Imperial Resources, Inc.; Green Tide Oil Cut Exceeds Expectations
AUSTIN, Texas, April 9, 2013
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
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
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
Rob Durbin, CEO
SOURCE Imperial Resources, Inc.
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