HOUSTON, Jan. 29, 2013 /PRNewswire/ - Enhanced Oil Resources Inc. (TSX.V: EOR; OTCQX: EORIF) (the "Company") is pleased to provide the following update regarding the Company's operations for January 2013.
The Company's key business objectives for 2013 are to continue our focus towards increasing oil production and oil reserves at the Crossroads and Milnesand oil fields, to further evaluate the infill potential at the Chaveroo oil field, to further the permitting and potential construction of our Cortez to Milnesand pipeline connecting Kinder Morgan's Cortez CO 2 pipeline to our Milnesand and Chaveroo oil fields by September 2015 and to continue our successful compliance activity across our oil fields.
Oil production during January 2013 has averaged 454 barrels of oil per day (bopd) and over the last two weeks has averaged 490 bopd as additional production is added at our Crossroads field. At the Milnesand field, oil production for January has averaged approximately 100 bopd, similar to December rates. Oil production from the recently drilled MSU 141 and 522 wells appears to have leveled off at approximately 30 bopd per well, in line with our pre-drill estimates.
During 2012 the Company increased its daily oil production from 290 bopd at the start of the year to an average of 395 bopd during December 2012, an increase of 38% for the year. The increase in production during 2012 has been limited by the down hole problems at our Crossroads CDU #303 well and injection limitations at our water handling facility at Crossroads. Since the purchase of Crossroads in 2008 the Company has expanded the number of producing wells from one well producing 34 bopd to a current seven wells producing a gross average of 300 bopd during January 2013.
Source: Enhanced Oil Resources Inc.
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