Empire Energy (ASX:EEG)
Empire Energy Group (ASX:EEG) is an oil and gas exploration and development Company focused on onshore long-life oil and gas fields in the USA. The Company continues to build its oil and gas portfolio of assets. In March 2011 the Company changed its name from Imperial Corporation Limited to Empire Energy Group Limited to align itself with its major operating subsidiary in the USA.
The Company first listed on the ASX in 1984. In 2006 Empire Energy Group made its initial entry into the US oil and gas industry via a natural gas joint venture development in the Appalachian Basin, North East USA. Then from 2007 to 2011 the Company has completed approximately US$120 million in oil and gas transactions.
In early 2010 Empire Energy Group identified the McArthur Basin as having attractive potential for hydrocarbon bearing black shales, and has been successful in securing 7 licence applications in the McArthur Basin, Northern Territory.
Empire Energy Group’s operations are through its 100% owned US subsidiary Empire Energy USA LLC.
- Opportunistic upstream acquisitions based on Empire ‘pricing metrics’
- Target production assets with attached low risk development
- Implement field data flow leading to smarter management
- Efficient leverage of US$200 million commercial credit facility
- Low cost, technology focused operator
- Balanced exploration exposure
- Proven and experienced team assembled
- Extensive oil and gas development acreage
- Large scale shale acreage – Marcellus, Utica and Bakken
- Leasing program in Kansas to add incrementally to existing 18,000 acreas
- Acqusition opportunties in Kansas to add to existing production
- Negotiations underway for additional farm-in drilling locations in Kansas
- Merger negotiations underway for additional production in Kansas