AUSTIN, Texas, Aug. 2, 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 over the coming days the Company expects to be flowing water through the entire facility and disposing at depth at its rebuilt Green Tide Salt Water Disposal Facility ("SWDF").
The Company is accumulating water to fill the system and commence disposal down the wellbore. This test will also enable the Company to check that the remediation works to the offloading lines and pipework reinforcement has been carried out satisfactorily. Subject to this testing being successful, the Company will commence commercial operations.
During the recent testing process a number of modifications, improvements and retrofitting have been made on the oil separation equipment aimed at optimising both water flow and oil capture during disposal operations. The Company anticipates that oil recovery of at least 0.25% to 0.5% of disposal volume is achievable, amounting to between 2.5 and 5 barrels of oil recoverable for sale from every 1,000 barrels of water disposed. At the full permitted capacity, this equates to between 37.5 and 75 barrels of oil per day and may have a significant impact on total SWDF revenues.
Imperial is also pleased to announce that on July 31, 2012 it closed a private offering for a total of $100,000 from a single investor made under Rule 506 of Regulation D as promulgated by the United States Securities and Exchange Commission under the Securities Act. The investor subscribed for a total of 506,483 shares at a price of approximately $0.20.
Demand for water disposal remains strong and the Company is pleased to note a surprising amount of activity in the Barnett Shale despite the recent low gas prices The Company is confident it can attract disposal business up to the full operational limit of the SWDF once it is functioning, which the Company believes will provide substantial cashflow.
The Company notes, that in common with numerous OTCBB companies, broker-dealers have finally withdrawn from trading our stock on that market. This is a result of the continued general broker-dealer migration away from the OTC Bulletin Board to the more vibrant OTCMarkets.com platform, which offers them cost efficiencies. Being current in our SEC reporting obligations Imperial remains listed on the OTCMarkets middle tier, OTCQB. Imperial is aware that on some websites IPRC (again in common with other companies in the same position) is reported as being a "Pink Sheet" company, or "Not Available". Our true status can be seen here: http://www.otcmarkets.com/stock/IPRC/quote .
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.