According to the ongoing Monte Carlo modeling of the growing volume of dataon part of the Tasmanian basin, Empire's Bellevue and Interlaken well sitesmay have undiscovered prospective petroleum resources (P50) of 665 millionbarrels, an estimate four to ten times the initial estimates of prospectivepetroleum resources for these wells announced in a May 6 research reportpublished by Beacon Equity Research.

Monte Carlo modeling of the Bellevue structure alone suggests the wellcould contain between 283 million barrels (P90) and 1.26 billion barrels(P10) of undiscovered prospective petroleum resources.

Empire's first 14 wells may hold undiscovered prospective petroleumresources of between 535 million barrels (P90) and 2.29 billion barrels(P10) of undiscovered petroleum resources, according to the modeling (seechart).

Undiscovered Prospective Resources -- Volume Ranking of 14 Sites.
             Monte Carlo      P90 (Low)   P50 (Best)   P10 (High)Ranking        Estimate*      (mmbbl's)    (mmbbl's)    (mmbbl's)           ----------------- ------------ ------------ ------------1                Bellevue #1          283          620        1,256           ----------------- ------------ ------------ ------------2             Thunderbolt #1          116          243          468           ----------------- ------------ ------------ ------------3               Bracknell #1           49          100          194           ----------------- ------------ ------------ ------------4              Interlaken #1           21           45           92           ----------------- ------------ ------------ ------------5            Butlers Rise #1           18           40           79           ----------------- ------------ ------------ ------------6                  Cressy #1            8           16           29           ----------------- ------------ ------------ ------------7                Hummocky #1            8           16           30           ----------------- ------------ ------------ ------------8                  Cressy #2            8           16           30           ----------------- ------------ ------------ ------------9              Hunterston #2            6           12           23           ----------------- ------------ ------------ ------------10              Macquarie #1            5           12           24           ----------------- ------------ ------------ ------------11              Stockwell #1            4           11           25           ----------------- ------------ ------------ ------------12                 Scotts #1            4            8           15           ----------------- ------------ ------------ ------------13              Lonnavale #2            3            7           16           ----------------- ------------ ------------ ------------14                 Quamby #1            2            5           10           ----------------- ------------ ------------ ------------Totals                                535        1,151        2,291           ----------------- ------------ ------------ ------------15                 Scotts #1     Unranked     Unranked     Unranked           ----------------- ------------ ------------ ------------16              Macquarie #2     Unranked     Unranked     Unranked           ----------------- ------------ ------------ ------------17                Steppes #1     Unranked     Unranked     Unranked           ----------------- ------------ ------------ ------------18         Derwent Bridge #1     Unranked     Unranked     Unranked           ----------------- ------------ ------------ ------------19                Nile River     Unranked     Unranked     Unranked           ----------------- ------------ ------------ ------------mmbbl's = million US barrels (or BOE)

The above data is scheduled to be evaluated in an updated Competent PersonsReport (CPR) issued by Empire's independent oil and gas consulting firm,RPS Energy. More detailed information on the above sites, including thecurrent lead and prospect mosaics of geological and seismic data, is postedon the EEGC/GSLM website; see www.gslm.com.

GSLM completed 271 km (168 miles) of 2D seismic in 2007, achieving a totalof 1350km (838 miles). Evaluation of this data and all of the licenseproperty has identified the fourteen prospects and leads and five potentialleads above, all of which are being analyzed. From this evaluation of theproperty, planning for additional seismic exploration work is underway forthe forthcoming summer. The company's 2007 $300,000 gravity survey hashelped considerably in the definition of these leads and prospects,including the Bellevue structure, which has been seismically mapped using108km (67 miles) of this data. In light of the findings, the Bellevue #1drill site has been identified.

Monte Carlo modeling is a statistical process that simulates multiplevariables to get a range of probable results. This process is frequentlyutilized in the oil and gas industry to estimate the commercial potentialof new acreage.

"We are indeed excited by this modeling," said Dr. Clive Burrett, ManagingDirector, Great South Land Minerals. "This new data confirms what we havebelieved for some time, that there are enormous prospective petroleumresources within the Tasmania Basin.

"We look forward to commencing drilling for these resources as soon asgovernment approvals and funding negotiations have been completed."

Planning is well advanced for the late 2008-early 2009 (southern hemispheresummer) seismic campaign, which will target upgrading leads to prospects,clarifying targets and shooting more lines in the 60% of the tenement thathas still to be explored seismically.

Malcolm Bendall, CEO and founder of Empire, praised the professional staffof GSLM. "We sincerely appreciate Dr. Burrett and his staff who are workingconstantly to use all available data, technology and expertise to updateand improve our analysis. These sites identified and described in detailleads and mosaics on our web site are evidence of their effort and of thevalue we believe they have identified in our license property."

Empire Energy Corporation is an international oil and gas explorationcompany focusing on developing assets in one of the world's last virginbasins and becoming a leading low-cost finder of hydrocarbons. The Companyis currently operating in Tasmania's central and northern basins.

Definitions:

Undiscovered Resources

Undiscovered resources are defined as those quantities of oil and gasestimated on a given date to be contained in accumulations yet to bediscovered. The estimated potentially recoverable portion of undiscoveredresources is classified as prospective resources.

Prospective resources are defined as those quantities of oil and gasestimated on a given date to be potentially recoverable from undiscoveredaccumulations. They are technically and economic to recover.

Resources Categories

Due to the high uncertainty in estimating resources, evaluations of theseassets require some type of probabilistic method. Expected value conceptsand decision tree analyses are routine; however, in high risk, high-rewardprojects, Monte Carlo simulation can be used. In any event, three successcases plus a failure case should be included in the evaluation of theresources.

When evaluating resources, in particular contingent and prospectiveresources, the following mutually exclusive categories are recommended:

--  Low Estimate: This is considered to be a conservative estimate of the    quantity that will actually be recovered from the accumulation. If    probabilistic methods are used, this term reflects a P90 confidence level.--  Best Estimate: This is considered to be the best estimate of the    quantity that will actually be recovered from the accumulation. If    probabilistic methods are used, this term is a measure of central tendency    of the uncertainty distribution (most likely/mode, P50/median, or    arithmetic average/mean.)--  High Estimate: This is considered to be an optimistic estimate of the    quantity that will actually be recovered from the accumulation. If    probabilistic methods are used, this term reflects a P10 confidence level.    

This press release contains forward-looking statements based on our currentexpectations about our company and our industry. You can identify theseforward-looking statements when you see us using the words such as"expect," "anticipate," "estimate," "believes," "plans" and other similarexpressions. These forward-looking statements involve risks anduncertainties. Our actual results could differ materially from thoseanticipated in these forward-looking statements as a result of our abilityto complete required financings and other preconditions to the completionof the transactions described herein and Empire's ability to successfullyacquire reserves and produce its resources among other issues. We undertakeno obligation to publicly update any forward-looking statements for anyreason, even if new information becomes available or other events occur inthe future. We caution you not to place undue reliance on those statements.For a more detailed discussion of risks and other factors related to EmpireEnergy Corporation Int'l, please refer to its 10-KSB and 10 Q reports filedwith the U.S. Securities and Exchange Commission.

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