SOURCE: Empire Energy Corporation International

May 15, 2008 09:00 ET

Tasmanian Government Acknowledges 'Recent Progress' by Empire Energy; Company Expects to Obtain Funding for Tasmanian Basin Drilling by End of Second Quarter

LEAWOOD, KS--(Marketwire - May 15, 2008) - Empire Energy Corporation International (OTCBB: EEGC) today said that the Tasmanian Government has stated it is "pleased to note the company's recent progress" in finalizing plans to commence drilling for oil and natural gas on its onshore Tasmanian Basin license area by August of this year.

These plans, described in a May 6 analyst report published by Beacon Equity Research, projects that Empire, through its wholly owned subsidiary Great South Land Minerals Limited (GSLM), plans to drill eight to fifteen wells on license property believed to hold prospective oil and gas resources valued at $7 to $15 billion.

Tasmania Minister for Energy and Resources, David Llewellyn, stated last week, "Rising oil costs and diminishing world reserves makes the Tasmanian exploration very important. A commercial oil or gas discovery would benefit our economy enormously and assist in meeting Tasmania's and Australia's future energy needs."

Mr. Llewellyn added that the analyst report's geologic research, compiled by independent consulting firm RPS Energy, "is another small but important step towards the possibility that a commercial oil and gas resource exists and could one day be developed by GSLM and its parent company Empire Energy."

Malcolm Bendall, founder and CEO of Empire, welcomed the comments and the support of the Minister and reported, "We are looking forward to realizing success on this project I started thirty years ago. Joint venture discussions with two parties are proceeding 'satisfactorily' and are expected to produce funding proposals by the end of the second quarter. In addition, discussions are in progress with a number of investor groups in Asia and Europe interested in obtaining a substantial equity stake in the company."

The above discussions are expected to conclude in time to allow Empire's Tasmanian drilling program to commence in August.

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.

This press release contains forward-looking statements which are based on the current expectations of the management of Empire Energy Corporation Int'l only, and actual results may differ materially. For a more detailed discussion of risks and other factors related to Empire Energy Corporation Int'l, please refer to its 10-KSB and 10 Q reports filed with the U.S. Securities and Exchange Commission.

Contact Information

  • Contacts:
    John Garrison
    Empire Energy
    (877) 663-2310

    Rick Eisenberg
    Eisenberg Communications
    (212) 496-6828