The shares were bought for an average consideration of $17,250, or an average price of $0.08 each. He now holds a total of 7,154,760 shares held directly or indirectly.
In addition, McLeod holds 5.3 million executive options and 2 million executive options exercisable at $0.35 and expiring 31 December 2014.
Empire had last month acquired a key pipeline system in Chautauqua County, New York State, allowing it to progress with carrying out its own repairs, reducing the otherwise substantial gas losses of 10 million cubic feet per month and allowing at least 34 shut-in wells to be brought back into production.
Repairs to the pipelines are expected to be completed by the end of the U.S. summer.
Full terms of the acquisition are confidential however payback for the acquisition and repairs, based on reduction of gas shrinkage and excluding the value of the meters acquired, is expected to be less than 12 months.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.