AUSTIN, Texas, Jan. 24, 2013 /PRNewswire/ -- Imperial
Resources, Inc. (OTCQB: IPRC) and its wholly owned subsidiary,
Imperial Oil & Gas, Inc. (together the "Company", "Imperial")
is pleased to announce that the first oil sales have been made from
its Green Tide Salt Water Disposal Facility ("Green Tide").
Green Tide commenced commercial water disposal operations in
September, 2012 and has been separating and accumulating oil from
delivered disposal water during this period. On January 10, 2013 the first full tanker load of
recovered oil was sold. The price received for the oil will be at a
slight discount to the WTI crude oil price at the time of sales.
The % recovery rate was broadly in line with expectations given
that not all the delivered water was subject to oil separation in
the early stages of operation, combined with the requirement for
the formation of a persistent "oil blanket" in the recovery tank.
All water is now subject to oil separation and future optimization
is expected to increase the oil recovery rate to the expected 0.25%
to 0.5% of water received. Although this % oil cut is relatively
small, oil sales will form a material proportion of overall Green
Tide revenues.
Over the coming months the Company intends to increase the
average daily disposal volumes through longer opening hours,
enhanced marketing efforts and, subject to available funds, a
number of capacity upgrades to Green Tide. In the event these
efforts are successful oil sales are expected to increase in line
with higher water disposal volumes and recovery optimisation.
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. (OTCQB: 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.
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 16, 2012. 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: 512 322-5740
http://www.imperialresourcesinc.com/pages/contact
SOURCE Imperial Resources, Inc.
