69Panda
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OK Just in time for christmas.
Empire Energy Corporation International (OTCBB:EEGC) today announced, along with its wholly owned Australian subsidiary Great South Land Minerals Ltd. (GSLM), the following business update:
Management of Empire is pleased to announce that as a result of the closing of a financing, necessary funds have been provided to our driller and transport company to move the Hunt petroleum rig #3 to the Bellevue #1 well site to continue the drilling to total depth. The Hunt rig has been on standby in Tasmania awaiting this payment. We were told to expect that the rig should be set up and operating within 14 days of today's date.
Our CEO, Malcolm Bendall, stated, "While the climate to obtain financing to complete the Bellevue #1 well has been difficult to say the least due to the global financial crisis, at long last we have completed one of several anticipated financing transactions which should allow us to complete this well which we expect will also lead to a series of additional wells, especially if Bellevue is successful. I want to take this opportunity to thank our shareholders and our hard-working staff for their perseverance and patience. I look forward to keeping you current on our progress as we drill to total depth!"
Additionally, the Company is pleased to announce positive initial market acknowledgement of the Mach One Corporation merger with Empire subsidiary Pacific Rim Foods, Ltd., noting that the share price increased post announcement to approximately $0.10.
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
if so then they better keeping dumping cause 175000 shares a day isn't that much. .07*200000= 14000.00 if every sale was a dump. not saying your wrong or right.
I agree only 109000 shares traded. this is just the ebb and flow. I'd buy more if i had the powder.
Hunt takes restricted stock @ .15 cents to pay for drilling.
Drill, drill, drill .15 will be a bargin some day. Cant wait. Of all the people that know the situation, I would think Hunt would have the technical knowledge as they are the ones drilling.
Dillution perhaps..But Hunt being paid in stock can be viewed as good since they are the ones drilling. They get paid if EEGC makes money. Why take stock if you think you wontget paid?
Beacon showed the profit margin cost at $20 a barrel to make it woth its time to work the wells. Oil is about $65.....Oil prices seem to be low during US elections but oil it is part of a simple fact of supply and demand.......EEGC also has gas and other minerals to extract so there is alot of positive. Upside looks great. Load the boat because when it runs it's a winner.
well in the past week we have seen a couple mil pass by. So if that is the case then I suggest you sell yours at the ask....Just let me know and I will pick up your next 50000. Oil will go back...EEGC will find oil, and we will be happy....imo
In the end..with a little luck I believe we will be happy. We are not yet on the rader..but soon with one update everything changes. An update on progress on the big boy drill would help us....Buy cheap because soon it will be bye bye.
Ya, it's a nightmare....If you got dry powder ...might be a crazy great payoff.
volume good but were moving in the wrong direction.....
.08 as we drill..Did I miss something like the hole was too wide and the drill fell in???
Some off-shore action.
Beach Petroleum begins major offshore Australia drilling campaign
Published Oct 16, 2008
One of the most intensive offshore oil and gas drilling campaigns mounted in Australia by Beach Petroleum Limited is underway this week in waters just north of Tasmania and in Victoria’s far west.
The campaign will involve Beach drilling three wells back-to-back in the Bass and Otway Basins in a schedule expected to involve the leading producer and explorer in non-stop drilling in Australia’s southern waters until the end of January.
Beach has been previously involved in a number of offshore forays in the North West Shelf, New Zealand and in the Gippsland Basin where it is a current 30% partner in the producing Basker Manta oil and gas fields. It is presently participating (subject to final Ministerial consent) in an appraisal well on the Burtocal field in the Gulf of Suez, Egypt with BP as operator.
“Our participation in the Basker Manta project shows the exploration balance, level of risk and portfolio spread we are seeking to achieve in our offshore endeavours," Beach Petroleum’s Managing Director, Mr Reg Nelson, said.
"That project has delivered, through both asset realisation and a significant production contribution," Mr Nelson said. "The decision to now drill three wells in lightly explored areas of two producing southern Australian provinces, provides the same opportunities as Basker Manta did to generate long-term, value adding offshore assets able to underpin revenue and net profit. Strategically, all three locations are close to key domestic energy markets or supply infrastructure so any commercial success will deliver significant outcomes to our expanding southern Australian operations.”
