Enhanced Oil Resources (EOR.V)

Enhanced estimates 4.2 tcf helium-rich CO2 at St. Johns



2008-09-09 11:45 ET - News Release
Mr. Barry Lasker reports
ENHANCED OIL RESOURCES INC. ANNOUNCES RESULTS OF 2008 CAWLEY, GILLESPIE & ASSOCIATES INC. HELIUM AND CO(2) RESERVES REPORT IN THE PHASE I DEVELOPMENT OF ST. JOHNS DOME
Enhanced Oil Resources Inc. has released the results of the 2008 Cawley, Gillespie & Associates Inc. reserve report, a reserve evaluation report of the company-owned helium and carbon dioxide reserves within the St. Johns He/CO2 field located in Apache county, Arizona, and Catron county, New Mexico.
The company commissioned Cawley, Gillespie & Associates to provide a helium and CO2 reserve report based on standard SPE-PRMS petroleum reserve reporting guidelines incorporating all geological, reservoir and drilling data collected within the field as of July 1, 2008. Standard reserve categories of proved, probable, possible and exploratory, were used and assigned to each drilling location based on the offset location approach. Field-spacing rules dictated that step-out drilling locations be considered on 640-acre spacing. Due to the high probability of future down-spacing, 320-acre drills inside proven 640-acre sections were included in the report as probable reserves. Phase 1 development of the St. Johns dome includes 15 years of helium-rich CO2 production of 350 million cubic feet per day then natural decline thereafter. Additionally, helium-rich areas of the field were targeted maximizing the value of the project. Based on these criteria, Cawley, Gillespie & Associates estimated that 4.2 trillion cubic feet of helium-rich CO2 reserves exist in phase 1 development with 2.3 trillion cubic feet falling in the proved and probable classification of which 1.8 trillion cubic feet is located in proven 640-acre sections of the field. Being CO2 and helium, National Instrument 51-101 does not apply to these reserve calculations and accordingly, these reserves are not required to be categorized under NI 51-101 Canadian securities regulations.
Barry Lasker, president and chief executive officer of Enhanced Oil Resources, said: "The results from the Cawley, Gillespie & Associates reserves report has confirmed that the St. Johns dome is capable of producing an initial targeted rate of 350 million cubic feet per day of helium-rich CO2 and that considerable upside remains in the field for future expansions. The company is currently in discussions with potential end-users for the delivery of CO2 into the Permian basin. In this age of high oil prices there is considerable interest in CO2 flooding in mature, depleted oil fields. The company stands ready to develop the St. Johns field in order to capture value associated with CO2 flooding its own oil fields and to supply additional CO2 to other producers in the area."

ENHANCED OIL RESOURCES INC.



Transmitted by CNW Group on : June 19, 2008 12:34


Enhanced Oil Resources, Inc. Announces the Closing of Oilfield Acquisition with Substantial CO2-EOR Potential

HOUSTON, June 19 /CNW/ - June 19, 2008 - Enhanced Oil Resources, Inc.
(TSX-V: EOR) today announces that further to a press release dated May 28,
2008 the Company has completed the acquisition of an additional New Mexico
oilfield that the Company's independent consultants has identified as having
considerable enhanced oil recovery (EOR) potential. The acquisition is the
third of several oilfields the Company is targeting as part of its strategy to
build a substantial EOR reserve base in the Permian Basin for CO2 flooding.
Total purchase price at closing was US$ 4,596,517 and the effective date for
the purchase is May 1, 2008. The acquisition will be immediately accretive to
cash flow and increases the Company's daily production to approximately
170 barrels of oil.
As previously announced the acquisition covers an 800 acre Unit in a
2,400 acre mature oilfield. The Unit is currently producing approximately
38 barrels of oil per day (bopd) and, to date, has produced approximately
22 million barrels of oil (MMBbl) out of the Field's previously recovered
total of 44 MMBbl, a 35% recovery of the estimated 125 million barrels of
original oil in place.
The Company's independent enhanced oil recovery consultants, Advanced
Resources International (ARI), completed a proprietary screening study of the
field for the Company and in a report dated April 7, 2008 estimated that the
field could recover an additional 31 MMBbl (18 MMBbl net to the Unit) using
state of the art CO2 injection processes. These resources are categorized
under Canadian securities regulation as contingent resources under NI51-101.
ARI estimates that the field has the potential, once fully flooded, to reach
an EOR peak production rate of more than 8,000 bopd. Under NI51-101 rules,
contingent resources are those quantities of oil and gas estimated on a given
date to be potentially recoverable from known accumulations but is currently
not economic.
Mr. Barry Lasker reports "We are very pleased to have completed this
acquisition, and together with our initial acquisitions announced last year,
the Company will have acquired in excess of 70 million barrels of contingent
resources that could become proven reserves if a positive CO2 flood response
is achieved. As we have previously stated, our mission is to build a reserve
base in New Mexico where significant EOR potential exists and to leverage our
vast CO2 resource into opportunities that will add significant value to the
Company. Furthermore, the field is located within 8 miles of our initial
acquisitions and together these fields could form the centre of a strategic
focal area for the Company. The acquisition of this third field reinforces our
ability to acquire additional EOR resources in the future. We are actively
pursuing additional resource opportunities within this area, and in other
areas and to keep our competitive advantage we have elected not to disclose
the details of the location of the transaction at this time."

