Empire CEO Malcolm Bendall commented, "The Resale Registration statement allows existing outstanding shares and shares underlying existing warrants and liabilities to be traded and improves the collateral value of share holdings. We expect the Rights Offering to bring us the additional funding to enable us to carry out our future exploration program including the drilling of our Bellevue and Thunderbolt well sites. Driller Hunt Energy confirmed that their drilling rig remains stored in Tasmania ready to move back onto the Bellevue well site to proceed with drilling beyond the present 272 meter depth now that snow has melted and we move toward the Australian summer. Hunt holds as collateral 20 million shares of Empire common stock that was included in the recently effective resale registration."
Once SEC final approval has been received, Empire can proceed in 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/ GSLM 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.
Empire, through its wholly owned subsidiary Great South Land Minerals Ltd, is preparing an application to lodge with Mineral Resources Tasmania to establish an Exploration License as permitted under Tasmanian Legislation including information that should satisfy the Minister that Empire has or is likely to have sufficient financial resources to carry out the proposed work program, including the announced rights offering. Empire believes its past performance of meeting or exceeding the work requirements of SEL 13/98 should automatically qualify it to meet the requirement of the new license. The application is for the entire acreage included in the current Special Exploration License 13/98 (approximately 15,000 sq. km.) where Empire intends to resume its planned drilling program on the identified structures in the Tasmanian Basin; believed to be capable of pooling significant commercial amounts of oil and gas.
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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