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EMPIRE PETROLEUM CORPORATION (OTCMKTS:EMPR) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
Empire Louisiana LLC, a Delaware limited liability company d/b/a Empire Louisiana LLC of Delaware ("Empire Louisiana"), is a wholly owned subsidiary of Empire Petroleum Corporation (the "Corporation"). Empire Louisiana entered into a purchase and sale agreement with Exodus Energy, Inc. ("Exodus") dated as of July 12, 2018 (the "Purchase Agreement"), which was executed and delivered by the parties on July 13, 2018. to the Purchase Agreement, Empire Louisiana agreed to purchase certain oil and gas properties and assets in Louisiana from Exodus for a purchase price of $950,000. Also to the Purchase Agreement, the closing is to occur on or before August 31, 2018 and the effective date of the transaction will be August 1, 2018.
The oil and gas properties subject to the Purchase Agreement include 1,500 gross developed and undeveloped acres and 8 wells currently producing approximately 135 barrels of oil equivalent (BOE) per day. Empire Louisiana's working interests in the wells will range from 50% to 86%.
The foregoing summary of the Purchase Agreement 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.
Item 9.01 Financial Statements and Exhibits