR. &#9;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<U>Revolver
Final Maturity Date</U>&quot; shall mean March 27, 2022, unless otherwise extended or renewed in writing by the mutual agreement
of the Borrower and the Bank.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Revolver Commitment</U>. The Revolver Commitment is hereby continued in the maximum principal amount of $20,000,000.00,
to the extended Revolver Final Maturity Date, subject to the Revolver Commitment Amount, the Collateral Borrowing Base limitations
and QCR described below. All of the Indebtedness created pursuant thereto is evidenced by that certain replacement Promissory
Note (Revolver Note) dated as of December 31, 2020, from the Borrower payable to the order of the Bank in the maximum principal
amount of $20,000,000.00 (the &quot;<U>Replacement Revolver Note</U>&quot;), in form, scope and substance acceptable to the Bank.
All references in the Existing Loan Agreement and the other Loan Documents to &quot;Revolver Note&quot; shall hereafter mean the
Replacement Revolver Note.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redetermination of Collateral Borrowing Base</U>. Pursuant to Section 4.2 of the Existing Loan Agreement, the Collateral
Borrowing Base has been redetermined in the amount of $8,520,000.00, which redetermination shall constitute and satisfy the fall
2020 semi-annual Collateral Borrowing Base redetermination.</FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reaffirmation of QCR</U>. The Revolver Commitment Amount shall remain subject to and the Borrower reaffirms the quarterly
commitment reduction (QCR) payments described in Section 2.13 of the Existing Loan Agreement ($180,000.00), with the next QCR
payment being due on December 31, 2020.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limited Waiver of Financial Covenants</U>. Borrower has requested and the Bank has agreed to waive Borrower's non-compliance
with (a) Section 6.28 of the Existing Loan Agreement (Maximum Leverage Ratio) for the periods ended June 30, 2020 and September
30, 2020 and (b) Section 6.29 of the Existing Loan Agreement (Minimum Interest Coverage Ratio) for the period ended September
30, 2020. The waivers contained in this Section 5 are limited to the foregoing financial periods and shall in no way be interpreted
as a requirement or agreement by the Bank to make any similar accommodation or amendment in the future.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Suspension of Maximum Leverage Ratio</U>. The Borrower's Maximum Leverage Ratio covenant compliance will be suspended
for the fiscal quarter ended December 31, 2020. The Borrower's Maximum Leverage Ratio covenant compliance will resume with the
fiscal quarter ending March 31, 2021.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Suspension of Minimum Interest Coverage Ratio</U>. The Borrower's Minimum Interest Coverage Ratio covenant compliance
will be suspended for the fiscal quarter ended December 31, 2020. The Borrower's Minimum Interest Coverage Ratio covenant compliance
will resume with the fiscal quarter ending March 31, 2021.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maximum Leverage Ratio</U>. Commencing with the fiscal quarter ending March 31, 2021, Borrower shall not permit its
Leverage Ratio to be 6.00 to 1.00 or more. Commencing with the fiscal quarter ending June 30, 2021, Borrower shall not permit
its Leverage Ratio to be 5.50 to 1.00 or more. Commencing with the fiscal quarter ending September 30, 2021, Borrower shall not
permit its Leverage Ratio to be 5.00 to 1.00 or more. Commencing with the fiscal quarter ending December 31, 2021, Borrower shall
not permit its Leverage Ratio to be 4.50 to 1.00 or more and for each fiscal quarter thereafter, commencing March 31, 2022, Borrower
shall not permit its Leverage Ratio to be 4.00 to 1.00 or more.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Hedging</U>. Section 6.29 (Hedging) of the Existing Loan Agreement is hereby renumbered Section 6.32.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Non-Compliance With Minimum Hedging Requirement</U>. The Borrower has requested and the Bank has agreed to
waive Borrower's non-compliance with the minimum hedging requirement under Section 6.32 of the Loan Agreement (not less than fifty
percent (50%) of Borrower's aggregate existing monthly crude oil and natural gas production for a rolling twelve (12) month period)
through the period ended December 31, 2020. The waiver contained in this Section 10 is limited to the foregoing period and shall
in no way be interpreted as a requirement or agreement by the Bank to make any similar accommodation or amendment in the future.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Quarterly Compliance Certificate</U>. The Quarterly Compliance Certificate attached as Exhibit A to the Existing Loan
Agreement is hereby deleted in its entirety and replaced with Exhibit A to this Third Amendment, effective for the fiscal quarter
ending on March 31, 2021.</FONT></P>

