Empire Energy

Rig over Bellevue #1

Oil Seep in Tasmania
 

Bellevue Profile


The 70 Km x 30 Km Bellevue Structure
(44 mi x 19 mi)

Looking To The Future

 
 





Wednesday February 10, 2010
 
Empire $9M Rights Offering Expected to Begin February 12, 2010. Drilling Expected to Resume Soon
 
 

LEAWOOD, Kan.--(BUSINESS WIRE)--Empire Energy Corporation International (OTCBB:) EEGC - News) Empire Energy Corporation International (Empire)(OTCBB:EEGC) announced that on February 10, 2010, the US Securities and Exchange Commission advised Empire Energy's SEC counsel that it had no further comments with respect to Empire's Rights Offering Registration Statement and invited counsel to seek acceleration of the effectiveness of that Registration Statement. Empire has filed the request with the SEC staff and is seeking Friday, February 12, 2010 at 3:00PM East Coast (US) time for the effective date and time. This will allow Empire sufficient time to print the rights certificates and the prospectus which will accompany the distribution of the rights certificates to all of Empire's shareholders of record as of December 18, 2008. Distribution is expected to commence on Saturday, February 13, 2010.

CEO Malcolm Bendall commented, "This is fantastic news. Consequently, concurrent with this activity, application has also been made to Mineral Resources Tasmania for the immediate issuing of our new five year Exploration License EL14/2009, as we intend to mobilize the Hunt rig to site as soon as possible to complete the drilling program started on former Special Exploration License (SEL) 13/98, held by GSLM." The new exploration program will entail recommencement of drilling activities at the former SEL13/98 Bellevue No.1 site once the Hunt Rig #3 is re-mobilized with agreement from Hunt Energy. It is the intention of Empire Energy Corporation International and its wholly owned subsidiary GSLM to organize the necessary drilling and operational resources to facilitate the back--to-back drilling program, planned to recommence at the Bellevue and the Thunderbolt No.1 sites once approval from local Tasmanian Government authorities is granted. The companies have been actively seeking a response and confirmation of tenure application status from Tasmanian Government authorities since SEL13/98 expired on 30th September 2009. Both sites are located within the Central Highlands of Tasmania and Upper Derwent Valley regions and have been defined, scientifically, to be potentially prospective for oil and gas based on the interpretation of the Seismic data acquired following three (3) previous 2D surveys co-ordinated within GSLM's former tenement SEL13/98. These targets are believed to contain an undiscovered prospective potential resource according to independent analysis and studies. The continuation of this program will allow the companies to realize the commercial potential and benefit, from the US$43.8m (approximate) or AUD$50m investment into exploration and meeting the license conditions within the onshore Tasmania Basin over the last 10 years.

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 International, please refer to 10-K and 10 Q reports filed with the U.S. Securities and Exchange Commission.

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 International, please refer to 10-K and 10-Q reports filed with the U.S. Securities and Exchange Commission.

SOURCE: Empire Energy Corporation International

Empire Energy Corporation International
Malcolm Bendall, 877-663-2310



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