HOUSTON, Sept. 18, 2014 /CNW/ - Enhanced Oil
Resources Inc. (TSX-V: EOR; OTCQX: EORIF) today announced that it
has entered into a Letter of Intent with Schlumberger Technology
Corporation (Schlumberger) whereby Schlumberger, at its own cost,
will conduct an in-depth technical evaluation of the potential
redevelopment of the Milnesand and
Chaveroo oil fields, located in Chaves and Roosevelt Counties, New Mexico. Schlumberger will utilize in-house
experts in primary, secondary and tertiary recovery with the
ultimate goal of deciding the best way forward, if appropriate, to
recover additional oil reserves contained within these fields.
The Company has agreed to stand still on the redevelopment of
the fields for a period of up to six months while the
Schlumberger-funded study is underway. Based on the results of the
study, Schlumberger will decide whether to assist EORI in
redevelopment of the Milnesand and
Chaveroo fields under a comprehensive services agreement to be
negotiated by both parties.
Barry Lasker, CEO and President
of Enhanced Oil Resources states, "The Company is very pleased to
be joined with Schlumberger in this study. Schlumberger offers
world class technical capabilities and oilfield services that can
help the Company immensely as it seeks to maximize the oil recovery
from these large, legacy oilfields."
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 that purpose.
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 project agreement shall be
completed, that definitive agreements will be signed, and that
redevelopment of these legacy fields will occur.
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
includes, that the project agreement shall be completed, that
definitive agreements will be signed, and that redevelopment of
these legacy fields will occur.
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
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.