Enhanced Oil Resources Inc. Completes Private Placement
Oil & Energy
Houston, Texas Private Placement – Enhanced Oil Resources Inc. announced that it has closed, subject to final Exchange approvals, a non brokered private placement via PPM. The non brokered private placement closed containing 4,048,000 Units for total proceeds of $1,012,000 (CDN). The placement was comprised of Units priced at $0.25 per Unit. Each Unit consists of one share of the Company and one-half of one transferable share purchase warrant, each whole warrant entitling the holder to purchase one additional share of the Company at a price of $0.40 until December 2nd, 2010. Finder’s fees totaling $69,960 (CDN) were paid. All securities in this private placement are subject to hold periods expiring April 3rd, 2010. The funds will be used for corporate development as well as development operations in the Crossroads Devonian field.
About Enhanced Oil Resources Inc.
Enhanced Oil Resources Inc. is an early-stage company, with two principal
business segments of
(i) Crude oil and natural gas production through enhanced oil recovery
(“EOR”) projects it is initiating in the Permian Basin on oil
fields acquired by the Company in 2007 and 2008 for that purpose.
(ii) Helium and CO(2) resource exploration and production through
property interests it controls in approximately 251,000 gross acres
of land within the St Johns Helium/CO(2) field in Arizona and
New Mexico, and where the Company is developing what is thought to
be the largest undeveloped helium and carbon dioxide field in
Certain statements contained herein are forward-looking statements, including statements relating to Enhanced Oil Resources’ operations; business prospects, expansion plans and strategies. 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 information because it is possible that expectations, predictions, forecasts, projections and other forms of forward-looking information will not be achieved by Enhanced Oil Resources.
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