AUSTIN, Texas, Aug. 20, 2012 /PRNewswire/ -- Imperial Resources,
Inc. (OTCQB: IPRC) and its wholly owned subsidiary, Imperial Oil
& Gas, Inc. (together the "Company", "Imperial") is pleased to
announce an update on developments at its rebuilt Green Tide Salt
Water Disposal Facility ("SWDF").
As previously reported, the Company has been rigorously testing
the SWDF to ensure that once commercial operations commence
customer interruptions are kept to an absolute minimum. This
process has been somewhat hampered by storms and significant
amounts of rain. However the testing has demonstrated the
mechanical modifications made to the gun barrel tank appear to have
been successful. The main pump has tested positive. The transfer
pumps are working as designed. The sump system has worked better
than expected, being tested by the heavy rains. As a result of the
testing, the Company has made a decision to install all metal
fittings to the first shut off valve coming out of each tank. The
Company has been transferring its test water from place to place to
retrofit each shut off valve. While this process is time consuming
it is faster than pumping our current test water down hole and
having to obtain more water. However, the Company is pleased to
report that the retrofits will be completed this week.
Additionally, a few PVC connections were found to leak and those
will be sealed or contained over the next week as well.
While this step by step testing process and tweaking of the
system has caused some unexpected and unwanted delays in bringing
the plant online, the Company felt now was the time to complete the
strengthening of these vital connections rather than open
prematurely. To have to shut down to make these changes once the
SWDF is open and operating would cause disruption to our customer's
schedules, which the Company considers it is paramount to avoid.
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.
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.
