Empire Energy Corporation Intl. (fka EEGC)

[BobSinCA]

Not sure the point of your argument.

I have two points:

1. Getting started. Need to get the rig ordered and the first wells drilled asap, should not stand on ceremony of waiting for the full $45M if $20M is available. IMO, anyway. Clock is ticking on the lease.

2. Cost of Capital. As shareholders, we want EEGC to be sensitive to the terms of money raised as that affects share valuation.

In particular, capital raised for 'wildcat' purposes (Bellevue today) is a LOT more expensive than capital raised to drill additional wells where reserves have already been proven.

The Sure Capital notes cost interest PLUS a percentage of gross profit. If reserves were proven, the percentage -- if any -- would be a lot less because the risk is lower.

Also, at some point the cash flow from the first wells can be used to pay for additional wells.