Empire Energy Corporation Intl. (fka EEGC)

[oilsleuth]

BLACK GOLD

It is an exploration licence (EL 14/2009) and the work and expenditure conditions are as follows (provided on request from MRT):

Terms and Conditions of the EL14/2009

Item 1
Mineral Category: Category 4- Petroleum (oil &gas) excluding coal seam gas.

Item 2
The Expenditure Commitment for the first two years of the Term is as follows:
Year 1: $3,025,000
Year 2: $4,525,000
Total minimum expenditure for the first two years $7,550,000

The Exploration program for the first two years of the Term is as follows

Year 1: Completion of the Bellevue #1 well with a petroleum industry standard drilling rig to a depth of 2800m
Year 2: Completion of the Thunderbolt #1 well with a petroleum industry standard drilling rig to a depth of 2600m.

Item 3
Deposit: $75,000.00 prior to issue of the license; to be raised to $200,000.00 per drill site before approval to drill will be given.

Item 4
Term starting date: 17/5/10

Item 5
Public risk insurance cover: $10 Million.