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Further to, and as a result of the acceptance of Exploration License 14/2009, Empire and GSLM have extended invitations to Mr. James H. Leach of Newport, Rhode Island to join Empire Energy's Board of Directors and Mr. Mark Cowan of law firm Patton Boggs, of Washington, D.C. to join as an Advisor to Empire's Board, after the scheduled completion of its ongoing USD$9.3 million (AUD$10.34 million) Rights Offering on or about April 20, 2010. Both Mr. Leach and Mr. Cowan are highly regarded within their respective professions and together will bring a wealth of legal, financial as well as political experience and expertise to the future of Empire Energy and its shareholders.
Mr. Leach currently serves as the Senior Managing Director of National Trust, LCC a subsidiary of the Leach Family Trust, one of New England's largest real estate developers with over 2.5 million square feet currently under development. Since his recognition in 1997 by the Environmental Protection Agency (EPA) as a pioneer in the reuse of Superfund Sites his ongoing work has been adopted by EPA and currently serves as the nationwide model for the Federal agency's billion-dollar Superfund Program.
For nearly two decades, Mr. Leach has imparted his proficient corporate guidance to a wide array of companies. At present, he is serving his 18th year on the board of The Oster Group, a privately owned investment banking operation specializing in providing capital and business management to emerging companies and his 6th year on the board of Kenney Manufacturing Company, a leading manufacturer and distributer of household products established in 1914 and among Rhode Island's largest employers.
In addition to his corporate boardroom experience, Mr. Leach has also maintained involvement in a number of local government boards serving as acting chairman of the Providence City Planning Commission, Trustee to the Providence Public Library, a Board of Governors member for Miriam Hospital, and currently serves as a Board member of the Rhode Island Public Telecommunications Authority, Grow Smart Rhode Island, The Rhode Island Philharmonic, Providence Zoning Commission, Providence Children's Museum, Touro Synagogue Foundation, Preserve Rhode Island and the Rhode Island Heritage Hall of Fame.
Mr. Mark Cowan, a partner at the Nation's largest government relations and lobbying law firm, Patton Boggs, has more than 35 years of experience working on complex domestic and international public policy issues to counsel a broad range of clients, advising corporations, government entities, and foreign sovereigns on a wide array of business, regulatory, and trade issues.
Mr. Cowan joined Patton Boggs after a long and successful career in the Washington public affairs and government relations industry. He served as president of Columbus Public Affairs and as Chief Executive officer of Newmyer Associates, he was Vice Chairman of Cassidy & Associates, and Founder and Chief Executive officer of The Jefferson Group. Mr. Cowan also served at Gray & Company and Hill & Knowlton Public Relations and has also held presidential appointments in three administrations. During the first Reagan administration, he served as Deputy Assistant Secretary of Labor and was appointed Chief of Staff and Counselor to the Secretary of Labor in 1982 and President George H.W. Bush appointed him as a Commissioner on the National Commission on Employment Policy and as a Member of the President's Council on the 21st Century Work Force.
In addition to his US Presidential Appointments, Mr. Cowan has held several other government posts. He was Counsel to the Committee on Standards of Official Conduct (ethics) of the U.S. House of Representatives and also served at the Central Intelligence Agency (CIA) as an operations officer, serving abroad and as a country desk chief in the agency's Directorate of Operations and held the position of Assistant Legislative Counsel to the Director of Central Intelligence (for more information, please visit www.pattonboggs.com/mcowan/).
While this license represents nearly a 50% reduction from GSLM's original 7,513 square kilometer (1,856,502 acres) application, the Company has accepted the reduced area to continue drilling activities, however, will actively pursue and continue to negotiate with the Minister for Energy and Resources for the remaining area to be granted pursuant to the terms of the previous Special Exploration License SEL 13/1998 license and the Minerals Resources Development Act 1995. The undiscovered potential resource estimates are a result of Empire's and GSLM's US$50.71 million (AUD$56 million) investment over the past 33.3 years. Empire and GSLM believe the remaining area, which encompasses a further 10 (ten) seismically defined prospective resources (refer: Table 2 of Competent Persons Report – Assets of GSLM, October 2008), is estimated to contain a further resource potential of 222 million barrels of oil. This has an undiscovered potential commercial resource value of US$1.108 billion (AUD$1.23 billion) at the discounted US$5 per barrel. At current world prices of US$80 per barrel the undiscovered potential commercial resource would be worth US$17.74 billion (AUD$19.73 billion). Empire intends to resume its drilling program in the licensed area and is confident the company will soon be able to drill all 12 discovered prospective structures which together hold a total undiscovered potential resource of 669 million barrels of oil and a gross potential value of US$53.5 billion (AUD$59.51 billion) at the current US$80 per barrel (AUD$89 per barrel).
