Replies to post #21733 on Empire Energy Corporation Intl. (fka EEGC)

[oilsleuth]

There was every intention to drill test wells as long ago as 2006 so that your statement is erroneous that there was a deliberate plan to confine exploration to seismic surveying.

From Empire Energy PR dated 15 November 2006:

Empire/GSLM had planned to commence drilling in August of 2006, however delays in the issuance of the necessary licenses by the Australian Government as well as delay in shipment of the drill rig have caused the schedule to be moved back. We now have identified and obtained the necessary licenses for a number of sites and plan to begin drilling in early 2007.

The money was used to do seismic research. In the early years there was no intent to drill a well to bring up oil only to develop the sites.

[oilsleuth]

It is not true that Empire has won its counterclaim against Smart Win. The court hearing is still in progress and there has been no outcome. If you continue to maintain it is so then please provide substantiation.

EEGC took Smart winn to court and won and they are on the hook for an enormous penalty.

[oilsleuth]

That's news to me. Some $10-12 million would be needed to drill Bellevue and Thunderbolt. Are you saying that Empire has obtained those funds but not disclosed the fact?

EEGC doesn't need that money to do the initial drilling

[pitts77h]

There have been many obvious factual errors repeated here recently:

"In the early years there was no intent to drill a well..."

* Disproved in message 2736

"There is now new money to replace Smart winns." [sic]

LOL. Where? If there IS new funding, why the need to travel across Asia, selling the same old snake oil? EEGC has issued MANY "new funding" claims in the past, none of which have actually panned out - except SmartWin, who wound up taking EEGC to court for breach of contract (not the other way around, see below)in an effort to enforce Malcolm's "personal guarantee." Beyond that, there have been announcements of "New Funding" from Libertas, Hunter Wise, Sure Capital..on and on and on. Why, it was only about a year ago that the directors were allegedly taking a trip to see "Representatives of the King of Saudi Arabia" and securing $180 million in funding. How'd THAT work out?
http://www.reuters.com/finance/stocks/EEGC.PK/key-developments

"EEGC took Smart winn to court and won and they are on the hook for an enormous penalty."

ABSOLUTELY incorrect, completely absurd. A simple look at the record

https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=4NpRAMSzDUC3VtX7+rBrKg==&system=prod

shows how false that statement is. SmartWin initiated the suit against EEGC and Malcolm Bendell. EEGC only file a counterclaim AFTER the initial suit. In fact, the judge SPECIFICALLY ASKS "Why didn't you sue them? Why did you wait for them to sue you?" It's pretty embarrassing to try and claim over a billion dollars in damages... when you didn't actually feel it was worth suing for in the first place.

https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=tirVQewp3WsvdRnAbNOIpA==&system=prod (page 14)

Malcolm signed a "personal guarantee" and Smart Win is suing to enforce that guarantee (among other things). The case has not gone to trial, there has been NO decision as yet, and no penalties have been assessed.

"The employees of the company are tops in their field"

What employees are those? Perhaps that nice chap Clive (is that his name??)who assured us 15 months ago that "a drill rig from Oklahoma would arrive in the 'next month or so' and drilling would begin some time after that.... 'Now things are different, there's plenty of money around' he said."

http://www.themercury.com.au/article/2010/09/07/171225_tasmania-news.html

"Malcolm Bendall has hard documented facts to show investors and potential Joint ventures. "

Yes, and he's been showing those "facts" around for years with nothing to show for it - except a lawsuit for breach of contract. No investors, no joint ventures.

"the fact that TXO was willing to put in approximately $1M, which is to pay for past due filings in addition to hotel bills, suggests that TXO at least believes that drilling funds can be found."

TXO did not put money "into" EEGC. They paid some bills and gave EEGC about $300,000 in cash, all in exchange for convertible debt. In other words, EEGC converted expenses into shares via TXO.

TXO has not yet invested in any kind of venture to drill. That is a separate deal, which has not been funded and about which there has been absolutely NO news since it was announced.

WE still have NO information on "Better Loyal" and what their deal with EEGC was.

[oilsleuth]

Even if Empire does eventually win its counterclaim against Smart Win (it has not done so yet and according to the court schedule there will not be a decision for some time) it is no foregone conclusion that they will have won the equivalent of Spain's El Gordo lottery. A damages award can start from a derisory $1 such as when there has been found to be only a trivial technical breach of a contract.

EEGC took Smart winn to court and won and they are on the hook for an enormous penalty.

[EarnestDD]

$50+ million in Exploration and NOT Even One well drilled.
Just 272 meters drilled.
EEGC is a JOKE in the Oil and Gas Industry.
jmo