Late news today is excellent for IMP.
Land sale has gone through... YAYYYY!!!!!
Bridging loan paid out
More +$14mil in the bank
Doubling of cash flows from 1800wells
Massive 300,000acres of prospective Marcellus nat' gas in the real estate bank reserves.
Prospective more purchases at bargain prices, with IMP's reserve $capital and Macquarie Bank $schmo access.
NICE WORK!
"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 Energys existing natural gas production operations in Pennsylvania and New York State which are currently operating above the Companys 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.
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