AUSTIN, Texas, April 9, 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 a consistent, better than expected
average oil cut has been achieved at its Green Tide Salt Water
Disposal Facility ("Green Tide").
As announced on February 11, 2013
the oil cut recovered from water accepted for disposal, although
small in percentage terms, is projected to form a material
proportion of overall Green Tide revenues. At that time an oil cut
of 0.25% to 0.5% was expected after optimization of the Green Tide
plant, with oil sales expected to form less than half of total
Green Tide revenues.
The Company is delighted to report that during the course of the
previous calendar quarter the average oil cut recovered for sale
has, on average, exceeded the maximum 0.5% expected. This, combined
with firm oil prices, has led to oil sales income exceeding water
disposal revenues.
The Company believes that the Green Tide engineering
improvements have contributed significantly to this strong oil cut,
but there remains a possibility that the plant also received
excessively oil rich water during the first calendar quarter.
The Company continues to monitor and evaluate the situation. As
time passes it will be more apparent as to the exact contributions
of the factors that could have influenced this improvement.
During the course of the first calendar quarter of 2013 the
Company has sold a total of 6 truck loads of oil, totalling well in
excess of 1,000 barrels of oil. A further load is anticipated to be
sold in early April. Oil prices remain firm.
Daily average water disposal rates steadily increased month on
month in the quarter, largely due to the effect of a recent
extension of operating hours and the availability of additional
personnel. Green Tide achieved substantial operating profitability
during the quarter through the combined increase in income from
both water disposal fees and oil sales.
The Company believes sustained profitability will build further
value in its primary asset. The Company also sees these results as
indicative of the potential high net income Green Tide may generate
if daily water disposal volumes can be further increased towards
the fully permitted levels of 15,000 barrels of water per day.
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.
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 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.
