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Empire Signs Back to Site Agreement with Hunt Energy Drilling, Orders Independent Report by RPS to Further Validate U.S. $3.3 Billion WHK Valuation and Publishes Final Report on SEL 13/98
2009-11-05 07:24 MT - News Release
LEAWOOD, Kan. -- (Business Wire)
Empire Energy Corp. Intl. (OTC BB: EEGC) has signed Back to Site Agreement with Hunt Energy Drilling of Australia. In the agreement, Hunt Energy has agreed to return to the Bellevue drill site which has been prepared for drilling operations. Malcolm Bendall said, “We welcome the signing of this agreement with Hunt Energy and look forward to working together and the commencement of drilling on the Bellevue site.”
Empire intends to start drilling at Bellevue and follow with drilling at the Thunderbolt site. Bellevue and Thunderbolt are the two largest domes discovered during the extensive exploration efforts by Empire and Great South Land Minerals (wholly owned subsidiary). Bellevue and Thunderbolt were identified as areas believed to be capable of containing substantial commercial quantities of oil and gas.
Empire has re-commissioned RPS Energy (a world leader in oil and gas valuations) to further evaluate and validate the Bellevue and Thunderbolt structures to underpin the US$3.3 billion (equal to US$10 per share) asset value determined by WHK and has arranged increased accommodation availability at Bronte Park to house the additional workforce needed to complete the work at Bellevue.
The Final Report documenting all work accomplished on SEL 13/98 has been completed and submitted to Mineral Resources Tasmania. This detailed document is now at printers to be mailed to Empire shareholders and will be posted on the Empire Energy websites and for public viewing. Malcolm Bendall, CEO, said, ”This report details the substantial volume of work accomplished by Empire and their wholly owned subsidiary Great South Land Minerals on the license property and previous from 1984 – 2009. Empire looks forward to the beginning of their 15 well drilling program and developing the potential of the vast Tasmanian Basin for the benefit of Tasmania and the Empire shareholders.”
Malcolm Bendall, CEO Empire Energy
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 10Q reports filed with the U.S. Securities and Exchange Commission.
Contacts:
Empire Energy Corp. Intl.
Malcolm Bendall, 800-663-2310
Source: Empire Energy Corp. Intl.
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