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Market: TSX-V
Sector: Oil & Gas Exploration & Production
Epic: TSX-V: EOR
News: Latest news
Web Site: Enhanced Oil Resources
Other Articles: 07-01-200907-11-2008

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Saturday March 13, 09:47Premium risk at Prudential

Insurance giant Prudential has stolen the headlines this week, after their decision to buy AIA, the Asian life business of US insurer AIG, has attracted a mixed response from shareholders.

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Friday March 12, 01:39Circadian Technologies to present at Ultimate Healthcare & Biotechnology Event, March 24

Robert Klupacs, CEO of Circadian Technologies, recommended by US Investment Bank Merriman Curhan Ford, as "the Cheapest Little Antibody Company on the Planet" will present in Sydney.

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Friday March 12, 08:51White Energy enters coal deal with China Guodian Group

White Energy Company (ASX: WEC; OTCQX: WECFY) has inked a non-binding heads of agreement with state owned Guodian Inner Mongolian Energy Sources Co Limited to develop a coal upgrading [...]

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Enhanced Oil Resources

Enhanced Oil Resources

Enhanced Oil Resources controls approximately 235,000 acres of land within the St Johns Helium-Carbon Dioxide 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.

Development of the project could result in the Company becoming one of North America's largest Helium and CO2 suppliers and enhanced oil recovery 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.

 

Wednesday, January 07, 2009

Enhanced Oil Resources making progress on St.Johns and Mexican oil fields

by Andre Lamberti company news image

Enhanced Oil Resources Inc said it is continuing development plans for the St. Johns Helium and carbion dioxide field and continues to produce approximately 180 barrels of oil per day (bopd) from its oil fields in New Mexico. The Milnesand pilot project continues with CO2 injection and is performing as expected.


As announced, it continues to discuss opportunities with parties interested in CO2 supply from the St. Johns Dome. To date it has received Letters of Intent for approximately 350 mmcfpd (million cubic feet per day) of long term CO2 usage and it continues to discuss additional agreements with potential end users.


“We expect to move forward with the formal CO2 contracting process over the course of the next few months. While the company cannot guarantee a formal agreement of any type, we remain encouraged by the progress to date,” it said.


Companies with a need for C02 were interested in discussing not only purchase of the gas but also a potential ownership stake in the source field. Accordingly, Enhanced Oil has decided to engage a senior industry investment banking firm to assist in identifying, interviewing, negotiating with and selecting a potential joint venture partner or partners.


At its oilfields in New Mexico it continues to reduce operating costs where possible and continue to focus on the Milnesand CO2 pilot flood area. At Chaveroo, it has implemented a production cycling program which has cut operating cost from US$44.00 per barrel to US$24.00 per barrel without affecting overall production rates. It anticipates further decreases in operating expenses as efficiencies improve and service costs begin to decrease.


At Milnesand, the CO2 pilot flood area has been under continuous CO2 injection for four months and the positive upward trend in production announced in December 2008 is continuing. The overall oil production from the pilot battery of wells has increased by 42 percent since CO2 injection began and the overall water/oil ratio has decreased from 45 barrels of water per barrel of oil to 32 barrels of water per barrel of oil. “While it is early in the process we remain very encouraged with the results to date,“ the company said.

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