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Hunt vs GSLM:
I know the outcome but the posturing is tough to follow. There is some substance from both sides but this is how I see it:
What ever Hunt claims or for that matter EEGC they both need each other.
EEGC will have the money to pay Hunt.
Hunt wants to participate in the future drilling in Tasmania because there is a big windfall in it for them.
So its give and take but in the end they will work together.
September 7, 2010 11:08am Make us your homepage
Oil hunt uncertainty
SALLY GLAETZER | September 07, 2010 08.13am
TASMANIAN oil exploration company Great South Land Minerals has blamed the global financial crisis for stalling its drilling plans.
The company has spent an estimated $50 million searching the Central Highlands for oil after its founder had a "vision" from God alerting him to the potential.
GSLM has once again told shareholders it is close to recommencing drilling operations, promising that funding is almost secure and a new drill rig is en route from the US.
The company is in the midst of a legal dispute with the operator of the previous drill rig it hired, Adelaide contracting company Hunt Energy.
Hunt's drill rig was first sent to Bellevue, near Bronte Park, in late 2008, but sat idle for months before being removed.
The contractor has accused GSLM of failing to pay all of its debts, which GSLM disputes.
GSLM's previous exploration licence expired last September but in May the Tasmanian Government issued it with a new permit covering a much smaller area.
GSLM's Hobart-based chief geologist Clive Burrett said company founder Malcolm Bendall was in New York securing finance for the drilling program.
Dr Burrett said a drill rig from Oklahoma would arrive in the "next month or so" and drilling would begin some time after that.
The Hobart office was running with a skeleton staff of about six people until finance came through.
It may sound like deja vu for investors who were told drilling was imminent in 2008. But Dr Burrett defended the delay.
"We were going to start drilling the day Lehman Brothers went down in New York. Now things are different, there's plenty of money around," he said.
The annual report of GSLM's parent company Empire Energy states Mr Bendall's CEO salary is $216,000.
But Dr Burrett said Mr Bendall was not actually taking money from the company.
"Many of the staff are not taking salaries or being paid. We're taking shares because we've got great faith this is going to happen," he said.
Manning the Great South Land Minerals Hobart office yesterday are, from left, Mohammad Adabi, Gerry Murrell, Graeme Devlin, Paul Heath and Clive Burrett.
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The company is being stacked up with rich brain matter. New directors are both wealthy and bring with them expertise and connections that will enhance EEGC/GSLMs ability to expand and go well beyond our current program of finding oil.
Although we search for oil in Tasmania we are not limited to Australia. EEGC is a U.S. company with connections around the world.
I see great things in our future and a name in the class with EXXON, IBM, GE and the big boys. Stick around and watch us grow.
Plans are already underway to get us on the NASDAQ and in a few years look out New York Stock Exchange.
Mid November sounds about right to me.+ or -. It all depends on everything coming together and the way it looks right now we are on target.
The first part of the $180,000,000 should be in the companies hands in the next week or so.
CMGR...No guarantees but they seem to be rising from the dust and are doing all the right things.
EEGC: A sample of whats to come.
PR #2Empire Drilling Program Recommencement Scheduled, Financial Structuring Details and Grand Monarch Business Projections
Date : 09/03/2010 @ 1:04AM
Source : Business Wire
Stock : Empire Energy Corporation International (EEGC)
Quote : 0.022 0.0 (0.00%) @ 2:05AM
Empire Drilling Program Recommencement Scheduled, Financial Structuring Details and Grand Monarch Business Projections
Empire Energy Corporation International Common Stock (USOTC:EEGC)
Intraday Stock Chart
Today : Friday 3 September 2010
Click Here for more Empire Energy Corporation International Common Stock Charts.
Empire Energy Corporation International (Empire) (Pink Sheets:EEGC) announced on Friday, September 3rd, 2010, that after consultation and coordination with the Company’s drilling contractors and GEFCO, the rig’s manufacturer, and through their renewed confidence in Empire’s financial strength obtained through diversification and anticipated bond sales, Empire has scheduled recommencement of its 12-hole drilling program.
GEFCO’s Vice President of International Sales, Art Kliewer, commented: “GEFCO is confident in continuing our long-term relationship with Empire Energy and are working with Empire on the coordination and purchase of all ancillary equipment to accompany their new Speedstar 1100 drilling rig. We are excited for the Company and its shareholders as we prepare shipment to Australia of the new rig and its components in the very near future.”
Once the rig has completed construction and shipment, Empire’s drilling contractors have agreed to be mobilized to the Bellevue site by mid-November to embark on a summer (Australian summer, US winter) drilling program.
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. These commitments are anticipated to cover the expenses associated with the $180 million financial structuring. Included in this statement of charges are the fees associated with the preparation and issuance of a prospectus for principally protected notes, the purchase of an insurance policy to enhance the rating and quality of these notes, the fees incurred to have the notes rated by an internationally accredited rating agency, the costs related to the placement of the notes with investors as well as management fees for the above Bermuda-based management services.
Subject to the notes being completed and placed, the Company expects to be able to begin drawing down on the $180 million in $45-million-per-year tranches for four consecutive years in the coming months, as the terms of a joint venture with a specific Gulf–based oil company evolve.
