Empire Energy Corporation Intl. (fka EEGC)

[VincentMertens]

Those who are interested in EEGC/GSLM should take a look at the old versions of GSLM's website:

http://tinyurl.com/bgj4ma

Very interesting!

I found this letter from M. Bendall over there:

”
Chairman’s Letter
Malcolm BendallAfter twenty eight years of drilling, researching, and raising capital, I see my vision becoming reality and I am thrilled to report the beginning of the end of a long journey. I am pleased to report that the recently finished Australian government funded University of Tasmania research project on the Petroleum Systems of the Tasmania Basin has concluded that over 3 billion barrels of oil equivalent may be found onshore Tasmania. In business we start projects that encounter so many difficulties that they often mask the moral, technical and financial benefits that the project has already obtained through perseverance, and that will further manifest with the successful implementation of our business plan. Skeptics will always deride and devalue the worth of visions but I have always believed in the vision God gave me about this oil and gas project. All the results, to date, have conclusively validated the reality of this vision.

I want to thank you, along with all my investors and supporters, for having the courage and perseverance to work thru all the challenging aspects of this project. Over the years, I have seen the finish-line, and now it is a shared reality that can also be appreciated by the global community now as proven scientific fact all realized through manifestation of both faith and integrity. I did not anticipate that the conclusion of the merger would be completed in the same month as oil prices reach record highs at US $58.00 per barrel and with predictions of oil reaching $US110. In the last thirty years, major oil corporations have been risk adverse, and have avoided exploration activity. They have appeared successful only by virtue of short term depletion of their, often overstated, reserves and thru share buybacks to bolster their share price. Long term real oil industry growth and sustainability depends on high risk exploration resulting in the identification of virgin fields in previously unexplored, frontier basins. This requires utilizing extensive on-ground exploration methodologies which is contrary to the conservative ethos of the legal, accounting and management forces bred in office buildings by those who have never seen a drill rig floor and who certainly are not visionaries.

Our company, currently controls the Permian Tasmania Basin, which overlies a Devonian fold-thrust system that contains platform-to-basin sedimentary sequences similar in structure, age and lithology to the Appalachians. The Ordovician Gordon Group limestones are very similar to the Black River and Trenton Groups of North America and contain wet gas, with possible reef, sandstone and secondary dolomite reservoirs. A 2001 seismic survey revealed structures in the fold-thrust belt that include domes up to 9km (5.5miles) across with half mile closures similar in size to structures in giant fields such as the Ekofisk field of the North Sea (5 x 8miles), to the Takula Field of Angola (6 x 5 miles) to the Fortescue Field, Gippsland Basin Australia (6 x 2.5 miles) and also to the Keystone Field, Permian Basin Texas (10 x 5 miles) and the Long Beach Field, Los Angeles, (4 x 1 miles). I believe the assets underlying your investment should only develop from this point, due to the imminent realization of the potential production available from this incredible frontier area.

The early Permian Tasmanite Oil Shale is qualitatively one of the best petroleum source rocks in the world and is known globally as the typical Type 1 (oil producing source matter) kerogen. Tasmanite is at depth in the Tasmania Basin in central Tasmania and has generated a low sulfur, heavy crude, oil seep in southern Tasmania. Additionally, the Permian source rocks are in the oil-to-wet gas window over most of the 6,100,000 acres of the Tasmania Basin. The Source Potential Index (SPI) calculations show that the generative potential of the Permian source rocks is high. The Tasmanite Oil Shale SPI indicate up to 3.7 barrels of oil per square meter and the Woody Island Formation indicate a mean potential generation of 2.65 barrels of oil per square meter. These and other Permian source rocks give a generative potential of about 10 barrels per square meter. Assuming generation over half the basin, and the subsequent loss of 94% petroleum generated, then 9 billion barrels may have been retained and 3 billion barrels oil equivalent could potentially be produced from reservoirs within the Permo-Triassic of the Tasmania Basin. The underlying sequences could contribute at least that much again. These vital statistics are foundations to our evaluation of the productivity of the basin, and we have been able to validate our findings through the exhaustive reports completed in the last few years. We can also report that our license has been secured for the next five years. This is good news, since we are now in a position to begin drilling and enter the world market with the only untapped basin we know of, large enough to affect the Australian market. This could, in effect, replace the current Australian reliance of oil imported from the Middle East.

Yours sincerely
Malcolm Bendall

CHAIRMAN
“