AUSTIN, Texas, Aug. 2, 2012 /PRNewswire/ -- Imperial
Resources, Inc. (OTCQB: IPRC) and its wholly owned subsidiary,
Imperial Oil & Gas, Inc. (together the "Company", "Imperial")
is pleased to announce that over the coming days the Company
expects to be flowing water through the entire facility and
disposing at depth at its rebuilt Green Tide Salt Water Disposal
Facility ("SWDF").
The Company is accumulating water to fill the system and
commence disposal down the wellbore. This test will also enable the
Company to check that the remediation works to the offloading lines
and pipework reinforcement has been carried out satisfactorily.
Subject to this testing being successful, the Company will commence
commercial operations.
During the recent testing process a number of modifications,
improvements and retrofitting have been made on the oil separation
equipment aimed at optimising both water flow and oil capture
during disposal operations. The Company anticipates that oil
recovery of at least 0.25% to 0.5% of disposal volume is
achievable, amounting to between 2.5 and 5 barrels of oil
recoverable for sale from every 1,000 barrels of water disposed. At
the full permitted capacity, this equates to between 37.5 and 75
barrels of oil per day and may have a significant impact on total
SWDF revenues.
Imperial is also pleased to announce that on July 31, 2012 it closed a private offering for a
total of $100,000 from a single
investor made under Rule 506 of Regulation D as promulgated by the
United States Securities and Exchange Commission under the
Securities Act. The investor subscribed for a total of
506,483 shares at a price of approximately $0.20.
Demand for water disposal remains strong and the Company is
pleased to note a surprising amount of activity in the Barnett
Shale despite the recent low gas prices The Company is confident it
can attract disposal business up to the full operational limit of
the SWDF once it is functioning, which the Company believes will
provide substantial cashflow.
IPRC Quotation
The Company notes, that in common with numerous OTCBB companies,
broker-dealers have finally withdrawn from trading our stock on
that market. This is a result of the continued general
broker-dealer migration away from the OTC Bulletin Board to the
more vibrant OTCMarkets.com platform, which offers them cost
efficiencies. Being current in our SEC reporting obligations
Imperial remains listed on the OTCMarkets middle tier, OTCQB.
Imperial is aware that on some websites IPRC (again in common with
other companies in the same position) is reported as being a "Pink
Sheet" company, or "Not Available". Our true status can be seen
here: http://www.otcmarkets.com/stock/IPRC/quote .
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.OB), 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.
