Grand Monarch Holdings Incorporated Reacquisition Commences, Empire Energy Credit Card to be Issued

LEAWOOD, Kan., Sept. 1 /PRNewswire-FirstCall/ -- Empire Energy Corporation International (Empire) (Pink Sheets: EEGC) announced on Wednesday, September 1st 2010 that Empire has signed a letter of intent with the view of completing binding documentation for the reacquisition of the former, wholly-owned Empire subsidiary Grand Monarch Holdings Incorporated (GMHI).

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Grand Monarch is a California based financial services holding company that is focused on creating long-term asset value through proficient investment diversification. The company wholly owns, American Union Financial Credit Services (AUFS) a credit card provider with a network of over twenty-two million organized labor union households. AUFS currently issues both Discover and MasterCard credit cards with a low interest rate of 9.25% throughout the US, Canada, Puerto Rico and Guam through its relationship with Amalgamated Bank of Chicago. Additionally, AUFS is the exclusive credit card provider for Mission Tuition (www.missiontuition.com), the largest online retail network of vendors offering cash rebates on purchases of up to 3.5% for account holders' tax-free educational savings accounts. With over 260,000 participating retailers, Mission Tuition is focused on becoming the largest educational account rebate program provider in the United States.

Additionally, Grand Monarch is in the due diligence process of acquiring a controlling interest in a labor union affiliated bank headquartered in Chicago, Illinois with more than 80 years of operational experience, favorable balance sheets and quality assets.

While Empire Energy remains wholly committed to the discovery and commercialization of oil and gas in the Tasmania Basin, reacquisition of Grand Monarch will provide Empire with important strategic banking relationships and a network of exceedingly well-versed financial specialists. As Empire moves to close its $180 million structured financing deal with Sure Asset Management and progresses closer to realization of the company's $3.3billion certified asset valuation, access to these networks will steadily grow in importance.

Additionally, reacquisition of Grand Monarch will allow for the issuance of a proprietary Empire Energy consumer credit card. This credit card will be made available to all Empire Energy shareholders within the US, Canada, Puerto Rico and Guam. It will include a low interest rate of 9.25% as well as access to participate in the Mission Tuition educational savings program.

In addition to the significant long term value potential in re-acquiring Grand Monarch Holdings, Inc., Empire Energy will also be attracting the business and multi-industry expertise of the current Grand Monarch Holdings, Inc. Chairman Mr. David Villarreal, Jr. as a candidate for Chairman of the Board of Empire Energy. His consideration and anticipated appointment by the Empire Energy Board will be concurrent with the pending transaction between the parties closing. Mr. Villarreal's extensive business, labor union and political expertise will enhance the strategic business development outlook by focusing on long term growth and acquisition strategies of Empire Energy. Also under consideration for a board appointment to Empire Energy upon completion of this transaction is Mr. David Villarreal III whose educational, marketing and financial background support his current operational duties at Grand Monarch Holdings, Inc. and would further contribute to the Empire Energy business development outlook.

Yesterday Empire Energy formally engaged the services of a private firm to organize and manage the Company's re-listing efforts. The firm has advised Empire of its intention to make application on behalf of the Company this week for re-listing to the Over-the-Counter Bulletin Board. This is the first step in the full process for obtaining a listing on the National Market System's NASDAQ Small Cap.

Empire Energy Corporation is an international oil and gas exploration company, focusing on developing assets in one of the world's last virgin basins and to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Tasmania's central and northern basins.

This press release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward-looking statements when you see us using the words such as "expect," "anticipate," "estimate," "believes," "plans" and other similar expressions. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Empire's ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements. For a more detailed discussion of risks and other factors related to Empire Energy Corporation International, please refer to 10-K and 10-Q reports filed with the U.S. Securities and Exchange Commission.

SOURCE Empire Energy Corporation International