Empire Energy Corporation International: Intention to Call a Special Meeting
of Shareholders for Removal of Certain Directors
LENEXA, Kan., Jan. 24 /PRNewswire-FirstCall/ -- Empire Energy Corporation
International, (OTC Bulletin Board: EEGC) (the "Company") announced today that
its Chairman of the Board, Michael Roberts, and its CEO and fellow member of
the Board, S. A. (Al) Sehsuvaroglu, intend to hold a Special Meeting of
Shareholders with the objective of proposing to the Company's shareholders
that the other three (3) members of the Company's Board of Directors be
replaced. Messrs. Roberts and Sehsuvaroglu will provide formal notice of the
Special Meeting of Shareholders as expeditiously as possible with the intent
that such meeting be held by the first part of March 2008, subject to
compliance with regulatory matters concerning proxy statements.
The Chairman asserts that the other three (3) directors, Messrs T.
Ballantyne, C. Burrett and J. Garrison, held an invalidly convened meeting on
7th January 2008 by telephone. These directors deem such meeting to be a
formal Board Meeting despite the fact that they failed to properly notify the
other members of the Board, namely the Chairman of the Board, Michael Roberts
and the CEO, S. A. (Al) Sehsuvaroglu. The meeting violated the provisions of
due notice, delivery of notice and consent set forth in the Company's Bylaws
and the Nevada Revised Statutes and was therefore not duly called.
The meeting purported to terminate the employment contract of Mr.
Sehsuvaroglu as the Company's CEO and without reason thereby to remove the
only officer with oil & gas experience notwithstanding that subscription
agreements had been issued by the Company on the basis of representations in
the offering documents that described the CEO's involvement as fundamental.
A number of other resolutions were passed and have been acted on in whole
or in part which the CEO and the Chairman believe not to be in the best
interests of the Company. In view of the seriousness of the actions of the
three Directors in question, the Chairman requested that Messrs. Ballantyne,
Burnett and Garrison all resign immediately. They have declined to do this and
therefore there is no alternative but to put the matter before the
shareholders.
A proxy statement will be sent to shareholders accompanying the formal
notice of the Special Meeting providing further information relevant to the
shareholders' decision, including information on proposed replacements to the
Board. If the shareholders support the Chairman and the CEO and elect the
proposed replacements, the revised Board will be able to ensure that the
appropriate levels of Corporate Governance and standards appropriate to a
Company of this size and complexity of operations is established.
The Chairman states the Company remains in a perilous financial position
and that only by immediately establishing and applying categorical principles
of corporate governance can the current round of fund raising for the Company
be completed.
Empire Energy Corporation International is an international oil and gas
exploration company, focusing on developing assets in one of the world's last
virgin basins and is positioning itself to become a leading low-cost finder of
hydrocarbons. The Company is currently operating in Tasmania's central and
northern basins.
NOTE: THE INFORMATION PRESENTED IN THIS PRESS RELEASE CONTAINS FORWARD
LOOKING STATEMENTS WHICH ARE BASED ON THE CURRENT EXPECTATIONS OF THE
MANAGEMENT OF EMPIRE ENERGY CORPORATION INT'L ONLY, AND ACTUAL RESULTS MAY
DIFFER MATERIALLY. FOR A MORE DETAILED DISCUSSION OF RISKS AND OTHER FACTORS
RELATED TO EMPIRE ENERGY CORPORATION INT'L, PLEASE REFER TO ITS 10-KSB AND
10 QSB REPORTS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION.
SOURCE Empire Energy Corporation International
Mr. S. A. (Al) Sehsuvaroglu, President & CEO, + 61 447 576 757, or Fax,
+1-913-312-4068, or Michael Roberts, Chairman, + 44 7715 715 886, or Fax + 44
1235 539300, both of Empire Energy Corporation International
