THIS WAS A MAJOR COCK UP BY THE ASX THIS SHOULD HAVE BEEN PUT...

THIS WAS A MAJOR COCK UP BY THE ASX THIS SHOULD HAVE BEEN PUT OUT AS PRICE SENSITIVE ANNOUNCEMENT A LUCKY FEW SPOT IT !!!!! MONDAY WILL BE FUN



Dear Sirs
PARTIAL SALE OF MARCELLUS SHALE ASSETS
NETS US$24.6 MILLION
Imperial Corporation Limited (?Imperial?) is pleased to announce that its 90% owned subsidiary, Empire Energy USA, LLC (Empire Energy) has completed closing requirements under the Purchase & Sale Agreement for the sale of a tract of Marcellus Shale acreage, access to associated Rights of Way and pipelines where relevant.
The sale has raised US$24.6 million (~A$29 million) which was received by Empire Energy on July 1, 2010. There may be some adjustments to the funds received as Title Due Diligence is completed.
The sale will not affect Empire Energy?s existing natural gas production operations in Pennsylvania and New York State which are currently operating above the Company?s forecasts.
Funds raised will be utilised to repay the Bridging Loan of US$10.65 million. Remaining funds will be directed towards the acquisition of additional producing oil and gas assets in the USA, which are becoming increasingly attractively priced as the US economy continues in the doldrums and bank credit remains restricted.
?This is a very exciting time for the Company. The Bridging Loan enabled Empire Energy to retain 100% ownership of +360,000 acres of Marcellus and Utica Shale acreage, plus 1,800 natural gas wells producing + 6,500 Mcfepd (gross). Further, Empire Energy is now in a position to undertake a further acquisition, similar in size to that completed at the end of 2009, without raising any additional equity. The objective will be to enable Empire Energy to at least double production to +15,000 Mcfepd, or +2,500 Boepd by the end of 2010?.
Yours faithfully
Bruce McLeod