Imperial Resources, Inc.; SWDF Operations Update
AUSTIN, Texas, Aug. 20, 2012 /PRNewswire/ -- Imperial Resources, Inc. (OTCQB: IPRC) and its wholly owned subsidiary, Imperial Oil & Gas, Inc. (together the "Company", "Imperial") is pleased to announce an update on developments at its rebuilt Green Tide Salt Water Disposal Facility ("SWDF").
As previously reported, the Company has been rigorously testing the SWDF to ensure that once commercial operations commence customer interruptions are kept to an absolute minimum. This process has been somewhat hampered by storms and significant amounts of rain. However the testing has demonstrated the mechanical modifications made to the gun barrel tank appear to have been successful. The main pump has tested positive. The transfer pumps are working as designed. The sump system has worked better than expected, being tested by the heavy rains. As a result of the testing, the Company has made a decision to install all metal fittings to the first shut off valve coming out of each tank. The Company has been transferring its test water from place to place to retrofit each shut off valve. While this process is time consuming it is faster than pumping our current test water down hole and having to obtain more water. However, the Company is pleased to report that the retrofits will be completed this week. Additionally, a few PVC connections were found to leak and those will be sealed or contained over the next week as well.
While this step by step testing process and tweaking of the system has caused some unexpected and unwanted delays in bringing the plant online, the Company felt now was the time to complete the strengthening of these vital connections rather than open prematurely. To have to shut down to make these changes once the SWDF is open and operating would cause disruption to our customer's schedules, which the Company considers it is paramount to avoid.
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.
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.