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Guaranty Agreement</U>. Borrower shall cause Guarantor to execute the Ratification of Guarantor attached hereto (the
&quot;<U>Guaranty Ratification</U>&quot;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions Precedent</U>. The Borrower shall execute and deliver, or cause to be executed and delivered, to the Bank,
each of the following as express conditions precedent to the effectiveness of the amendments and modifications contemplated by
this Third Amendment:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                         Third Amendment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Replacement
                                         Revolver Note;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">First
                                         Amendment to First Amended and Restated Intercreditor Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Closing
                                         certificates from each of the Borrowers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">One
                                         executed original of the Guaranty Ratification, executed by the Guarantor.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fees and Expenses</U>. Borrower shall promptly (in any event within ten (10) days of receipt of an invoice therefor)
reimburse the Bank for its reasonable legal fees and all filing and recording fees and other costs and expenses reasonably incurred
in connection with the negotiation, preparation and closing of the transactions contemplated by this Third Amendment, including
the reasonable attorney fees and costs and expenses of Bank's legal counsel and any applicable mortgage taxes.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ratification</U>. The remaining terms, provisions and conditions set forth in the Existing Loan Agreement shall remain
in full force and effect as long as any Indebtedness of the Borrower is owing to the Bank and/or the Revolver Commitment remains
in effect. The Borrower adopts, restates, confirms and ratifies the warranties, covenants and representations set forth in the
Existing Loan Agreement (except the representations and warranties that specify a specific date or period of time) and further
represents to the Bank that, as of the date hereof, no Default or Event of Default exists under the Loan Agreement (including
this Third Amendment). All references to the &quot;Loan Agreement&quot; appearing in any of the Loan Documents shall hereafter
be deemed references to the Existing Loan Agreement as amended, modified and supplemented by this Third Amendment. In the event
of any inconsistency between the terms of this Third Amendment and the terms of the Existing Loan Agreement, the terms of this
Third Amendment shall control and govern, and the agreements shall be interpreted so as to carry out and give full effect to the
intent of this Third Amendment. Each Borrower and the Bank hereby adopt, ratify and confirm the Loan Agreement, as amended hereby,
and acknowledge and agree that the Loan Agreement and all other Loan Documents, are and remain in full force and effect. Borrower
acknowledges and agrees that its liabilities and obligations under the Loan Agreement and all other Loan Documents, including
the Security Instruments, are not impaired in any respect by this Third Amendment. Borrower further ratifies and confirms the
mortgage liens and security interests granted thereby pursuant to Article III of the Existing Loan Agreement and hereby grants
and regrants such mortgage liens and security interests in favor of the Bank.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reservation of Rights</U>. Except as expressly waived hereby, the Bank retains and reserves any and all rights and remedies
available at law or in equity and pursuant to the Loan Agreement and any other Loan Documents or Security Instruments executed
in connection with the Loan Agreement, all of which shall remain in full force and effect.</FONT></P>

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">17.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>SUBMISSION TO JURISDICTION</U>. BORROWER AND THE BANK HEREBY CONSENT TO THE JURISDICTION OF ANY OF THE LOCAL, STATE,
AND FEDERAL COURTS LOCATED WITHIN TULSA COUNTY, OKLAHOMA AND WAIVES ANY OBJECTION WHICH THE BORROWER MAY HAVE BASED ON IMPROPER
VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY PROCEEDING IN ANY SUCH COURT.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">18.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>WAIVER OF JURY TRIAL</U>. BORROWER FULLY, VOLUNTARILY AND EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION
OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THE LOAN AGREEMENT (INCLUDING THIS THIRD AMENDMENT), THE SECURITY INSTRUMENTS
OR UNDER ANY AMENDMENT, SUPPLEMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED (OR WHICH MAY IN THE FUTURE BE DELIVERED) IN CONNECTION
HEREWITH OR ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT. THE BORROWER AGREES THAT ANY SUCH
ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">19.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. The Loan Agreement (including the Third Amendment) shall be deemed to have been made or incurred
under the Laws of the State of Oklahoma and shall be construed and enforced in accordance with and governed by the Laws of Oklahoma.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">20.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Release</U>. In consideration of the amendments contained herein, Borrower hereby waives and releases Bank from any
and all claims and defenses, known or unknown, as of the effective date of this Third Amendment, with respect to the Loan Agreement
(including this Third Amendment) and the Loan Documents and the transactions contemplated thereby.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">21.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Third Amendment may be executed in multiple counterparts, each of which, when so executed, shall
constitute an original copy. Transmission by facsimile or electronic transmission (e.g., pdf format) of an executed counterpart
of this Third Amendment by any party shall be deemed to constitute due and sufficient delivery of such counterpart and such facsimile
or electronic transmission shall be deemed to be an original counterpart of this Third Amendment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">22.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reaffirmation of Indebtedness</U>. Borrower acknowledges the terms of this Third Amendment and ratifies and affirms
its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a
party, and agrees that each Loan Document to which it is a party remains in full force and effect.&#9;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">[<I>Signature
Pages Follow</I>]</FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed and delivered in Tulsa, Oklahoma, in
multiple counterparts effective as of the day and year first above written.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 6pt"></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"><B><FONT STYLE="font-size: 10pt"><B>BORROWER:&#9;</B></TD>
    <TD COLSPAN="2"><B>EMPIRE LOUISIANA LLC,</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">a Delaware limited
liability company</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</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/ Michael R. Morrisett</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Michael R. Morrisett,
President</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>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&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">&#9;</TD>
    <TD COLSPAN="2"><B>EMPIRE NORTH DAKOTA LLC</B>,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">a Delaware limited
liability company</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</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/ Michael R. Morrisett</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Michael R. Morrisett,
President</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature Page
- Borrower</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

