Imperial Resources, Inc. first oil sales from Green Tide
Friday, Jan 25, 2013
AUSTIN, Texas, Jan. 24, 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 the first oil sales have been made from its Green Tide Salt Water Disposal Facility ("Green Tide").
Green Tide commenced commercial water disposal operations in September, 2012 and has been separating and accumulating oil from delivered disposal water during this period. On January 10, 2013 the first full tanker load of recovered oil was sold. The price received for the oil will be at a slight discount to the WTI crude oil price at the time of sales. The % recovery rate was broadly in line with expectations given that not all the delivered water was subject to oil separation in the early stages of operation, combined with the requirement for the formation of a persistent "oil blanket" in the recovery tank. All water is now subject to oil separation and future optimization is expected to increase the oil recovery rate to the expected 0.25% to 0.5% of water received.
Although this % oil cut is relatively small, oil sales will form a material proportion of overall Green Tide revenues.
Over the coming months the Company intends to increase the average daily disposal volumes through longer opening hours, enhanced marketing efforts and, subject to available funds, a number of capacity upgrades to Green Tide. In the event these efforts are successful oil sales are expected to increase in line with higher water disposal volumes and recovery optimisation.
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.
SOURCE Imperial Resources, Inc.
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