Message #16 From:
NewsBot Date: December 21, 2005 07:51:00 AM
EEGC News Empire Announces Oil and Gas Drilling Joint Venture and Strategic Alliance with M R Associates LLP
LENEXA, Kan.--(BUSINESS WIRE)--Dec. 21, 2005--Empire Energy Corporation International (Empire) (OTCBB:EEGC) and its subsidiary Great South Land Minerals, Ltd (GSLM) have signed an agreement with M R Associates LLP (MRA), headquartered in the U.K. This is the first of a possible series of strategic alliances intended to accelerate GSLM's exploration, seismic and drilling activities in Tasmania.
The agreement is a farm-in agreement under which MRA may undertake an exploration drilling program in exchange for a 95% joint venture interest covering an 840 square kilometer area within the northern boundary of GSLM's 15,035 square kilometer Special Exploration License 13/98 (SEL13/98). It is defined in the agreement that MRA may coordinate minimum exploration activities including anticipated exploration drilling of one well and may include well logging and testing to evaluate in-depth formations and reservoir structures. At the discretion of the joint venture management committee, costs associated with the planned 2006 seismic survey on GSLM's SEL13/98 may in whole or in part be covered by MRA.
Empire has plans to drill previously defined potential oil and gas reservoir structures identified from the first regional seismic survey on SEL13/98 conducted in 2001. To date, GSLM has not drilled these seismically defined targets. Mr. Bendall, President of Empire & GSLM said, "The joint venture with MRA is anticipated to coincide with the launch of the company's proposed drilling program of four wells over the next four years which we believe will quantify the extent of possible commercial quantities of potentially three billion barrels recoverable oil equivalent and gas within the Tasmania Basin."
This press release contained 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 an 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 GSLM'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.
