XML 48 R37.htm IDEA: XBRL DOCUMENT v3.21.2
JOINT DEVELOPMENT AGREEMENT (Details Narrative) - USD ($)
9 Months Ended
Mar. 11, 2021
Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Loan from related party   $ 2,000,000
Rate of interest   6.00%
Maturity date   Aug. 07, 2024
Proceeds from loan   $ 464,000
Description of working and revenue interest   As part of the JDA, Empire Texas will assign to PIE a combined 85% working and revenue interest in the Workover Wells; an assignment was completed in October 2020 for the initial three Workover Wells. Of the assigned interest, 70% working and revenue interest will be used to repay the obligations under the term loan agreement. Once the term loan is repaid, PIE will reassign a 35% working and revenue interest to Empire Texas in each of the Workover Wells and retain a 50% working and revenue interest
Security Purchase Agreement [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Description of security purchase agreement   PIE purchased for $525,000 (a) 3,500,000 shares of Empire common stock, (b) warrants to purchase 2,625,000 shares of Empire common stock at an exercise price of $0.20 per share, (c) warrants to purchase 1,800,000 shares of Empire common stock at an exercise price of $0.25 per share, (d) warrants to purchase 8,136,518 shares of Empire common stock at an exercise price of $0.10 per share, and (e) warrants to purchase up to 11,066,667 shares of Empire common stock at an exercise price of $0.141 per share, pursuant to various vesting provisions as detailed in the Securities Agreement.
Aggregate exercise price $ 3,349,052