Listed: TSX Venture Exchange (Symbol: EOR)
HOUSTON, Nov. 6 /CNW/ - Enhanced Oil Resources Inc. (the "Company") today
announced that, in light of the current share price, it has closed on the
brokered private placement through Union Securities Ltd. announced on October
3rd, 2007. As previously announced, the initial tranche of the placement
closed on October 10, 2007 and contained 9,285,600 Units for total proceeds of
$16,714,080 (CDN) and these proceeds, net of costs, have been delivered to the
Company. No further Units have been issued.
In addition, after consultation with the TSX Venture Exchange, the
Company has determined not to proceed with an application to extend the due
date of January 19th, 2008 for the $1.00 warrants that were issued as part of
the placement that closed on January 19th, 2007.
The Company's President and CEO, Mr. Barry Lasker, reports "The Company
has recently stated that it would not pursue financing on terms that are not
in the best interest of our shareholders. We believe that, at current levels,
the Company has sufficient funds to continue the execution of the business
plan and that additional funding should be available, in the future, through
existing warrants and options."
Enhanced Oil Resources Inc. is a development stage, enhanced oil recovery
(EOR), company that controls approximately 235,000 acres of land within the St
Johns Helium/CO2 field in Arizona and New Mexico where the Company is
developing what is thought to be the largest undeveloped resource of helium
and carbon dioxide gases in North America. Independent engineering firms have
estimated that the St Johns field contains approximately 15 trillion cubic
feet of in place resources, with a potential recoverable resource of 5
trillion cubic feet. Development of the project could result in the Company
becoming one of North America's largest CO2 suppliers and EOR producers. The
Company's strategic focus for CO2 delivery and EOR production is the Permian
Basin where significant potential exists for enhanced oil recovery from
mature, depleted oil fields.
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 Retail Investors please call Don Currie on 1-888-990-3551