LEAWOOD, Kan.–(EMWNews)–Empire Energy Corporation International (OTCBB: EEGC) today

reported that the initial AUD $2.7 million of the AUD $5 million funding

relating to the recent Note Payable and Memorandum of Understanding

signed with Smart Win International Limited has been drawn by Empire and

contract driller Hunt Energy has now been prepaid to substantially cover

its cost of drilling the first well. A total of AUD $3.1 million has

been paid to date in relation to this agreement with Hunt Energy.

This payment clears the way for Hunt Energy to dispatch its Rig #3 to

Empire’s Tasmanian Basin license area SEL

13/98. Hunt is expected to commence drilling there when site preparation

is complete and permits are finalized, said Empire.

The balance of the $2.7 million initial disbursement will be used by

Empire’s wholly owned subsidiary, Great South

Land Minerals, Ltd. (GSLM), to cover additional project costs and

working capital expenses. The remaining $2.3 million available under the

Note should be drawn by Empire, with Smart Win’s

agreement, as work progresses on drilling this first well and possibly a

second well on SEL 13/98.

Smart Win has an exclusive option under the Memorandum of Understanding

to cancel the $5 million Note and commit up to $40 million in additional

funding in return for up to a 50 percent stake in the license area. A

Joint Venture agreement that would provide for this expansion of the

investment and the drilling of additional wells is intended to be

finalized by the end of this month.

“With this payment to Hunt Energy, we have

taken yet another step closer towards fulfilling our objectives,”

said Empire chief executive Malcolm Bendall. “Finally,

after years of scientific and geologic research, we can at last say that

the drilling contractor has been contracted and paid for and will soon

be under way.”

Larry Werecky, Managing Director of Hunt Energy, added, “We

look forward to devoting our full resources and technologies to working

with Empire and GSLM on this exciting project. We have previously been

involved in opening new territories and believe this Tasmanian Basin to

be a great prospect.”

According to Empire, SEL 13/98 may hold undiscovered prospective

petroleum resources of between 535 million and 2.29 billion barrels,

potentially valued at between $67 billion and $286 billion based on a

price of $125 per barrel.

Hunt Energy is one of Australia’s foremost

oil and gas drilling companies, with rigs and crews that meet all

necessary Australian and world standards and qualifications. Since 1996,

the company has completed approximately 100 wells in several different

basins across that country.

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 becoming 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 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 resources 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 its 10-KSB and 10-Q reports

filed with the U.S. Securities and Exchange Commission.

Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89

Get Unlimited Organic Website Traffic to your Website 
TheNFG.com now offers Organic Lead Generation & Traffic Solutions