HOUSTON, Sept. 18, 2014 /CNW/ - Enhanced Oil Resources Inc. (TSX-V: EOR; OTCQX: EORIF) today announced that it has entered into a Letter of Intent with Schlumberger Technology Corporation (Schlumberger) whereby Schlumberger, at its own cost, will conduct an in-depth technical evaluation of the potential redevelopment of the Milnesand and Chaveroo oil fields, located in Chaves and Roosevelt Counties, New Mexico. Schlumberger will utilize in-house experts in primary, secondary and tertiary recovery with the ultimate goal of deciding the best way forward, if appropriate, to recover additional oil reserves contained within these fields.
The Company has agreed to stand still on the redevelopment of the fields for a period of up to six months while the Schlumberger-funded study is underway. Based on the results of the study, Schlumberger will decide whether to assist EORI in redevelopment of the Milnesand and Chaveroo fields under a comprehensive services agreement to be negotiated by both parties.
Barry Lasker, CEO and President of Enhanced Oil Resources states, "The Company is very pleased to be joined with Schlumberger in this study. Schlumberger offers world class technical capabilities and oilfield services that can help the Company immensely as it seeks to maximize the oil recovery from these large, legacy oilfields."
About Enhanced Oil Resources Inc.
Enhanced Oil Resources Inc. is an early-stage company, with a principal goal of increasing crude oil and natural gas production through enhanced oil recovery ("EOR") and infill drilling projects it is initiating in the Permian Basin on oil fields acquired by the Company in 2007 and 2008 for that purpose.
Certain statements contained herein are "forward-looking statements" and "forward-looking information" under applicable securities laws, including statements regarding beliefs, plans, expectations or intentions regarding the future relating to Enhanced Oil Resources Inc.'s operations, business prospects, expansion plans and strategies. Such forward-looking statements include, among others, that the project agreement shall be completed, that definitive agreements will be signed, and that redevelopment of these legacy fields will occur.
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 statements because it is possible that expectations, predictions, forecasts, projections and other forms of forward-looking information will not be achieved. Forward-looking statements are based on the opinion and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. 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. Assumptions upon which such forward-looking statements are based includes, that the project agreement shall be completed, that definitive agreements will be signed, and that redevelopment of these legacy fields will occur.
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 policies.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry D Lasker, CEO
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE: Enhanced Oil Resources Inc.
For further information: For more information visit our Website at www.enhancedoilres.com or please call Don Currie on 1-888-990-3551.