(Source: Business Wire)
Empire Energy Corporation International (Empire) (OTCBB:EEGC) this week cited total expenditures, meeting the license conditions, have now exceeded AUD$50 Million (US $40 Million) on SEL 13/98 and an update of the Registration Statement and Rights Offering to raise an additional AUD$11 Million (US$9 Million) is awaiting the recently filed 10Q updates and subsequent approval from the US Securities and Exchange Commission (SEC).
CEO Malcolm Bendall also noted that the total expenditure, meeting the license conditions, in excess of AUD$50 Million by Empire on SEL 13/98 far exceeds all capital expenditure requirements and has met all work commitments set forth for the ten year period concerning SEL 13/98. Furthermore, he noted that exploration work and capital invested by Empire has led to the discovery of at least fifteen identifiable dome structures previously unknown before Empire's work. Additionally, these identified dome structures are believed to be capable of pooling significant commercial amounts of oil, over one billion barrels potential in the Bellevue structure alone. It is also notable that these findings have been further supported by a global independent energy research firm, RPS Energy, a leader in their field.
The process of sourcing funding is continuing and includes the potential fifty million dollar line of credit facility extended to Mr. Bendall, announced in the press release, on June 12, 2009. In this same press release Mr. Bendall has stated he ˜intends to use the proceeds of this financing to take down his Rights in the Rights Offering currently under review by the United States Securities and Exchange Commission (www.sec.gov) followed by taking down his over allotment option to the extent that other Rights Holders fail to exercise.' The rights offering will provide a regulated environment which gives all shareholders equal opportunity to participate in the future of the company and is expected to be fully subscribed. The Rights Offering will proceed upon completion of the registration statement and approval by the SEC. If fully subscribed, the rights offering would raise AUD$11 Million (US$9 Million) for our drilling program and should enable us to drill the Bellevue and Thunderbolt sites.
Empire continues to talk with drilling company Hunt Energy about its ongoing operations regarding the drilling program and other issues. The Hunt rig remains stacked in Launceston, Tasmania, Australia and is available to remobilize to the Bellevue site as soon as funding is available.
As an additional matter, Mr.
