In May of 2005, an investment friend of mine suggested I look into an oil exploration company. It was located in Tasmania, Australia. They had found, they thought, a large deposition of subterranean oil, gas, coal, helium and zinc. I invested into the company $25,000 for $.20 a share, then considered a good price. It was called Empire Energy International Corporation, EEGC.
It looked very good. They had invested tens of millions of dollars into very sophisticated exploration. They were looking for start up money. I know 'wildcatting' is very speculative, but this looked like a sound deal.
I invested several times in this company over the years with the stock price going up and down—mostly down.
They had some success with zinc mining but it seemed to piddle away. Oil was always the target. I became friends with several of the major investors.
Several years went by with many false starts
---almost there!
In 2008, they actually started drilling. They had funding; They erected a derrick!
Then the financial crisis happened and we lost our funding.
By 2009, I had over $150,000 invested. It still looked promising. But I was getting weary of the time it was taking. The price was $0.03 a share.
Next, 2011 Developments.
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