We now have the notice of meeting and a letter from our...

We now have the notice of meeting and a letter from our Chairman. I am, in this post trying to be helpful -

In the letter Tony talks about Empire as being 'a profitable producer of gas." However, on the next page Empire made, after Tax - a net loss of $3.3 Million.

Under the heading Financial Performance - "EBITDAX is regarded by the Board as the measure most reflective of its true operating performance."

EBITDAX is a measure used by natural resource exploration companies to reflect ongoing or core profitability. The acronym stands for earnings before interest, taxes, depreciation, amortization and exploration expense.
Critics of EBITDA and EBITDAX claim that because both measurements are non-GAAP, they give companies wiggle room to misrepresent financial health by inflating expenses. Critics also claim more traditional GAAP measurements of cash flow and operating income give a more accurate financial picture. Both measurements are non-GAAP (Generally Accepted Accounting Principles).

Share Price Performance -
.."the Empire Share price declined by 19% over the FY2016 period ($.45 to $.365) with a share price of now $.30 our share price has fallen %33. Now not focused on unlocking shareholder value the Board and management has maintained its focus delivering long term shareholder value in line with our five year strategy. Has anyone seen the five year strategy? What is it? When did it commence? Three years ago our share price was $1.50, I know - that was the price I paid for some of the shares I bought. I hope the next two years are better! For me, like most shareholders / investors is the MOST accurate measure of a companies performance.

Ongoing Corporate Intiatives -
"Our exploration ambitions have been seriously impacted by the declining global oil market' as a major gas producer I accept the sector has basically tightened the purse strings on discovery - that is something you cannot blame the Board for. I would like however more of an expanation for ' several additional corporate growth initiatives'.


Proposed Resolutions and Directors Recommendations -
In recommending current Director Stuart Brown reference is made to his 'accumulated public board experience at three other ASX-listed oil and gas junior companies." I RECOMMEND that shareholders do their own research on those Companies and judge the performance whilst a board member, further shareholders should also consider why is it that Director Brown holds no other board positions given his "substantial technical expertise."

and Finally - "Recent activity by a vocal minority of shareholders have not been constructive to the Empire Board and management team, ongoing operations or share price." Well - hang dry and quater me for expressing my opinion when my investment has lost 80% of its value and I choose to stand up, express an opinion and be prepared to have a crack at fixing it.