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I like what I see here Doc. Very simply this successful financial firm makes the statement that the evidence they have been shown through Empires due diligence has impressed them. A quick internet search confirms that Mr. Jagar is a serious player. This could be the first really credible PR we have seen in a long time.
Yes, why would anybody believe anything in a PR from EEGC. And why in the world would anybody monitor a stock with performance like EEGC so closely and so often?
Haven't been here for a while at EEGC. I see we are still without wind for our sails. I'll check back in about 6 months. Maybe we will be at a quarter then.
I like it nice and quiet like this. Hopefully the new board members are smart enough to shut the flowery rhetoric off. EEGC needs credibility. There hasn't been any for over 2 years. Lots of PR's with very, very little to show. No, let's hope it stays quiet until some real positive movement takes place with evidence to back it up. If we get a PR showing copies of payments made for the purchase of the drill rig and to ship it, or contract terms and signatures for a joint venture then we will have something. Until then it's all academic.
That is for sure. Look at the number of communications involving this stock. It's brewing big time and the moment we have all patiently waited for is close. There are people that are getting nervous about the pending success of this company. It's obvious. I am glad I am a long with EEGC. To achieve success requires a long, hard effort. The odds are stacked against you yet you continue to advance one step at a time until all of a sudden you break through the final barrier that has held you back and everything just starts to click. That's where we are now.
That's not what it says. It says they are completing the requirments for the structured finance, extimated to cost $12 million. A loan. The prerequisite requirments are more than likely a down payment.
Quote:
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Empire has secured the engagement to complete the prerequisite requirements for the structured finance, estimated to cost $12 million. This was accomplished through the oversubscription of the Company's rights offering, which closed last month.
Let’s see if GEFCO will provide us with a parts list for the oil rig. We could each purchase one piece of the rig and send it to Malcolm as a Christmas present. There are over 2000 of us so each piece can’t cost too much. Howard, you take care of getting the Diesel Engine.
Nothing hard about it at all as long as it's the truth.
"What's so hard to post a PR that's say 20milj $ is on our account and drill is payed and under his way to Tasmania... "
You are absolutely correct. The only PR that is going to have any effect is one proving a well is being drilled. That will cause a fluctuation in the share price and when oil is found, watch out.
That cup is going to have a 6 foot straw leaning out the right side soon!
This is going to get crazy real soon. We are going to be pinching ourselves in disbelief. Take the advice of EEGC and think real hard about selling when the price starts jumping. It's going to be tempting to recoup some of the investment in a hurry.
In my estimation there is a 50/50 chance that big things will happen in the next 6-12 months. Those of us that have been here for a while realize full well the potential this stock represents. It is quite amazing the share price is where it is considering the upside. If you don't have the number of shares you want you better not waste too much time because when it does go it will be so fast a dollar won't touch a share. Every time there is a whisper of news the monster tries to get out of his cage. Pretty soon the monster is going to get completely loose and there won't be any stopping it.
We all know EEGC is hurting for operating capital.
Anyone that is willing to step up and provide $180 million is going to want some kind of assurance that it is a good investment. In this case there is no way to guarantee anyone anything. As much as we all believe otherwise, there is the possiblity that oil will not be found.
If it was me I would make the deal contingent on finding oil at Bellevue or Thunderbolt. Drill these wells with minimal investment (using a gulf region company who is ready to drill). Depending on the volume of oil found, that would be the time to make serious decisions about joint ventures and further investment.
The risk to Sure Capital would be reduced to initial drilling expenses which would be a whole lot less than $180 million.
The potential gain of such a project should outway the risk.
Astute observation Doc. His signature is very unique. It almost looks like a seismograph plot. Like some kind of motion or energy moving the ground. Kind of like oil erupting from a well.
Sometime next week the rights offering is going to look very attractive to those who still qualify! .07 will be a bargain.
8:00 AM ET 7/2/10 | PR Newswire
Empire Energy Corporation International (Empire) (Pink Sheets: EEGC) with its wholly owned Australian subsidiary, Great South Land Minerals Limited (GSLM) announced on Wednesday, June 30, 2010 in Monaco that the Company entered into an agreement with an international finance company, Sure Capital (www.surecapital.org) to provide structured financing in the sum of USD$180 million, conditional upon the completion of prerequisite documentation.
