Imperial Resources, Inc. Unconditional Agreement for Stateline Infill Project
23 Fevereiro 2011 - 10:00AM
Marketwired
Imperial Resources, Inc. (OTCBB: IPRC) today announced that its
wholly owned subsidiary, Imperial Oil & Gas, Inc. (together the
"Company," "Imperial") has concluded its due diligence and title
check on the Stateline Farmout Agreement ("Agreement") entered into
on January 25, 2011 relating to an infill development project in
the existing Sawyer Field, located in Lea County, New Mexico.
Imperial has accepted the title subject to some additional
curative. This work is now finished and the transaction has now
completed.
Imperial has obtained a right to earn acreage by drilling wells
in the undrilled portion of an existing lease which is held in its
entirety by existing production. The acreage is sufficient to
accommodate 4 vertical infill wells under current acreage spacing
requirements in the Sawyer Field, targeting the San Andres
Formation.
Stateline fits nicely with the Company's objective to exploit
niche, low risk oil and gas opportunities in the onshore U.S. with
the potential to deliver cash flows normally associated with higher
risk projects, but without exposure to high risk failure rates.
Imperial believes that Stateline offers the Company a low entry
cost complementary opportunity (subject to the commercial success
of the infill wells) to build significant production and reserves
as the Company progresses its other opportunities.
Rob Durbin, CEO of Imperial, said, "We fully expected the title
to be in order, however determining that fact can be challenging
when records are filed with both the Bureau of Land Management and
the county. Our title attorney's experience and the willingness of
the Farmor to assist made the process much easier and the results
turned out as expected. We look forward to working with the Farmor
on other projects in the future."
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),
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.
Forward-Looking Statements
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.
Contact: Rob Durbin CEO Telephone: 888-575-4772 888-575-IPRC
http://www.imperialresourcesinc.com/pages/contact
Imperial Resources (CE) (USOTC:IPRC)
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