In the meantime, Empire is progressing with its reacquisition of Grand Monarch Holdings as a means to obtaining additional diversified revenue streams for the benefit of all current and future Empire shareholders. These added revenue streams have the potential to independently support Empire’s short-term drilling program and the ongoing funding of Empire’s wholly owned Australian subsidiary, Great South Land Minerals Limited.
Grand Monarch operates primarily as a financial services provider through its principal business of issuing low-interest-rate credit cards for which profit is generated through a variety of means. This includes a per-card activation fee, a percentage of each cardholder’s charged transactions as well as development of a bankable asset portfolio based on a set value per card issued. Supplementary to the numerous cards already issued, Grand Monarch confidently expects to issue an additional hundreds of thousands of credit cards within the next year.
In an effort to diversify Grand Monarch’s revenue streams, the Company has recently obtained exclusive licensing and sales rights for an innovative proprietary medical waste treatment platform, whose patents are held by Sanitec Industries, a US corporation. These machines are currently operating in hospitals throughout the United States and 12 foreign countries. Grand Monarch is now the exclusive provider for this product in the states of California, Nevada, Arizona and Washington, as well as the UAE, Saudi Arabia, Qatar and all of West Africa. Last week the Company initiated negotiations on a $3 million purchase order with a private West African client. In addition to providing the machines at a reduced cost/free to some poverty stricken African nations, the Company predicts a sustained increase in sales as it expands this sector of its business operations both domestically and internationally.
Empire is engaged in negotiations with Mineral Resources Tasmania in regards to 10 structures worth over $1 billion, of its original EL14/2009 license application that were not granted to the Company. Today, Great South Land Minerals (GSLM) had a cordial meeting with the Tasmanian Minister of Energy and Resources, the Hon. Bryan Green, who aided in creation of GSLM’s previously successful works program which led to the discovery of Empire’s 12 structures currently valued at $3.3 billion, as well as with key Government personnel to openly discuss these disputed EL14/2009 claims and Empire’s financial structuring deal. The Company is pleased to note that the Government has expressed willingness to consider acknowledgement of any instrument that may be required to facilitate implementation of the securitization requirements associated with the structured finance deal. Both Companies look forward to continuing the positive interactive relationship with Mr. Green and the Government in completion of the Company’s finance deal and drilling its 12 structures discovered with world-class seismic, geological and geophysical surveys.
During the past few months, Empire has focused on developing its financial strength through a partnership for $180 million of structured finance as well as diversifying the Company’s short-term revenue streams with the strategic reacquisition of Grand Monarch Holdings. With the addition of an experienced team of financially, legally and politically well-versed businessmen to Empire’s Board and Advisory Board, including Mr. Mark Cowan, Mr. James Leach and Mr. David Villarreal III, led by Mr. David Villarreal Jr. as the new Chairman-elect, Empire has never been closer to the long-waited realization of its $3.3 billion undiscovered prospective valuation and the discovery and commercialization of the in-ground $50 billion of oil and gas in the Tasmania basin.
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 becoming 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6417709<=en
This is only my opinion!
EEGC, A sample of whats to come
Empire Drilling Program Recommencement Scheduled, Financial Structuring Details and Grand Monarch Business Projections
Date : 09/03/2010 @ 1:04AM
Source : Business Wire
Stock : Empire Energy Corporation International (EEGC)
Quote : 0.022 0.0 (0.00%) @ 2:05AM
Empire Drilling Program Recommencement Scheduled, Financial Structuring Details and Grand Monarch Business Projections
Empire Energy Corporation International Common Stock (USOTC:EEGC)
Intraday Stock Chart
Today : Friday 3 September 2010
Click Here for more Empire Energy Corporation International Common Stock Charts.
Empire Energy Corporation International (Empire) (Pink Sheets:EEGC) announced on Friday, September 3rd, 2010, that after consultation and coordination with the Company’s drilling contractors and GEFCO, the rig’s manufacturer, and through their renewed confidence in Empire’s financial strength obtained through diversification and anticipated bond sales, Empire has scheduled recommencement of its 12-hole drilling program.
GEFCO’s Vice President of International Sales, Art Kliewer, commented: “GEFCO is confident in continuing our long-term relationship with Empire Energy and are working with Empire on the coordination and purchase of all ancillary equipment to accompany their new Speedstar 1100 drilling rig. We are excited for the Company and its shareholders as we prepare shipment to Australia of the new rig and its components in the very near future.”
Once the rig has completed construction and shipment, Empire’s drilling contractors have agreed to be mobilized to the Bellevue site by mid-November to embark on a summer (Australian summer, US winter) drilling program.
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. These commitments are anticipated to cover the expenses associated with the $180 million financial structuring. Included in this statement of charges are the fees associated with the preparation and issuance of a prospectus for principally protected notes, the purchase of an insurance policy to enhance the rating and quality of these notes, the fees incurred to have the notes rated by an internationally accredited rating agency, the costs related to the placement of the notes with investors as well as management fees for the above Bermuda-based management services.
Subject to the notes being completed and placed, the Company expects to be able to begin drawing down on the $180 million in $45-million-per-year tranches for four consecutive years in the coming months, as the terms of a joint venture with a specific Gulf–based oil company evolve.
