09:13 AM EDT, 10/25/2024 (MT Newswires) -- Empire Petroleum ( EP ) said Friday its rights offering was fully subscribed, with shareholders subscribing for more than the available shares.

The company said that due to oversubscription, the remaining shares will be distributed proportionately among those who oversubscribed, excluding fractional shares.

Gross proceeds, estimated at $10 million, will support various drilling projects, land purchases, and enhanced recovery facilities, Empire said.