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Last $0.0080 USD
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EEGC On Other Exchanges
As of 8:09 PM 06/30/15 All times are local (Market data is delayed by at least 15 minutes).

empire energy corp internati (EEGC) Snapshot

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05/21/15 - $0.01
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empire energy corp internati (EEGC) Details

Empire Energy Corporation International, through its subsidiaries, engages in the exploration of oil and gas in Australia. The company holds an exploration license, SEL 13/1998, which covers an area of 15,000 square kilometers. It also offers drilling rig services in the United States, as well as seismic, geophysical, contracting, and spatial services for oil, gas, and other resources. The company is headquartered in Hobart, Australia.

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empire energy corp internati (EEGC) Key Developments

Paul Batista Announces the Court's Setting of the Trial Date in the Empire Energy/Smart Win Action

Paul Batista, the attorney representing Empire Energy Corporation International, announced that the New York State judge overseeing the litigation between Empire and Smart Win International Limited has set April 13, 2015, as the trial date. The underlying lawsuit stems from a 2008 agreement between Empire and Smart Win under which Smart Win committed itself to providing as much as AUD 5 million to finance drilling for oil and other energy resources at locations in Tasmania where Empire held licenses from the government to drill. Smart Win, which refused to advance the full AUD 5 million, has claimed that Empire should return approximately AUD 3.9 million. In its claims against Smart Win, Empire has asserted that Smart Win breached the 2008 contract by falling to advance the full AUD 5 million financing and that Smart Win's conduct caused the collapse of the drilling venture and inflicted on Empire in excess of AUD 1 billion in damages.

Justice Jeffrey K. Oing Denies the Motion of Smart Win International Limited for an Award of Summary Judgment against Empire Energy Corporation International

Justice Jeffrey K. Oing of the New York State Supreme Court denied the motion of Smart Win International Limited for an award of summary judgment against Empire Energy Corporation International. Justice Oing also ruled that Empire could proceed on its breach of contract counterclaim against Smart Win. Earlier this year, Smart Win had moved for summary judgment of more than AUD 2 million judgment against Empire. Justice Oing determined that the 2008 agreement between Smart Win and Empire did not preclude the possibility that Empire's costs in drilling for oil in Tasmania might exceed an AUD 5 million funding commitment by Smart Win reflected in the 2008 agreement. The judge noted that, for purposes of a summary judgment motion, the fact that Empire's prediction that the initial drilling costs might exceed AUD 5 million did not entitle Smart Win to 'turn off' the funding 'spigot' of up to the AUD 5 million commitment even if Empire, as it pursed its drilling efforts based on Smart Win's commitment of as much as $5 million, faced the possibility of cost overruns beyond the AUD 5 million. According to its own complaint, Smart Win stopped making advances after it had advanced only approximately AUD 3 million of the AUD 5 million.


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