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Dilution:
Dilution is mentioned by many as a bad thing but imo opinion not so with EEGC. OK we all know Malcom converted debt to shares and now owns 1/2 as many shares as before the rights offering. Is this bad?
I look at it this way. Why would Malcomb want a bunch of shares at .02 or worthless (if you listen to Ernest, Bob, Tech and other nonowners of EEGC). He must be convinced that those shares wont be worthless someday and that day is in the near future. IMO Malcomb must get EEGC drilling soon as a requirement of the license. Malcomb's back is against the wall but Im betting EEGC emerges soon with cash and drilling.
Successful businessmen made a lot of enemies on the way to success. Hmm does Malcom have any enemies?
Some desperatly want EEGC to fail!
Ernest how bout a link to that FALSE post you made.
Heraclitus, you posted an almost two year old article about Hunt suing EEGC. Thanks for the old information but Im focused on whats happening now and its all good.
wow someone is loading up. Big things ahead imo
NICE VOLUME THIS MORNING
Lots of manipulation, MM's or shorters whoever. Most all buys last two days.
MMs taking it down for a bit. They dont want it to go over .04 on friday as it would draw that much more attention on Monday. imo
Nite off the ask now. We heading up!
hmmm just jumped .035 X .038 something up imo
Nice open .032 X .038
I too am concerned about an apparent delisting. That in my opinion has caused the pps to drop to where it is today. We were steady around .04 awaiting news of the lease and then the E came along.
Its a shame cause if Im right once delisted from OTCBB it is not just a paper filing to get relisted.
Oh well maybe a buying opportunity at some time in the near future. Im not selling or giving up but am disappointed.
FWIW this time tomorrow MRT will have a new minister appointed
Wednesday 21 April 2010
In the afternoon at Government House the Governor will appoint new Ministers and swear those Ministers into Office.
In the evening at Government House the Governor of Tasmania, the Honourable Peter Underwood, and Mrs Underwood will hold a dinner in honour of Dr Denzil Miller who will shortly retire as Executive Secretary of the Commission for the Conservation of Antarctic Marine Living Resources
From http://www.govhouse.tas.gov.au/vice-regal-news-and-photos
Wednesday 21 April 2010
In the afternoon at Government House the Governor will appoint new Ministers and swear those Ministers into Office.
In the evening at Government House the Governor of Tasmania, the Honourable Peter Underwood, and Mrs Underwood will hold a dinner in honour of Dr Denzil Miller who will shortly retire as Executive Secretary of the Commission for the Conservation of Antarctic Marine Living Resources
From http://www.govhouse.tas.gov.au/vice-regal-news-and-photos
PR possibilities:
Malcom has exercised his full rights offering. This could come any time and would be huge either before or after the lease approval. IMO it would facilitate issuance of the license as it would show financing is available.
FWIW I found this about appointment of a minister, not sure if this affects issuance of license:
Tuesday 13 April 2010
In accordance with the Constitution Act, all ministerial appointments will expire tomorrow, Wednesday 14th April, being seven days after the return of the electoral writs to the Governor.
The Premier advised the Governor that he will not be able to put forward a complete list of names for ministerial appointments until Wednesday 21 April. Accordingly, in order to ensure that the State is not without a government between the 14th and 21st April, this afternoon, the Governor appointed and swore into office Mr Bartlett as the Premier, Ms Giddings as Deputy Premier, Attorney General and Minister for Justice and Mr Aird as Treasurer. It is intended that the remaining members of Cabinet will be appointed and sworn in on 21st April 2010.
If I am MB, Im waiting until I know I have the MRT Lease approval signed and in my hand before Im using any LOC to purchase my RO Shares. I think 99% of you would too. Its all about timing. Im sure if it was all in MB control and not MRT the lease would have been in hand prior to the rights offering. However from what I know I am convinced good things are ongoing and its just a matter of time. BTW Belg, Im just a few miles from Enid, Oklahoma.
Not the spread I see.
I guess this spread is normal too. Ha
Can someone tell me how Level II looking today?
That would help the share price, no doubt
Why the sudden interest Techie?
I dont know, Ill call Etrade tomorrow to find out, Ive read nothing about that in the prospectus.