The proposed license encompasses 3,180 square kilometers (approx. 788,266 acres) and covers the Bellevue and Thunderbolt structures. The rental fee in relation to this area was paid on 5 March 2010. These seismically defined structures are estimated by internationally recognized oil and gas Competent Persons firm, RPS Energy Pty Limited, to contain a combined mean estimate of 447 million barrels of oil (refer: Table 2 of Competent Persons Report – Assets of GSLM, October 2008). Additionally, WHK Denison, one of Australia's top 10 accountancy firms, has valued this undiscovered potential resource at US$2.23 billion (AUD$2.48 billion) by discounting the current US$80 per barrel (AUD$89 per barrel) market price of oil down to US$5/barrel. This discount is based on the comparative sale value on the Australian mainland market of the undiscovered prospective resources. However, at a current market value of US$80 per barrel (AUD$89 per barrel), this asset represents a gross potential value today of US$35.76 billion (AUD$39.78 billion).
We expect the Minister to sign off on the lease this week. He just needs the maps included in the documents and that should be completed in the next few days. It has taken a while to overcome the obstacles but Malcolm has never tired in his effort to get us oil. I expect as the word gets out the price of the stock will climb. There are 5 sites to drill in the area allotted by the lease, Bellevue is the largest by far the then Thunderbolt and the other 3 are much smaller, and as soon as we strike oil we will go back to reclaim the rest of the original land area since we paid for it in research, time and money. Its all good ahead of us.
We are GO to get the oil!
Tasmanian Director of Mines Advises Great South Land Minerals Ltd, Wholly Owned Subsidiary of Empire Energy, His Intention to Recommend to the Minister for Energy & Resources That Exploration License 14/2009 Be Granted.
EEGC/GSLM has approval to hunt for big oil
Tasmanian Director of Mines Advises Great South Land Minerals Ltd, Wholly Owned Subsidiary of Empire Energy, His Intention to Recommend to the Minister for Energy & Resources That Exploration License 14/2009 Be Granted.
EEGC has OK to drill for big oil find
http://finance.yahoo.com/news/Tasmanian-Director-of-Mines-prnews-3135002084.html?x=0
EEGC given the go ahead to drill by MRT
http://finance.yahoo.com/news/Tasmanian-Director-of-Mines-prnews-3135002084.html?x=0
Good morning: Do not worry if you have not received the rights offering. I have been told that the offering will be extended by the loss time to deliver, approx 3 weeks so nobody entitled to purchase will lose anything.
We anticipate we will be moving ahead and the Minister will sign off sometime next week or so. They are waiting for some maps to be included. All is well and not to worry.
The cost to remove the oil is between $10 to $12 a barrel + fee due Tasmania 12% so what I do is based on a market price of $75 a barrel use $50 per barrel net, this is a fair estimate and conservative. The values given of the oil in the ground as is, where is, is super conservative as is the estimated reserves. the fact is we won't know how much oil is in the ground and how much is commercially available. To find this out we have to drill and test. Till that is done its all hypothetical. This Lease approval will be official March 20th and I don't expect any problems with getting a drill rig to do the work. This is my last post of the day. All is well, Very well. All who are uncomfortable should just relax and let this play out, I think you will all be very happy with the exception of a few.
EEGC News: PR states MRT recommends lease approval.
Tasmanian Director of Mines Advises Great South Land Minerals Ltd, Wholly Owned Subsidiary of Empire Energy, His Intention to Recommend to the Minister for Energy & Resources That Exploration License 14/2009 Be Granted.
EEGC NEWS
Tasmanian Director of Mines Advises Great South Land Minerals Ltd, Wholly Owned Subsidiary of Empire Energy, His Intention to Recommend to the Minister for Energy & Resources That Exploration License 14/2009 Be Granted.
Tasmanian Director of Mines Advises Great South Land Minerals Ltd, Wholly Owned Subsidiary of Empire Energy, His Intention to Recommend to the Minister for Energy & Resources That Exploration License 14/2009 Be Granted.
