Imperial Resources, Inc.; SWDF Commences Commercial Disposal Operations
AUSTIN, Texas, Sept. 4, 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 its Green Tide Salt Water Disposal Facility ("Facility", "Green Tide") is now open for business.
During the course of last week the Company continued to carry out numerous tests at the Facility in conjunction with completion of minor remedial works. Water was disposed of at full depth down the well bore without issues. A final safety check was also conducted to test the sensors, the control panel and the emergency shut-offs.
The Company completed testing of the Facility on Saturday, September 1, 2012 and immediately opened it under the brand "Green Tide" for acceptance of water from the numerous water haulers in the immediate vicinity. These companies service waste water disposal from approximately 6,000 wells within a 20 mile radius of the Green Tide location. These wells produce water for years after they have been 'fracture stimulated' with pressurised water. This 'frac' (salt) water has to be disposed of in a safe manner, typically by trucking the salt water to a commercial disposal site such as Green Tide.
The next phase of operations will be to run the plant at limited capacity during daylight hours to assess performance under commercial conditions, test and smooth out the billing process, ramp up marketing efforts, hire and train additional staff, make additional repairs, optimize oil separation and recovery and identify any operations issues, with the intention of building up disposal volumes initially to around 5,500 barrels per day. Performance will be closely monitored and a shutdown of one to two days is planned, if required, to carry out any necessary maintenance during this phase.
Also the Company will begin to identify the necessary retrofits, improvements, equipment and techniques to begin to increase the current capacity to a capacity closer to the 15,000 barrels per day allowed under the permit.
The Company is distributing vendor packs to the numerous companies that haul waste water in the Barnett Shale area and this process will continue with a targeted sales and marketing plan over the coming weeks. Demand for water disposal remains strong and the Company is pleased to note significant activity in the Barnett Shale as a result of firmer gas prices. The Company is confident it can attract disposal business up to the full operational limit of Green Tide.
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 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.