In May 2010, Empire signed a memorandum of understanding with Sure Capital at their offices in Hamilton, Bermuda to initiate the process for providing structured financing to Empire in the form of $45 million per annum over a four year period to support the Company's license applications and the resumption of its drilling operations. Empire's financial and legal advisors have been working with Sure Capital management, which has culminated in today's signed agreement. The terms of the Agreement are based on the USD$3.3 billion estimated value of the license area that Empire and GSLM have asserted legal claim to. Australian accountancy firm WHK Denison provided this industry valuation based on the work of international independent competent persons firm RPS Energy. This industry valuation has been included in Empire's recently amended Form S1 Registration Statement which was allowed to become effective by the US Securities and Exchange Commission (SEC) on June 21, 2010.
Empire and GSLM CEO, Malcolm Bendall said, "the Rights Offering will conclude on the 30th of July 2010 and I confirm my intention to take up any outstanding shares that remain unsubscribed. This additional capital supports the 12,000 square kilometer license area applied for under SEL 13/2009, the restoration of the full area of SEL 13/1998 and recommencement of the Company's 12 hole drilling program. The Company intends to commence drilling at the Bellevue and Thunderbolt sites and also intends to drill the structures valued by RPS Energy at over one billion US dollars that were not included in the license area granted by Mineral Resources Tasmania. These additional structures will now be the subject of an appeal by GSLM to the government. The agreement entered into today with Sure Capital, provides sufficient finance to drill all 12 structures. I remain focused on working with the Sure Capital team to complete the remaining documentation and ensure it is completed promptly."
It is the intention of Empire and GSLM that once financing has been successfully completed and monies have been disbursed, it will advance its early stage discussions to enter into a joint venture with a gulf region oil company to manage the business operations for the full development of oil and gas in the Tasmania Basin.
Empire today advised GEFCO in the USA of confirmation of the conditional order contract and requested preparation for the coordination and shipment of the SpeedStar 1100 drill rig to Australia. Once the purchase contract is finalized, the rig will be shipped to Australia within 6 weeks.
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
913-663-2310
I don't think Malcolm or any of his leadership team care at this point. When a large aircraft is rolling down the runway getting ready to take off it reaches a point called "refusal". That is the point where at the speed you are traveling and the amount of runway that is left you have absolutely no option but to fly. Nothing else matters. We are at that point. The only thing that matters is drilling oil. The web-site doesn't matter. The pink listing doesn't matter. PR's don't matter. The only thing that will make any difference now is to get a drill in place and drill. Why waste time or resources on anything else. Malcolm is a smart guy. When he hits oil he knows that all these little technicalities won't matter any more. The money will be there to do whatever is needed from that point on. I wouldn't expect to hear much from any PR's unless there is real progress made getting the drill in place. Until then it just doesn't matter.
Malcolm's conservative estimate of the share price being 200 times less than the actual value is noteworthy. We could possibly see abrupt increases in the share price but I would be extremely happy with 1 cent a day for the next couple of years. Let's see, that means $8.00 sometime around the fourth of July in 2012. What do you think Clipso?
That last PR had a completely different flavor to it than PR's of the previous 2 years. Kind of like it was written in a hurry without too much concern about saying the right thing to get the share price elevated. Kind of like it didn't matter. Kind of like someone who has the winning lottery ticket in their hand and they are waiting for the dust to settle to collect their prize. Like the people in the know have suddenly realized that the financing is really going to happen and drilling WILL be starting soon on a dome that really is going to produce lots of hydrocarbons. The PR's aren't too important right now. Not as important as the finishing touches that are being taken care of behind the scenes. I got a good feeling about this!!
All eligible Empire Directors took up their full share entitlements which included the conversion of US$1.2 million of debt to equity shares.
Debt to equity shares. Does this mean that board members that were owed money by the company have taken shares at the .07 value as payment for money they are owed?
I know very little about internet stock trading. I started a little over 2 years ago with my first purchase of stock over the internet with a couple thousand shares of EEGC. Since that time I have purchased quite a few more. I know several of the people who post on this board have shares in the high 6 and low 7 figure range. When the stock becomes worth considerably more than it is now, at what point do you start thinking about the security of internet trading and E trade or Scott trade's ability to protect your investment? Is it advisable to pursue local investment firm involvement?
