June 12, 2009 02:40 PM Eastern Daylight Time
CEO of Empire Announces Personal Arrangement to Secure a US$ 50 Million Line of Credit to Be Made Available to Empire
LEAWOOD, Kan.--(BUSINESS WIRE)--Malcolm Bendall, Chief Executive Officer of Empire Energy Corporation International (Empire) (OTCBB: EEGC.OB) (OTCBB: EEGC) today announced that he received written notice of approval to provide him US$50 million for the purpose of providing financing to Empire. Initially, Mr. Bendall intends to use the proceeds of this financing to take down his Rights in the Rights Offering currently under review by the United States Securities and Exchange Commission (www.sec.gov) followed by taking down his over allotment option to the extent that other Rights Holders fail to exercise. Additionally, to the extent necessary, Mr. Bendall will provide financing to the company, if necessary, prior to the effectiveness of the Rights Offering registration statement, and subsequent thereto with a view toward completing the drilling of Bellevue #1 and Thunderbolt #1 exploration wells in Empire's Tasmanian basin Special Exploration License (SEL13/98) on successful completion of the financial arrangements. In addition, funding is intended to finance the seismic, drilling and further exploration in the concessions SEL 4/2009 and 5/2009, to include the coal bed methane horizons in the SEL 13/98 tenement, which have been applied for by Empire and for which award is expected shortly. Further updates will be provided as soon as more details are available regarding this financing.
