CEO of Empire Announces Personal Arrangement to Secure a US$ 50 Million Line of Credit to Be Made Available to Empire
June 12 2009 - 2:40PM
Business Wire
Malcolm Bendall, Chief Executive Officer of Empire Energy
Corporation International (Empire) (OTCBB: EEGC.OB) (OTCBB:
EEGC) today announced that he received written notice of
approval to provide him US$50 million for the purpose of providing
financing to Empire. Initially, Mr. Bendall 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. Additionally, to the extent necessary, Mr. Bendall will
provide financing to the company, if necessary, prior to the
effectiveness of the Rights Offering registration statement, and
subsequent thereto with a view toward completing the drilling of
Bellevue #1 and Thunderbolt #1 exploration wells in Empire's
Tasmanian basin Special Exploration License (SEL13/98) on
successful completion of the financial arrangements. In addition,
funding is intended to finance the seismic, drilling and further
exploration in the concessions SEL 4/2009 and 5/2009, to include
the coal bed methane horizons in the SEL 13/98 tenement, which have
been applied for by Empire and for which award is expected shortly.
Further updates will be provided as soon as more details are
available regarding this financing.
Empire Energy Corporation is an international oil and gas
exploration company, focusing on developing assets in one of the
world's last virgin basins and to become a leading low-cost finder
of hydrocarbons. The Company is currently operating in Tasmania's
central and northern basins.
Aerial pictures of the well site and the progress of the setup
are available on Empire�s Web sites www.empireenergy.com and
www.gslm.com.
This press release contains forward-looking statements based on
our current expectations about our company and our industry. You
can identify these forward-looking statements when you see us using
the words such as "expect," "anticipate," "estimate," "believes,"
"plans" and other similar expressions. These forward-looking
statements involve risks and uncertainties. Our actual results
could differ materially from those anticipated in these
forward-looking statements as a result of our ability to complete
required financings and other preconditions to the completion of
the transactions described herein and Empire's ability to
successfully acquire reserves and produce its resources among other
issues. We undertake no obligation to publicly update any
forward-looking statements for any reason, even if new information
becomes available or other events occur in the future. We caution
you not to place undue reliance on those statements. For a more
detailed discussion of risks and other factors related to Empire
Energy Corporation International, please refer to 10-K and 10 Q
reports filed with the U.S. Securities and Exchange Commission.