About Enhanced Oil Resources
----------------------------
Enhanced Oil Resources, Inc. (EOR) is an early-stage company focused on
developing the St. Johns Helium/CO2 field, and producing oil via enhanced oil
recovery processes using CO2 injection in the United States. The Company owns
and operates the St. Johns Field, the largest undeveloped helium and CO2 field
in North America.

ENHANCED OIL RESOURCES INC.



Transmitted by CNW Group on : June 10, 2008 08:42


Enhanced Oil Resources, Inc. Re-Enters Amos Wash Well to Increase CO2 Production Rate by 257%

HOUSTON, June 10 /CNW/ - Enhanced Oil Resources, Inc. (TSX-V: EOR) today
announced that it re-entered the 11-29-30 well increasing carbon dioxide (CO2)
production to 5.4 million cubic feet per day (MMcf/d) gross from the Amos Wash
interval, an increase of 257% from the initial production rate of 2.1 MMcf/d
gross.
As a result of the increased productivity achieved in several of the
recently drilled Granite Wash wells the Company recently decided to re-enter
the 11-29-30 Amos Wash well that had been produced at approximately 2.1 MMcf/d
at a flowing pressure of 300 pounds per square inch (PSI) for approximately 7
days during April, 2007. The well was recently re-entered to remove the
production tubing from the hole and to log and cleanout the open hole section.
The 2 & 9/16" master valve at the wellhead was then replaced with a 7" master
valve to reduce potential restrictions during flow back. Following cleanout
and flow back the well began to flow up the casing at rates in excess of 5
MMcf/d. The well has since stabilized at 5.4MMcf/d at a flowing pressure of
175 PSI.
The Company is reviewing test data from additional earlier Amos Wash
wells in the Field to determine if higher rates could be achieved by
redesigning the down-hole configuration of those wells.
Barry Lasker, EOR President and CEO said: "The Company is very pleased
with the latest test results from the 11-29-30 Amos Wash well. The increase in
production has confirmed that, as with the Granite Wash interval, the Amos
Wash interval can deliver at substantially higher rates than previously
thought and also confirms that we are on the right track to improving the
overall well performance within the Field. This is the highest natural flow
rate achieved from the Amos Wash interval to date and, with continued success,
could substantially reduce future field wide development costs. We are
continuing to review past well performance to see if additional productivity
could be achieved from our earlier Amos Wash wells."

About Enhanced Oil Resources
----------------------------

Enhanced Oil Resources, Inc. (EOR) is an early-stage company focused on
developing the St. Johns Helium/CO2 field, and producing oil via enhanced oil
recovery processes using CO2 injection in the United States. The Company owns
and operates the St. Johns Field, the largest undeveloped helium and CO2 field
in North America.

ENHANCED OIL RESOURCES INC.

Transmitted by CNW Group on : June 5, 2008 09:00

Enhanced Oil Resources, Inc. Announces 37% Increase in Potential CO2 Reserves at St. Johns Helium/Carbon Dioxide Field.