In the meantime, Empire is progressing with its reacquisition of Grand Monarch Holdings as a means to obtaining additional diversified revenue streams for the benefit of all current and future Empire shareholders. These added revenue streams have the potential to independently support Empire’s short-term drilling program and the ongoing funding of Empire’s wholly owned Australian subsidiary, Great South Land Minerals Limited.
Grand Monarch operates primarily as a financial services provider through its principal business of issuing low-interest-rate credit cards for which profit is generated through a variety of means. This includes a per-card activation fee, a percentage of each cardholder’s charged transactions as well as development of a bankable asset portfolio based on a set value per card issued. Supplementary to the numerous cards already issued, Grand Monarch confidently expects to issue an additional hundreds of thousands of credit cards within the next year.
In an effort to diversify Grand Monarch’s revenue streams, the Company has recently obtained exclusive licensing and sales rights for an innovative proprietary medical waste treatment platform, whose patents are held by Sanitec Industries, a US corporation. These machines are currently operating in hospitals throughout the United States and 12 foreign countries. Grand Monarch is now the exclusive provider for this product in the states of California, Nevada, Arizona and Washington, as well as the UAE, Saudi Arabia, Qatar and all of West Africa. Last week the Company initiated negotiations on a $3 million purchase order with a private West African client. In addition to providing the machines at a reduced cost/free to some poverty stricken African nations, the Company predicts a sustained increase in sales as it expands this sector of its business operations both domestically and internationally.
Empire is engaged in negotiations with Mineral Resources Tasmania in regards to 10 structures worth over $1 billion, of its original EL14/2009 license application that were not granted to the Company. Today, Great South Land Minerals (GSLM) had a cordial meeting with the Tasmanian Minister of Energy and Resources, the Hon. Bryan Green, who aided in creation of GSLM’s previously successful works program which led to the discovery of Empire’s 12 structures currently valued at $3.3 billion, as well as with key Government personnel to openly discuss these disputed EL14/2009 claims and Empire’s financial structuring deal. The Company is pleased to note that the Government has expressed willingness to consider acknowledgement of any instrument that may be required to facilitate implementation of the securitization requirements associated with the structured finance deal. Both Companies look forward to continuing the positive interactive relationship with Mr. Green and the Government in completion of the Company’s finance deal and drilling its 12 structures discovered with world-class seismic, geological and geophysical surveys.
During the past few months, Empire has focused on developing its financial strength through a partnership for $180 million of structured finance as well as diversifying the Company’s short-term revenue streams with the strategic reacquisition of Grand Monarch Holdings. With the addition of an experienced team of financially, legally and politically well-versed businessmen to Empire’s Board and Advisory Board, including Mr. Mark Cowan, Mr. James Leach and Mr. David Villarreal III, led by Mr. David Villarreal Jr. as the new Chairman-elect, Empire has never been closer to the long-waited realization of its $3.3 billion undiscovered prospective valuation and the discovery and commercialization of the in-ground $50 billion of oil and gas in the Tasmania basin.
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 becoming 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6417709<=en
This is only my opinion!
It is my understanding that Hunt will be part of the drilling team for the Tasmanian project.
The company plans to start by drilling Bellevue and then Thunderbolt, the two top picks for having the greatest amount of oil. It is anticipated that several hundreds of wells will need to be drilled over the life of the project and several companies will be involved in the drilling.
Bellevue is estimated to require over 120 wells alone over its life time. At a rate of 1 well per month it would take more then 10 years to drain.
In the next 2 weeks we shall move forward by leaps and bounds with results. Stay tuned.
For some reason, and I am sure its my lack of knowledge, I can't reproduce a copy of a PFD sent to me by a company employee regarding the Article in the Tasmanian Newspaper, The Mercury. I have sent it to all on my E-mail list.
There will be a retraction posted in the Mercury either Tuesday or Wednesday Tasmanian time.
Because we were not looking for a drop of oil we are looking for more oil then Saudi Arabia. How about Michael Roberts spending $10,000,000 in a month using the covered scientific divining rod that turned up dust. No thank you I'll stick with Malcolm. You should have shorted Roberts venture.
Mark Callaway told me that from looking at the seismic graphs he thinks we have more oil then was discovered in Kazakhstan. Its one of the reasons he joined GSLM.
I would say from the positive response the stock should move up on Tuesday.
So how much stock do you need to own to become potentially wealthy?
That is the question and I don't know but her is a table of guesses!
10,000 shares at $100 a share = $1,000,000 for a cost of $400 at 4 cents a share.
For a $200 investment at 4 cents / share the stock has to go to $200. Still within reason.
Lets go the other way:
For 100,000 x 4 cents/sh = $4,000 cost at $100 / sh = $10 million and at $200 target its worth $20,000,000.
"TO DREAM THE IMPOSSIBLE DREAM!" IS IT IMPOSSIBLE? I don't think so!
On the website in the 2009 closing report the company reported spending $50,000,000 for expenditures over the years to research oil locations.