prnewswire
Press Release Source: Empire Energy Corporation International On Friday March 5, 2010, 8:00 am EST
LEAWOOD, Kan., March 5 /PRNewswire-FirstCall/ -- Empire Energy Corporation International (Empire)(OTC Bulletin Board:EEGC.ob - News) announced on Friday, March 5th 2010 the Company has been advised that the Director of Mines has provided written notification to wholly owned subsidiary, Great South Land Minerals Ltd (GSLM), of his intention to recommend to the Minister for Energy & Resources that Exploration License 14/2009 be granted subject to a number of terms and conditions. GSLM has also confirmed the remittance to Mineral Resources today, the required rental for the new tenement payable in advance, as a pre-requisite to the recommendation being forwarded to the Minister, in addition to confirming instructions for the transfer of the pre-existing security deposit held over former Special Exploration License SEL 13/98 to the new tenement. It is expected that Minerals Resources Tasmania will advertise Exploration License 14/2009 on 20 March 2010. The proposed license encompasses 3,180 square kilometers (approx. 788,266 acres) and covers the Bellevue and Thunderbolt structures. The rental fee in relation to this area was paid on 5 March 2010. These seismically defined structures are estimated by internationally recognized oil and gas Competent Persons firm, RPS Energy Pty Limited, to contain a combined mean estimate of 447 million barrels of oil (refer: Table 2 of Competent Persons Report – Assets of GSLM, October 2008). Additionally, WHK Denison, one of Australia's top 10 accountancy firms, has valued this undiscovered potential resource at US$2.23 billion (AUD$2.48 billion) by discounting the current US$80 per barrel (AUD$89 per barrel) market price of oil down to US$5/barrel. This discount is based on the comparative sale value on the Australian mainland market of the undiscovered prospective resources. However, at a current market value of US$80 per barrel (AUD$89 per barrel), this asset represents a gross potential value today of US$35.76 billion (AUD$39.78 billion).
While this license represents nearly a 50% reduction from GSLM's original 7,513 square kilometer (1,856,502 acres) application, the Company has accepted the reduced area to continue drilling activities, however, will actively pursue and continue to negotiate with the Minister for Energy and Resources for the remaining area to be granted pursuant to the terms of the previous Special Exploration License SEL 13/1998 license and the Minerals Resources Development Act 1995. The undiscovered potential resource estimates are a result of Empire's and GSLM's US$50.71 million (AUD$56 million) investment over the past 33.3 years. Empire and GSLM believe the remaining area, which encompasses a further 10 (ten) seismically defined prospective resources (refer: Table 2 of Competent Persons Report – Assets of GSLM, October 2008), is estimated to contain a further resource potential of 222 million barrels of oil. This has an undiscovered potential commercial resource value of US$1.108 billion (AUD$1.23 billion) at the discounted US$5 per barrel. At current world prices of US$80 per barrel the undiscovered potential commercial resource would be worth US$17.74 billion (AUD$19.73 billion). Empire intends to resume its drilling program in the licensed area and is confident the company will soon be able to drill all 12 discovered prospective structures which together hold a total undiscovered potential resource of 669 million barrels of oil and a gross potential value of US$53.5 billion (AUD$59.51 billion) at the current US$80 per barrel (AUD$89 per barrel).
We regret to advise shareholders that Empire Finance Director, Mark Calloway, has recently passed away due to illness. Empires' Board and fellow work colleagues pass on our deepest sympathy and condolences to Mark's family and friends in this time of loss.
Further to, and as a result of the acceptance of Exploration License 14/2009, Empire and GSLM have extended invitations to Mr. James H. Leach of Newport, Rhode Island to join Empire Energy's Board of Directors and Mr. Mark Cowan of law firm Patton Boggs, of Washington, D.C. to join as an Advisor to Empire's Board, after the scheduled completion of its ongoing USD$9.3 million (AUD$10.34 million) Rights Offering on or about April 20, 2010. Both Mr. Leach and Mr. Cowan are highly regarded within their respective professions and together will bring a wealth of legal, financial as well as political experience and expertise to the future of Empire Energy and its shareholders.
Mr. Leach currently serves as the Senior Managing Director of National Trust, LCC a subsidiary of the Leach Family Trust, one of New England's largest real estate developers with over 2.5 million square feet currently under development. Since his recognition in 1997 by the Environmental Protection Agency (EPA) as a pioneer in the reuse of Superfund Sites his ongoing work has been adopted by EPA and currently serves as the nationwide model for the Federal agency's billion-dollar Superfund Program.
For nearly two decades, Mr. Leach has imparted his proficient corporate guidance to a wide array of companies. At present, he is serving his 18th year on the board of The Oster Group, a privately owned investment banking operation specializing in providing capital and business management to emerging companies and his 6th year on the board of Kenney Manufacturing Company, a leading manufacturer and distributer of household products established in 1914 and among Rhode Island's largest employers.
In addition to his corporate boardroom experience, Mr. Leach has also maintained involvement in a number of local government boards serving as acting chairman of the Providence City Planning Commission, Trustee to the Providence Public Library, a Board of Governors member for Miriam Hospital, and currently serves as a Board member of the Rhode Island Public Telecommunications Authority, Grow Smart Rhode Island, The Rhode Island Philharmonic, Providence Zoning Commission, Providence Children's Museum, Touro Synagogue Foundation, Preserve Rhode Island and the Rhode Island Heritage Hall of Fame.
