Enhanced Oil Resources, Inc. Announces 37% Increase in Potential CO2 Reserves at St. Johns Helium/Carbon Dioxide Field.

    HOUSTON, TX, June 5 /CNW/ - Enhanced Oil Resources, Inc. (TSX-V: EOR)
today announced the results of the 2008 Cobb Report, a resource evaluation
report of the Helium (He) and Carbon Dioxide (CO2) reserves within the Company
controlled St. Johns He/CO2 field located in Apache County, Arizona and Catron
County, New Mexico.
    W.M. Cobb and Associates was commissioned by the Company to update the
previous reports completed by Cobb in 1999 and most recently in 2005 and has
incorporated all new information gathered in the Field since 2005. To date,
there have been 36 wells drilled within the St Johns field with 15 wells
completed for long term testing. Recent gas flow rates in the Field have been
as high as 6.5 million cubic feet per day (mmcfpd) and have confirmed that the
resource has considerable deliverability potential.
    The latest results have indicated that the St Johns resource is
potentially significantly larger than earlier estimates had suggested with
potentially recoverable reserves increasing to 8 trillion cubic feet (TCF) of
CO2 and 33 billion cubic feet (BCF) of Helium over a 40 year life. With the
higher deliverability of in excess of 6 mmcfpd per well achieved from the most
recent wells the 20 year production outlook has increased to 6.6 TCF of CO2
and 26 BCF of Helium.

    The latest results have been summarized into the following table:

                       20-Year    40-Year               20-Year    40-Year
               CO2     Recover-   Recover-    Helium    Recover-   Recover-
    Case    in Place     able       able     in Place     able 	 able
              (TCF)      (TCF)      (TCF)      (BCF)      (BCF)      (BCF)
    1999      13.9       ----        6.0         64       ----         33
    2008 -
     Mid      13.4        5.9        7.4         56         24         30
    2008 -
     Upside   15.0        6.6        8.2         62         26         33

    The results and data incorporated into this study have now been provided
to the Cawley, Gillespie & Associates consultant engineering company who will
now prepare a Reserve Report along the Society of Petroleum Engineers (SPE)
guidelines to determine the current distribution of proven, probable and
possible recoverable reserves at St. Johns.
    Barry Lasker, President and Chief Executive Officer of Enhanced Oil
Resources said: "The results from the latest resource evaluation report from
W.M. Cobb and Associates has confirmed that the St. Johns gas field is
potentially considerably larger than earlier estimates had suggested and the
higher production rates achieved this year from our most recent drilling
indicates that significant reserves may be produced over a 20 year period. In
this age of high oil prices there is considerable interest in carbon dioxide
flooding to enhance oil production from mature, depleted oil fields. The
Company stands ready to develop the St. Johns field as soon as possible in
order to capture value associated with CO2 flooding its own oil fields in the
Permian basin and to supply additional CO2 to other producers in the area."

    About Enhanced Oil Resources
    Enhanced Oil Resources, Inc. (EOR) is an early-stage company focused on
developing the St. Johns Helium/CO2 field, and producing oil via enhanced oil
recovery processes using CO2 injection in the United States. The Company owns
and operates the St. Johns Field, the largest undeveloped helium and CO2 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



    Barry D Lasker, CEO


    %SEDAR: 00004538E

For further information:

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

Organization Profile

Enhanced Oil Resources Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890