The airplane sustained substantial damage at about 1600 Eastern time when it collided with terrain following a loss of engine power during takeoff and initial climb. Neither the Airline Transport pilot (ATP) in the right seat nor the Private pilot/owner in the left seat were injured. Visual conditions prevailed. Prior to departing, both fuel tanks were filled and the sumps drained. No contaminants or water were observed. Just after takeoff, at about 500 feet agl, all engine power was lost. Emergency procedures did not restore engine power. During the emergency landing, the airplane collided with rough and uneven terrain, and sustained substantial damage to the wings, fuselage and empennage. A post-crash examination revealed the airplane came to rest upright and both fuel tanks were intact. About six ounces of water was drained from the airplanes left fuel tank and gascolator.
