Enhanced Oil Resources updates on sale of Crossroads oil field

Enhanced Oil Resources Inc.

Enhanced Oil Resources Inc. (TSX-V: EOR; OTCQX: EORIF) previously announced that its indirect wholly-owned subsidiary, Ridgeway Arizona Oil Corp., had entered into a non-binding letter of intent with a non-affiliated third party for the sale of all of the company's rights, title, and interest in the Crossroads oil field, located in Lea County, New Mexico.

Subject to completion of the purchaser's due diligence, it is now expected that a definitive purchase and sale agreement, which will be subject to a number of closing conditions including receipt of TSX Venture Exchange approval, will be entered into as soon as possible, with closing of the transaction to occur after satisfaction of all closing conditions.  

Enhanced Oil Resources is an early-stage company, with a principal goal of increasing crude oil and natural gas production through enhanced oil recovery (EOR) and infill drilling projects it is initiating in the Permian Basin on oil fields acquired by the company in 2007 and 2008 for that purpose. 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...