EEGC:
Empire Formally Re-acquires Grand Monarch Holdings, Directors Travel to Middle East to Finalize $180 Million Structured Finan...
Date : 10/26/2010 @ 3:28AM
Source : Business Wire
Stock : Empire Energy Corporation International (EEGC)
Quote : 0.017 0.0 (0.00%) @ 8:09AM
Empire Formally Re-acquires Grand Monarch Holdings, Directors Travel to Middle East to Finalize $180 Million Structured Finan...
Empire Energy Corporation International Common Stock (USOTC:EEGC)
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Today : Tuesday 26 October 2010
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Empire Energy Corporation International (Empire) (Pink Sheets: EEGC) announced on Tuesday, October 26th 2010 that Empire has completed its re-acquisition of Grand Monarch Holdings Incorporated.
Grand Monarch has finalized all negotiations for its re-acquisition by Empire. Through said acquisition, Grand Monarch commits its existing credit card
and Sanitec Industries medical waste contracts and further acknowledges the transfer of rights for North, South and Central America for the patented flare gas technology it has recently acquired through negotiations. A business appraisal for the potential economic value of this flare gas technology for the aforementioned regions has been calculated by AECOM, a Fortune 500 company, at approximately $2.7B in annualized revenues upon realization of the technology's roll out with numerous joint venture partners currently under consideration.
Grand Monarch has reviewed the current contractual opportunities in both its existing and developing credit card revenue platforms and its territorial development
agreements in the medical waste industry. Grand Monarch has the capacity to realize combined annualized pre tax profit on potential projected sales thru fiscal 2011 in excess of $10 million dollars, a baseline of operational capital.
Empire’s Board of Directors has commenced a rigorous travel schedule to initiate preparation for the establishment of the Company’s $180 million structured finance facility. Meetings led by Empire’s new Chairman, David Villarreal Jr., have already transpired in Pasadena, California and two additional meetings have been scheduled in both Toronto, Canada and New York City this week. These meetings will allow Empire’s Directors to conference with related parties in finalizing the terms and conditions of the financing and organizing for its disbursement.
Empire’s Chairman, CEO and two additional Directors intend to travel to Saudi Arabia, Qatar and the United Arab Emirates within the next two weeks for a series of meetings with potential joint venture partners. The Company anticipates authorization for an initial $20 million line of credit to complete the conditions precedent to the $180 million structured finance facility and recommence mobilization of the drilling rig within the next fourteen days. Furthermore, the Company believes authorization for issuance of the first of four $45million tranches is expected within the next 100 days.
The Company continues to anticipate resuming drilling operations during the month of November, subject to government re-approvals. Empire’s drilling contractors are prepared to move a drilling rig back on to the Bellevue site to continue the Company’s already-present commercial-grade drill hole. This production-quality drill hole measures 17 ½ inches wide and already runs 768 feet (234 meters) deep. Based on the Company’s geological research and according to its lodged drilling program the first petroleum target is believed to be less than 984 feet (300 meters) away. With a drilling team progressing on the order of approximately 200 feet (62 meters) per day, the Company could reach its first expected payzone as soon as five days after the recommencement of drilling.
The Company is pleased to announce that James Leach has been nominated as Vice Chairman of Empire’s Board of Directors.
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.
