Empire Gets Encouraging Results from Survey in EP 41

Empire Oil & Gas reports further encouraging results to those reported over the Companyıs Parrot Hill East Prospect in EP 41 Part 3 Permit. The following petroleum geochemical results are from the geochemical survey recorded in late August 2004 within petroleum permit EP 412, in the Onshore Exmouth Sub-Basin, Carnarvon Basin, Western Australia.

Geochemical Survey Method
The petroleum geochemical survey method used is designed to detect micro seepages of hydrocarbon gases rising vertically from petroleum accumulations at depth and into the overlying soil profile. Gas samples extracted at each survey point during the survey were evaluated through a gas chromatograph and analyzed for methane, ethane and propane hydrocarbon gases. Hydrocarbon readings recorded above background, in particular the heavier molecules of ethane and propane, are considered to provide indications of whether there are oil accumulations in the seismically defined structures. Methane and ethane anomalies are considered to provide indications of gas accumulations.

Yolande Prospect EP 412
Empire Oil & Gas N.L. (Operator) 35%
Bounty Oil N.L. 65%

(The Company is earning up to 80% interest in the Permit).
The Geochemical Survey was recorded over the Yolande prospect in EP 412. The main reservoir objective in this prospect is the Early Permian Lyndon Sandstone which can be seismically tied to the Remarkable Hill-1 well where it was 8 metres thick and demonstrated good reservoir porosity of 20%.

An encouraging geochemical anomaly with up to 3 times background of methane and 5 times background of ethane was detected over the northern part of the Yolande Prospect. The location of this petroleum geochemical anomaly is coincident with a seismic amplitude anomaly over Yolande demonstrating the potential for a gas charged reservoir. The 5 times ethane content in the petroleum geochemical anomaly could be a geochemical response to condensate. Potential recoverable gas reserves for this prospect are estimated to be of the order of 52 Billion Cubic Feet. With the region growing, there is an existing and increasing demand for domestic, military and industrial gas fired power generation.

The Company intends to conduct a detailed petroleum geochemical survey over the Yolande Prospect to confirm the anomaly and establish that it continues over the southern part of the seismically mapped structure.

Bullara Oil Trend EP 41 Part 3, EP 359 and EP 412, Exmouth Sub-Basin
The results over the Yolande Prospect together with the petroleum geochemical results at Parrot Hill East announced on 13 September 2004, have upgraded Empireıs permits in the onshore Exmouth Sub-Basin. Of particular interest is the trend of the Cretaceous aged Birdrong Sandstone prospects, now called the Bullara Trend, which extends along the eastern side of the Rough Range Fault. This trend extends into the Companyıs EP 359 (Empire 33.36% Equity) and EP 412 (Empire 35% earning up to 80%) Permits (see Figure 1). The Rough Range East and Parrot Hill East prospects in EP 41 Part 3 (Empire 100%) in particular are seismically well defined fault blocks where the Birdrong Sandstone is sealed by 40-50 meters of the regionally extensive Muderong Shale. Source is provided by the thick Jurassic shales in the Paterson Trough and petroleum generation, interpreted to have occurred during the Early Tertiary, predates the formation of the Rough Range Anticline. (see Figure 2) Oil prospects along the Bullara Trend are considered to have the potential to be filled to spill point as they are unaffected by the Late Miocene structuring of the Rough Range Anticline. If this is proven by drilling, the Bullara Trend prospects have the potential to have entrapped larger pools of oil than on the Rough Range Anticline. For example, the Parrot Hill East Prospect has potential recoverable oil reserves of 4.7 million barrels. (see Figure 2) The Paterson Trough also has the potential to source Jurassic aged stratigraphic traps such as Paterson North. These traps are poorly defined with the Company (in EP 41 Part 3) and the EP 359 permittees intending to conduct further geochemical surveys in this area in the future. This play type is attractive due to the potential size in the order of 20 million barrels of recoverable oil. This stratigraphic play is technically difficult to define however the petroleum geochemical method is considered applicable as a technical tool to assist in defining the extent of potential stratigraphic oil entrapment. (see Figure 2) Rough Range Oilfield EP 41 Part 3
Empire Oil & Gas N.L. 100%
Production of oil from its Rough Range Oilfield is a priority for the Company in the 4th Quarter. Progress is being made on its Production Facility.

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