The report also states that and independent researched and anticipated at least $3.3 billion in oil hiding under the dirt and rock. OK lets look at the numbers:
Using a total of 413,000,000 shares outstanding divide that into the $50 million and I come up with 12 cents a share. Hmmmmmmmmm
So if I add the 12 cents on to my share cost and that varies from shareholder to shareholder, so it 12 cents + share cost = ???
Now divide $3,300,000,000 by 413,000,000 and I come up with $7.99 a share. Not a bad return. Now that's the going price for oil in the ground if you take it out its a bunch more and the $3.3 billion is a low ball estimate.
And now the realistic numbers and this is my opinion based on what experts told me and they were conservative. Mark Callaway says 30 billion barrels at least so I say lets use a half of that.
15 billion barrels at a net profit of $50 / barrel = $750 billion.
Now subtract 1/2 for the Joint venture and we come up with $375 billion. Don't worry about the Tasmanian cut because I took that out already, that $50 net has taken care of all expenses.
So now divide the $375,000,000,000 by 413,000,000 and I come up with a share value of $907 a share.
Before you get exited remember we don't know the real amount of oil we have but it does show the potential. Also note that it will take years to get the oil out of the ground but NOT years to move the stock price up. The stock rise will go up way ahead of the oil extraction.
I don't know what the actual oil price will be but I think the direction is up and I also don't know how much oil we have but the experts in the company and by the way so does our big investor all believe its a hell of a lot more then $3.3 billion.
Remember the adage "Follow the money!", well there are more billionaires following this stock and many are on the Board of Directors.
I don't consider this a gamble but more like an investment that's very low risk.
OK! Now you can get excited!
That's not what happened. You gave them 20,000 shares and in return you end up with 1 share, Its called a reverse split.
On a forward split you would get 20,000 for your 1 share.
Also understand that on a reverse split when you surrender the 20,000 the value of your remaining 1 share goes up 20,000 times.
Example: 20,000 shares worth 1 cent or $.01 = $200.00 after the reverse split at that instant the 1 share is worth $200.00. What usually happens though is that $200.00 value is short lived and proceeds to drop. Now that usual but not always.
However there are many reasons for both a forward split and a reverse split, and each situation is different depending on the needs of the company doing the split.
Our goal is Oil!
Nothing less will satisfy!
The company has been building internally at an explosive rate. Increased the Board of Directors with exceptional talent, Secured huge amounts of capital investments, Joint venture with a world class driller and management company, Diversified into other areas to provide expanded exposure in the Financial Community, securing the balance of dome sites omitted from the new lease, and filing for the off shore exploration license. The past has been tough and we got past it and now we move forward at full speed. Tasmania needs the revenue the oil will produce, the public need for oil climbs and we shall fulfill that need.
Come join us in our quest to fill the worlds fuel needs and make money doing it.
I don't know the answer to that question but I would rather have God on my side then not.
Yes Empire has many enemies and they want those land leases.
Further investigation about the article in the Mercury Newspaper has proven it was planted by someone unknown. Hunt had nothing to do with it. Hunt will be a major driller in the program. A retraction will be published. The newspaper should have verified the source before printing it.
A retraction will be printed in the Mercury about the Hunt vs EEGC filing with the Supreme Court. Its simple math. Even if Hunt were to win say $1.5 million he would lose Many fold that amount in drilling contracts. That was a leverage ploy to get the attention of Malcolm. The Joint Venture partner will use sub contractors to participate in the drilling. It is estimated that more then 120 wells will be needed at Bellevue alone and at 1 well every month that is 10 years of drilling.
Keep your eye out for more press releases coming in the days and weeks ahead that will provide the desired information the shareholders have been waiting for. That's all I can say for now.
I know who is providing the money.
There is always a reason for every action and the people holding shares that have had a reverse split immediately get pissed. Now this is the question you have to mull over: Is it better to have a fraction of the shares I bought or see the company go out of business?
If you think its better to go out of business you should sell and minimize your losses.
So why reverse split? To get the price up so they can issue more shares and stay in business and continue on their planned path. Its is actually good in theory because it is attempting to bring value to the share holder in their pursuit of increasing revenue.
My information says "I understand there is a retraction by Hunt."
Thanks I appreciate your opinion.
Hi Florida, In your opinion whats the future look like. I picked up some at $.12 and I think its early in the game. I may average down?
That's what you think? Think about this. Why would Hunt go to court now. Why wait? Simple he know Malcolm didn't have the money to pay him. Now the picture has changed. Hunt wants a piece of the $180,000,000 pie and this is just a ploy to get back in the game. Tasmania will be drilling hundreds of wells over the next 20 to 30 years at a rate of $2 to $5 million a well. That's better then the $1.5 million he says he is owed. Hunt screwed the pooch. He could have had work for years to come, maybe the rest of his life. If he wins in court he will loose in future business. I think its all about leverage. Just what the Supreme court does I can't begin to guess but I think some sort of an agreement will be reached before they appear before a judge. If he is fair in his negotiations with Malcolm I think Hunt could be the receiver of a long term sub contract from The primary Joint Venture.
How can anyone not want to own a piece of PUFF THE MAGIC DRAGON.
If you want to make money market something to kids. They will get their parents to buy it. Kids videos are one of the best ways to make money because the kids are the salesmen. With Disney involved its a winner. I don't know how long it will take for this to go over a buck and higher but it will happen. Buy and hold you can't miss.
