HOUSTON, Feb. 10 /CNW/ - Enhanced Oil Resources, Inc. (TSXV: EOR), an
independent oil and gas exploration and development company ("EOR" or the
"Company"), today announced that it has engaged Tristone Capital to explore
potential joint venture opportunities for the Company's interests in the St.
Johns Helium and CO2 Field in Arizona and New Mexico.
EOR is the majority owner and operator of the St. Johns Field which is
believed to be the largest undeveloped Helium and CO2 field in North America.
The St Johns Field is estimated to contain 15 Tcf of CO2 of which
approximately 7.4 Tcf of CO2 and 30 Bcf of Helium is expected to be recovered
over the next 40 years. Current plans call for the development of the Field
and a Helium extraction plant capable of processing up to 500 million cubic
feet per day of raw gas and a pipeline of similar size for delivery into the
Permian Basin of New Mexico and West Texas.
Barry Lasker, President and Chief Executive Officer of Enhanced Oil
Resources said: "We are pleased to be involved with Tristone Capital, one of
the leading Investment Banking firms in the world. Tristone's technical and
financial experience, combined with a successful track record and market
insight, has made Tristone a leader in energy mergers and acquisitions and
asset divestitures. Since 2001 Tristone has completed over 90 M&A transactions
and 361 asset transactions with a combined value of over $42.5 billion."
Lasker continued, "Over the last several years EOR has diligently and
rigorously pursued the early development of this world-class field, including
test wells and third party reports covering reservoir analysis, reserves
quantification, facility design and costs. The Company is well-positioned now
to bring in a joint venture partner to continue with full development of the
project and thereby provide a new and reliable long term source of CO2 supply
to the Permian Basin. In discussions with potential third party CO2 gas
purchasers in the Permian Basin the Company became aware of several instances
whereby these potential gas purchasers expressed an interest in ownership of
this tremendous resource. The agreement with Tristone will provide these
Companies, and others, the formal process to potentially invest in the
About Enhanced Oil Resources Inc.
Enhanced Oil Resources Inc. (EOR) is an early-stage company focused on
developing the St. Johns Helium/CO2 field, and producing oil via enhanced oil
recovery processes using CO2 injection in the United States. The Company owns
and operates the St. Johns Field, the largest undeveloped helium and CO2 field
in North America.
About Tristone Capital
Tristone Capital is a global energy advisory firm that provides fully
integrated investment banking, acquisitions and divestitures, and global
equity-capital-markets services. Tristone employs more than 180 technical and
financial professionals with offices in Houston, Calgary, Denver, London and
For more information on Tristone please visit www. tristonecapital.com
Certain statements contained herein are forward-looking statements,
including statements relating to Enhanced Oil Resources' operations; business
prospects, expansion plans and strategies. Forward-looking information
typically contains statements with words such as "intends," "anticipate,"
"estimate," "expect," "potential," "could," "plan" or similar words suggesting
future outcomes. Readers are cautioned not to place undue reliance on
forward-looking information because it is possible that expectations,
predictions, forecasts, projections and other forms of forward-looking
information will not be achieved by Enhanced Oil Resources. By its nature,
forward-looking information involves numerous assumptions, inherent risks and
uncertainties. A change in any one of these factors could cause actual events
or results to differ materially from those projected in the forward-looking
information. Although Enhanced Oil Resources believes that the expectations
reflected in such forward-looking statements are reasonable, Enhanced Oil
Resources can give no assurance that such expectations will prove to be
correct. Forward-looking statements are based on current expectations,
estimates and projections that involve a number of risks and uncertainties
which could cause actual results to differ materially from those anticipated
by Enhanced Oil Resources and described in the forward-looking statements or
information. The forward-looking statements are based on a number of
assumptions which may prove to be incorrect. Readers should be aware that the
list of factors, risks and uncertainties set forth above are not exhaustive.
Readers should refer to Enhanced Oil Resources' current filings, which are
available at www.sedar.com, for a detailed discussion of these factors, risks
and uncertainties. The forward-looking statements or information contained in
this news release are made as of the date hereof and Enhanced Oil Resources
undertakes no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable laws or regulatory
ON BEHALF OF THE BOARD OF DIRECTORS
Barry D Lasker, CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: visit our Website at www.enhancedoilres.com or
please call Don Currie on 1-888-990-3551