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Enhanced Oil Resources, Inc. Announces 37% Increase in Potential CO2 Reserves at St. Johns Helium/Carbon Dioxide Field.

Posted on: Thursday, 5 June 2008, 09:01 CDT

HOUSTON, TX, June 5 /PRNewswire-FirstCall/ -- Enhanced Oil Resources, Inc. (TSX-V: EOR) today announced the results of the 2008 Cobb Report, a resource evaluation report of the Helium (He) and Carbon Dioxide (CO2) reserves within the Company controlled St. Johns He/CO2 field located in Apache County, Arizona and Catron County, New Mexico.

W.M. Cobb and Associates was commissioned by the Company to update the previous reports completed by Cobb in 1999 and most recently in 2005 and has incorporated all new information gathered in the Field since 2005. To date, there have been 36 wells drilled within the St Johns field with 15 wells completed for long term testing. Recent gas flow rates in the Field have been as high as 6.5 million cubic feet per day (mmcfpd) and have confirmed that the resource has considerable deliverability potential.

The latest results have indicated that the St Johns resource is potentially significantly larger than earlier estimates had suggested with potentially recoverable reserves increasing to 8 trillion cubic feet (TCF) of CO2 and 33 billion cubic feet (BCF) of Helium over a 40 year life. With the higher deliverability of in excess of 6 mmcfpd per well achieved from the most recent wells the 20 year production outlook has increased to 6.6 TCF of CO2 and 26 BCF of Helium.

The latest results have been summarized into the following table: ------------------------------------------------------------------------- 20-Year 40-Year 20-Year 40-Year CO2 Recover- Recover- Helium Recover- Recover- Case in Place able able in Place able able (TCF) (TCF) (TCF) (BCF) (BCF) (BCF) ------------------------------------------------------------------------- 1999 13.9 ---- 6.0 64 ---- 33 ------------------------------------------------------------------------- 2008 - Mid 13.4 5.9 7.4 56 24 30 ------------------------------------------------------------------------- 2008 - Upside 15.0 6.6 8.2 62 26 33 -------------------------------------------------------------------------

The results and data incorporated into this study have now been provided to the Cawley, Gillespie & Associates consultant engineering company who will now prepare a Reserve Report along the Society of Petroleum Engineers (SPE) guidelines to determine the current distribution of proven, probable and possible recoverable reserves at St. Johns.

Barry Lasker, President and Chief Executive Officer of Enhanced Oil Resources said: "The results from the latest resource evaluation report from W.M. Cobb and Associates has confirmed that the St. Johns gas field is potentially considerably larger than earlier estimates had suggested and the higher production rates achieved this year from our most recent drilling indicates that significant reserves may be produced over a 20 year period. In this age of high oil prices there is considerable interest in carbon dioxide flooding to enhance oil production from mature, depleted oil fields. The Company stands ready to develop the St. Johns field as soon as possible in order to capture value associated with CO2 flooding its own oil fields in the Permian basin and to supply additional CO2 to other producers in the area."

About Enhanced Oil Resources ----------------------------

Enhanced Oil Resources, Inc. (EOR) is an early-stage company focused on developing the St. Johns Helium/CO2 field, and producing oil via enhanced oil recovery processes using CO2 injection in the United States. The Company owns and operates the St. Johns Field, the largest undeveloped helium and CO2 field in North America.

Forward-Looking Statement -------------------------

Certain statements contained herein are forward-looking statements, including statements relating to Enhanced Oil Resources' 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 information because it is possible that expectations, predictions, forecasts, projections and other forms of forward-looking information will not be achieved by Enhanced Oil Resources. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties. A change in any one of these factors could cause actual events or results to differ materially from those projected in the forward-looking information. 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. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Enhanced Oil Resources and described in the forward-looking statements or information. The forward-looking statements are based on a number of assumptions which may prove to be incorrect. 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 http://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 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/; Retail investorsplease call Don Currie on 1-888-990-3551

Source: PRNewswire-FirstCall

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