Imperial Resources, Inc.; Oklahoma Production Update
AUSTIN, Texas, Feb. 14, 2012 /PRNewswire/ -- Imperial Resources, Inc. (OTCBB: IPRC) and its wholly owned subsidiary, Imperial Oil & Gas, Inc. (together the "Company", "Imperial") is pleased to announce that a well in which Imperial owns a nominal interest ("Test Well") in the same blanket formation as in the Company's Area of Mutual Interest ("AMI") in its key Oklahoma resource play, is currently producing at flow rates of around 167 Barrels of Oil ("BO") per day and in excess of 650 MCF of gas per day.
The Test Well was put onto production in November 2011 and has achieved flow rates in excess of 360 BO and 850 MCF of gas per day. Cumulative gross production to date is in excess of 20,431 BO and 52,483 MCF of gas.
In line with the Company's conservative strategy, Imperial took a nominal position in the Test Well to obtain partner level access to the results of an optimized fracture protocol, at minimal risk. The Test well has validated the recovery technique applicable to potential wells in a new AMI of 144 square miles (92,000 acres), entered into with its Test Well partner on January 10, 2012. This is seen as a potential "Company Maker" for Imperial.
Subject to funding, the Company intends to commence a leasing program in the new AMI as soon as possible. Imperial believes that the value of acreage positions in the resource play will continue to climb, as demonstrated by Imperial's purchase of similar acreage in 2011 which generated an uplift in value of over 350% in less than 9 months. The new AMI also increases Imperial's potential working interest ownership from 50% to 90%.
The Oklahoma resource play is one of two key projects identified as transformational for Imperial (the other being the Company's SWDF project).
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 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.
Contact:
Rob Durbin, CEO
Telephone:
512 322-5740
http://www.imperialresourcesinc.com/pages/contact
SOURCE Imperial Resources, Inc.
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