Empire Energy Corporation Intl. (fka EEGC)

[oilsleuth]

Smart Win withheld the balance of $1.2M of the $5M because of serious irregularities evident in the expenditure. The problem began for Smart Win somewhat earlier than 23 December 2008. If I remember it was in September that they first raised questions for which they didn't receive satisfactory answers. Some folk used to harp on that SW got cold feet when the GFC struck but that doesn't wash when the detailed timing is looked into.

It was Smart Win who sued EEGC/Mal in the end.

Smart Win could recently have applied for an EL in their own right for a 100% interest but they didn't.

On December 23, 2008, WTI crude oil spot price fell to US$30.28 a barrel because of the GFC which is around when the problems began with Smart Win. No wonder why they got scared and reneged on EEGC and tried to take a larger share of EEGC by bending management over a barrel.