Empire Energy Corporation Intl. (fka EEGC)

[ThePennyGuru]

I believe it is important to begin by stating there has been inaccurate information circulating among the rumor mills regarding the status of Empire's designated rights as they pertain to the SEL 13/98 special exploration license. The license was granted in 1999 on the basis of an agreement which centered on both financial and work commitments. Both components of this license agreement have been met and the financial commitments that were made by Empire have been surpassed over the period of the 10 year SEL 13/98 tenure.

Remember that the goal of this initial program was to prove that within the Tasmanian Basin there existed dome structures capable of pooling oil generated by the natural processes of distillation. When the SEL 13/98 license was granted, no source rocks or hydrocarbon structures had been identified. Additionally, only Empire through its wholly owned subsidiary Great South Land Minerals (GSLM) was willing to invest the capital and take the risks to execute the scientific research required to discover the dome structures that we believed were present.

We were successful in those endeavors and we now intend to initiate a drilling program based on the seismically defined tops of those dome structures that we found.