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It looks like the time is about right for this to begin a steady climb out of the bottoms.
Let's make some $$$.
I'm glad you got me in when you did, Thanks
EOR to Present at IPAA Oil and Gas Investment Symposium
HOUSTON, Sept. 20, 2012 /CNW/ - September 20, 2012. Enhanced Oil Resources Inc (TSX.V: EOR) (OTCQX: EORIF) today announced the Company's President and CEO Barry Lasker will present to the investment community at the Independent Petroleum Association of America's Oil and Gas Investment Symposium set for September 24th to 26th in San Francisco. Mr. Lasker's presentation is scheduled to begin at 7 p.m. Eastern Standard Time (4 p.m. Pacific Standard Time) on Tuesday September 25th.
The Company invites people to listen to the presentation via the internet at:
https://investor.shareholder.com/ipaa/eventdetail.cfm?eventid=118605
Investors must register prior to the presentation to listen by using the above link.
Investors can also attend the presentation in person at The Palace Hotel, 2 New Montgomery St, San Francisco, California.
About Enhanced Oil Resources Inc.
Enhanced Oil Resources Inc. is an oil and gas development company, with a principal goal of increasing crude oil production through enhanced oil recovery ("EOR") and infill drilling projects it is initiating in the Permian Basin of New Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
(signed)
Barry D Lasker, CEO
NEITHER TSX VENTURE EXCHANGE
Enhanced Oil Resources Provides Drilling Update
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 wells.
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.
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.
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
(signed)
Barry D Lasker, CEO
Great to know. So we have a future bottom pps of .25(warrant strike price) which means we should be around .50 if not more by then.......
If the right news comes out - Then all bets are off.
JMO
also non transferrable.
I'm guessing these warrants don't trade.
Waiting on news of the second well!
Unofficially, results appear to be fantastic. Much better than the first well!!!
gsp2012 ernie, I need you to contact me at seaohtoo@yahoo.com. I do not have PM.
Thanks, I like a measured ratio like the 6 to 1 IF NEEDED. I don't see a current need though.
My funds should be cleared by Wednesday.
QX at .14 - Seems like a no brainer for me.
Almost 500 BOPD - Even a caveman can see the value here.
3 years ago, shareholders approved a 6 for 1 "share consolidation". They recently approve or re-affirmed the same. Management stated they do not plan to immediately act on it.
I have reposted it here for you to read:
September 4, 2012 - Enhanced Oil Resources Inc. (TSX-V: EOR; OTCQX: EORIF) today announced the results of its 2012 Annual General Meeting of Shareholders held on August 31, 2012 in Vancouver, British Columbia. All matters submitted to the Shareholders for their consideration were passed. At the meeting, Shareholders re-elected current Directors: Barry D. Lasker, Rodney L. Eson, L. Edward Parker, John P. Dorrier and G. Wade Stubblefield to the Board. The shareholders also re-appointed PricewaterhouseCoopers LLP, Chartered Accountants, as the auditors of the Company, authorized and approved the implementation by the Company's Board of Directors, in its discretion, of a consolidation of all of the Company's issued and fully paid common shares on a ratio to be determined by the Board of Directors but, in any event, not to exceed six (6) pre-consolidation shares for one (1) post-consolidation share and approved the Company's 2012 Stock Option Plan.
Where do I find the RS info???
yes, your $ holdings will be the same, you will have 1/6 the number of shares....assuming the 1 for 6 ratio.
i did the math and it looks like after is all said and done my share value will still be the same. that is of course, making some assumptions on what the PS will be after the reverse split. and that's assuming 6:1
anyhow, your replies are always appreciated
thanks for replying. doesn't my share count get divided down as well?
gsp. If they do the reverse split, the SP theoritically would trade at 6 times the previous day SP. Assuming .15, then they would trade at .90 the next day. The Market Cap is the same.
The Advantage, If the company is making $$$ is the earnings per share is higher. Example, if they make $1,600,000, with 160 million share out, the would make .01 a share. If they do the 1 for 6 reverse that would leave 26,666,000 shares out. Earnings would be .06 a share.
I guess I should sell my shares then because from what I understand I'll be dividing my count by 6 with no confidence in PPS increase. For a healthy company that sure is a stupid move. Maybe I should walk across the street to One Riverway, I work in 3 Riverway, stick my head in the door and ask them "what gives?" and make them look me in the eye
I voted against it. Not sure why they are doing it.
I saw that today! That's awesome news! Just not sure how I feel about the share consolidation. If the board decides to consolidate 6:1 wouldn't that mean I'd lose more than half the shares I have?
What are your thoughts on that?
HOUSTON , Sept. 6, 2012 /CNW/ - September 6, 2012 - Enhanced Oil Resources Inc. (EOR.V) (EORIF) (the "Company") is pleased to provide the following update regarding the Company's operations for August.
