Enhanced Oil Resources Inc. Provides Update on Sale of St. Johns Assets
HOUSTON, TX, Dec. 2, 2011 /PRNewswire/ - Enhanced Oil Resources Inc. (TSX-V: EOR) today announced that, by mutual consent, the Target Closing Date of December 1, 2011 has been extended to December 8th, 2011 for the previously announced sale by its subsidiary of all of its right, title and interests in the St Johns dome and certain related assets, located in Apache County, Arizona and Catron County, New Mexico, in order to complete a number of Closing Conditions that remain to be completed, including the delivery of certain material consents, the renegotiation of a material third-party contract and regulatory approval.
In addition, the Company reported today that it is applying to the TSX Venture Exchange to extend the expiry date from December 4th, 2011 to December 4th, 2012 related to certain 4,052,600 share purchase warrants entitling the purchase of up to an aggregate 4,052,600 shares of the Company at a price of $0.40 per share. These warrants were issued pursuant to a private placement of 4,052,600 units, each unit comprised of one common share and one share purchase warrant, which closed on December 3rd, 2009.
About Enhanced Oil Resources Inc.
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 on oil fields acquired by the Company in 2007 and 2008 for those purposes.
Forward-Looking Statements
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. Such forward-looking statements include, among others, that the purchase and sale agreement is now targeted to close on or about December 8, 2011 and that the closing is subject to renegotiation of a material third-party contract.
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. Assumptions upon which such forward-looking statements are based include that the purchase and sale agreement will close on or about December 8, 2011 and that the material third-party contract will be renegotiated. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the failure to close the sale and purchase agreement for whatever reason, failure to receive the required material consents and the failure to renegotiate the material third-party contract. 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
(signed)
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.
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