Imperial Resources, Inc. to Commence Drilling Operations on Nunnelly #1 Well in Montague County
17 Febrero 2011 - 6:45AM
Marketwired
Imperial Resources, Inc. (OTCBB: IPRC) is pleased to announce that
its wholly owned subsidiary, Imperial Oil & Gas, Inc. (together
the "Company," "Imperial") will shortly commence drilling
operations to reenter its existing abandoned wellbore located in a
35 acre mineral lease in Montague County, Texas, acquired by the
Company on 21 January, 2011.
The Company has now finished its survey of the Nunnelly #1
wellbore, and believes there to be three existing casing strings
within the well.
The Company has carefully prepared a multi step approach to
perform the reentry in order to minimize costs in the event of
unforeseen circumstances.
The survey to date has not revealed any obstacles within the
hole above the assumed plug apart from a bend/kink in the
near-surface section of the casing. This will require some minor
remedial work; cutting off and replacing the top twelve feet of the
casing strings; welding on casing hangers to prevent them from
falling in the hole; and the introduction of surface equipment to
prepare for drilling. A drill pad will be prepared and a well
service rig will be mobilized to the site to drill out the assumed
plug and attempt to get to the bottom of the existing well.
Subject to this stage of operations being successful and
reaching the currently estimated Total Depth ("TD") of the well
already believed to be drilled to 5,018 feet, additional work will
be performed to continue drilling to approximately 6,500 feet, at
which point both closed and open hole logs will be run. If these
are satisfactory, the well is expected to be completed. It is
expected that some existing perforations will need to be squeezed
off and additional casing run to the new TD.
Imperial is currently concluding its own evaluation of the
potential reserves and will update shareholders shortly.
Robert Durbin, CEO, commented: "I regard
this as an excellent opportunity. The majority of the wellbore
observed appears to be in pretty good shape and by going at this
step by step we should be able to establish high probabilities of
success without too much financial risk. If successful, the costs
associated with the reentry should be substantially lower than
drilling a new well. Even if we did have to drill from scratch,
which is still an option, we still believe it likely to be
economic."
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. (OTCBB: 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.
Forward-Looking Statements 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
9, 2010. 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.
CONTACT: Imperial Resources, Inc. Rob Durbin CEO 888-575-4772
888-575-IPRC http://www.imperialresourcesinc.com/pages/contact
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