I am most interested in hearing if Mr. Leach and Mr. Cowan accepted the invitation extended to them to join the board of directors as consultants. These two individuals have credentials that would lend themselves superbly to EEGC. The addition of these two gentlemen can't be anything but good for financial and political reasons as well as the additional integrity they would add. We get them on board with Malcolms business savvy and the new lease and the rights offering and the new drill and everything you say Howard will come true.
My take on this is the two new individuals invited to join the board have helped change the strategy. Obviously the Hunt rig presented overwhelming issues the last attempt at drilling with them having tremendous influence. The $10,000 a day fee for the rig sitting idle. Somebody said this is not the way to go. Malcolm is making his communications short and sweet. He's at the point now where he knows it's going to be a success and there is no need to convince anyone with elaborate reads. People are apprehensive about diving in too quickly to EEGC because of the past 2 years of inactivity. Once the lease is official the last piece is the drill. We have been waiting patiently. These next few weeks will be very interesting and fun.
Clipso deserves some credit for what appears to be a very accurate prediction. For the past 5.6 months Clipso has been telling us that we would see everything come together March 25 give or take a day or two. I remember reading a post from a friend of Clipso's that said Clipso had a history of making very accurate predictions. Okay Clipso tell us how much oil there is at Bellevue.
And the new lease is half the size of the old lease which should accelerate things even more.
Significant volume early with a decent pps. What's up?
This coming Saturday marks 2 years since I first purchased EEGC shares. In that time I have read thousands of messages on this board concerning EEGC. Malcolm's goals are unchanged. He has come very close to achieving those goals. Every move he makes is toward achieving that goal. We have the locations. We have the rights offering. We have a very strong possibility that the lease is in the approval stage. We have a back to site agreement with the drillers. We have two very talented individuals with financial and political experience that have been invited to be memebers of our board of directors and we have bashers that will be long gone very soon.
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).
With the rights offering fully subscribed we are looking at $53,500,000,000 divided by 417,000,000 shares or $128 per share. If that is off by 90% it is still $12.80 a share.
Welcome aboard. You made a wise move.
That takes care of the chicken and the egg. We are definitely out of the poultry business and heading to the oil fields. The rocket has just lifted off the launch pad!!!
The time we have all been waiting for has arrived!!!
Thanks Howard and R4MON. That explains it.
I had made a relatively large purchase of shares on December 17, 2008 in anticipation of increasing my rights elegibility but it wasn't included in the number of shares that was posted to my Etrade account today for the rights offering. Doesn't really matter as it represents a difference of about 12,000 more shares that I thought I would be elegible for and I am elegible for more than I can afford now anyway.
I have to agree with you. It just showed up today on my Etrade account.
On my brokerage account you have the ability to look at the ownership of EEGC and how many stocks the large shareholders have. I imagine that will be updated once Malcolm purchases his. It does make sense that Malcolm would wait for MRT approval before he subscribes. No sense in buying into the rights offering if you can't drill.
Maybe to help get the ball rolling Malcolm could purchase the 16,600,000 shares he is entitled to in the rights offering today.
So Malcolm is no longer the CEO.
The chicken and the egg routine about the SEC and MRT doesn't apply. The SEC has come through so you should change your story to the chicken and the chicken or the egg and the egg. Personally I have been looking at my finances to see how I might afford the rights offering to the full extent I am entitled. I'm sure a lot of us have been giving that some thought for the past year. No I'm not going to buy shares at .07 when they can be purchased at .041 now. This stock has proven itself to have potential for rapid value increase. It doesn't take much news to climb a point or three. I'm hanging in there betting on Malcolm and the crew to come through.
The key to success will be Malcolm keeping true to his word and subscribing to the rights offering in full. He owns 33.2 million shares and has for quite some time. That makes him eligible for 16.6 million shares @ .07. That would be 1.16 million dollars or about 13% of the 9 million that the entire rights offering is supposed to generate. I have every faith that an investment on Malcom's part of this magnitude would create the frenzy needed to propel the stock up and away.