Enhanced Oil Resources Inc.

06/27/2020

11/27/2013

2013-11-26 16:08 ET - News Release

ENHANCED OIL RESOURCES ANNOUNCES THIRD QUARTER IMPROVED OPERATING PERFORMANCE AND PROVIDES OPERATIONS UPDATE FOR THE THIRD QUARTER OF 2013

Enhanced Oil Resources Inc. has released its operating and financial results for the three and nine months ended Sept. 30, 2013 (all dollar amounts are in U.S. dollars).

Third quarter highlights:

The company had revenue of $3.1-million, up 25 per cent over 2012 with 99 per cent generated from crude oil sales. This compares with $2.5-million for the same period last year. The increase in revenue was primarily due to a higher sales volume coupled with higher oil prices.
The sales volume and average oil prices for the quarter were 38,907 barrels of oil equivalent and $101.13 per boe, respectively. Sales volume and average oil prices were 37,497 boe and $82.84 per boe for the same period in 2012, respectively.
Production costs per boe decreased 35 per cent under 2012 to $23.87, including production taxes of $8.37 per boe. Production costs and taxes per boe for the same period in 2012 were $36.54 and $6.81, respectively.
Workover expenses decreased 93 per cent under 2012 to $5.08 per boe. Workover expenses per boe for the same period in 2012 were $75.92. The decrease was primarily due to the cessation of the subpump recovery activities on the Crossroads No. 303 well. The hole was sidetracked during the fourth quarter of 2012.
The operating netback was $54.12 per boe, compared with negative $44.17 per boe for the same period in 2012.
The net comprehensive loss for the quarter was $300,000, compared with a $3.2-million loss for the same period in 2012. The decrease in loss was primarily due to a higher sales volume, higher oil prices and lower workover expenses, partially offset by higher general and administrative expenses.
The company had EBITDA (earnings before interest, taxes, depreciation and amortization) of $600,000, the highest in company history.
For the nine months ended Sept. 30, 2013, the company reported the following:

The company had revenue of $8-million, up 16 per cent over 2012 with 99 per cent generated from crude oil sales. This compares with $6.9-million for the same period last year. The increase in revenue was primarily due to a higher sales volume coupled with higher oil prices.
Year-to-date sales volumes and average oil prices were 111,979 boe and $90.09 per boe, respectively. Sales volumes and average oil prices for the same period in 2012 were 101,408 boe and $85.72 per boe, respectively.
Production costs per boe decreased 11 per cent under 2012 to $26.02, including production taxes of $7.42 per boe. Production costs and taxes per boe for the same period in 2012 were $22.13 and $7.10, respectively.
The company's year-to-date operating netback was $42.77 per boe, compared with $11.55 per boe in 2012.
The net comprehensive loss for the nine-month period was $1.6-million (one cent per share), compared with $4.3-million (three cents per share) for the same period in 2012. The decrease in loss was primarily due to a higher sales volume, higher oil prices and lower workover expenses, partially offset by higher general and administrative expenses.
The company had EBITDA of $800,000, the highest in company history.
Production update

Oil production during October has averaged 390 barrels of oil per day, while September production averaged 422 barrels of oil per day. At the company's Crossroads field, oil production has averaged 260 barrels of oil per day during October and 280 barrels of oil per day during September. At the Milnesand field, oil production for October and September has averaged approximately 78 and 79 barrels of oil per day, respectively, similar to averages from last quarter. After 15 months of oil production from the MSU No. 141 and No. 522 horizontal wells, production continues at approximately 17 barrels of oil per day per well, consistent with last month's rates.

Crossroads update

Crossroads production averaged approximately 260 barrels of oil per day during October, a decrease of approximately 20 barrels of oil per day over September levels. The company currently has approximately 80 barrels of oil per day shut in at the Crossroads field due to downhole failures at the No. 102 (30 barrels of oil per day) and most recently at the No. 202 well (50 barrels of oil per day). In addition, approximately 120,000 cubic feet of gas (20 barrels of oil equivalent per day) is shut in due to a mechanical failure and fire that occurred in September, 2013, at the Saunders gas processing plant, upstream from the company's field. The company has been told that the gas facility will be back on-line before the end of the year. A workover program to repair the No. 102 and No. 202 wells is expected to commence during December. As previously reported, the Crossroads No. 106 well was successfully converted to a second water-injector well in early August and is currently taking water at a rate of approximately 4,000 barrels of water per day. Total water handling at Crossroads has averaged in excess of 11,000 barrels of water per day since the No. 106 well was brought on-line.

Milnesand update

After approximately 15 months of production from the MSU No. 141 and No. 522 horizontal wells, the company continues to see consistent production rates of approximately 17 to 18 barrels of oil per day per well, within the company's predrill expectations and considerably higher than the original vertical wells drilled to develop the field over 40 years ago.

