AUSTIN, Texas, Jan. 17, 2012 /PRNewswire/ -- Imperial Resources, Inc. (OTCBB: IPRC) and its wholly owned subsidiary, Imperial Oil & Gas, Inc. (together the "Company," "Imperial"), announces that it has reached an agreement regarding its key Resource Play in Oklahoma.
Toward the end of 2011, the Company received an offer from its operating partner to buy the Company's position in its current Area of Mutual Interest ("AMI") in the Oklahoma Resource Play. Associated with this offer was an intention that Imperial and the industry partner enter into an agreement to obtain leases elsewhere in the Resource Play.
Further to the offer, on January 10, 2012 the Company's existing acreage was sold for $600.00 per acre for total revenue of $540,000. The Company purchased the acreage for an average price of $168.96 per acre between March and July 2011. Concurrently a new AMI for a different area in the Resource Play was entered into with the same partner in anticipation of the Company acquiring new acreage to preserve and enhance its prospects in the same Resource Play.
The 144 square mile new AMI agreement states that Imperial Oil & Gas, Inc. will own a 90% working interest position in any acreage acquired within the Oklahoma AMI. Within the AMI Imperial will also control future operations, or operate under the Company's operating subsidiary Big Dig Operations, Inc.
Robert Durbin, CEO and managing the Oklahoma Prospect for Imperial, said: "We believe the sale in terms of dollars was attractive in the current circumstances, it being at a considerable profit compared to cost. We are also very pleased have entered into this new AMI which includes multiple potentially productive formations. We also have a larger, majority working interest position and operating control."
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 http://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.