All three wells will be drilled by the West Triton jack-up rig with Beach the Operator across the full program.
The first two wells are located in the Bass Basin but just offshore the Tasmanian coastline northeast of Launceston in shallow waters less than 100 metres deep.
The Basin lies adjacent the Gippsland Basin, home to Beach’s producing Basker Manta assets, and shares a similar geologic and hydrocarbon system.
The first well, PeeJay-1 in T/39P, in which Beach is earning a 50% interest, is targeting a potential P10 of 57 million barrels of recoverable oil, in the Upper Eastern View Group. It will be drilled to a depth of 2,133 metres.
Tags: Beach Petroleum Limited
Lets see what Monday brings..well Tuesday there.Oil low for elections...but in 6 months..Ha back in the 100's imo
Please don't let it be a "tossed salad" lol
The plastic container and all....LOL sounds like an "extra virgin" first timer to me!
Is the "big boy" drill in place? Thought it was to make location around Thrusday?
Thanks for the dd. Kinda strange but even with the red finish it seemed that we wanted to move up today. Perhaps after the sell-off we will move up again. Just hard to be negative with eegc right now.
There are some real bargins right now. .085 the low .12 the high. All of this as they position to drill the "money hole". I sit and wonder who is selling at these prices?
Every person has a right to their opinion and the strategy they use to trade. So this post is directed to anyone, rather it is directed to those who may not have followed this stock very long or are new at the game. There is always someone trying the "scare tactic" method of trading to get cheap shares. I have learned to play this game from all the great posts and dd that others have shared. I almost never post unless I think I have something to share. So with that said, Keep your cool, Hold your shares if you can, and if you need to sell Go out on the ask.
AFAIK your correct. They have the cash for what they need to do for now. So far so good. This stock traded for more when they didn't have S###. I added more today. A nice average down that I thought I would never get again.
Hold your shares if you can....This mess will turn around and the first site will be drilled. You bought this risky stock because they have a real shot at becoming someting great. Great is really an understatement. Selling off rigt now will be a regret. Do as you need, but try not to act out of excessive fear or greed.
Low Vol. but we held.....update would be nice..oil would be better. a dip into the .15 who would be selling now?????
Hell if I see .15 manana I'll get some.
I don't see how this hurts us...
Oil prices will keep rising, says billionaire investor Richard Rainwater - and he's putting money on it. Investor Richard Rainwater sold when oil was at $129 a barrel. Now he's buying.
By Brian O'Keefe, senior editor
Last Updated: October 1, 2008: 12:13 PM ET
NEW YORK (Fortune) -- Back in May, when oil was at $129 per barrel and rising, billionaire investor Richard Rainwater did something as prescient as it was shocking: He sold off all the energy stocks he owned.
Now he's making another bold move: He's betting on oil again.
A few weeks ago, when the price of oil tested a low near $90 per barrel for the first time in many months, Rainwater decided that he had found the right reentry point. "I reinvested back in the oil business, and it's worked out really well for me," he told me the other day. "I bought Exxon (XOM, Fortune 500) stock under $75. I bought ConocoPhillips (COP, Fortune 500) under $68. I bought Pioneer Natural Resources (PXD) under $50. I bought BP (BP). I bought Statoil. I made a big bet on the sector. I bought a lot of stocks back."
Considering Rainwater's incredible track record investing in the oil patch, that's big news.
Rainwater first made his reputation by greatly multiplying the Texas oil fortune of the Bass brothers of Fort Worth, with big bets on everything from the resurrection of Disney to the boom in cell phones. After going out on his own in 1986, he made bundles for himself in hospitals (by putting together HCA) and real estate (by forming Crescent Real Estate Equities). Then, in 1997, when crude was priced below $20 per barrel, he decided to make a huge bet on oil. He put $100 million into stocks and $200 million into oil futures. The wager netted him billions in profits.
