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Empire CEO Malcolm Bendall commented, "This is a major step toward the commencement of our drilling program on the identified structures in the Tasmanian basin believed to be capable of pooling significant commercial amounts of oil. This has been a long process spanning over fourteen months.
Once SEC final approval has been received, Empire can proceed in scheduling a date for the mailing of the Rights Certificates and the beginning of the rights offering period. Mr. Bendall has stated he intends to exercise his full shareholder right via the rights offering for the benefit of the Empire drilling program. The rights offering will provide a regulated environment which gives all shareholders equal opportunity to participate in the future of the company and is expected to be fully subscribed.
Funding placement for the drilling program has been contingent on the completion and approval of the registration statement and rights issue. The process for sourcing funding continues and updates are expected once funding details are finalized. Our rights offering, if fully subscribed is expected to raise AUD $11 Million (US $9 Million) to enable us to complete the drilling of our Bellevue site and possibly the Thunderbolt site as well.
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 becoming a leading low-cost finder of hydrocarbons. The Company is currently operating in Tasmania's central and northern basins.
Additional information is available on the company's web site, www.empireenergy.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 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-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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