A new filing showing ownership of shares in Empire Petroleum Corporation of Tulsa indicates more than 30% of the company is owned by a Cayman Islands-exempted master fund.
Energy Evolution Master Fund, Ltd. reported beneficial ownership of 12,209,953 shares of Empire Corp common stock, representing 30.7% of outstanding shares as of May 11, 2026. It is considered the largest shareholder in the oil and gas company.
The revelation came in an amended Schedule 13D/A restates prior filings and details a multi-year series of equity investments, convertible notes, warrants, bridge loans, and rights-offering purchases that built the current stake.
EEF characterizes its holdings as for investment purposes and indicates it may increase or decrease its position over time based on market conditions and company developments, but discloses no specific current plans to change control or pursue strategic actions with Empire Corp.
Energy Evolution Master Fund, Ltd. operates as a major institutional stakeholder and related party to Empire Petroleum Corporation and is headquartered in The Woodlands, Texas. The fund the fund is a significant financial backer, holding a majority equity block (approx. 30.8%) in Empire and regularly providing loan restructuring and capital funding.
In February, Energy Evolution also participated in Empire Petroleum’s $10 million subscription rights offering.
