AUSTIN, Texas, July 26, 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, further its announcement of July 5, 2011 the Company's subsidiary Green Tide Water Disposal, Ltd. ("Green Tide") has completed preparation work for the deepening of the Green Tide Salt Water Disposal Facility ("SWDF") well from around 3,100 feet to a Total Depth of in excess of 8,500 feet in the Ellenberger formation.
Approximately 1700 feet of tubing was tripped out of the hole and the packer removed. The existing casing was removed and a cast iron bridge plug set near the bottom of the intermediate casing in preparation for the installation of the whipstock and sidetrack drilling. The preparatory work was completed without incident and in less time than expected.
Drilling rig arrival is currently expected, subject to contract, by the end of August, 2011. An announcement on drilling rig contract will be made in due course.
The 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 wells within 20 miles of the SWDF.
Imperial plans to reopen the SWDF to dispose of up to 15,000 barrels of salt water a day. The Company's acquisition and development of the low run-time SWDF assets and disposal permit is expected to save in excess of $5,000,000, compared to a new build cost.
The SWDF 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.
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.
Rob Durbin, CEO
SOURCE Imperial Resources, Inc.