Empire Oil and Gas' January placement for 60 million new shares at 3 cents with 30 million free o...
The funds raised will be used for the company's proposed drilling program, which includes the Eclipse-1 well located south of Gingin. Empire considers the drilling of Eclipse-1 a priority for the company due to the size of the prospect and its proximity to gas pipelines.
The Eclipse Prospect has been calculated to have gas reserves in place of 557 billion cubic feet of gas. Empire is looking at a mid-June spud date for Eclipse-1 well pending farmout.
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