HOUSTON, Aug. 18 /CNW/ - Enhanced Oil Resources Inc. (TSX-V: EOR) today provides the following update on operational activity.
As previously reported, the Company had been working to upgrade the water handling capacity at the Crossroads Siluro-Devonian Unit in Lea County, New Mexico and that water injection recommenced at Crossroads in early June. During July the oil production at Crossroads stabilized at a daily rate of 433 barrels of oil per day (BOPD) with Company wide production averaging 515 BOPD. The No. 106 well is currently off line pending the completion of behind pipe logs, similar to those logs run previously on the No. 101 well. We expect to evaluate this and other wells for behind pipe potential over the next several weeks. The No. 304 water injection well is performing as expected and has injected water at rates as high as 7,500 barrels of produced water per day.
The Company also reports that the Crossroads No. 101 Morrow discovery well has all the necessary surface facilities in place and is currently waiting for electrical hook up which we expect to occur in the next week or two.
About Enhanced Oil Resources Inc.
Enhanced Oil Resources Inc. is an early-stage company, with two principal
business segments of
(i) Crude oil and natural gas production through primary, secondary and
enhanced oil recovery ("EOR") projects it is initiating in the
Permian Basin on oil fields acquired by the Company in 2007 and 2008
for that purpose.
(ii) Helium and CO(2) resource exploration and production through
property interests it controls in approximately 251,000 gross acres
of land within the St Johns Helium/CO(2) field in Arizona and New
Mexico, and where the Company is developing what is thought to be
the largest undeveloped helium and carbon dioxide field in North
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 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 the 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 further information: visit our Website at www.enhancedoilres.com., or please call Don Currie, on 1-888-990-3551.