Empire Petroleum Corporation (EMPR)

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19.5 Mile Area = HUGE.
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On May 8, 2003, the Company entered into an agreement with O.F. Duffield (Duffield Agreement) to acquire a ten percent (10%) working interest in a block of acreage in the Gabbs Valley Prospect by agreeing to issue 2,000,000 shares of the Company's Common Stock to Mr. Duffield for such 10% interest. The shares were issued in July 2003. This block of acreage in the Gabbs Valley Prospect consists of federal leases covering 44,604 acres in Nye and Mineral Counties, Nevada in which Mr. Duffield had a 100% working

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interest. Pursuant to the Duffield Agreement, the Company is also entitled to acquire up to a 10% interest in a block of 26,080 acres also located in the Gabbs Valley Prospect should Duffield acquire an interest in this block. The shares were valued at $.10 per share based on the closing price of the Company's common stock on the date of issuance.

During September 2005, surveyors laid out a 19.5 mile seismic program on the Gabbs Valley Prospect, and a seismic survey was commenced in October 2005. Field work was carried out and final interpretation of the data was completed in November 2005. Based on the results of the seismic survey, the Company increased its working interest in the prospect to 40% (See Note 1) and has contracted a drilling rig which is expected to be available about August 15, 2006, to commence drilling the Empire Cobble Cuesta 1-12-11N-34E, Nye County, Nevada. The total gross acres of this prospect was increased to 75,721 acres by the acquisition of 30,917 acres from the U. S. Department of the Interior on June 14, 2006.

PetroWorld Nevada Corp. (PWC) is a participant in the Gabbs Valley Prospect with a seismic option under which it has elected to earn a 30% interest from Cortez Exploration, Inc. The Company's Chief Executive Officer is a member of the Board of Directors of both PWC and its parent company PetroWorld Corporation and owns approximately nine (8.92%) percent of the parent Company which is traded on the AIM Exchange in London and the Toronto Venture Exchange in Toronto. Accounts receivable from PWC totals $82,928 at June 30, 2006.
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From PWC web site:

http://www.petroworldcorp.com/operations.php

PetroWorld Corp. entered into a seismic option agreement with Cortez Exploration to evaluate the giant Cobble Cuesta anticline located in western Nevada. The prospect is a large surface feature measuring 12 miles long by 7 miles wide and is visible from satellite photos. Previous exploration efforts in this area have been limited however recent drilling in the adjacent license has confirmed the presence of hydrocarbons within the subsurface strata

Seismic acquisition commenced over the prospect in October 2005 and the 2-D programme consists of three lines totalling 19 miles and was designed to verify subsurface closure. The data will be processed and interpreted during November and a decision to drill or drop will be made in December. In the event the seismic does confirm subsurface closure, PetroWorld Corp. has the exclusive right to drill one exploration well in return for earning a 50% equity in the prospect

PetroWorld Corp. negotiated an exclusive seismic option over the prospect from Cortez Exploration and if the seismic does confirm subsurface closure the Company has the right to drill one exploration well in return for 50% equity in the lease

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