Empire Energy Corporation Intl. (fka EEGC)

[BobSinCA]

Batting --

EEGC only has a lease on two of the twelve prospects (Bellevue -- 2% likelihood of a commercial well) and Thunderbolt (0.72%, percentages per EEGC's consultant, RPS Energy, as posted on the EEGC website), so we should not be expecting twelve holes.

Although, if EEGC is actually able to drill those two holes and find commercial quantities of oil, likely they will have the opportunity to drill the other ten.

Frankly, most of us on this board would be highly satisfied to see just Bellevue drilled while the lease is in effect -- 8.6 months and counting down.

Just because 'EEGC said,' doesn't make it so. Consider the title of the July 9 press release:

Financing Progresses, Sure Fund Issues up to USD$180 Million in Principally Protected Notes in Favor of Empire's 12 Hole Drilling Program

Do you see $180M in EEGC's bank account?? $20M?? $1M?? $100K??

Certainly, $0 falls within 'up to $180M,' but I think most of us would agree, 'up to $180M' sounds like more than $0.

Net: have to be very careful about taking EEGC PRs at face value.