Tuesday December 2, 8:31 am ET
Hunt Rig Begins 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), that the transportation of the Hunt drill rig to the Bellevue #1 well site is underway. Subject to permit and inspection, the drill rig should be set up and operating by mid December. Since the pre-drilling has been completed, the Hunt rig is expected to reach four of the seven target zones in the first days of drilling.
The resumption of the drilling was enabled by completion of a recent financing, pledge of additional funding and the planned $9 million rights offering that should allow GSLM to complete drilling of the Bellevue #1 well to its planned full depth of 9,200 feet and to continue to other planned well sites.
The company will issue additional news on its progress at Bellevue shortly as it develops.
Our CEO, Malcolm Bendall stated, " We have completed the first of several anticipated funding transactions which should allow us to complete this well and additional wells. If only 1% of the resource calculated by government geologists to have been generated in the Tasmania Basin has been trapped and is recoverable, we still have a very significant prospective resource of over one billion barrels."
Empire Energy Corporation is an emerging oil and gas exploration company focusing on developing assets in Tasmania's central and northern basins, among the world's last virgin oil and gas 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.