Mr. Mark Cowan, a partner at the Nation's largest government relations and lobbying law firm, Patton Boggs, has more than 35 years of experience working on complex domestic and international public policy issues to counsel a broad range of clients, advising corporations, government entities, and foreign sovereigns on a wide array of business, regulatory, and trade issues.
Mr. Cowan joined Patton Boggs after a long and successful career in the Washington public affairs and government relations industry. He served as president of Columbus Public Affairs and as Chief Executive officer of Newmyer Associates, he was Vice Chairman of Cassidy & Associates, and Founder and Chief Executive officer of The Jefferson Group. Mr. Cowan also served at Gray & Company and Hill & Knowlton Public Relations and has also held presidential appointments in three administrations. During the first Reagan administration, he served as Deputy Assistant Secretary of Labor and was appointed Chief of Staff and Counselor to the Secretary of Labor in 1982 and President George H.W. Bush appointed him as a Commissioner on the National Commission on Employment Policy and as a Member of the President's Council on the 21st Century Work Force.
In addition to his US Presidential Appointments, Mr. Cowan has held several other government posts. He was Counsel to the Committee on Standards of Official Conduct (ethics) of the U.S. House of Representatives and also served at the Central Intelligence Agency (CIA) as an operations officer, serving abroad and as a country desk chief in the agency's Directorate of Operations and held the position of Assistant Legislative Counsel to the Director of Central Intelligence (for more information, please visit www.pattonboggs.com/mcowan/).
CEO Malcolm Bendall remarked, "It is a great privilege and honor to have individuals of such proven integrity and professional accomplishment express interest in working to guide and aid Empire in its current endeavors." Furthermore, Mr. Bendall commented, "With the combination of financial, political as well as legal skills these two outstanding professionals harbor, Empire has never been more expertly equipped to undertake the development of the Tasmania Basin nor more well advised to manage the more vigorous requirements of corporate governance, finance and structure demanded by the size of the project the company is now undertaking. Shareholders have never been in better hands at a better time when the current market capitalization of Empire is 200 times less than the current asset value of US$2.23 billion (AUD$2.48 billion) comparative market value." As a point of clarification, we believe that part of the disparity between the current share price and the asset value, may be a result of previously having Special Exploration License (SEL 13/98), however, only being able to obtain a valuation at the expiry of that license. The granting of Exploration License 14/2009 represents the first time since then Empire Energy will be in possession of both a valuation as well as a license.
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.
Contact:
Malcolm Bendall, CEO
Empire Energy Corporation International
913-663-2310
Very Sad News!
We regret to advise shareholders that Empire Finance Director, Mark Calloway, has recently passed away due to illness. Empires' Board and fellow work colleagues pass on our deepest sympathy and condolences to Mark's family and friends in this time of loss.
Tasmanian Director of Mines Advises Great South Land Minerals Ltd, Wholly Owned Subsidiary of Empire Energy, His Intention to Recommend to the Minister for Energy & Resources That Exploration License 14/2009 Be Granted.
prnewswire
o Empire Energy Corporation International
Related Quotes
Symbol Price Change
EEGC.OB 0.0340 0.0000
Press Release Source: Empire Energy Corporation International On Friday March 5, 2010, 8:00 am
LEAWOOD, Kan., March 5 /PRNewswire-FirstCall/ -- Empire Energy Corporation International (Empire)(OTC Bulletin Board:EEGC.ob - News) announced on Friday, March 5th 2010 the Company has been advised that the Director of Mines has provided written notification to wholly owned subsidiary, Great South Land Minerals Ltd (GSLM), of his intention to recommend to the Minister for Energy & Resources that Exploration License 14/2009 be granted subject to a number of terms and conditions. GSLM has also confirmed the remittance to Mineral Resources today, the required rental for the new tenement payable in advance, as a pre-requisite to the recommendation being forwarded to the Minister, in addition to confirming instructions for the transfer of the pre-existing security deposit held over former Special Exploration License SEL 13/98 to the new tenement. It is expected that Minerals Resources Tasmania will advertise Exploration License 14/2009 on 20 March 2010. The proposed license encompasses 3,180 square kilometers (approx. 788,266 acres) and covers the Bellevue and Thunderbolt structures. The rental fee in relation to this area was paid on 5 March 2010. These seismically defined structures are estimated by internationally recognized oil and gas Competent Persons firm, RPS Energy Pty Limited, to contain a combined mean estimate of 447 million barrels of oil (refer: Table 2 of Competent Persons Report – Assets of GSLM, October 2008). Additionally, WHK Denison, one of Australia's top 10 accountancy firms, has valued this undiscovered potential resource at US$2.23 billion (AUD$2.48 billion) by discounting the current US$80 per barrel (AUD$89 per barrel) market price of oil down to US$5/barrel. This discount is based on the comparative sale value on the Australian mainland market of the undiscovered prospective resources. However, at a current market value of US$80 per barrel (AUD$89 per barrel), this asset represents a gross potential value today of US$35.76 billion (AUD$39.78 billion).
