Empire Energy Group officially lists on OTC-QX in U.S.

Empire Energy Group (ASX: EEG) has now officially listed on the OTC-QX, the United States’ third most traded market after the NYSE and NASDAQ. 

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.

It is the world's largest electronic marketplace for broker-dealers to trade over-the-counter stocks. More than 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.

Empire Energy is rapidly advancing its projects in the U.S. and continues to explore acquisition opportunities to book new proved, and proved and probable reserves in Kansas.

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 1,520 barrels of oil per day and the company is targeting 2,500 barrels of oil per day in 2012.

Empire Energy is currently producing oil from the Central Kansas Uplift and gas from the Appalachia Basin.

Central Kansas Uplift properties have proved and probable reserves of 4.8 million barrels, while the Appalachia Basin has proved and probable reserves of 73.3 billion cubic feet.

RB Milestone Group, a New York-based equity research and market intelligence firm, sees Empire Energy as a low risk oil and gas company with strong upside potential based on positive opportunities in Appalachia and Australia, a strong track record in acquisitions and a robust oil and gas price outlook.

Empire Energy plans to boost production by 4,500 barrels of oil equivalent per day by 2015 through acquisitions.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/21491/empire-energy-group-officially-lists-on-otc-qx-in-us-21491.html