I received following from etrade today:
***PLEASE BE ADVISED THAT THE OFFER HAS BEEN EXTENDED ***
RE: RTS EMPIRE ENERGY CORP (NON-TRANSFERABLE RIGHTS)
CUSIP: 291648996
PRICE: $0.07 PER SHARE
ONE RIGHT ENTITLES THE HOLDER TO PURCHASE 1 SHARE OF EMPIRE ENERGY CORP INTL CLASS A COMMON STOCK AT SUBSCRIPTION PRICE OF $0.07 PER SHARE.
THERE IS NO AGENT SELL FEATURE.
THERE IS AN OVERSUBSCRIPTION - MAY BE SUBJECT TO PRORATION
THERE IS NO WITHDRAWAL PRIVILEGE.
INSTRUCTION DEADLINE MUST RECEIVE BY: 04/08/10
PLEASE CONTACT AN ETRADE REPRESENTIVE
the 325k buy showed as "seq" under type on IHUB trade listing, I havent seen that before and dont know what it means
NEWS!
Mineral Resources Tasmania Formally Advertises 785,795 Acre Exploration License 14/2009 for Great South Land Minerals/Empire Ene
Mineral Resources Tasmania Formally Advertises 785,795 Acre Exploration License 14/2009 for Great South Land Minerals/Empire Energy, A Required Step Closer to Minister's Issuance, Expected 13 April 2010.
State-of-the-Art Drill Rig Coming Off Production Line.
Rights Offer 30 Day Extension Submitted to SEC.
Special Exploration License 13/2009 Re-Submitted.
PR Newswire
LEAWOOD, Kan., March 17
LEAWOOD, Kan., March 17 /PRNewswire-FirstCall/ --
Empire Energy Corporation International (Empire) (OTC Bulletin Board: EEGC) announced on Wednesday, March 17th 2010 that the Director of Mines for Tasmania has publically advertised in Australia's Mercury and Examiner newspapers, his recommendation for the issuance of Exploration License 14/2009 to Empire's wholly owned subsidiary, Great South Land Minerals, Ltd. (GSLM). This represents one of the final steps in the statutory process required for the Minister of Energy and Resources to formally issue GSLM the exploration license for 3,180 sq kilometers (785,795 acres) on or about April 13th 2010, at the close of a mandated 28-day public notice objection period. Empire expects no objections will be raised, as per statutory requirements, only persons "claiming an estate or an interest in any land within the area advertised" may lodge an objection and therefore believes the license will be promptly issued on or about April 13th 2010.
The advertised license area encompasses 3,180 square kilometers (approx. 785,795 acres) and covers the company's two most valuable structures, Bellevue and Thunderbolt. These two 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). RPS Energy calculated this figure based on their own independent analysis of geological data obtained from GSLM's US$50.71 million (AUD$56 million) research investment over the past 33.3 years.
Additionally, one of Australia's leading accountancy firms, has valued the undiscovered potential resources believed to exist within these two structures at US$2.23 billion (AUD$2.48 billion). This value was derived by discounting the then current US$70 per barrel (AUD$80 per barrel) market price of oil down to US$5 per barrel. The discount was based on the comparative value between the land within which GSLM's seismically defined structures lie and the sale value of land on the Australian mainland market containing similar potential for and quantities of undiscovered prospective resources. Ultimately however, at today's 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).
The advertised license area represents nearly a 50% reduction from GSLM's original 7,513 square kilometer (1,856,502 acres) application. As a result, Empire and GSLM are vigorously pursuing all available options and have asked the Minister for Energy and Resources to restore the full area as originally applied for, pursuant to the contractual terms of Special Exploration License 13/1998 between Mineral Resources Tasmania (MRT) and GSLM. These terms, detailed in a letter from former Deputy Premier Paul Lennon of 23 December 1998 states "at the end of the licence period, the more prospective areas must be converted to exploration licences with appropriate conditions, if continued tenure is required." This excluded area contains 10 additional seismically defined structures believed to contain a further potential of 222 million barrels of oil (refer: Table 2 of Competent Persons Report – Assets of GSLM, October 2008). This undiscovered potential resource could be worth an additional US$17.74 billion (AUD$19.73 billion).