EEGC for me. Thanks
Sorry! That story won't float. you are dealing in a virgin country looking for oil and the terms and conditions imposed by the Government are strict and must be followed. There is a green party that watches every blade of grass and weed over oil. We got this far because we obey the laws of the country. $50 million is a drop in the bucket and most companies in our position would have spent a lot more then a mear $50 million. Your information and arguments are tainted. Stick around for the dramatic results coming this year.
If you are short good luck.
All of you hind sight quarter backers that offer your opinions without having a clue whats going on but you have to be heard. I have no idea why.
Just think about a company or investor that would commit to investing $180,000,000 over a 4 year period. Don't you think they tore this company apart and examined every aspect of it before they said they would finance this project. You don't commit that kind of money without the expectation of a return many fold.
So all of you genius's that think they know more then the company I am here to tell you that you don't.
The company is doing everything right and has come through like the champions they are, in extremely difficult times. The financial crisis has had a terrible affect on business across the world. We will all come through with flying colors and end up with fat bank accounts.
I wouldn't second guess the outcome of the case, Hunt vs EEGC. They had contracts before and EEGC agreed to pay $10,000 a day fee for tying up the rig. There are many aspects of the contract that Hunt didn't fulfill and there is room for settling their differences. As I said before if EEGC paid the $1.5 million claimed hunt would lose much more then that and they know it. This is a leverage move.
Earnest if I were you I wouldn't bet on anything you posted. You haven't got a clue. Hunt can say anything they want and you can too.
Meetings have been going on with the Minister, Director of MRt and they have a very real interest in seeing the drilling started. In addition we will get all the missing domes replace that were omitted from the current lease. wait for the cash to start rolling in. It will cure everything.
THIS IS WHAT YOU ARE FAILING TO SAY:
HUNT VIOLATED A BACK TO WORK AGREEMENT THEY ALSO WERE PAID UP TO DATE WHEN THE RIG WAS ERECTED AT BELLEVUE AND REFUSED TO DRILL UNTIL AN ESCROW ACCOUNT WAS SET UP WITH MILLIONS IN IT TO ASSURE THEY WOULD BE PAID. WHILE THE RIG HAD FINISHED THE DRILLING NORTH OF BELLEVUE A FEE OF $25,000 WAS PAID TO HUNT TO KEEP THE RIG THERE TILL PREPARATIONS TO DRILL WERE COMPLETED. THEY PULLED THE RIG AND SENT IT TO THE MAINLAND AND REFUSED TO REFUND THE MONEY PROVIDED BY A PRIVATE INVESTOR. To my knowledge Hunt never fulfilled their part of the contract. This nonsense has been going on for almost a year and Hunt is trying to use this as leverage to get back to drilling in Tasmania. There is a $180,000,000 pot and they want a chunk of it. Its all a bunch of BS. Now additionally for your information I don't see a chance in hell of Hunt winning because Tasmania is in need of money and only EEGC/GSLM has the most potential of filling their need. Hunt will actually lose big time if they win some money because that will eliminate them from any future contracts to drill for GSLM.
EEGC PR out
Empire Drilling Program Recommencement Scheduled, Financial Structuring Details and Grand Monarch Business Projections
Date : 09/03/2010 @ 1:04AM
Source : Business Wire
Stock : Empire Energy Corporation International (EEGC)
Quote : 0.022 0.0 (0.00%) @ 2:05AM
Empire Drilling Program Recommencement Scheduled, Financial Structuring Details and Grand Monarch Business Projections
Empire Energy Corporation International Common Stock (USOTC:EEGC)
Intraday Stock Chart
Today : Friday 3 September 2010
Click Here for more Empire Energy Corporation International Common Stock Charts.
Empire Energy Corporation International (Empire) (Pink Sheets:EEGC) announced on Friday, September 3rd, 2010, that after consultation and coordination with the Company’s drilling contractors and GEFCO, the rig’s manufacturer, and through their renewed confidence in Empire’s financial strength obtained through diversification and anticipated bond sales, Empire has scheduled recommencement of its 12-hole drilling program.
GEFCO’s Vice President of International Sales, Art Kliewer, commented: “GEFCO is confident in continuing our long-term relationship with Empire Energy and are working with Empire on the coordination and purchase of all ancillary equipment to accompany their new Speedstar 1100 drilling rig. We are excited for the Company and its shareholders as we prepare shipment to Australia of the new rig and its components in the very near future.”
Once the rig has completed construction and shipment, Empire’s drilling contractors have agreed to be mobilized to the Bellevue site by mid-November to embark on a summer (Australian summer, US winter) drilling program.
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. These commitments are anticipated to cover the expenses associated with the $180 million financial structuring. Included in this statement of charges are the fees associated with the preparation and issuance of a prospectus for principally protected notes, the purchase of an insurance policy to enhance the rating and quality of these notes, the fees incurred to have the notes rated by an internationally accredited rating agency, the costs related to the placement of the notes with investors as well as management fees for the above Bermuda-based management services.