HOUSTON, TX, June 5 /CNW/ - Enhanced Oil Resources, Inc. (TSX-V: EOR)
today announced the results of the 2008 Cobb Report, a resource evaluation
report of the Helium (He) and Carbon Dioxide (CO2) reserves within the Company
controlled St. Johns He/CO2 field located in Apache County, Arizona and Catron
County, New Mexico.
W.M. Cobb and Associates was commissioned by the Company to update the
previous reports completed by Cobb in 1999 and most recently in 2005 and has
incorporated all new information gathered in the Field since 2005. To date,
there have been 36 wells drilled within the St Johns field with 15 wells
completed for long term testing. Recent gas flow rates in the Field have been
as high as 6.5 million cubic feet per day (mmcfpd) and have confirmed that the
resource has considerable deliverability potential.
The latest results have indicated that the St Johns resource is
potentially significantly larger than earlier estimates had suggested with
potentially recoverable reserves increasing to 8 trillion cubic feet (TCF) of
CO2 and 33 billion cubic feet (BCF) of Helium over a 40 year life. With the
higher deliverability of in excess of 6 mmcfpd per well achieved from the most
recent wells the 20 year production outlook has increased to 6.6 TCF of CO2
and 26 BCF of Helium.



<<
The latest results have been summarized into the following table:

-------------------------------------------------------------------------
20-Year 40-Year 20-Year 40-Year
CO2 Recover- Recover- Helium Recover- Recover-
Case in Place able able in Place able able
(TCF) (TCF) (TCF) (BCF) (BCF) (BCF)
-------------------------------------------------------------------------
1999 13.9 ---- 6.0 64 ---- 33
-------------------------------------------------------------------------
2008 -
Mid 13.4 5.9 7.4 56 24 30
-------------------------------------------------------------------------
2008 -
Upside 15.0 6.6 8.2 62 26 33
-------------------------------------------------------------------------
>>


The results and data incorporated into this study have now been provided
to the Cawley, Gillespie & Associates consultant engineering company who will
now prepare a Reserve Report along the Society of Petroleum Engineers (SPE)
guidelines to determine the current distribution of proven, probable and
possible recoverable reserves at St. Johns.
Barry Lasker, President and Chief Executive Officer of Enhanced Oil
Resources said: "The results from the latest resource evaluation report from
W.M. Cobb and Associates has confirmed that the St. Johns gas field is
potentially considerably larger than earlier estimates had suggested and the
higher production rates achieved this year from our most recent drilling
indicates that significant reserves may be produced over a 20 year period. In
this age of high oil prices there is considerable interest in carbon dioxide
flooding to enhance oil production from mature, depleted oil fields. The
Company stands ready to develop the St. Johns field as soon as possible in
order to capture value associated with CO2 flooding its own oil fields in the
Permian basin and to supply additional CO2 to other producers in the area."

About Enhanced Oil Resources
----------------------------
Enhanced Oil Resources, Inc. (EOR) is an early-stage company focused on
developing the St. Johns Helium/CO2 field, and producing oil via enhanced oil
recovery processes using CO2 injection in the United States. The Company owns
and operates the St. Johns Field, the largest undeveloped helium and CO2 field
in North America.

ENHANCED OIL RESOURCES INC.



Transmitted by CNW Group on : May 28, 2008 09:00


Enhanced Oil Resources, Inc. Announces Producing Oilfield Acquisition with Substantial CO(2)-EOR Potential

