Empire Energy plans A$10.03 million offering

By Devika Patel

Knoxville, Tenn., Feb. 20 - Empire Energy Corp. International said it plans to raise up to A$10.03 million.

The proposed financing includes a convertible loan of £1.15 million, or A$2.53 million, the proceeds of which will be used to resume drilling the Bellevue No. 1 well.

The financing also includes up to $5 million, or A$7.5 million, which the company plans to raise by selling common stock. These proceeds will be used for continued drilling operations.

Empire Energy is an oil and gas exploration company based in Lenexa, Kan.

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