Replies to post #17820 on Empire Energy Corporation Intl. (fka EEGC)

[BobSinCA]

he may consider using it ($50M LOC) when his back is against the wall but its obvious it isn't.

His personal back may not be against the wall, but with Hunt matter coming to court in three business days, the space between EEGC and the wall is paper thin.

Hopefully they can settle in advance with no need to go to the LOC.

But, I do disagree on the $50M LOC versus $180M from Sure:

- $50M would easily enable enough drilling to determine if there are commercial hydrocarbons, at which time

- Financing would be a lot cheaper than what Sure is attempting to place -- interest PLUS (per the Agreement) an as yet undisclosed, and perhaps unnegotiated) percentage of gross profit.

If the $50M LOC were truly available, it would certainly seem to be in Mr. Bendall's financial best imterest to use it first given his confidence in the geology.

Perhaps that is where the $12M will come from?

BTW, I fully agree with you and other posters that the LOC is Mr. Bendall's to use as he sees fit; but when he talks about its availability in an EEGC press release, he is certainly creating an impression he will use it to benefit EEGC.

[oilsleuth]

With an application for winding up GSLM scheduled to be heard next Tuesday some might think his back is well and truly against the wall. Perhaps the $50 million line of credit will save the day where it wasn't able to do so for the rights issue.