While this license represents nearly a 50% reduction from GSLM's original 7,513 square kilometer (1,856,502 acres) application, the Company has accepted the reduced area to continue drilling activities, however, will actively pursue and continue to negotiate with the Minister for Energy and Resources for the remaining area to be granted pursuant to the terms of the previous Special Exploration License SEL 13/1998 license and the Minerals Resources Development Act 1995. The undiscovered potential resource estimates are a result of Empire's and GSLM's US$50.71 million (AUD$56 million) investment over the past 33.3 years. Empire and GSLM believe the remaining area, which encompasses a further 10 (ten) seismically defined prospective resources (refer: Table 2 of Competent Persons Report – Assets of GSLM, October 2008), is estimated to contain a further resource potential of 222 million barrels of oil. This has an undiscovered potential commercial resource value of US$1.108 billion (AUD$1.23 billion) at the discounted US$5 per barrel. At current world prices of US$80 per barrel the undiscovered potential commercial resource would be worth US$17.74 billion (AUD$19.73 billion). Empire intends to resume its drilling program in the licensed area and is confident the company will soon be able to drill all 12 discovered prospective structures which together hold a total undiscovered potential resource of 669 million barrels of oil and a gross potential value of US$53.5 billion (AUD$59.51 billion) at the current US$80 per barrel (AUD$89 per barrel).
We regret to advise shareholders that Empire Finance Director, Mark Calloway, has recently passed away due to illness. Empires' Board and fellow work colleagues pass on our deepest sympathy and condolences to Mark's family and friends in this time of loss.
Further to, and as a result of the acceptance of Exploration License 14/2009, Empire and GSLM have extended invitations to Mr. James H. Leach of Newport, Rhode Island to join Empire Energy's Board of Directors and Mr. Mark Cowan of law firm Patton Boggs, of Washington, D.C. to join as an Advisor to Empire's Board, after the scheduled completion of its ongoing USD$9.3 million (AUD$10.34 million) Rights Offering on or about April 20, 2010. Both Mr. Leach and Mr. Cowan are highly regarded within their respective professions and together will bring a wealth of legal, financial as well as political experience and expertise to the future of Empire Energy and its shareholders.
Mr. Leach currently serves as the Senior Managing Director of National Trust, LCC a subsidiary of the Leach Family Trust, one of New England's largest real estate developers with over 2.5 million square feet currently under development. Since his recognition in 1997 by the Environmental Protection Agency (EPA) as a pioneer in the reuse of Superfund Sites his ongoing work has been adopted by EPA and currently serves as the nationwide model for the Federal agency's billion-dollar Superfund Program.
For nearly two decades, Mr. Leach has imparted his proficient corporate guidance to a wide array of companies. At present, he is serving his 18th year on the board of The Oster Group, a privately owned investment banking operation specializing in providing capital and business management to emerging companies and his 6th year on the board of Kenney Manufacturing Company, a leading manufacturer and distributer of household products established in 1914 and among Rhode Island's largest employers.
In addition to his corporate boardroom experience, Mr. Leach has also maintained involvement in a number of local government boards serving as acting chairman of the Providence City Planning Commission, Trustee to the Providence Public Library, a Board of Governors member for Miriam Hospital, and currently serves as a Board member of the Rhode Island Public Telecommunications Authority, Grow Smart Rhode Island, The Rhode Island Philharmonic, Providence Zoning Commission, Providence Children's Museum, Touro Synagogue Foundation, Preserve Rhode Island and the Rhode Island Heritage Hall of Fame.
Mr. Mark Cowan, a partner at the Nation's largest government relations and lobbying law firm, Patton Boggs, has more than 35 years of experience working on complex domestic and international public policy issues to counsel a broad range of clients, advising corporations, government entities, and foreign sovereigns on a wide array of business, regulatory, and trade issues.
