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
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