ENHANCED OIL RESOURCES INC. PROVIDES UPDATE ON SALE OF ST. JOHNS ASSETS
By mutual consent, the target closing date of Dec. 1, 2011, has been extended to Dec. 8, 2011, for the previously announced sale by Enhanced Oil Resources Inc.'s 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 Dec. 4, 2011, to Dec. 4, 2012, related to certain 4,052,600 share purchase warrants entitling the purchase of up to a total of 4,052,600 shares of the company at a price of 40 cents per share. These warrants were issued pursuant to a private placement of 4,052,600 units, each unit comprising one common share and one share purchase warrant, which closed on Dec. 3, 2009.
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