Imperial Resources, Inc.; First Oil Sales from Green Tide
AUSTIN, Texas, Jan. 24, 2013 /PRNewswire/ -- Imperial Resources, Inc. (OTCQB: IPRC) and its wholly owned subsidiary, Imperial Oil & Gas, Inc. (together the "Company", "Imperial") is pleased to announce that the first oil sales have been made from its Green Tide Salt Water Disposal Facility ("Green Tide").
Green Tide commenced commercial water disposal operations in September, 2012 and has been separating and accumulating oil from delivered disposal water during this period. On January 10, 2013 the first full tanker load of recovered oil was sold. The price received for the oil will be at a slight discount to the WTI crude oil price at the time of sales. The % recovery rate was broadly in line with expectations given that not all the delivered water was subject to oil separation in the early stages of operation, combined with the requirement for the formation of a persistent "oil blanket" in the recovery tank. All water is now subject to oil separation and future optimization is expected to increase the oil recovery rate to the expected 0.25% to 0.5% of water received. Although this % oil cut is relatively small, oil sales will form a material proportion of overall Green Tide revenues.
Over the coming months the Company intends to increase the average daily disposal volumes through longer opening hours, enhanced marketing efforts and, subject to available funds, a number of capacity upgrades to Green Tide. In the event these efforts are successful oil sales are expected to increase in line with higher water disposal volumes and recovery optimisation.
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. (OTCQB: IPRC), 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.
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 16, 2012. 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.
Rob Durbin, CEO
Telephone: 512 322-5740
SOURCE Imperial Resources, Inc.