Imperial Resources, Inc.; Successfully Finds SWDF Target Disposal Zone, Rig Released
AUSTIN, Texas, Sept. 19, 2011 /PRNewswire/ -- Imperial Resources, Inc. (OTCBB: 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 ("SWDF") well has successfully found one of the major lost circulation zones containing the high porosity strands targeted in the Ellenburger formation, ideal for the planned disposal volumes of water and the well is now at the final total depth. There was a significant drop in the drill bit into a porous strand as the zone was intersected.
The rig then circulated in the hole to lighten the drilling mud to balance the low relative pressure of the Ellenburger formation (which makes it so ideal for disposal operations) allowing the release of the bit, which has now been pulled out of the completed hole and the rig has now been released.
A workover rig will now be used to insert the production tubing and packer. Additionally, all high pressure pipes which where severed to perform the drilling operation will be re-attached to complete the disposal circuit. The facilities are currently being brought up to speed with a check and update of some of the electronics and actuators.
The Company is delighted that drilling operations are complete and as soon as the production tubing and packer are in place will seek from the Railroad Commission a pressure test which will be the last threshold for the well prior to disposal operations. The immediate focus will be to bring the SWDF back into commercial operations as quickly as possible.
The Company is very confident that the SWDF location, in conjunction with the ease of access (directly off a State Highway) will attract substantial business rapidly and marketing efforts will now be launched to attract the maximum disposal rate the facility can handle. The facility is permitted to accept 15,000 barrels per day. The facility is also set up to separate the oil contained in solution within the disposal water prior to disposal. This recovery could equate to 1/4% to 1/2% in the disposal water. This could amount to over 40 barrels of oil per day at capacity, generating considerable additional revenues.
Tom Barr, Director of Imperial, said: "The zone we have hit more than meets our criteria for disposal at the full 15,000 barrel permitted daily volume. I expect that the Green Tide SWDF will rapidly attract significant business."
The Green Tide SWDF
The Green Tide SWDF is conveniently located for the disposal of large volumes of salt water generated from essential fracture stimulation operations on Barnett Shale gas wells. There are approximately 6,000 such Barnett wells within 20 miles of the SWDF.
Imperial plans to reopen Green Tide to dispose of up to 15,000 barrels of salt water a day. The Company's acquisition and development of the low run-time Green Tide assets and disposal permit has saved a huge amount of initial capital, compared to a new build cost. At full capacity, the Company believes the Green Tide SWDF has the potential to generate significant cash flow at relatively low operating costs.
Green Tide is one of two key projects identified as transformational for Imperial (the other being the Company's Oklahoma 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 9, 2010. 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.
Source: Imperial Resources, Inc.
Contact:
Rob Durbin, CEO
Telephone:
512 322-5740
http://www.imperialresourcesinc.com/pages/contact
SOURCE Imperial Resources, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article