Imperial Resources, Inc.: Nunnelly #1 Well Evaluation -- Reserve Report and Operations to Commence
21 Mars 2011 - 1:00PM
Marketwired
Imperial Resources, Inc. (OTCBB: IPRC) is pleased to announce that
its wholly owned subsidiary, Imperial Oil & Gas, Inc. (together
the "Company," "Imperial"), has conducted an evaluation and has
obtained an independent reserve report on its Nunnelly #1 re-entry
and wellbore deepening prospect located on a 35 acre mineral lease
in Montague County, Texas.
The Company believes recoverable reserves are approximately
32,455 Gross Barrels of Oil (22,231 net BO). The project is rated
as a P50 or 2P classification (at least a 50% probability that the
estimated reserves will be recovered). Capital expense is expected
to be less than $300,000 if the re-entry of the existing wellbore
goes to plan.
The Company intends to obtain additional third party reservoir
analysis from an independent registered petroleum engineer.
The Company expects preparation operations on the wellbore to
commence this week. Imperial believes that the potential cashflow
from Nunnelly #1, if successfully completed and put on production,
will provide useful revenues as the Company progresses, in concert,
its planned transformational Oklahoma Resource Play.
Robert Durbin, CEO, commented, "Nunnelly #1 is a nice
opportunistic play for us - the low entry cost makes it a very
economically viable project even at oil prices much lower than
those prevailing today."
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: Imperial Resources, Inc. Rob Durbin CEO 888-575-4772
888-575-IPRC http://www.imperialresourcesinc.com/pages/contact
Imperial Resources (CE) (USOTC:IPRC)
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