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Re: alfaspider post# 229

Monday, 12/12/2011 1:38:39 PM

Monday, December 12, 2011 1:38:39 PM

Post# of 299
and then came Dec 9th

Enhanced Oil extends St. Johns sale closing to Dec. 31

2011-12-09 09:48 ET - News Release

Mr. Barry Lasker reports


Enhanced Oil Resources Inc., by mutual consent, has extended the target closing date of Dec. 8, 2011, to Dec. 31, 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 counties, 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.

Oil field operations

The company's crude oil production has averaged approximately 402 barrels of oil per day for the months of October and November, a decrease of approximately 10 per cent since September. The decrease in production is largely caused by the reduction in workover rigs during the fourth quarter, as fewer wells were worked over during this period. At Crossroads, fourth-quarter production averaged approximately 275 barrels of oil equivalent per day, a reduction of 20 boepd since September. During the fourth quarter, the company has focused its efforts on reducing near-term remedial activity in order to maximize cash for use at the upcoming Milnesand infill program.

At Milnesand, the company has lined up the bulk of services to commence its lateral drilling program and expect to have a rig on location in the next few weeks, pending final closing of the sale of St. Johns assets mentioned above.

Barry Lasker, president and chief executive officer of Enhanced Oil Resources, said: "We are disappointed not to have all our approvals for the sale of St. Johns completed by the amended closing date of Dec. 8. Both buyer and seller are currently waiting on third party responses to three preclosing conditions that have not been returned to date. The extension to Dec. 31 will hopefully provide the required time for these to be returned. We thank our shareholders for their patience while we work towards a quick closing."

We seek Safe Harbor.

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