As Time's Justin Fox reported in early June, Rainwater made the decision to close out his oil bet when the average price of gasoline passed $4 a gallon in the U.S. (and after he saw a reader poll on the Motley Fool Web site in which 77% of respondents said they were cutting down on gasoline consumption).
"I missed the very top by a lot," Rainwater told me. "That's okay. I'm always early. I sold after I got my first inclination that we had a problem with the demand side in America. I saw that we had a problem with the demand side and I sold out. But the stocks kept going up. And the price of oil kept going up. It went from $129 to $147 [on July 11]. But then it went from $147 back down to under $100, and that's when I bought back in."
Betting on increasing demand
Indeed, Rainwater is just as convinced as ever that oil prices are going higher in the long term. As he made clear in a Fortune story three years ago ("The Rainwater Prophecy") he believes that the world is facing a future shaped by scarce natural resources. His decision to sell out in May was based on a belief that oil prices had gone too far too fast, not that the bull market for oil - or for that matter, commodities of all kinds - has ended.
"I think we'll have a run on raw materials of all kinds because we've taught people all around the world how to play capitalism," he says, "and all those people want to live like Americans. But when you look at us being [4.5%] of the population and using 25% of the resource base, that can't go on. You can't extrapolate that out around the globe without there being price pressures on the upside. So there are price pressures in food. There are price pressures on raw materials of all kinds, including oil."
So with crude at around $100 and most of the stock market in chaos, he says oil companies look like a pretty good place for your money: "It's much more positive than the rest of the environment."
Given the volatility of the market right now, though, Rainwater is monitoring his new stock holdings closely. "I've already sold some of them," he told me. "Not all of them, but I sold some because they went way back up. I'm just playing cycles here, and the cycles are really powerful and fast moving. I bought ConocoPhillips for $68 and sold it two days later for $78. I don't think you can make that money in that short of a time unless you get lucky. And if I make that much money because I'm lucky, then I want out."
Rainwater may be lucky. But when it comes to oil, his instincts are more than good.
ubss bid .18------ubss ask .185
Any word on completion of collar? holding at .18-.19 good sign. next pr should see a little pop. maybe run to low 20's
drco not showing up on scottrade...DRCO @????
April speculative buy said 346 million barrels price at .98..Conservative price & conservative amount of oil. This was April with April oil price. could be 3 billion barrels.
Not sure if you have seen this.
http://www.empireenergy.com/images/stories/Investor/ee%20analyst%20report_small.pdf
I think it goes much higher.
ya limit order un der the ask..they charged me the internet price.
Couldn't buy off scottrade this morning..had to buy from broker direct..broker said too much demand yesterday! Things that make you go hummmm.
I like the 1000 share sale at the end of day paint us red down to 17.5 cents. Don't be fooled. This stock is gonna take-off.
buy buy buy.
Well does the volume suggest someone picking up cheapies? post 6577? Who's making money on this play? Who is poised to make big $$$? Not a peep from the Texas operation...Almost forgot about that.
Crusader...you are spot on...We need the info to believe and to invest. I assume these units are being used for cane damages even though its not a can play anymore. lol
Green again!!
It's a slow mover but she painted us green again today....I like it.
Now for some PRs...a little oil and presto!
Go eegc!
Ask @ .18 for a bit...Perhaps on the eve of EEGC drilling the collar and not a single message.
Breath....Breath....Breath
Go eegc
Had good support in the .16-.17 cent range. Went through that dip on a lack of updates. Should start to get a nice bounce this week. Hope it's a steady tight increase. Guess everyone is holding their breath. On next drill update should have increased volume and a tighter bid price. go mama go!
EEGC'ers bring you game face......Been waiting a few years for this moment. Bam!!!!!!!!!!!!!!!!! lets do this!
Sure...I have silently watched this board for some time..I don't pump stocks...just stating a fact about some other stocks i'm into. The only reason i posted was to let other know this is not new blood, rather old blood leaving. Pump and dumpers are the lowest of the lows. good luck...
New to this board but have been following for some time.
Bad day for NSMG and WEGI. Dilution on nsmg? Couldn't sell or buy wegi today? Doesn't look good, but one good storm could turn tears to smiles.