Wednesday May 20, 2009, 8:35 pm EDT
Empire Files Registration Statement and 10Q, and Provides an Update on The Rights Issue, Drilling and Strategic Partnership
LEAWOOD, Kan.--(BUSINESS WIRE)--Empire Energy Corporation International (OTCBB:) EEGC - News) has today provided an update on filings with the SEC and progress on financing the resumption of drilling at the Bellevue #1 well site and an update on its negotiations with Geominex Resources Limited.
REGISTRATION STATEMENT AND 10Q
Empire filed a Registration Statement with the SEC on May 11th 2009 and is awaiting SEC review and approval. Today the Company submitted the Form 10Q quarterly report.
RIGHTS ISSUE
Upon completion and acceptance of the appropriate regulatory filings, all shareholders who are eligible to participate in Empire's proposed Rights Issue will receive documentation which will require action to be taken within 30 days of receipt. Empire's proposed Rights Issue, announced in December 2008, provides for the purchase of one share of Empire common stock at a price of US$0.07 for each two shares held by a shareholder at the close of business on December 18, 2008 ("Record Date").
Shares not subscribed by Rights Holders during the first 30 days may be purchased after this period by participation in the Over-allotment Option. The 30 day Over-allotment Option period will commence immediately after the expiration of the first 30 day period.
CEO Malcolm Bendall said, "The Rights Issue and Over Allotment option will enable existing shareholders to increase their interest in Empire at a time when we expect the company's prospects to be progressively defined as a result of our drilling program at Bellevue #1. If fully subscribed, the rights offering will provide AU$12 million (US$9 million) to support the drilling program."
OPERATIONS
Empire Energy subsidiary, Great South Land Minerals Limited (GSLM), advises that the Hunt Energy drill rig is still rigged up on site at Bellevue #1 awaiting further financing to commence drilling. Negotiations for this funding are well advanced on a number of fronts and a further announcement is expected shortly. The Registration Statement includes 20 million Empire Energy shares provided as security to Hunt as part of the agreement with GSLM.
Accommodation for the drilling crew and GSLM staff and contractors is being provided at the Company leased Bronte Park Highland Village where the capacity is being increased by the renovation of 15 rooms. While preparing for the drilling crew, the improvements to the facilities have enhanced the tourism amenity of the region, employed 13 staff and provided revenue to GSLM.
GEOMINEX RESOURCES LIMITED
Empire also announces that with immediate effect Empire, its Directors, Officers and Staff, together with those of Grand Monarch Holdings, have ended negotiations and due diligence with Geominex Resources Limited, its Directors, shareholders and any and all associated companies, and that the exchange of shares between Grand Monarch Holdings and Geominex Resources Limited has not been and will not be completed. Further, completion of the planned purchase of Empire common shares by Geominex shareholders is not expected.
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.
Aerial pictures of the well site and the progress of the setup are available on the company's web sites www.empireenergy.com and www.gslm.com.
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 our 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 its 10K and 10Q reports filed with the U.S. Securities and Exchange Commission.
Contact:
Empire Energy Corporation International
John Garrison, 877-663-2310
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.
Contact:
Empire Energy
John Garrison, 877-663-2310
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