HOUSTON, Sept. 19, 2012 /CNW/ -Enhanced Oil Resources Inc. (TSX.V: EOR;
OTCQX: EORIF) (the "Company") is pleased to provide the following
update regarding the Company's recent three well drilling program.
At the Company's wholly owned Milnesand oil field, the previously
announced three well infill lateral program has been completed and the
rig has been released. The MSU #123 well, the third and final well in
this program was acidized yesterday, September 18, 2012.
The MSU #141 well, the second well in the program, was placed into
production on September 9th and has produced approximately 963 barrels of oil over the initial 10
day period. Average production over that period was slightly in excess
of 96 barrels of oil per day (bopd). The MSU #522 well, the first well
drilled in the program, continues to produce oil at an average daily
rate of approximately 40 barrels of oil per day (bopd).
Oil production volumes for September, to date, have averaged 453 barrels
of oil per day (bopd), an increase of 45 bopd from August levels.
Production volumes for the last 10 days have averaged approximately 543
bopd, largely due to the production gained from the MSU #141 and #522
Barry Lasker, CEO and President of Enhanced Oil Resources Inc. states,
"The Company is very pleased with the initial production at the MSU
#141 and MSU #522 infill wells. The results to date confirm our
technical assessment that indicates considerable oil can still be
recovered at Milnesand, and by analogy at the Chaveroo field, by infill
drilling as a precursor to our CO2 developments. The Company is already planning the next round of three
infill wells at Milnesand and we expect to start that program within
the next 45 days, subject to all approvals being obtained".
About Enhanced Oil Resources Inc.
Enhanced Oil Resources Inc. (TSX.V: EOR; OTCQX: EORIF) trades in Canada
on the TSX Venture Exchange under the symbol "EOR" and in the United
States on OTCQX under the symbol "EORIF". 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.
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.
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, that the lateral wells will be
drilled as expected and that the lateral wells will result in continued
commercial production as anticipated. 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 about Enhanced Oil Resources Inc. please visit our Website at www.enhancedoilres.com. or please call Don Currie at 1-888-990-3551.