Joint development agreement under which PIE performs recompletion or workover on Workover Wells, funded by a term loan from PIE to Empire Texas at six percent interest maturing August 6, 2024; approximately $1,100,000 outstanding as of December 31, 2023.
With Empire Texas, LLC
Open in proxy
Petroleum & Independent Exploration, LLC (PIE)
Controlled by the chairman of our Board of Directors (Phil E. Mulacek); Mr. Mulacek is also a more than five percent stockholder
Note Repayment and Loan Termination Agreement under which the remaining loan balance was paid in full by issuing 205,427 shares of Common Stock to PIE, and the JDA was terminated.
With the Company
Open in proxy
Petroleum & Independent Exploration, LLC (PIE)
Controlled by the chairman of our Board of Directors (Phil E. Mulacek); Mr. Mulacek is also a more than five percent stockholder
$364,950 and $266,749, respectively
2025 and 2024
Shared Services Agreement under which the Company reimburses PIE for out-of-pocket or actual costs of administrative, engineering, support, building and insurance services.
With the Company
Open in proxy
Energy Evolution Master Fund, Ltd. (EEF)
Company and EEF jointly acquired working interests in New Mexico properties; Company paid cash for 10 percent of acquired working interests and received a one-year option to acquire EEF's interest.
With the Company
Open in proxy
Energy Evolution Master Fund, Ltd. (EEF)
Partial exercise of Purchase Option (60 percent), settled by issuing 600,000 shares of Common Stock.
With the Company
Open in proxy
Energy Evolution Master Fund, Ltd. (EEF)
Cash payment to EEF to extend the Purchase Option for an additional year.
With the Company
Open in proxy
Energy Evolution Master Fund, Ltd. (EEF)
Letter agreement to acquire the remaining 40 percent of the Purchase Option, closed January 5, 2026, for 562,500 shares of Common Stock.
With the Company
Open in proxy
Energy Evolution Master Fund, Ltd. (EEF)
Promissory Note issued to EEF bearing 7 percent interest, maturing February 15, 2026, convertible at $6.25 per share.
With the Company
Open in proxy
Energy Evolution Master Fund, Ltd. (EEF)
EEF converted the full $5,000,000 Note principal into 800,000 shares at $6.25 per share; accrued interest of $95,277.78 was paid in cash.
With the Company
Open in proxy
Energy Evolution Master Fund, Ltd. (EEF)
Warrant issued to EEF for 128,800 shares at $5.00 per share, exercised in full on June 28, 2024.
With the Company
Open in proxy
Mr. Mulacek
Chairman of our Board of Directors; more than five percent stockholder
June 2025 Promissory Note of $4,000,000 with $2,000,000 initially advanced at 5.5 percent interest; repaid in August 2025 following an Equity Raise.
With the Company
Open in proxy
Mr. Mulacek
Chairman of our Board of Directors; more than five percent stockholder
September 2025 Promissory Note of $4,000,000 with $2,000,000 First Advance at 5.5 percent interest, with warrant and convertible terms later amended on November 5, 2025; repaid in February 2026.
With the Company
Open in proxy
Mr. Mulacek
Chairman of our Board of Directors; more than five percent stockholder
February 2026 Promissory Note of $3,000,000 at 5.5 percent interest, converted on March 10, 2026 into 1,003,344 shares at $2.99 per share.
With the Company
Open in proxy
Company participates in a three-well Louisiana oil and gas development program with a 25 percent working interest; drilling and completion costs funded through issuance of Common Stock to the operator.
With the Company
Open in proxy