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

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>BANK:&#9;</B></TD>
    <TD COLSPAN="2"><B>CROSSFIRST BANK</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</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/ Terry D. Blain</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">Terry D. Blain,</P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">Senior Vice President/Energy Bank&#9;</P></TD></TR>
</TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exh10-2_18479.htm
<DESCRIPTION>LETTER AGREEMENT DATED AS OF MARCH 11, 2021 BY AND BETWEEN EMPIRE PETROLEUM CORPORATION AND PETROLEUM INDEPENDENT & EXPLORATION LLC
<TEXT>
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<P STYLE="font: 18pt/25.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; background-color: white; color: #444444"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>EXHIBIT
10.2</U></B></FONT></P>

<P STYLE="font: 18pt/25.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white; color: #444444"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
11, 2021</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Petroleum
Independent &amp; Exploration LLC</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25025
I-45 North, Suite 420</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Woodlands, TX 77380</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That
                                         certain warrant to purchase up to 2,625,000 shares of Common Stock of Empire Petroleum
                                         Corporation, a Delaware corporation (the &ldquo;Company&rdquo;), represented by Common
                                         Share Warrant Certificate No. PIE-1 issued on August 6, 2020 (the &ldquo;PIE-1 Warrant
                                         Certificate&rdquo;) to Petroleum Independent &amp; Exploration LLC, a Nevada limited
                                         liability company (&ldquo;PIE&rdquo;)</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That
certain warrant to purchase up to 1,800,000 shares of Common Stock of the Company represented by Common Share Warrant Certificate
No. PIE-2 issued on August 6, 2020 (the &ldquo;PIE-2 Warrant Certificate&rdquo;) to PIE</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That
certain warrant to purchase up to 8,136,518 shares of Common Stock of the Company represented by Common Share Warrant Certificate
No. PIE-3 issued on August 6, 2020 (the &ldquo;PIE-3 Warrant Certificate&rdquo;) to PIE</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That
certain warrant to purchase up to 11,066,667 shares of Common Stock of the Company represented by Common Share Warrant Certificate
No. PIE-4 issued on August 6, 2020 (the &ldquo;PIE-4 Warrant Certificate&rdquo; and, collectively with the PIE-1 Warrant Certificate,
the PIE-2 Warrant Certificate, and the PIE-3 Warrant Certificate, the &ldquo;PIE Warrant Certificates&rdquo;) to PIE</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and gentlemen:</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and PIE hereby agree to amend the
Warrant Certificates as follows:</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
references to the Vesting Event (as defined in the PIE-2 Warrant Certificate) in the PIE-2 Warrant Certificate is hereby removed.
For the avoidance of doubt, as of the date first set forth above, the PIE-2 Warrant Certificate shall be immediately exercisable
in full in accordance with the terms and conditions described therein as amended by this letter.</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
payments of Exercise Price (as defined in the Warrant Certificates) shall be made to and used by the Company.</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the Company and PIE have caused this amendment to the Warrant Certificates to be duly executed and attested,
all as of the day and year first above written.</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMPIRE
PETROLEUM CORPORATION</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#8239;&#8239;<U>&#9;/s/
Michael R. Morrissett&#9; &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#9;</U>&#9;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: Michael R. Morrissett</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
President</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#8239;&#8239;<U>&#9;/s/
Thomas W. Pritchard&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#9;</U></FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
Thomas W. Pritchard</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
CEO</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acknowledged
and agreed this 11<SUP>th</SUP> day of March, 2021.</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PETROLEUM
INDEPENDENT &amp; EXPLORATION LLC</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#8239;&#8239;<U>&#9;/s/
Phil E.
Mulacek&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
&#9;</U>&#9;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
Phil E. Mulacek</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
Manager</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
