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. 

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