HOUSTON, TX, Jan. 17, 2013 /PRNewswire/ - Enhanced Oil Resources Inc. (TSX.V: EOR; OTCQX: EORIF) (the "Company") today announces the following addition to the Company's management team.
The Company is pleased to report that Mr. Mark Peavy has joined the Company as Vice President CO2 Projects and will report directly to the Company's President and CEO.
Mark holds a Master of Business Administration from Rice University, Houston, Texas (2008) and a Bachelor of Science in Petroleum Engineering from University of Texas-Austin, Austin, Texas (1981). Mark has over 30 years of experience as a petroleum engineer and most recently was employed by Kinder Morgan CO2 Company where he was CO2 subsurface engineering manager and SACROC field development manager with direct responsibility for the subsurface design and execution of eight CO2 redevelopment projects within the SACROC field.
EOR Inc.'s President and CEO Mr. Barry Lasker reports "The Company is very pleased to have a person of Mark's caliber join the team at EOR. Mark's experience in developing large scale CO2 Enhanced Oil Recovery projects will greatly help the Company as it executes its plan to become one of the largest enhanced oil recovery resource companies in the Permian basin."
The Company also announces the grant of 1,940,000 incentive stock options entitling the purchase, for a period of five years, of 1,940,000 shares of the company at a price of $0.10 per share pursuant to the terms of the Company's Stock Option Plan approved by shareholders on August 31, 2012.
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.
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, that the lateral wells will result in commercial production and that oil production will continue as reported. 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
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SOURCE Enhanced Oil Resources Inc.