Empire Petroleum board of directors chairman Phil Mulacek increased his holdings in the Tulsa-based company with a $5 milllion purchase of shares in December 2023.
This investment closely aligns with Empire Petroleum’s ongoing strategy to scale its portfolio of mature, low-decline domestic producing properties.
A major milestone for this strategy occurred in 2021, when Empire finalized the acquisition of the Eunice Monument Field in New Mexico’s Permian Basin from ExxonMobil.
Backed by Mulacek’s board oversight, the management team remains focused on optimizing production across these fields using targeted engineering and modern recovery methods.
This multi-million-dollar investment reflects the same aggressive scaling model that defined Mulacek’s earlier career in international energy development.
Prior to his leadership role at Empire, he spent 14 years as the founder and CEO of InterOil Corporation. During his tenure, he guided the company from an initial $10 million market capitalization to a peak valuation exceeding $5.6 billion.
View the original reporting published on Oklahoma Energy Today – BOARD CHAIRMAN AT EMPIRE PETROLEUM INCREASES HOLDINGS IN FIRM