Empire Energy Corporation International’s wholly owned subsidiary Great South Land Minerals Ltd. (GSLM) has finalized a put & call agreement with MR Associates for the Special Exploration License 5/2005.

The Company has acquired an option to purchase exploration rights on approximately 13,336 sq. km. of property from MR Associates, LLP, a company owned by our Chairman, Mr. Michael Roberts. MR Associates has rights, under the special exploration license SEL 5/2005 granted by the Tasmanian government, to conduct exploration for oil and natural gas on approximately 13,336 sq. km. of land adjacent to the license area held by our subsidiary Great South Land Minerals Limited.

MR Associates has also agreed to cancel a Farm-In agreement over a portion of Great South Land Minerals license area under which MR Associates held a 95% interest in any discoveries. If certain conditions are met, each party has an option to require the other party to complete the exchange of the license property for 17 million shares of our Class A Common Stock. Empire issued 2.5 million shares of Class A Common Stock to MR Associates for entering into the agreement.

The exercise period would last for 180 days from entry into the agreement and would be extendable for an additional 180 days at Empire's option upon payment of AU$ 500,000 from Empire to MR Associates.