Today's advertisement of the reduced area for Exploration License 14/2009 highlights Mineral Resources Tasmania's (MRT) failure to honor its prior agreement of 21 December 2009. Under the agreement, if Empire/GSLM agreed to withdraw its Special Exploration License 13/2009, MRT would agree to recommend the entire area of Exploration License 14/2009 for issuance to the Minister. As a result of the government reneging, Empire has asked for the reinstatement of its application for Special Exploration License 13/2009 covering 12,040 square kilometers (2,975,149 acres) of eastern Tasmania.
While Empire's Rights Offer Transfer Agent has alerted the Company it is in receipt of re-subscription notices from a number of shareholders, due to unforeseen international shipping delays, a substantially large number of shareholders are still without their Rights Offer re-subscription documents. To ensure all of Empire's eligible shareholders have an equal opportunity and adequate time to re-subscribe, Empire has submitted to the US Securities and Exchange Commission (SEC) notice of a 30 days extension to the closing date of the Rights Offer. Eligible shareholders are advised that with the extension, existing certificates will be accepted through a new closing date of April 12th.
Empire is furthermore in the process of acquiring a state-of-the-art 15,000 foot hydraulic drilling rig straight off the production line. The new rig will finish production and will be ready to ship to Tasmania soon.
Empire CEO Malcolm Bendall stated, "It has been a long and arduous journey to this point and I thank our shareholders and employees for their steadfast support. Today's news launches Empire to the verge of an extraordinary confluence of events. Over the coming weeks, we are poised to make unprecedented progress in advancing the development and commercialization of oil and gas in the Tasmanian Basin. Our company's current market capitalization and share price are 200 times less than the current asset value of US$2.23 billion (AUD$2.48 billion) comparative market value. I don't expect for this disparity in value to continue much longer. The license is proceeding, the new drill rig is poised to be transported and oil and gas is on the way!"
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
Empire Energy Corporation International
+1-913-663-2310
SOURCE Empire Energy Corporation International
Share price will move up with confirmation of MRT approval which will start with the upcoming advertising believe that is to occur on the 20th.
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).
I added 42K earlier and MMs filled at bid and showed it as a sell.
Jeremy, I can only go back the two years Ive been invested in this stock. In 2008 the rig was set up and drilling began as a result of an Agreement with a chinese group for funding. About that time the financial crisis came along and for reasons unknown to me the Chinese deal fell apart, drilling stopped. Malcom has always refused to dilute the stock in order to obtain funding so the rights issue was pursued as a means to get the rig back and begin drilling.
How I got into this stock was at the advice of an elderly friend in his 80's who was contracted by Empire to travel from the States to Tasmania to look at the drill site and advise in 2006. My friend has been in the oil business all his life and he told me that he believed there was huge quantities of oil in Tasmania, having looked at all the data. He advised me to make a small investment which I did in 2008 prior to the drilling. The stock went to a high of .20 pps and then the financial crisis and drilling stopped and price declined. I have continued to invest increasing my shares over the past two years. Im not selling and may lose it all but then again I might strike it rich. Time will tell. Good luck to you and all Longs!
Doc, from MRT website: [i]When the director proposes to recommend to the Minister that a license be issued, details of the application will advertised by MRT Tasmania in a newspaper circulating in the relevant district. The advertisement will include a map showing the location of the area. The cost of the advertisement is contained within the application fee which must be lodged with the application.
An objection may be lodged by any person who claims an estate or interest in the land. This includes a landowner, tenent, lessee or holder of an exploration license for other minerals. Objections must be in writing and must be received no later than 28 days after the advertisement of the application.[/i]
heres the link for those who might want to read further:
http://www.mrt.tas.gov.au/pls/portal/docs/PAGE/MRT_INTERNET_PAGE_GROUP/MRT_EXPLORATION_AND_MINING/MRT_EXPLORATION_LICENCES/GENERAL%20_CONDITIONS/EL_GENERAL-CONDITIONS_2007.PDF
BK I received the same message in my etrade account. I just have to call a broker to exercize.
We are on the launchpad now, just a few preparations for takeoff!
Missouri that would be a good push forward and might bring share price up, however I believe that we must see something positive from MRT to keep the ball rolling. Then I would expect the momentum to be very strong. JMO
Whats quite amazing is that the share price has held up quite well considering lack of news. I was hoping for a little dip to add some more shares.
With news of lease and rights offering approval it could be just a stepping stone.
They not filling 50k at ask again. geez
.04 is a mirage, MMs arent filling my 50k there