HOUSTON, May 28 /CNW/ - Enhanced Oil Resources, Inc. (TSX-V: EOR) today
announced the signing of a binding Purchase and Sales Agreement to purchase a
producing oil field in New Mexico for $4.5 million. The acquisition is
expected to close on or before June 15, 2008 and will be immediately accretive
to cash flow. The effective date is May 1, 2008.
The acquisition covers an 800 acre Unit in a 2,400 acre mature oilfield
and is currently producing approximately 35 barrels of oil per day (bopd). To
date, the Unit has produced approximately 22 million barrels of oil (MMBbl)
out of the Field's previously recovered total of 44 MMBbl, a 35% recovery of
the estimated 125 million barrels of original oil in place.
The Company's independent enhanced oil recovery consultants, Advanced
Resources International (ARI), completed a proprietary screening study of the
field for the Company and in a report dated April 7, 2008 estimated that the
field could recover an additional 31 MMBbl using state of the art CO(2)
injection processes. These resources are categorized under Canadian
securities regulation as contingent resources under NI51-101. ARI estimates
that the field has the potential, once fully flooded, to reach an EOR peak
production rate of more than 8,000 bopd. The Company intends to initiate a
pilot CO(2) flood of the property in the next seven months. Under NI51-101
rules, contingent resources are those quantities of oil and gas estimated on a
given date to be potentially recoverable from known accumulations but is
currently not economic.
Barry Lasker, President and Chief Executive Officer of Enhanced Oil
Resources said: "Following the closing of this acquisition and together with
our previously announced acquisitions, the Company has acquired more than
70 MMBbl of contingent resources that could become proven reserves if a
positive CO(2) flood response is achieved. The location of this latest
acquisition is within 10 miles of the Milnesand field and together with our
Chaveroo field forms a growing focused operating area for the Company. As we
have previously said, our mission is to build a reserve base in New Mexico
where significant potential exists for enhanced oil recovery and leverages our
large CO(2) resource into opportunities that will add measurable value to the
Company and its shareholders. The potential acquisition of this latest field
reinforces our ability to acquire additional EOR resources in the future."

About Enhanced Oil Resources
----------------------------
Enhanced Oil Resources, Inc. (EOR) is an early-stage company focused on
developing the St. Johns Helium/CO(2) field, and producing oil via enhanced
oil recovery processes using CO(2) injection in the United States. The Company
owns and operates the St. Johns Field, the largest undeveloped helium and
CO(2) field in North America.

Forward-Looking Statement
-------------------------
Certain statements contained herein are forward-looking statements,
including statements relating to Enhanced Oil Resources' operations; business
prospects, expansion plans and strategies. Forward-looking information
typically contains statements with words such as "intends," "anticipate,"
"estimate," "expect," "potential," "could," "plan" or similar words suggesting
future outcomes. Readers are cautioned not to place undue reliance on
forward-looking information because it is possible that expectations,
predictions, forecasts, projections and other forms of forward-looking
information will not be achieved by Enhanced Oil Resources. By its nature,
forward-looking information involves numerous assumptions, inherent risks and
uncertainties. A change in any one of these factors could cause actual events
or results to differ materially from those projected in the forward-looking
information. Although Enhanced Oil Resources believes that the expectations
reflected in such forward-looking statements are reasonable, Enhanced Oil
Resources can give no assurance that such expectations will prove to be
correct. Forward-looking statements are based on current expectations,
estimates and projections that involve a number of risks and uncertainties
which could cause actual results to differ materially from those anticipated
by Enhanced Oil Resources and described in the forward-looking statements or
information. The forward-looking statements are based on a number of
assumptions which may prove to be incorrect. Readers should be aware that the
list of factors, risks and uncertainties set forth above are not exhaustive.
Readers should refer to Enhanced Oil Resources' current filings, which are
available at www.sedar.com, for a detailed discussion of these factors, risks
and uncertainties. The forward-looking statements or information contained in
this news release are made as of the date hereof and Enhanced Oil Resources
undertakes no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable laws or regulatory
policies.

ON BEHALF OF THE BOARD OF DIRECTORS

(signed)

Barry D Lasker, CEO


THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Hi all,

Here are a few previous posts I have made on Enhanced Oil Resources (EOR.v) over the past few months.

Cheers,

cvac01

----------------------------------------

Hi all,

I have been watching EOR.v since late november and came across it while doing some DD on SXN's helium prospects. I found EOR.V and looked for similar juniors in this "Enhanced Oil Recovery" group without much luck. Long story short I was suprised to see and took in a workshop at the resource show in Vancouver titled "The Coming Boom in Enhanced Oil Recovery" presented by Jim Letourneau. (Mr. Letourneau is with the Big Picture Speculator and is also the Investor Relations for WEE.V)

The workshop didn't give much more then I knew already except a few more junior names, some private companies (possibly going public) and a few interesting trends (ie Microbial Oil Recovery).

