HOUSTON, TX, Sept. 12, 2014 /CNW/ - 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.
Forward-Looking Statements
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Barry D Lasker, CEO
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE
SOURCE Enhanced Oil Resources Inc.