Empire Subsidiary Receives and Signs New Petroleum Exploration License EL14/2009 in Tasmania Basin, Australia
Date : 05/11/2010 @ 11:37AM
Source : PR Newswire
Stock : Empire Energy Corp Intl (BB) (EEGCE)
Quote : 0.033 -0.0013 (-3.79%) @ 8:45AM
Empire Subsidiary Receives and Signs New Petroleum Exploration License EL14/2009 in Tasmania Basin, Australia
Empire Subsidiary Receives and Signs New Petroleum Exploration License EL14/2009 in Tasmania Basin, Australia
PR Newswire
LEAWOOD, Kan., May 11
LEAWOOD, Kan., May 11 /PRNewswire-FirstCall/ --
Empire Energy Corporation International (Empire, OTC Bulletin Board: EEGCE) with its wholly owned subsidiary, Great South Land Minerals Ltd. (GSLM) announced on Tuesday, May 11th, 2010 that GSLM has received and signed the documents for its Tasmania Basin license EL14/2009. This license area includes the two main structures identified in GSLM's previous seismic and gravity surveys; the Bellevue and Thunderbolt domes which leading independent consultants, RPS Energy, estimate could contain undiscovered potential petroleum resources totaling 447 million barrels of oil, which would potentially have a value of $2.2 billion assuming $5 per barrel.
Empire and GSLM CEO Malcolm Bendall said, "I am delighted that the Company has jumped the final hurdle and we now await the signed copy from the Minister. We will now be working hard to complete all the conditions precedent in order to resume drilling. I am very happy that the new Minister, the Honorable Bryan Green has expedited preparation of the license documents allowing the state to move ahead and potentially develop a valuable oil and gas industry in Tasmania."
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.
Malcolm Bendall
913-663-2310
SOURCE Empire Energy Corporation International
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