The companies mentioned were: WEE.V, HTC.V, Titan Oil Recovery, Oil-Chem Technologies and music to my ears EOR.V (confirmed my DD)

So as you can see its a pretty small group (might be others?) to pick from and they aren't all using the same technology for Enhanced Oil Recovery.

Enhanced Oil Resources Inc. (EOR.V) is a development stage, enhanced oil recovery (EOR), company that controls approximately 235,000 acres of land within the St Johns Helium/CO2 field in Arizona and New Mexico where the Company is developing what is thought to be the largest undeveloped resource of helium and carbon dioxide gases in North America.Independent engineering firms have estimated that the St Johns field contains approximately 15 trillion cubic feet of in place resources, with a potential recoverable resource of 5 trillion cubic feet. Development of the project could result in the Company becoming one of North America's largest Helium and CO2 suppliers and EOR producers. The Company’s helium reserves, once in production, will be sold to Air Liquide under an existing 15 year Take-or-Pay gas contract.

The Company’s strategic focus for CO2 delivery and EOR production is the Permian Basin where significant potential exists for enhanced oil recovery from mature, depleted oil fields.

So i like them for obvious reasons and most importantly , because they have picked up a couple of these "depleted oil fields" at very good prices and are looking for more acquisitions or earn-in agreements on fields in the Permian Basin. I have a lot more to share, but will do so over the weekend when I have more time, but just wanted to give a heads up here first.

SOME Point form reasons why I like them:
- Management
- Cash in the Bank
- Leverage of CO2
- Current Agreements (ie. Sales, Construction, etc)
- Able to pick up so called "depleted fields" cheap
- Their Helium Production and the price of Helium which is rising and said to move with gold prices (currently $120/mcf
- Their Model is based on Kinder Morgan and Danbury who both are $billion market caps.

As always DD's first, but something to look at forsure and their presentation will definetly help paint a clearer picture as will I with time.

http://www.enhancedoilres.com/presen...eorppt1107.pdf

-----------------------------------------
Hi all,

I am still following EOR very closely these days and like the base it has formed TA wise, and their cash position. They have $33Million on hand ($7 million is restricted) after completing their most recent PP and the exercise of some warrants. 140M Fully diluted share count, a market cap of $115million and the plan to be a Billion Dollar market cap company. It might not be a 1 year play, but 2-3 years down the road this stock will be much much higher and from here I think there is still some good short-term upside.

They were at the IPAA OGIS Small Cap Conference in Florida that just wrapped up yesterday and presented to investors on Tuesday. (Presentation and PPT slides link below)

When Barry gets into talking about the Department of Energy (DOE) reports and the potential the Permian Basin in New Mexico has and what they are able to pick these properties up for I was mpressed. To date they have spent $4.7 Million to acquire 2 fields in the Permian Basin and plan to pick up more near term. Now because these fields are producing minimal BOE/day (ie 20 & 70 BOE/day) they were able to acquire these fields for $0.10/barrel IF expectations prove as expected, which IMO don't seem unreasonable.

Clearly, with their CO2 leverage they are only interested in properties that are producing minimal BOE/day (so they can get them cheap) and properties that are suceptable to CO2 flooding. They can be patient and have many depleted fields in the Permian Basin to choose from. If all goes well, EOR has the potential to control the largest undeveloped filed of naturally occuring Helium ($100/MCF) & CO2 gases in the United States. Not to mention they are closer via pipeline then current major suppliers of CO2 to the Permian Basin.

It also gets me thinking about CO2 credits, etc?

Here is the link:

http://www.vcall.com/console/Console...c.ca&tck=EOR.V

----------------------------------

Hi all,

Been following this one for awhile now and EOR.V is trading off its recent highs and is starting to look good again IMO.

The CEO and Management Team have a great vision to become a Billion Dollar Market Cap Company, I understand what they are trying to accomplish and they know how to tell their story. I don't think they have told their story to the right people or group of investors yet, but they do know how to tell it and just need the right ears listening. Anyways, here is a link to their latest investment presentation at a show in NYC April 9, 2008:

http://secure.wilink.com/asp/VCL1_co...1A8E73194 E30





Cheers,

cvac01