Mr. Cowan joined Patton Boggs after a long and successful career in the Washington public affairs and government relations industry. He served as president of Columbus Public Affairs and as Chief Executive officer of Newmyer Associates, he was Vice Chairman of Cassidy & Associates, and Founder and Chief Executive officer of The Jefferson Group. Mr. Cowan also served at Gray & Company and Hill & Knowlton Public Relations and has also held presidential appointments in three administrations. During the first Reagan administration, he served as Deputy Assistant Secretary of Labor and was appointed Chief of Staff and Counselor to the Secretary of Labor in 1982 and President George H.W. Bush appointed him as a Commissioner on the National Commission on Employment Policy and as a Member of the President's Council on the 21st Century Work Force.
In addition to his US Presidential Appointments, Mr. Cowan has held several other government posts. He was Counsel to the Committee on Standards of Official Conduct (ethics) of the U.S. House of Representatives and also served at the Central Intelligence Agency (CIA) as an operations officer, serving abroad and as a country desk chief in the agency's Directorate of Operations and held the position of Assistant Legislative Counsel to the Director of Central Intelligence (for more information, please visit www.pattonboggs.com/mcowan/).
CEO Malcolm Bendall remarked, "It is a great privilege and honor to have individuals of such proven integrity and professional accomplishment express interest in working to guide and aid Empire in its current endeavors." Furthermore, Mr. Bendall commented, "With the combination of financial, political as well as legal skills these two outstanding professionals harbor, Empire has never been more expertly equipped to undertake the development of the Tasmania Basin nor more well advised to manage the more vigorous requirements of corporate governance, finance and structure demanded by the size of the project the company is now undertaking. Shareholders have never been in better hands at a better time when the current market capitalization of Empire is 200 times less than the current asset value of US$2.23 billion (AUD$2.48 billion) comparative market value." As a point of clarification, we believe that part of the disparity between the current share price and the asset value, may be a result of previously having Special Exploration License (SEL 13/98), however, only being able to obtain a valuation at the expiry of that license. The granting of Exploration License 14/2009 represents the first time since then Empire Energy will be in possession of both a valuation as well as a license.
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.
Contact:
Malcolm Bendall, CEO
Empire Energy Corporation International
913-663-2310
EEGC HUGE NEWS:
MRT recommends approval of lease to Minister.
Watch the price go nuts today
Great news now we move forward. I expect the price of the shares to rise making the purchase of the rights more attractive.
Weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
Your post below is wrong!
"First a pinkie cant be shorted and the real question is... who in their right mind would. Come on man stay real here."
Pinkie shorting is allowed and practiced every day. The only exception to that is the retail trade in the United States. The Brokers and Market Makers practice shorting pinks every day at the disadvantage to the retail trading investor. Its highly profitable and the reason its done. Much is being done to address the problem of shorting and naked shorting, (failure to deliver), by Congress and the SEC. The reinstatement of the uptick rule will help but its not the answer alone. Follow the money and where there is big money expect brokers and institutions will find a way to get around any upcoming new laws.
I have no way of knowing what MRT will do and can only hope they approve the lease so the company can move ahead with drilling. Its in the very best interests of The Government of Tasmania and the Shareholders and the citizens of Australia to strike oil. EEGC/GSLM is entitled to the lease as they devoted the last more then 10 years to research and has spent over $50,000,000 to discover the sweet spots for drilling. I wait, not so patiently, as everybody else for approval by MRT. Might I add that the longer this drags out the more hardship will be created by inaction as these are difficult times for the Government to raise money to continue operations. So If the Director of Mines is reading this lets get on with it.
The question: EEGC, What should I do with the rights offering?
Right now the current share price is about 3 1/2 cents and it doesn't seem like a good idea to buy at 7 cents when I can buy at 1/2 the price. Maybe so but consider the fact that when you buy the rights offering the money goes direct to the company to pay for the oil drilling. By buying the rights you insure money will be used to drill and support you investment.
When you buy on the open market the money goes to someone who is selling shares and there is no benefit to the company.
That being said now lets take a close look at the conditions of the stock at this moment in time. $.035 now may not be that price next week. The reason I say this is because the approval of the lease by MRT should be very positive and move the price of the stock up. I don't know where it will be and only the market will establish the price but you have time to wait and see.
Now each person's situation is different and you have to look at your situation. If you are selling current stock to pay for the rights consider that your cost basis is higher or lower then 7 cents. For example if your cost basis is 3 cents and the market is 8 cents you would have a 5 cent profit that is subject to tax. So you should factor in your tax bracket to see what your tax liability is. It may be a better choice to pay cash for the rights then sell stock.
You have time on your side and need not do anything right now.
Good luck on you choice.
