Wednesday November 26, 5:19 pm EST
Hunt Rig Instructed to Move to Bellevue Site
LEAWOOD, Kan.--(BUSINESS WIRE)--Empire Energy Corporation International (OTCBB:) EEGC - News) today announced, along with its wholly owned Australian subsidiary Great South Land Minerals Ltd. (GSLM), the following business update:
Management of Empire is pleased to announce that as a result of the closing of a financing, necessary funds have been provided to our driller and transport company to move the Hunt petroleum rig #3 to the Bellevue #1 well site to continue the drilling to total depth. The Hunt rig has been on standby in Tasmania awaiting this payment. We were told to expect that the rig should be set up and operating within 14 days of today's date.
Our CEO, Malcolm Bendall, stated, "While the climate to obtain financing to complete the Bellevue #1 well has been difficult to say the least due to the global financial crisis, at long last we have completed one of several anticipated financing transactions which should allow us to complete this well which we expect will also lead to a series of additional wells, especially if Bellevue is successful. I want to take this opportunity to thank our shareholders and our hard-working staff for their perseverance and patience. I look forward to keeping you current on our progress as we drill to total depth!"
Additionally, the Company is pleased to announce positive initial market acknowledgement of the Mach One Corporation merger with Empire subsidiary Pacific Rim Foods, Ltd., noting that the share price increased post announcement to approximately $0.10.
Empire Energy Corporation is an international oil and gas exploration company, focusing on developing assets in one of the world's last virgin basins and to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Tasmania's central and northern basins.
This press release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward-looking statements when you see us using the words such as "expect," "anticipate," "estimate," "believes," "plans" and other similar expressions. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Empire's ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements. For a more detailed discussion of risks and other factors related to Empire Energy Corporation Int'l, please refer to its 10-KSB and 10-Q reports filed with the U.S. Securities and Exchange Commission.
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