Subject to the notes being completed and placed, the Company expects to be able to begin drawing down on the $180 million in $45-million-per-year tranches for four consecutive years in the coming months, as the terms of a joint venture with a specific Gulf–based oil company evolve.
In the meantime, Empire is progressing with its reacquisition of Grand Monarch Holdings as a means to obtaining additional diversified revenue streams for the benefit of all current and future Empire shareholders. These added revenue streams have the potential to independently support Empire’s short-term drilling program and the ongoing funding of Empire’s wholly owned Australian subsidiary, Great South Land Minerals Limited.
Grand Monarch operates primarily as a financial services provider through its principal business of issuing low-interest-rate credit cards for which profit is generated through a variety of means. This includes a per-card activation fee, a percentage of each cardholder’s charged transactions as well as development of a bankable asset portfolio based on a set value per card issued. Supplementary to the numerous cards already issued, Grand Monarch confidently expects to issue an additional hundreds of thousands of credit cards within the next year.
In an effort to diversify Grand Monarch’s revenue streams, the Company has recently obtained exclusive licensing and sales rights for an innovative proprietary medical waste treatment platform, whose patents are held by Sanitec Industries, a US corporation. These machines are currently operating in hospitals throughout the United States and 12 foreign countries. Grand Monarch is now the exclusive provider for this product in the states of California, Nevada, Arizona and Washington, as well as the UAE, Saudi Arabia, Qatar and all of West Africa. Last week the Company initiated negotiations on a $3 million purchase order with a private West African client. In addition to providing the machines at a reduced cost/free to some poverty stricken African nations, the Company predicts a sustained increase in sales as it expands this sector of its business operations both domestically and internationally.
Empire is engaged in negotiations with Mineral Resources Tasmania in regards to 10 structures worth over $1 billion, of its original EL14/2009 license application that were not granted to the Company. Today, Great South Land Minerals (GSLM) had a cordial meeting with the Tasmanian Minister of Energy and Resources, the Hon. Bryan Green, who aided in creation of GSLM’s previously successful works program which led to the discovery of Empire’s 12 structures currently valued at $3.3 billion, as well as with key Government personnel to openly discuss these disputed EL14/2009 claims and Empire’s financial structuring deal. The Company is pleased to note that the Government has expressed willingness to consider acknowledgement of any instrument that may be required to facilitate implementation of the securitization requirements associated with the structured finance deal. Both Companies look forward to continuing the positive interactive relationship with Mr. Green and the Government in completion of the Company’s finance deal and drilling its 12 structures discovered with world-class seismic, geological and geophysical surveys.
During the past few months, Empire has focused on developing its financial strength through a partnership for $180 million of structured finance as well as diversifying the Company’s short-term revenue streams with the strategic reacquisition of Grand Monarch Holdings. With the addition of an experienced team of financially, legally and politically well-versed businessmen to Empire’s Board and Advisory Board, including Mr. Mark Cowan, Mr. James Leach and Mr. David Villarreal III, led by Mr. David Villarreal Jr. as the new Chairman-elect, Empire has never been closer to the long-waited realization of its $3.3 billion undiscovered prospective valuation and the discovery and commercialization of the in-ground $50 billion of oil and gas in the Tasmania basin.
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 becoming 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.
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PR #2Empire Drilling Program Recommencement Scheduled, Financial Structuring Details and Grand Monarch Business Projections
Date : 09/03/2010 @ 1:04AM
Source : Business Wire
Stock : Empire Energy Corporation International (EEGC)
Quote : 0.022 0.0 (0.00%) @ 2:05AM
Empire Drilling Program Recommencement Scheduled, Financial Structuring Details and Grand Monarch Business Projections
Empire Energy Corporation International Common Stock (USOTC:EEGC)
Intraday Stock Chart
Today : Friday 3 September 2010
Click Here for more Empire Energy Corporation International Common Stock Charts.
Empire Energy Corporation International (Empire) (Pink Sheets:EEGC) announced on Friday, September 3rd, 2010, that after consultation and coordination with the Company’s drilling contractors and GEFCO, the rig’s manufacturer, and through their renewed confidence in Empire’s financial strength obtained through diversification and anticipated bond sales, Empire has scheduled recommencement of its 12-hole drilling program.
GEFCO’s Vice President of International Sales, Art Kliewer, commented: “GEFCO is confident in continuing our long-term relationship with Empire Energy and are working with Empire on the coordination and purchase of all ancillary equipment to accompany their new Speedstar 1100 drilling rig. We are excited for the Company and its shareholders as we prepare shipment to Australia of the new rig and its components in the very near future.”
Once the rig has completed construction and shipment, Empire’s drilling contractors have agreed to be mobilized to the Bellevue site by mid-November to embark on a summer (Australian summer, US winter) drilling program.
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. These commitments are anticipated to cover the expenses associated with the $180 million financial structuring. Included in this statement of charges are the fees associated with the preparation and issuance of a prospectus for principally protected notes, the purchase of an insurance policy to enhance the rating and quality of these notes, the fees incurred to have the notes rated by an internationally accredited rating agency, the costs related to the placement of the notes with investors as well as management fees for the above Bermuda-based management services.