The company has recently been granted a further six-month agreed compliance order from the State of New Mexico for the period of December, 2013, to May, 2014. With this ACO in place the company can now move forward with the horizontal drilling program announced earlier this year, pending rig availability and finalizing of financing. The company expects to be on the ground preparing well locations within the next few weeks. The initial drilling program anticipates at least two wells being drilled and stimulated prior to the yearly no-drill period of March to June. The first well to be drilled is expected to be the No. 525 well, located due south of the recently drilled No. 522 well, and will have a targeted horizontal length of approximately 4,000 feet.

Chaveroo update

The company intends to re-enter the Morgan Federal A No. 6 well during late December and conduct a modern fracture stimulation of the San Andres interval. The operation will be targeting improved production by opening up additional area outside that produced to date. This will be the first modern-day fracturing conducted in the field and, if successful, will lead to several more wells being worked over during next year.

Commenting on the results, Barry Lasker, president and chief executive officer, said: "Our third quarter numbers show the continuation of the improvement seen in the first and second quarters as we continue executing the plan to improve our production and fieldwide operations. We have increased production in 2013 by 10 per cent to over 112,000 boe (410 boe per day, 98 per cent crude oil) for the nine months ended Sept. 30, which represents the highest sales rate in company history. With the recent approval of the ACO for the Milnesand and Crossroads fields, we are now in a position to begin the much-anticipated lateral drilling program at Milnesand and two workovers at the Crossroads field. A rig is being contracted with an expected startup date in December, 2013. We anticipate initiating the program on the Crossroads No. 202 well before moving off to begin the two-well horizontal program at Milnesand."

10/09/2013

EOR San Francisco Presentation

http://174.121.85.154/~enhanced/presentations/OCT_2013_-_IPAA.pdf

10/05/2013

3rd Insider Reporting Buying Shares in the open market
Eson, Rodney L.
Insider's Relationship to Issuer: 4 - Director of Issuer
Ceased to be Insider: Not applicable
Security designation: Common Shares (Common Shares)
2277974 2013-05-14 2013-05-15 Direct Ownership :
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2345158 2013-10-01 2013-10-02 Direct Ownership :
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2345159 2013-10-01 2013-10-02 Direct Ownership :
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2345160 2013-10-01 2013-10-02 Direct Ownership :
10 - Acquisition or disposition in the public market +5,000 0.0645 USD 264,000 Common Shares +5,000 246,670

10/01/2013

Enhanced Oil Resources Inc. To Present at IPAA Conference, San Francisco

HOUSTON, Sept. 27, 2013 /CNW/ - Enhanced Oil Resources Inc. (TSX.V:EOR OTCQX : EORIF) today announced the Company's President and CEO Barry Lasker will present to the investment community at the Independent Petroleum Association of America's Oil and Gas Investment Symposium set for September 30th to October 2nd in San Francisco. Mr. Lasker's presentation is scheduled to begin at 2 p.m. Eastern Standard Time (11 a.m. Pacific Standard Time) on Tuesday October 1st, 2013.

The Company invites people to listen to the presentation via the web at:

http://www.investorcalendar.com/CEPage.asp?ID=171604

Investors may register prior to the presentation to listen by using the above link.

Investors can also attend the presentation in person at The Palace Hotel, 2 New Montgomery St, San Francisco, California.

About Enhanced Oil Resources Inc.
Enhanced Oil Resources Inc. (TSX.V: EOR; OTCQX: EORIF) trades in Canada on the TSX Venture Exchange under the symbol "EOR" and in the United States on OTCQX under the symbol "EORIF". Enhanced Oil Resources Inc. is an early-stage company, with a principal goal of increasing crude oil and natural gas production through infill drilling and enhanced oil recovery projects ("EOR") it is initiating in the Permian Basin.

ON BEHALF OF THE BOARD OF DIRECTORS

(signed)
Barry D Lasker, CEO

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE Enhanced Oil Resources Inc.


For more information about Enhanced Oil Resources Inc. please visit our Website at www.enhancedoilres.com or please call Don Currie on 1-888-990-3551.

Read more at http://www.stockhouse.com/News/Press-Releases/2013/09/27/Enhanced-Oil-Resources-Inc-To-Present-at-IPAA-Conference-San-Francisco .99

09/25/2013

Insider Peavy Reports Buying another 200,000 Shares. Now holding 2,795,000 shares

PEAVY, MARK ALAN
Insider's Relationship to Issuer: 5 - Senior Officer of Issuer
Ceased to be Insider: Not applicable
Security designation: Common Shares (Common Shares)
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2323111 2013-08-12 2013-08-13 Direct Ownership :
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2326300 2013-08-19 2013-08-20 Direct Ownership :
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2334714 2013-09-05 2013-09-09 Direct Ownership :
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2341580 2013-09-20 2013-09-24 Direct Ownership :
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