AUSTIN, Texas, July 27, 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 testing of the rebuilt Green Tide Salt Water Disposal Facility ("SWDF") is progressing well.
On Tuesday July 24, 2012 the SWDF recirculated approximately 360 barrels of water through most of the system to test the integrity of the new plumbing. The Company was able to test all but the final flow lines to the main pumps and with one exception (the offloading lines) all leaks were located and corrected. The two offloading lines were found to be structurally deficient and have been re-engineered using replacement components and will now be tested.
The main disposal pump was run and as expected found to not have been damaged by the lightning strike and fire. The transfer pumps, damaged during the lightning strike last year and subsequently repaired, were tested and ran very well.
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The Company notes, that in common with numerous OTCBB companies, broker-dealers have finally withdrawn from trading our stock on that market.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.