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PRZOOM - /newswire/ -
Winston-Salem, NC, United States, 2011/02/01 - SmallCapReview, A leading site for news and information on small caps, penny stocks and microcaps is adding Imperial Resources (IPRC) to its list of stocks "On the Radar".
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Imperial Resources (IPRC) through its subsidiary, Imperial Oil & Gas Inc., engages in the exploration and development of oil and gas assets in the onshore United States. IPRC holds a 14.9% working interest in the oil, gas, and mineral leases in the Greater Garwood hydrocarbon exploration project, which covers an area of approximately 2,244 acres and is located in Colorado County, Texas. The company also has agreements to acquire 50% working interest in Chisholm Trail Prospect in Oklahoma; and a majority participation interest in a salt water disposal well.
IPRC has a highly focused strategy of building a substantial portfolio of oil and gas assets through its access to niche, low risk oil and gas opportunities. With extensive industry relationships and a strong management team, both in house and contracted-in, working to strict investment criteria in identifying low risk opportunities which combine rapid payout and long term revenue streams. This highly risk averse strategy aims to exploit high-growth projects which can deliver cash flows normally associated with higher risk projects but without exposure to high risk failure rates.
IPRC Investor Highlights
Announced that its wholly owned subsidiary, Imperial Oil & Gas, Inc. has entered into a Farmout Agreement, conditioned upon satisfactory title check, for the right to earn acreage by drilling in an infill development project (“Stateline”) in the existing Sawyer Field, in Lea County, New Mexico.
Planned infill wells are relatively shallow at < 5,000 feet and are expected to produce oil and gas. With substantial well control in the area and following a review of analogous vertical wells nearby, the Company now anticipates that reserves for the Stateline wells, if successful, to comfortably exceed 30,000 BOE per well. Existing oil and gas gathering infrastructure is nearby.
Announced that its wholly owned subsidiary, Imperial Oil & Gas, Inc. has entered into an Oil and Gas lease (“Agreement”) with the mineral owner of approximately 35 acres and an existing wellbore in Montague County Texas.Announced that through its wholly owned subsidiary, Imperial & Oil and Gas, Inc., has reached an agreement to take a nominal working interest in a well in the same blanket formation as the Company’s first planned key Resource Play in Oklahoma.
Oklahoma Prospect: Imperial has agreements in place to take a major working interest position in an Oklahoma Resource Play. This acreage position is in excess of 20,000 acres and will include in excess of 14 horizontal wells in the development program. The acreage position may be expanded at a later date, subject to acreage availability and results. Wells are considered relatively low risk, categorized as Proven Undeveloped Reserves attracting a P90, or 1P, rating. Imperial believes the reserves that could be developed by a successful 15 well program could be up to 3,450, 000 barrels of oil and 30 bcf of gas for this prospect alone (7,500, 000 BOE in total).
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