Imperial Resources, Inc.; Directional Survey Complete on SWDF, Prepares for Rig Arrival
AUSTIN, Texas, June 29, 2011 /PRNewswire/ -- Imperial Resources, Inc. (OTCBB: IPRC) and its wholly owned subsidiary, Imperial Oil & Gas, Inc. (together the "Company", "Imperial") is pleased to announce that, further to its announcement of June 27, 2011, the Company's subsidiary Green Tide Water Disposal, Ltd. ("Green Tide") has completed a directional survey of the disposal wellbore at its Salt Water Disposal Facility ("SWDF").
The directional survey was an essential activity prior to deepening the well enabling Green Tide to optimally direct the drilling kick-off and sidetrack. The survey being satisfactory, Green Tide now plans to pull the tubing and set a cast iron bridge plug with a small pulling unit that can quickly be arranged. Barring unexpected issues and as soon as possible afterward a larger pulling unit will cut and pull the intermediate casing above 3,100 feet and set the whipstock. Once this preliminary work has been completed and subject to the availability of a suitable drilling rig, Green Tide plans to commence side track drilling from around 3,100 feet out to a safe distance prior to turning vertical, so as not encounter any debris lower in the existing hole.
Concurrent with drilling operations Green Tide intends to update and bring back online the computerised control and monitoring systems, run-up the switches and actuators and restore the pumps from their mothballed state into full service.
The SWDF
The SWDF is conveniently located for the disposal of large volumes of salt water generated from essential fracture stimulation operations on Barnett Shale gas wells. There are approximately 6,000 such wells within 20 miles of the SWDF.
Imperial plans to reopen the SWDF to dispose of up to 15,000 barrels of saltwater a day. The Company's acquisition and development of the low run-time SWDF assets and disposal permit is expected to save in excess of $5,000,000, compared to a new build cost.
The SWDF is one of two key projects identified as transformational for Imperial (the other being the Company's Oklahoma project).
Tom Barr, Director of Imperial, said; "It is hard to underestimate the positive impact of SWDF if we can bring it back on line. A successful SWDF business at full disposal capacity is expected to have a cashflow impact equivalent to a non-depleting well producing in excess of 4,000 barrels of oil per month."
About Imperial Resources, Inc.
Imperial Resources, Inc., through its wholly owned subsidiary, Imperial Oil & Gas, Inc. has a highly focused, risk-averse strategy of building a substantial portfolio of oil and gas assets through its access to niche, low risk oil and gas opportunities in the onshore U.S. Imperial aims to exploit projects which can deliver cash flows normally associated with higher risk projects but without exposure to high risk failure rates.
To find out more about Imperial Resources, Inc. (OTCBB: IPRC.OB), visit our website at www.imperialresourcesinc.com. Details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's EDGAR database.
Forward-Looking Statements
Statements in this news release that are not statements of historical fact are forward-looking statements, which are subject to certain risks and uncertainties. Forward-looking statements can often be identified by words such as "expects," "intends," "plans," "may," "could," "should," "anticipates", "assumes", "likely," "believes" and words of similar import. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those expressed or implied by forward-looking statements due to a variety of factors that may or may not be foreseeable or within the reasonable control of the Company. Readers are cautioned not to place undue reliance on such forward-looking statements. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission, including without limitation under the caption "Risk Factors" in the Company's Annual Report on Form 10-K filed on July 9, 2010. Except as otherwise required by law, the Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Contact:
Rob Durbin, CEO
Telephone:
512 322-5740
http://www.imperialresourcesinc.com/pages/contact
SOURCE Imperial Resources, Inc.
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