04:50 PM EDT, 04/11/2024 (MT Newswires) -- Empire Petroleum ( EP ) said its rights offering was "fully subscribed" and will likely generate gross proceeds of about $20.7 million.

The company said late on Thursday that the subscription period expired on April 10.

Empire said it received subscriptions for more than 100% of the shares available.

The company plans to use the proceeds for its drilling activity, 3D seismic, and land and lease purchases.