Imperial Resources, Inc. announces green tide second offloading bay operational
Thursday, Nov 22, 2012
AUSTIN, Texas, Nov. 21, 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 the second offloading bay at its Green Tide Disposal Facility ("Green Tide") is now operational.
The offloading bay has been immediately put into operation to handle traffic more effectively and to reduce instances of queuing.
The Company estimates that an average oil cut (oil recovered from the delivered disposal water) of 0.25% has been achieved to date, directly in line with expectations. This oil cut has been achieved sooner than expected despite the requirement for the formation of an oil blanket in the gun barrel tank, essential for the capture of oil, which takes time. In an on-going optimisation of Green Tide, the Company also expects to pursue additional initiatives to improve oil recovery; the Company plans to modify the gun barrel tank and the chemical injection site to enhance oil separation and capture relative to storage time. Sales of recovered oil are expected to provide valuable revenue to Green Tide.
The Oklahoma resource play and Green Tide Water Disposal are two key projects identified as transformational for Imperial.
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 database.
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.
Rob Durbin, CEO