Enhanced Oil Resources Inc. Signs Multi-Well Contract With Forster Drilling Corporation
Posted on: Thursday, 29 November 2007, 12:00 CST
HOUSTON, Nov. 29 /PRNewswire-FirstCall/ -- Enhanced Oil Resources Inc. (the "Company") today announced that it has entered into a multi-well contract with Forster Drilling Corp. to drill an additional 10 wells in the Company's St. Johns Helium/CO2 field located in Apache County, Arizona and Catron County, New Mexico.
The drilling of these additional wells will focus on finalizing reserves quantification and production characteristics at St. Johns and will enable the Company to proceed with detailed discussions with pipeline operators and third party gas purchasers. This well program is an extension to the earlier drilling program that focused on proving up additional flank production and lease protection.
It is anticipated that the Forster rig will be on location around the middle of December, 2007. The Forster drilling program will be operated under the direction of the Company's newly hired drilling team and will focus on drilling information gained earlier this year.
Enhanced Oil Resources Inc. is a development stage, enhanced oil recovery (EOR), company that controls approximately 235,000 acres of land within the St. Johns Helium/CO2 field in Arizona and New Mexico where the Company is developing what is thought to be the largest undeveloped resource of helium and carbon dioxide gases in North America. Independent engineering firms have estimated that the St. Johns field contains approximately 15 trillion cubic feet of in place resources, with a potential recoverable resource of 5 trillion cubic feet. Development of the project could result in the Company becoming one of North America's largest CO2 suppliers and EOR producers. The Company's strategic focus for CO2 delivery and EOR production is the Permian Basin where significant potential exists for enhanced oil recovery from mature, depleted oil fields.
ON BEHALF OF THE BOARD OF DIRECTORS (signed) Barry D Lasker, CEO THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Enhanced Oil Resources Inc.
CONTACT: visit our Website at http://www.enhancedoilres.com/, or Retail Investorsplease call Don Currie, on 1-888-990-3551
Source: PRNewswire-FirstCall
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