Enhanced Oil Resources Inc. To Extend Warrants



    HOUSTON, June 16 /CNW/ - Enhanced Oil Resources Inc. (TSX-V: EOR)
reported today that it has, subject to regulatory approval, extended:
    from June 28th; July 9th; July 23rd and July 27th, 2009 to June 30th,
2010 the expiry date of 6,048,387 share purchase warrants entitling the
purchase of up to an aggregate 10,140,650 shares of the Company at a price of
$1.80 per share. These warrants were issued pursuant to a private placement of
20,281,300 units, each unit comprised of 1 common share and 1/2 share purchase
warrant, the last tranche of which closed on July 27th, 2007; and
    from July 4th, 2009 to June 30th, 2010 the expiry date of 3,636,811 share
purchase warrants entitling the purchase of up to an aggregate 3,636,811
shares of the Company at a price of $1.80 per share. These warrants were
issued pursuant to a private placement of 7,273,622 units, each unit comprised
of 1 common share and 1/2 share purchase warrant, which closed on July 4th,
2007; and
    The Company also announced today that it has closed, subject to final
Exchange approvals, a non brokered private placement. The non brokered
placement closed containing 4,326,667 Units for total proceeds of $1,947,000
(CDN). The placement was comprised of Units priced at $0.45 per Unit. Each
Unit consists of one share of the Company and one-half of one transferable
share purchase warrant, each whole warrant entitling the holder to purchase
one additional share of the Company at a price of $0.60 until June 3rd, 2010.
Finder's fees totaling $109,680 (CDN) were paid. All securities in this
private placement are subject to hold periods expiring October 3rd, 2009. The
funds will be used for corporate development as well as operations in the St
Johns source field and Milnesand CO(2) pilot flood.

    
    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 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 America.

    Forward-Looking Statement
    -------------------------
    

    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.
    

    %SEDAR: 00004538E




For further information:

For further information: visit our Website at www.enhancedoilres.com or
please call Don Currie on 1-888-990-3551

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Enhanced Oil Resources Inc.

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