Replies to post #17299 on Empire Energy Corporation Intl. (fka EEGC)

[BobSinCA]

I agree, audited financials all we need to see.

But, 10Q financials so far only show Mr. Bendall and affiliates with $2M of debt at June 30.

Expected discussion of where the other $3.8M came from in 10-Q, didn't happen. Only possibility would seem to be that he personally took on some company debt personally, which would seem to be a related party transaction requiring disclosure. Note he had guaranteed SmartWin for $3.4M or so, pretty close. Maybe that is now off of company books, and hopefully the reported lawsuit against EEGC goes away as well.

Note the 10-Q didn't speak to Mr. Bendall's role specifically in the July 30 closing, just said $8.1M in total of notes payable and accounts payable wre converted to equity.

Still don't know who took on the other $2.3M. In answer to another post, I have no spin on this -- it is right now a mystery.

[EarnestDD]

Howard ... 10Qs are reviewed by the auditors but no opinion is attached.
The 10K will be audited.
But the fact remains ... Malcolm does not have $5.8 Million in Debt owing to him as of August 23, 2010.
There appears to be something wrong with either the PR about the Rights Offering or the Financials and MD&A.
Just thinking out loud.
jmo