As previously reported, the Company's primary goals for 2012 are to add production and reserves through infill drilling at the Milnesand oil field, located in Roosevelt County, New Mexico , to evaluate the Chaveroo oil field for potential infill drilling and to further the planning and permitting of a 40 mile CO2 pipeline to connect Kinder Morgan's Cortez CO2 pipeline to our Milnesand and Chaveroo oil fields by September 2015 .
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 drilled and cased as a 1,400 foot lateral and is expected to be acidized and stimulated within the next two weeks.
The MSU #522 well, the first well in the program, is currently producing at a stabilised daily rate of 40 barrels of oil per day (bopd). This rate is the highest production rate achieved by a single well in the field over the last 20 years and was achieved over a lateral length of approximately 2,500 feet. The Company anticipates that higher rates can be achieved on the #522 well as it currently is carrying a higher than expected fluid level. A larger pump or other lift mechanics may be required as the Company further evaluates production rates. The Company also anticipates higher rates can be achieved in future wells by extending the lateral distance to approximately 5,000 feet. The MSU #141 well, the second well drilled in the program was acidized and stimulated on the 28th of August and is currently flowing back drilling fluid and spent acid.
Oil production volumes for August averaged 408 barrels of oil per day (bopd), an increase of 16 bopd from July levels. Production volumes for the last ten days of August averaged approximately 432 bopd, largely due to the production gained from the MSU #522 well.
Progress is continuing on the Cortez to Milnesand CO2 pipeline project. Civil survey and archeology crews continue their work in the field. To date, surveying work and plats are complete for 75% of the proposed 40 mile pipeline route. We anticipate the survey crews will complete their work over the next two weeks and have finalized work products to the Company in early October. Once their work is complete, the acquisition of right-of-ways can be finalized and detailed design engineering and costs can be calculated. Our goal is to have cost information completed in the fourth quarter of 2012 with execution of right-of-ways to follow after the Company has had an opportunity to review updated cost information.
Barry Lasker , CEO and President of Enhanced Oil Resources states, "The Company is pleased to report that the three well drilling program at Milnesand has been successfully completed on time and on budget. The results, to date, confirm our technical review that more oil can be recovered at Milnesand, and potentially at Chaveroo, by infill drilling as a precursor to our CO2 developments. We are in the process of bringing all three new wells on line within the next few weeks and we will provide further updates in due course. The Cortez to Milnesand CO2 pipeline project is continuing on schedule and we look forward to completing this part of the process within two weeks. The Company has a strong financial position, with cash in the bank, increasing production and a potential multi-year drilling program ahead of us. "
sounds like good news just not sure what to expect yet. I've read that this could look good for my portfolio
regarding new today, is this a good thing?! Kinda new to this whole thing =)
$25 million in cash, NO DEBT and 390 BOPD of production and drilling 3 laterals, Milnesand has (70) 20-acre infill drilling locations and CO2 flood in 2015. Pilot flood supported 40+ BOPD per 5 spot.....70 wells @ 40 bopd is 2500 BOPD in 2015!
2500 BOPD @$95 Oil is $85 million in annual revenues!
Nice project!
Nice volume today! Looking for news! Hope the project is coming along well =) Excited to see this one grow
Why Investors Prefer OTCQX
OTCQX separates out the credible companies from the large number of economically distressed and questionable companies that trade OTC. Companies that join OTCQX demonstrate their commitment to providing superior information to investors and maintaining the highest quality standards.
Business Summary
Enhanced Oil Resources, Inc. (OTCQX: EORIF; TSXV: EOR) engages in the acquisition, exploration, and development of natural resource properties in the Southwestern United States.
The company had, until January 2012, two segments: Helium and CO2 resource segment and Crude oil and natural gas production segment.
On January 31, 2012, EOR sold all its interests in the Helium and CO2 resource segment when it closed the sale of all its rights, title and interests in the St Johns dome and certain related assets pursuant to a purchase and sale agreement executed with Kinder Morgan CO2 Company, L. P., a wholly owned subsidiary of Kinder Morgan Energy Partners, L.P.
The crude oil and natural gas production segment produces oil and gas from three Permian Basin crude oil fields located in eastern New Mexico and certain oilfield properties, the Winters Fields located near Abilene, Texas, which were acquired during the third quarter of 2011.
From Standard and Poors Factual Stock Report dated July 24, 2012
Enhanced Oil, through EOR Operating Inc., owns a 99% interest in the 4,880 acre Milnesand San Andres Unit and a 100% interest in the adjacent 1,800 acre Horton Federal lease. Milnesand is comprised of approximately 92 wells, of which 47 are capable of production.
