AUSTIN, TX (ACCESSWIRE) 9/5/2013 8:30:00 AM - Imperial Resources, Inc. (OTC PINK: IPRC) and its wholly owned subsidiary, Imperial Oil & Gas, Inc. (together the "Company", "Imperial") is pleased to announce an update on progress at its Green Tide Salt Water Disposal Facility ("Green Tide") and general corporate matters.
Significant progress in gaining disposal business has been made by Green Tide during the course of the first half of 2013: In January, 2013 disposal volumes were 49,123 barrels of water. By June, 2013 disposal volumes had increased to 87,602 barrels of water, having steadily increased month on month during this period. During July, 2013 disposal volumes also exceeded 80,000 barrels of water.
Green Tide has now established an operating capability that indicates that it can handle increased disposal volumes. Accordingly, The Company has recently signed up two major water haulers to potentially dispose of water at Green Tide.
Moving forward, the Company will need to install additional storage capacity (notably an extra tank battery), an additional gun barrel tank, larger tubing and additional pump capacity, amongst other things, in order to handle increased disposal volumes and improve oil separation at higher disposal rates. The Company is seeking additional debt finance to fund these improvements amongst other upgrades it wishes to carry out at Green Tide.
The Company also wishes to update shareholders regarding the late filing of the Company's 10K Annual Report: The preparation of its 10K involves the application of a significant amount of funds which the company does not currently have. Accordingly, Imperial currently intends to bring its filings current as soon as funds are available.
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. (OTC PINK: 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
Telephone: 512 322-5740
Source: Imperial Resources, Inc.
- Commodity Markets