Subject to the notes being completed and placed, the Company expects to be able to begin drawing down on the $180 million in $45-million-per-year tranches for four consecutive years in the coming months, as the terms of a joint venture with a specific Gulf–based oil company evolve.
In the meantime, Empire is progressing with its reacquisition of Grand Monarch Holdings as a means to obtaining additional diversified revenue streams for the benefit of all current and future Empire shareholders. These added revenue streams have the potential to independently support Empire’s short-term drilling program and the ongoing funding of Empire’s wholly owned Australian subsidiary, Great South Land Minerals Limited.
Grand Monarch operates primarily as a financial services provider through its principal business of issuing low-interest-rate credit cards for which profit is generated through a variety of means. This includes a per-card activation fee, a percentage of each cardholder’s charged transactions as well as development of a bankable asset portfolio based on a set value per card issued. Supplementary to the numerous cards already issued, Grand Monarch confidently expects to issue an additional hundreds of thousands of credit cards within the next year.
In an effort to diversify Grand Monarch’s revenue streams, the Company has recently obtained exclusive licensing and sales rights for an innovative proprietary medical waste treatment platform, whose patents are held by Sanitec Industries, a US corporation. These machines are currently operating in hospitals throughout the United States and 12 foreign countries. Grand Monarch is now the exclusive provider for this product in the states of California, Nevada, Arizona and Washington, as well as the UAE, Saudi Arabia, Qatar and all of West Africa. Last week the Company initiated negotiations on a $3 million purchase order with a private West African client. In addition to providing the machines at a reduced cost/free to some poverty stricken African nations, the Company predicts a sustained increase in sales as it expands this sector of its business operations both domestically and internationally.
Empire is engaged in negotiations with Mineral Resources Tasmania in regards to 10 structures worth over $1 billion, of its original EL14/2009 license application that were not granted to the Company. Today, Great South Land Minerals (GSLM) had a cordial meeting with the Tasmanian Minister of Energy and Resources, the Hon. Bryan Green, who aided in creation of GSLM’s previously successful works program which led to the discovery of Empire’s 12 structures currently valued at $3.3 billion, as well as with key Government personnel to openly discuss these disputed EL14/2009 claims and Empire’s financial structuring deal. The Company is pleased to note that the Government has expressed willingness to consider acknowledgement of any instrument that may be required to facilitate implementation of the securitization requirements associated with the structured finance deal. Both Companies look forward to continuing the positive interactive relationship with Mr. Green and the Government in completion of the Company’s finance deal and drilling its 12 structures discovered with world-class seismic, geological and geophysical surveys.
During the past few months, Empire has focused on developing its financial strength through a partnership for $180 million of structured finance as well as diversifying the Company’s short-term revenue streams with the strategic reacquisition of Grand Monarch Holdings. With the addition of an experienced team of financially, legally and politically well-versed businessmen to Empire’s Board and Advisory Board, including Mr. Mark Cowan, Mr. James Leach and Mr. David Villarreal III, led by Mr. David Villarreal Jr. as the new Chairman-elect, Empire has never been closer to the long-waited realization of its $3.3 billion undiscovered prospective valuation and the discovery and commercialization of the in-ground $50 billion of oil and gas in the Tasmania basin.
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 becoming 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.
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SEC Charges New Jersey Investment Adviser in Multi-Million Dollar Offering Fraud
FOR IMMEDIATE RELEASE
2010-163
Washington, D.C., Sept. 2, 2010 — The Securities and Exchange Commission today charged a Branchburg, N.J.-based investment adviser and three of her firms with operating a multi-million dollar offering fraud involving the sale of phony promissory notes to investors, many of whom are retired or unsophisticated in investments.
Additional Materials
* Litigation Release No. 21641
The SEC alleges that Sandra Venetis told some investors that the promissory notes were guaranteed by the Federal Deposit Insurance Corporation and would earn interest of approximately 6 to 11 percent per year that would be tax-free due to a loophole in the tax code. She also told investors that she would use their money to fund loans to doctors that would be backed by Medicare reimbursement payments to those doctors. Instead of making investments, Venetis looted investor funds to pay business debts and personal expenses accrued from international travel, gambling, and home mortgages and property taxes. She also funneled cash to her relatives.
Venetis and the entities have agreed to settle the SEC's charges and consent to a court order that freezes their assets and requires monetary payments including financial penalties to be determined at a later date. Venetis also agreed to an SEC administrative action that bars her from future association with any investment adviser or broker-dealer.
"Venetis abused her position of trust to target older investors who were the most vulnerable to her egregious lies and misrepresentations," said Bruce Karpati, Co-Chief of the SEC's Asset Management Unit. "The SEC's enforcement action and the settlement reached ensure that she will never work in the securities industry again."
According to the SEC's complaint filed in federal court in New Jersey, Venetis and the three entities that she founded, owned, or controlled have obtained at least $11 million from investors since approximately 1997. Systematic Financial Associates Inc. is an investment adviser, Systematic Financial Services LLC is an accounting and tax preparation firm, and Systematic Financial Services Inc. is an entity Venetis created to conduct the fraudulent offerings. Venetis, acting on behalf of the three entities, solicited and obtained funds from clients and others to invest in promissory notes, fixed income investments, or other side investments.
