Imperial Resources, Inc. issued an update to shareholders and the investment community on its oil and gas exploration and development activities in the United States.
Imperial Resources is continuing to acquire mineral leasehold in Oklahoma, which is the main focus of the company’s resource efforts. The company now has 1,800 net acres under lease and estimates that this will provide for six well locations.
Imperial Resources purchased a salt water disposal facility in Texas that is being utilized to dispose of salt water and fluids involved with the hydraulic fracturing of oil and natural gas wells. The company recently deepened the well bore at the site into the Ellenburger formation, which is an ideal zone for salt water disposal.
The facility has a capacity of 15,000 barrels of salt water per day and the company is paid between $0.40 and $0.60 per barrel for the use of this facility. Imperial Resources also plans to extract any crude oil that is mixed into the salt water and anticipates approximately forty barrels of oil per day can be salvaged.
Imperial Resources has raised $3.2 million in capital over the last twelve months to finance these projects and expects to receive good returns off these investments.
For more information on the company, go to www.imperialresourcesinc.com
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