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Enhanced Oil Resources Inc. Announces Letter of Intent for the Sale of Crossroads Oilfield, Lea County, New Mexico
|By PR Newswire
|September 4, 2014 01:44 PM EDT
HOUSTON, Sept. 4, 2014 /PRNewswire/ - Enhanced Oil Resources Inc. (TSX-V: EOR;
OTCQX: EORIF) announces that its indirect wholly-owned subsidiary,
Ridgeway Arizona Oil Corp. (collectively with EOR, the "Company"), has
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. The purchase price is $10.0 million (U.S.), subject to certain
post-closing adjustments and conditions. The sale is subject to
completion of due diligence by the Purchaser, which is arm's length to
the Company, negotiation and execution of a definitive sales agreement
and regulatory approval. Riviera-Ensley Energy Advisors acted as the
marketing agent and broker for the Company in connection with the
transaction. Riviera-Ensley Energy Advisors is a full service
acquisition and divestiture transaction advisor serving the energy
sector for over 20 years. More than twenty entities reviewed the
field's geological and operating information, with the Company
receiving four bids, including the Purchaser's bid. The Company has
agreed to pay Riviera a fee of $210,000 upon closing of the sale with
the Purchaser for conducting the confidential marketing and
solicitation of bids for the property interests.
Subject to completion of the Purchaser's due diligence and execution of
a definitive sales agreement, the transaction is expected to close on
or before September 15, 2014 with a post-closing settlement following
receipt of all required state of New Mexico regulatory approvals. If
the transaction is ultimately completed, the effective date for the
transaction will be September 1, 2014, the date upon which the
Purchaser assumes financial obligations and consequences arising from
the operation of the field. As the transaction constitutes a
"Reviewable Disposition" within the meaning of Policy 5.3 of the TSX
Venture Exchange, the transaction is subject to the approval of the TSX
As previously reported, following a costly workover in the Crossroads
field in the first quarter of 2014, the Company decided not to incur
further development costs in the Crossroads field associated with high
risk wellbores and undertook a number of initiatives to raise
additional funds and has restricted its operations to those matters
necessary to sustain production, reduced personnel and overhead and
postponed certain remedial operations.
The Company intends to use the proceeds from the disposition of the
Crossroads field to pursue new opportunities that diversify the
Company's asset base, pay accounts payable and for general corporate
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
purchase and sale is expected to close on or before September 15, 2014,
and that the Company intends to use the proceeds from the disposition
of the Crossroads field to pursue new opportunities that diversify the
Company's asset base, pay accounts payable and for general corporate
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 that the purchaser
will complete its due diligence, that a definitive sale/purchase
agreement will be executed, that all regulatory approvals will be
received, that the sale/purchase agreement will close on or before
September 15, 2014, and that there will be sufficient proceeds from the
disposition to pursue new opportunities that diversify the Company's
asset base, pay accounts payable and for general corporate purposes.
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.
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