KAT Exploration Welcomes Corporate Attorney to Board of Directors
Date : 03/04/2010 @ 12:06PM
Source : MarketWire
Stock : Kat Exploration Inc. (KATX)
Quote : 0.059 0.0035 (6.31%) @ 8:26AM
KAT Exploration Welcomes Corporate Attorney to Board of Directors
MOUNT PEARL, NL -- (Marketwire)
03/04/10
KAT Exploration Inc. (PINKSHEETS: KATX) -- www.KATexploration.com
Kat Exploration is very pleased to announce that W. Les Thistle has agreed to join the company as a director. Mr. Ken Stead, CEO, commented, "On behalf of the board of directors
, we are delighted to have someone with the caliber of expertise and experience Mr. Thistle will bring to our company as we move forward toward meeting our goals as previously stated.
"With the addition of Mr. Thistle to the board as Kat's Corporate
Attorney, we hope to strengthen investor confidence in that Kat is very serious about growing the company. "
Below is some information regarding Mr. Thistle's biography.
W. Les Thistle -- Director and Legal Counsel - KAT Exploration Inc.
W. Les Thistle was appointed legal counsel and a director of KAT Exploration Inc. on February 19, 2010.
Mr. Thistle graduated from Memorial University of Newfoundland in 1991 with a Bachelor of Commerce degree (concentration in finance), from Osgoode Hall Law School in Toronto in 1994 with a Bachelor of Laws degree (concentration in corporate and tax law) and was admitted to the Bar of the Law Society of Newfoundland and Labrador in 1995.
After finishing law school, Mr. Thistle practiced at 2 law firms in the St. John's area of the Province of Newfoundland and Labrador, Canada, before starting his own firm. In 1996 Mr. Thistle founded W. Les Thistle Law Office, a general practice law firm located in the City of Mount Pearl, in the Province of Newfoundland and Labrador, Canada. The law firm serves corporate and individual clients throughout Canada. Mr. Thistle is the senior lawyer at the firm. His primary areas of practice are corporate law, contract law, real estate and personal injury. Mr. Thistle has litigated matters in all levels of court in the Province of Newfoundland and Labrador including the Court of Appeal of the Supreme Court.
Mr. Thistle is committed to using his ethical approach to business and the law and his experience in the legal and business communities to serve the needs of KAT Exploration Inc.
Mr. Thistle's website is under construction.
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of KAT Exploration Inc. to be materially different from the statements made herein.
Contact:
Ken Stead
President / CEO
KAT Exploration Inc.
Office: 709-368-9223
709-368-9224
Fax: 709-368-9213
DUI - WEST VIRGINIA STYLE
Only a person in West Virginia could think of this.
From the county where drunk driving is considered a sport, comes this true story. Recently a routine police patrol parked outside a bar in Clarksburg , WV after last call the officer noticed a man leaving the bar so apparently intoxicated that he could barely walk.
The man stumbled around the parking lot for a few minutes, with the officer quietly observing. After what seemed an eternity in which he tried his keys on five different vehicles, the man managed to find his car and fall into it.
He sat there for a few minutes as a number of other patrons left the bar and drove off.
Finally he started the car, switched the wipers on and off--it was a fine, dry summer night--, flicked the blinkers on and off a couple of times, honked the horn and then switched on the lights.
He moved the vehicle forward a few inches, reversed a little and then remained still for a few more minutes as some more of the other patrons' vehicles left.
At last, when his was the only car left in the parking lot, he pulled out and drove slowly down the road.
The police officer, having waited patiently all this time, now started up his patrol car, put on the flashing lights, promptly pulled the man over and administered a breathalyzer test..
To his amazement, the breathalyzer indicated no evidence that the man had consumed any alcohol at all!
Dumbfounded, the officer said, I'll have to ask you to accompany me to the police station.
This breathalyzer equipment must be broken.'
'I doubt it,' said the truly proud Redneck. 'Tonight I'm the designated decoy.'
Contact your broker
For all who have not received their rights offering,
Here is contact for Interwest Transfer, info@interwesttc.com
Ask for email copy of Empire Energy Rights Document
You may also provide your name and request number of shares you are alloted.
The PDAC conference starts this Sunday and more important are the private meetings going on off the floor. Joint ventures at this time could easily increase the stock value in the very short term. Pardon the pun but you shareholders have a gold mine here.
There is nothing new to report at this time but I will try to contact management for an update.
Terra Energy & Resource Technologies Expands Services Offering Into Canadian Oil and Gas Exploration Market
Date : 03/02/2010 @ 7:00AM
Source : MarketWire
Stock : Terra Energy & amp; Resource Technologies, Inc. (TEGR)
Quote : 0.1 0.0 (0.00%) @ 7:47AM
Terra Energy & Resource Technologies Expands Services Offering Into Canadian Oil and Gas Exploration Market
NEW YORK, NY -- (Marketwire) -- 03/02/10 --
Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR), a natural resource exploration technology company, announces today that the Company is expanding its oil and gas exploration services offering into the country of Canada. With this aim, Terra Energy & Resource Technologies
signed an agreement with Alberta Energy Consultants Ltd to facilitate sales and marketing in Canada of the Company's oil and gas exploration services.
