AUSTIN, Texas, June 14, 2012 /PRNewswire/ -- Imperial Resources, Inc. (OTCBB: IPRC), (OTCQB: IPRC) and its wholly owned subsidiary, Imperial Oil & Gas, Inc. (together the "Company", "Imperial") is pleased to announce that it is has received initial geological reports on its new Area of Mutual Interest ("AMI") in Oklahoma acquired under an agreement entered into in January 2012.
The report's findings are directly in line with the Company's expectations, specifically: 1) the target formation is present under the entire AMI; 2) it is of substantial thickness; 3) it has been and continues to be productive; and 4) it has similar geological characteristics to the area where a Test Well, in which Imperial has a nominal interest, is producing excellent results from a similar formation. Additionally, six other productive formations have been identified within the AMI.
The AMI has more than 10 historical wells within it, each of which has produced in excess of 100,000 barrels of oil equivalent. The data suggest the blanket formation contains a large quantity of high quality hydrocarbons across the AMI.
Imperial will continue to work with its local geologist with extensive experience in the area to identify and select the optimal areas with the intention to commence a leasing program, subject to funding. Imperial believes the AMI provides substantial drilling opportunities and excellent potential for uplift in acreage prices.
The Test Well has now been in production since November 2011, achieving initial flow rates of over 360 barrels of oil per day and 850 McF of gas per day. Cumulative production is over 31,000 barrels of oil and 100 million cubic feet of gas.
The Oklahoma resource play is one of two key projects identified as transformational for Imperial (the other being the Company's SWDF project which is currently being rebuilt).
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.
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 14, 2011. 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.