Promissory Note between Empire Petroleum Corporation and Albert E. Whitehead Living Trust dated December 31, 2013
Empire Petroleum Corporation has issued a promissory note to the Albert E. Whitehead Living Trust for $91,580, combining previous debts and a prior note. The note accrues 4% interest and is due in full by March 31, 2014. The funds were used for lease rentals and office expenses. Empire Petroleum may repay the note early without penalty.
EXHIBIT 10.22
PROMISSORY NOTE
| Maker: Empire Petroleum Corporation | Date of Note: | |
| 6506 S. Lewis Ave., Suite 112 | December 31, 2013 | |
| Tulsa, OK 74136-1020 | ||
| Maturity Date: | ||
| March 31, 2014 | ||
| Amount of Note: | ||
| $91,580 + 4% interest at | ||
| Maturity Date | ||
This note, drawn in favor of the Albert E. Whitehead Living Trust, in the amount of $91,580 by combing the current amount due to Mr. Whitehead of $81,580 and the promissory note dated July 29, 2013, in the amount of $10,000, in which the maturity date has expired, plus 4% interest and is due and payable March 31, 2014.
The proceeds of these loans have been used for payment of the Gabbs Valley Lease Rentals and general office expenses.
The maker reserves the right to prepay amount at any time without premium or penalty.
EMPIRE PETROLEUM CORPORATION
| /S/ Albert E. Whitehead | |
| ALBERT E. WHITEHEAD Chief Executive Officer |