The contract sets forth a market partner framework between the companies, and includes performance requirements for Alberta Energy Consultant in exchange for certain exclusivity rights over a specific time frame, as well as other customary provisions.
"We are encouraged to gain a professional local partner that will market and promote our exploration services in Canada, one of the richest, underexplored oil and gas countries in the world," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies. "Terra has already established its services network in South America, Australia, South East Asia, and select countries in Africa via similar contracts and relationships. The distribution contract with Alberta Energy Consultants is patterned after a model that has served Terra over the years. Our local partners possess an in-depth knowledge and experience in their specific countries, geology and business environments, and create an effective conduit for Terra to reach participants in respective local exploration industries," Dmitry added.
Dr. Alexandre Agaian, Terra Energy & Resource Technologies' President, noted that most of the Company's marketing partners initiate contact with Terra because they see value in the Terra product and its competitive feature set. Dr. Agaian also stated: "Our distribution relationships enable Terra to reach many exploration communities cost effectively, as Terra does not have to expand its operational capability to cover those disparate geographies and business environments. We have already received service revenues and other lucrative business opportunities from such relationships and expect the same from Alberta Energy Consultants."
About Terra Energy & Resource Technologies, Inc.
Terra Energy & Resource Technologies, Inc., through its subsidiary Terra Insight Services, Inc., provides mapping and analysis services for exploration, drilling, and mining companies related to natural resources found beneath the surface of the Earth. The Company uses a suite of innovative and efficient technologies, which facilitate the prediction and location of commercially viable deposits of hydrocarbons, gold, diamonds, and other natural resources, and assesses them for any given geographic area -- on or offshore. For more information, visit http://www.terrainsight.com.
Safe Harbor for Forward-looking Statements
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its operations, its services and service offerings, its plans to acquire interests in exploration properties or technologies, plans to drill or drilling results to fail to materialize, including, but not limited to: competition for new acquisitions; availability of capital; unfavorable geologic conditions; prevailing prices for oil, natural gas and other natural resources; and general regional economic conditions.
For More Information, Please Contact: Terra Energy & Resource Technologies, Inc.
212-286-9197 Email Contact
Hi. I am new to this board and this looks like a winner.
Share Structure (according to Yahoo)
Outstanding Shares: 20.03 million
Float: 9.53 million (investor presentation claims ~1 mil float)
This stock has the potential to explode.
Its up 25% today
Weeeeeeeeeeeeeeeeeeeeeeeee GO GMPM
I am very much afraid that the medical profession is about to fall on its face. I have just returned from my doctors office and learned that medicare will reduce payments to doctors by about 1/3 and Blue Cross will cut payments by 1/2. My doctor is not rich by any standards and will have to do other thing to make a living. My doctor examines legal papers for lawyers for mal practice. She receives a flat fee for each case and now uses that money to supplement income. This country is in deep doo doo!
Don't get sick.
Yes the rights offering is being delivered. If your account with your broker has the certificates in your name they should have the paperwork.
I think that we can all understand why the invites went out for the private meetings at the mining conference. They all know what we have and they want it or at least a piece of it. We go there with a trunk full of data that will make the outcome very favorable for the Shareholders.
In addition i would like to say!!!!Weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!
Whats even better is the ammunition this gives us at the mining conference.
WOW! What leverage!
EEGC has hired an independent company to research the reserves in Bellevue and Thunderbolt, NOT ONCE BUT TWICE, and the answer is $3.3 billion. By the way the new comer born this very day told us about his experiences in the oil business but we don't care. This board is about EEGC. Malcolm Bendall has spent over $50 million in research by some of the best in the business. There are many news articles about oil in Australia and the surrounding areas.
I believe this week will open the eyes of many doubting Thomas's and those who are not in the stock I believe will wish they were. I believe the oil we will find will be one of the largest find in that part of the world...Lets just wait and see...it won't be long now.
Spring in The United States and Fall in Tasmania where the still warm weather will be fine for drilling. Bronte Park hotel accommodations are ready for the drillers/workman. In the days ahead I see a large Drilling rig moving into place at Bellevue site, being erected and boring through the earth in search of oil.
I believe this week is the beginning of the chain reaction that will see oil in the near future. Stay tuned for announcements from the company.
MORE TO COME!
No. You can't thank me in advance. Wait till after.
This Monday is March 1st and begins a big week for EEGC. Stay tuned for the excitement beginning tomorrow!
EEGC for me, thanks