The Milnesand San Andres Field was purchased for enhanced oil recovery using carbon dioxide (CO2) injection ("CO2 flooding"). In 2007, the company engaged Advanced Resources International, Inc. ("ARI") to evaluate the potential for CO2 flooding at Milnesand. In 2008 and 2009, EOR completed a pilot CO2 flood project. Enhanced Oil is now preparing for the development of a full field CO2 flood with an anticipated startup date around September 2015. Current production at Milnesand is approximately 50 bopd.
The company is increasing the well density from 40 acre spacing to 20 acre spacing in an attempt to increase primary recovery. These new wellbores will eventually be used for the CO2 flood at Milnesand.
EOR, through Ridgeway Arizona Oil Corp., owns and operates a 99% interest in approximately 21,000 acres of San Andres units and leases within the 25,000 acre greater Chaveroo Field. This area, which is comprised of approximately 264 wells within multiple unconsolidated operating units and other discrete operating leases, has approximately 65 wells capable of producing.
The Chaveroo San Andres Field was purchased for enhanced oil recovery using CO2 flooding. ARI has estimated that full field CO2 flooding at Chaveroo could recover an additional 30 million barrels of oil and could produce as much as 10,000 bopd. EOR has upgraded surface facilities, reactivated several additional wells, converted several wells to water injectors and plugged and abandoned several wells. Current production at Chaveroo is approximately 50 bopd.
The company believes that potential exists at Chaveroo to increase the well density from 40 acre to 20 acre spacing per well in an attempt to increase primary recovery and to eventually use those new wellbores for CO2 flooding.
EOR, through EOR Operating Inc., owns a 98% interest in the 800 acre Crossroads Siluro-Devonian Unit and a 100% interest in an adjacent 160 acre lease. Enhanced Oil reactivated six additional wells and upgraded equipment and facilities.
Production has increased to a current rate of approximately 280 bopd.
The company has two wholly-owned and directly held U.S. subsidiaries, Enhanced Oil Resources USA Inc. and Ridgeway Petroleum Florida, Inc. Oil and gas operations of EOR are conducted in two indirectly held, wholly-owned subsidiaries: Ridgeway Arizona Oil Corp. and EOR Operating Company.
The company was founded in 1980. It was formerly known as Ridgeway Petroleum Corp. and changed its name to Enhanced Oil Resources, Inc. in 2007.
Recent Developments
In June 2012, Enhanced Oil announced that the three well lateral drilling program at the Company's wholly owned Milnesand San Andres oil field has commenced. The Company is initiating the first ever lateral drilling program at the Milnesand San Andres oil field, located in Roosevelt County, New Mexico . The initial program of 3 horizontal wells is expected to take approximately 30 to 45 days to complete and will be followed by extensive testing and potentially, fracture stimulation.
Key Operating Information
At March 31, 2012, Enhanced Oil's cash and cash equivalents were $20 million, net cash used in operating
activities was $3.5 million, net cash provided by investing activities was $25 million, and net cash used in
financing activities was $1.8 million.
At March 31, 2012, Enhanced Oil reported total assets of $74.4 million, total current liabilities of $2.4 million, and
stockholders' equity of $43.3 million.
EORIF- Enhanced Oil Resources trades on OTC-QX
HOUSTON , July 24, 2012 /CNW/ - Enhanced Oil Resources Inc. (OTCQX: EORIF; TSX.V: EOR, the Company) and OTC Markets Group Inc. (OTCM), today announced that the Company is now trading on the highest tier of the OTC market, OTCQX® under the symbol EORIF
Enhanced Oil Resources began trading today on the OTC market's prestigious tier, OTCQX International. Investors can find current financial disclosures and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.
"OTCQX companies demonstrate their commitment to providing superior information to investors and maintaining the highest quality standards," said R. Cromwell Coulson, President and Chief Executive Officer of OTC Markets Group. "We are pleased to welcome Enhanced Oil Resources to OTCQX."
Merriman Capital, Inc. will serve as Enhanced Oil Resources' Principal American Liaison ("PAL") on OTCQX, responsible for providing guidance on OTCQX requirements and U.S. securities laws.
Barry Lasker , CEO and President of Enhanced Oil Resources states, "The Company is pleased to begin trading on the OTCQX. This move will increase the Company's exposure with both institutional and retail investors within the United States. Broadening our audience and potential investor base is a key focal point, especially during our current infill lateral drilling program. Trading on the OTCQX marketplace is in addition to our current TSX.V listing".
About Enhanced Oil Resources Inc.
Enhanced Oil Resources Inc. (OTCQX: EORIF; TSX.V: EOR) trades in the United States on OTCQX under the symbol "EORIF", and in Canada on the TSX Venture Exchange under the symbol "EOR". 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 that purpose.
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