Enhanced Oil Resources Inc. (TSX-V: EOR; OTCQX: EORIF) previously announced that its indirect wholly-owned subsidiary, Ridgeway Arizona Oil Corp. (collectively with EOR, the "Company"), had entered into a non-binding Letter of Intent with a non-affiliated third party, "Purchaser", for the sale of all of the Company's rights, title and interest in the Crossroads oilfield, located in Lea County, New Mexico.
Subject to completion of the Purchaser's due diligence, it is now expected that a definitive purchase and sale agreement, which will be subject to a number of closing conditions including receipt of TSX Venture Exchange approval, will be entered into as soon as possible, with closing of the transaction to occur after satisfaction of all closing conditions.
About Enhanced Oil Resources Inc.
Enhanced Oil Resources Inc. is an early-stage company, with a principal goal of increasing crude oil and natural gas production through enhanced oil recovery ("EOR") and infill drilling projects it is initiating in the Permian Basin on oil fields acquired by the Company in 2007 and 2008 for that purpose.
Certain statements contained herein are "forward-looking statements" and "forward-looking information" under applicable securities laws, including statements regarding beliefs, plans, expectations or intentions regarding the future relating to Enhanced Oil Resources Inc.'s operations, business prospects, expansion plans and strategies. Such forward-looking statements include, among others, that the definitive purchase and sale agreement is expected to be entered into.
Forward-looking information typically contains statements with words such as "intends", "anticipate", "estimate", "expect", "potential", "could", "plan" or similar words suggesting future outcomes. Readers are cautioned not to place undue reliance on forward-looking statements because it is possible that expectations, predictions, forecasts, projections and other forms of forward-looking information will not be achieved. Forward-looking statements are based on the opinion and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Although Enhanced Oil Resources believes that the expectations reflected in such forward-looking statements are reasonable, Enhanced Oil Resources can give no assurance that such expectations will prove to be correct. Assumptions upon which such forward-looking statements are based include that the purchaser will complete its due diligence and that a definitive sale/purchase agreement will be entered into. Factors could cause actual results to vary materially from results anticipated by such forward-looking statements, will be completed, or that additional opportunities will fail to be successful. Readers should be aware that the list of factors, risks and uncertainties set forth above are not exhaustive. Readers should refer to Enhanced Oil Resources' current filings, which are available at www.sedar.com, for a detailed discussion of these factors, risks and uncertainties. The forward-looking statements or information contained in this news release are made as of the date hereof and Enhanced Oil Resources undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws or regulatory policies.