Empire Energy Group expands potential investor reach with OTC-QX listing in the U.S.

Empire Energy Group (ASX: EEG) will join the likes of BG Group (LSE: BG), Eastern Star Gas (ASX: ESG) and OZ Minerals (ASX: OZL) when it lists on the OTC-QX, the United States’ third most traded market after the NYSE and NASDAQ, early next week. 

OTC-QX is one of three OTC Markets Group platforms which in total trade over 10,000 securities with an aggregate market capitalisation exceeding US$10 trillion.

Over US$144 billion in total volume of securities were traded on the OTC platform in 2010.

The OTC-QX platform provides Empire Energy convenient access to the U.S. market at a time when it is looking to expand its exploration and production operations.

Importantly, Empire Energy views the OTC-QX listing as a springboard to one of the major U.S. exchanges. The company will trade under the ticker EEGNY (OTC: EEGNY).

Empire Energy is rapidly advancing its projects in the U.S. as it nears the completion of a proposed 10-well drilling program in the prolific oil and gas producing state of Kansas.

Yesterday the company announced it had spud the ninth well of the program. The company spud its first well, Boxberger‐Solomon #14, in early June and currently has six of the nine wells spud on production. The fifth well, Esfeld #9, is currently flowing at a rate of 30 barrels per day.

The company is targeting 30 to 40 barrels of oil equivalent per day and in excess of 50,000 barrels per well.

Empire continues to actively explore opportunities to book new proved, and proved and probable reserves in Kansas by reviewing existing assets and targeting formations, and identifying new assets for farm-in or acquisition of development acreage.   

Across its portfolio of projects, Empire Energy operates around 2,000 wells and has proved, probable and possible reserves of 18.2 million barrels of oil.

Current production is about 1,470 barrels of oil per day and the company is targeting 2,500 barrels of oil per day in 2012.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/21277/empire-energy-group-expands-potential-investor-reach-with-otc-qx-listing-in-the-us-21277.html