/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
HOUSTON,
April 9, 2015 /CNW/ - Enhanced Oil
Resources Inc. (TSX-V: EOR; OTCQX: EORIF) (the "Company")
announces that it will conduct a non-brokered private placement
(the "Private Placement") of common shares (the
"Shares") of the Company at a price of CAD $0.05 per share to raise gross proceeds of up to
USD $5,500,000. The number of Shares
to be issued will be determined by dividing the gross proceeds
received by the US Dollar equivalent of CAD $0.05 on the Private Placement closing date.
The proceeds from the Private Placement will be used for
operating expenditures and for general working capital
purposes.
It is anticipated that insiders of the Company
and their joint actors may subscribe for up to 20% of the Shares
pursuant to the Private Placement. The participation of each
insider will be subject to the approval of directors of the Company
who are independent of such insider. Any such participation would
be considered to be a "related party transaction" as defined under
Multilateral Instrument 61-101 ("MI 61-101"). As the
distribution of the securities to the insiders is for cash with a
fair market value of not more than $2,500,000, the Company anticipates that the sale
of securities to insiders pursuant to the Private Placement will be
exempt from the valuation and minority shareholder approval
requirements of MI 61-101. No new insiders are anticipated to
be created, nor will there be any change of control as a result of
the Private Placement.
All securities issued in connection with the Private Placement
will be subject to a minimum four month hold period. The
private placement is subject to all required approvals, including
the approval of the TSX Venture Exchange.
About Enhanced Oil Resources Inc.
Enhanced Oil Resources Inc. owns and operates two
large legacy oil fields in New
Mexico-the Milnesand & Chavaroo oil fields. Recorded
production of these two fields is in excess of 37 million barrels,
representing approximately 10% of the original oil in place. The
Company plans to unlock the value in these resource-rich fields by
increasing the efficiency of its operations, and by applying new
and proven unconventional production technologies.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrew
Hromyk
President and 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
Cautionary Statement Regarding Forward-Looking
Information
Except for statements of historical fact, this
news release contains certain "forward-looking information" within
the meaning of applicable securities law. Forward-looking
information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"will", "could" and other similar words, or statements that certain
events or conditions "may" or "could" occur. Such forward-looking
information is based on a number of assumptions and subject to a
variety of risks and uncertainties, including but not limited to
those discussed in the sections entitled "Forward-Looking
Statements" in the interim and annual Management's Discussion and
Analysis which are available at www.sedar.com. While our management
believes that the assumptions made are reasonable, should one or
more of the risks, uncertainties or other factors materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those described in forward-looking
information. Forward-looking information herein, and all subsequent
written and oral forward-looking information are based on estimates
and opinions of management on the dates they are made and are
expressly qualified in their entirety by this cautionary statement.
Except as required by law, the Company assumes no obligation to
update forward-looking information should circumstances or
management's estimates or opinions change.
This news release does not constitute an offer to
sell or a solicitation of an offer to sell any of the securities in
the United States. The securities referred to herein have not
been and will not be registered under the United States Securities
Act of 1933, as amended or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Enhanced Oil Resources Inc.