Empire Energy Enters into Exclusivity Period with China-Based Oil Company

LENEXA, Kan.--(BUSINESS WIRE)--Jan. 23, 2006--Empire Energy Corporation International (Empire) (OTCBB:EEGC) announces that it has entered into a 60-day Exclusivity Period with a China-based oil company to allow those interests time to conduct their due diligence regarding the potential oil and gas in the 3,700,000-acre tenement in Tasmania, Australia held by Empire thru its wholly owned Great South Land Minerals Ltd. Subsidiary.
Tad Ballantyne, recently appointed director of Empire, commented: "It is important for the global economy that China's economic expansion continue and that access to potentially large frontier basins of oil and gas are made available to China. It only makes sense that one of the largest undeveloped frontier basins in the world be considered by one of the largest growing economies in the world. Empire is pleased to provide a China-based oil company with the time they need to assess the potential and we look forward to continuing our already good working relationship with its management."
Prior to Duke Energy Corporation constructing its pipeline over the tenement, Empire subsidiary Great South Land Minerals Ltd. entered into confidentiality agreements to allow the exchange of basin potential confidential information. Empire directors believe entering into these types of confidentiality and exclusivity agreements from time to time with world-class companies provide the needed time to assess the opportunity. The directors of Empire believe entering into this exclusivity agreement will allow the China-based oil company the needed time to assess the confidential information provided and also the time needed to explore structuring with Empire the opportunity the basin presents to the Pacific Rim countries of China and Australia.
This Press Release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward-looking statements when you see us using the words such as "expect," "anticipate," "estimate,", " believes," "plans" and other similar expressions. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Empire's ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements.