Imperial Resources, Inc.; Green Tide Weekend Operations, Second Disposal Pump to Go Online
AUSTIN, Texas, Oct. 24, 2012 /PRNewswire/ -- Imperial Resources, Inc. (OTCQB: IPRC) and its wholly owned subsidiary, Imperial Oil & Gas, Inc. (together the "Company", "Imperial") is pleased to announce that weekend operations at its Green Tide Disposal Facility ("Green Tide") have commenced to satisfy demand. The Company also expects to repair and install the second main disposal pump to increase downhole disposal rates.
In response to demand, Green Tide opened for weekend operations for the first time on Saturday and Sunday October 20/21, 2012, attracting levels of traffic in line with weekdays. Weekend operations are planned to continue. To date, no major problems have been encountered during commercial operations. Work is scheduled over the coming weeks to bring the second offloading bay online to keep customer waiting times to a minimum. Work is also planned to complete the automation of the computer systems.
Demand for water disposal in the area is strong and the rapid build of business at Green Tide demonstrates its position and access is highly attractive to water haulers. Green Tide is already attracting disposal business near to its current operational limit, necessitating an increase in operational capacity.
To address this, the second main disposal pump damaged during the lightning strike in October 2011 is expected to be repaired and reinstalled. Given the level of demand for disposal a second pump is now required as a backup and to increase downhole flow rates, as customer disposal rates into the storage tanks have occasionally approached a level limited by the current downhole pump capacity.
Pictures of Green Tide can be viewed at the photo gallery on the Company's website at: http://www.imperialresourcesinc.com/pages/projects?id=28.
The Oklahoma resource play and Green Tide Water Disposal are two key projects identified as transformational for Imperial.
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
SOURCE Imperial Resources, Inc.