Equity Bancshares, Inc. (EQBK) extended its $20 million revolving credit facility with Empire Petroleum Corporation, pushing the maturity date from December 29 2026 to December 29 2028. The third amendment preserves the facility’s maximum principal amount and keeps the borrowing terms unchanged, with an interest rate of prime plus 1.5 % (not less than 8.5 %) and an extension fee of $50,550 paid by the borrowers.
The facility is secured by liens on substantially all of the borrowers’ assets, including at least 80 % of their producing oil and gas interests in North Dakota and Montana. The credit line is held by three Empire subsidiaries—Empire North Dakota LLC, Empire ND Acquisition LLC, and Empire Texas Development LLC—ensuring that the bank’s collateral base covers the full scope of the company’s operating assets.
For Empire Petroleum, the extension provides essential working‑capital flexibility and reduces near‑term refinancing pressure. The company’s financial profile—debt‑to‑capital ratio of 0.14, current ratio of 0.63, negative profitability, and a low Altman Z‑Score—underscores the importance of maintaining access to credit as it continues to manage and optimize its asset portfolio.
From Equity Bancshares’ perspective, the extension strengthens its loan portfolio and enhances liquidity, reinforcing the bank’s strategy of supporting regional businesses. The bank’s Q3 2025 results were strong, and it recently completed a merger with NBC Bank, which expanded its commercial lending footprint. Equity Bancshares is set to report Q4 2025 results on January 21 2026.
The revolving credit facility was originally established on December 29 2023 with a $10 million commitment. It was expanded to $20 million by November 18 2024, and Empire Texas Development LLC was added as a borrower on June 18 2025. The extension fee and unchanged terms reflect a typical credit facility structure for a company in the energy sector.
The extension is a material financing event that provides both parties with continued partnership and financial flexibility, aligning with Equity Bancshares’ regional lending strategy and Empire Petroleum’s need for working‑capital support amid a challenging financial environment.
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