- "The acquisition saw 3P Net Reserves increase from 17 Bcfe to 89 Bcfe and with prices as at 1 January 2010, the PV10 increased by 440% to US$100 million.
- Daily production increased by 650%, from around 1,000 Mcfepd to a forecast 6,500 Mcfepd.
### With no additional development drilling over 2010, and no significant decline in gas prices, Empire Energy is expected to generate a field EBITDDA of around US$8.0+ million.
8MN EBITDDA 2010!
- In total, Empire Energy has over 313,000 ACRES OF LAND under lease, mostly in New York State. This acreage is likely to offer a number of multi-level gas plays that can be divided into several major target areas, including Marcellus and Utica Shales (~180,000+acres each), Theresa (~30,000+), Trenton Black River (~80,000+) , Medina (~172,000+), and Queenston (~80,000+).
IMP will have a run/re-rating to 2-3c this year!
Regards, followme
IMP Price at posting:
9.0¢ Sentiment: LT Buy Disclosure: Held
