Thursday December 11, 11:08 pm EST
Empire Announces Hunt Rig #3 Mast Up on Bellevue #1 Well Site
LEAWOOD, Kan.--(BUSINESS WIRE)--Empire Energy Corporation International (OTCBB:) EEGC - News) today announced the drilling rig is on the Bellevue #1 well site and preparing for drilling.
The Hunt oil and gas drilling rig #3 has now been moved to the Bellevue #1 well site. The mast is intended to be raised today with the assistance of two large cranes. Inspection is expected to take one week and drilling is expected to begin immediately thereafter. The company is holding open public viewing of the well site and set up of the drilling equipment on the Bellevue site on December 12-13, 2008. Pictures of the well site and the progress of the setup are available on the web sites www.empireenergy.com and www.gslm.com.
The company also reminds all shareholders and interested parties of the Record Date for the previously announced Rights issue of December 18, 2008. The company is issuing to all shareholders a right to buy one share of Empire common stock for a price of $0.07 for each two shares they hold on that date. The shares acquired by participating in this rights offering will be fully registered/free trading shares. Shareholders have 30 days from the effective date of the registration statement to take advantage of these rights to buy shares at this price.
Smart Win International Limited has resumed negotiations with the company to provide the remaining AUD$1.1 million funding outstanding from the AUD$5 million loan note agreement. Following recent drilling mobilization activities, the companies have engaged in a financial due diligence process to be satisfactorily completed prior to advancement. Following the conclusion of these negotiations (under the terms of the previously announced SmartWin Memorandum of Understanding) SmartWin may commit to an additional AUD$40 million, cancelling the AUD$5.0 million note in exchange for a 50% stake in an exclusive Joint Venture with GSLM on its SEL 13/98. A draft agreement is the subject of current negotiation between parties. It is the intention of both parties to finalize the terms of the agreement.
CEO, Malcolm Bendall stated, "We are pleased to be able to show the Tasmanian people the first oil and gas drilling rig set up on the island of Tasmania. We are looking forward to the imminent resumption of drilling and to reporting positive results of that drilling. I appreciate and want to thank our shareholders for their perseverance and patience. We have initiated the rights offering to allow current shareholders to benefit from the current depressed share market prices."
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.
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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