The SEC alleges that the representations made by Venetis to investors were entirely false and the promissory notes and other offerings were unsupported by any investments, assets, or related revenues. Venetis simply fabricated the names and signatures of "doctors" or forged signatures of other people she claimed were recipients of the loans. Venetis concealed from investors that she used their funds to pay her home mortgage and property taxes, purchase a home for her daughter, finance improvements on a home owned by her brother, pay her own gambling debts, and pay for trips to such destinations as Alaska, Italy, France, India, and the Caribbean.
The SEC's complaint charges Venetis, Systematic Financial Associates, Inc., Systematic Financial Services, LLC, and Systematic Financial Services, Inc. with unregistered sales of securities in violation of the Securities Act of 1933 and with violations of the antifraud provisions of the Securities Act and the Securities Exchange Act of 1934. The SEC also charged Venetis and Systematic Financial Associates, Inc. with violations of the antifraud provisions of the Investment Advisers Act of 1940. In addition, the SEC's complaint names three relief defendants for the purposes of recovering investor assets now in their possession: Jennifer Venetis (Venetis's daughter); Kevin Persley (Venetis's brother); and Venetis LLC (an entity owned and controlled by Venetis).
Venetis and the entities have agreed to settle the SEC's charges and have consented to all of the relief that the SEC seeks in its complaint, including the entry of a court order enjoining them from future violations of the above provisions of the securities laws, ordering the payment of disgorgement of ill-gotten gains with prejudgment interest, financial penalties, an asset freeze, accountings, and the appointment of an independent monitor. The settlement will defer the determination of the amount of the monetary relief to a later date. The settlement is not final until approved by the court.
Venetis and Systematic Financial Associates Inc. also agreed to settle related administrative actions by the Commission that will bar Venetis from association with any investment adviser or broker or dealer, and revoke the registration of the firm.
Investors involved in this matter who need more information about the SEC's enforcement action can contact the agency with their questions at 212-336-0100 begin_of_the_skype_highlighting 212-336-0100 end_of_the_skype_highlighting begin_of_the_skype_highlighting 212-336-0100 end_of_the_skype_highlighting or SECSystematicinfo@sec.gov.
SEC Asset Management Unit and other staff within the New York Regional Office conducted an expedited investigation. The staff includes New York-based Asset Management Unit members Ken C. Joseph, James McGovern, Catherine Lifeso, and Panayiota Bougiamas, New York Senior Trial Counsel Jack Kaufman, and examination staff members Dawn Blankenship, Danielle Ryea, Kenneth O'Connor, Beth Abraham, and Francesco Spinella.
The SEC thanks the U.S. Attorney's Office for the District of New Jersey and Federal Bureau of Investigation for their assistance in this matter. The SEC's investigation is continuing.
# # #
For more information about this enforcement action contact:
George S. Canellos
Director, SEC New York Regional Office
212-336-1020 begin_of_the_skype_highlighting 212-336-1020 end_of_the_skype_highlighting
Bruce Karpati (212-336-0104 begin_of_the_skype_highlighting 212-336-0104 end_of_the_skype_highlighting) and Robert Kaplan (202-551-4969 begin_of_the_skype_highlighting 202-551-4969 end_of_the_skype_highlighting)
Co-Chiefs of the SEC Asset Management Unit
Ken C. Joseph
Assistant Director of New York Office and member of SEC Asset Management Unit
212-336-0097 begin_of_the_skype_highlighting 212-336-0097 end_of_the_skype_highlighting
http://www.sec.gov/news/press/2010/2010-163.htm
The aim of the RO was to raise enough CASH to drill Bellevue and Thunderbolt
That was the original program but with time things improved a lot.
You will find out just how much shortly. It has already begun.
Malcolm erased debt for equity at the 7 cent rate.This was a sacrifice for Malcolm and a big plus for the company because at the time the stock price was about 3 cents and he paid 7 cents.
Now I know you are chomping at the bit to find out whats going on.
Patience.
Grand Monarch Holdings Incorporated will be a significant contributor to EEGC bottom line. It, like Flare Gas are just another revenue contributor but the focus of the company is and has always been Finding and marketing hydrocarbons. That is the bread and butter of the company and the rest is just window dressing.
There are billions of dollars in revenue from hydrocarbons waiting in the wind for us to pluck out of the ground and make the shareholders rich. I personally don't care where the money comes from, a little from this and a little from that and pretty soon it adds up to be big bucks.
I think we will see more information on that tomorrow.
EEGC, Press Releases, much more to come.
The problem with multiple PRs is it relates information in dribs and drabs instead of one big shot. It has to be done this way because if it were to come out in one shot you would be reading a book and never absorb the message.
I suspect another PR this Friday.
This is what I think you should expect as we move forward:
* Filing for the OTC BB trading platform and on to the NASDAC
* Receive funding of the first part of the $180,000,000
* Announcement of the world class Drilling and management company in a joint venture.
* Take possession of the new drill rig, ship to Bellevue and drill the first well.
* Update on the status of funding for the Flare Gas business and the funding of $300,000,000 to kick off the business.
* Restoration of the missing domes and the filing for the offshore exploration lease.
Its all great stuff on the horizon and as shareholders you are all going to cash in on the company success.