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Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 16 – Subsequent Events

 

In October 2022, a former director of the Company exercised warrants to purchase 225,000 shares of common stock for $1.00 per share under a grant made in November 2017.

On October 7, 2022, the Company executed a final settlement agreement with XTO. See Note 4 for additional information related to the final settlement.

On October 11, 2022, a total of 50,000 RSUs were granted to directors with a 13-month service period. Total assigned value at the grant date was $718,000.

On October 19, 2022, the Company appointed J. Kevin Vann as an executive officer in the newly created position of Vice President, Finance and Strategic Planning.

On November 1, 2022, the Company purchased a well in Texas from XTO with a preliminary purchase amount of approximately $500,000.

The Equity Distribution Agreement, dated June 23, 2022, by and between Empire Petroleum Corporation and Raymond James & Associates, Inc. was terminated on November 2, 2022.