EOR - ENHANCED OIL RESOURCES INC - Page 3

Are you sure he started this thread?

Good news ... production over 500 bod now.

Enhanced Oil Resources Inc. January 2010 Production at 510 BOPD


9:00 AM ET, February 3, 2010


HOUSTON, Feb 03, 2010 /PRNewswire via COMTEX/ -- Enhanced Oil Resources Inc. (EOR) today provides the following update on corporate and operational activity.

As previously reported the Company has been actively pursuing a reactivation program at the Company's 98.5% owned Crossroads Siluro-Devonian Unit in Lea County, New Mexico. As last reported the Company had increased total Company owned production from an average of 186 barrels oil per day (BOPD) in July 2009 to 455 BOPD in December 2009. Average production for the month of January was 510 BOPD, an increase of 12% over December rates. Since our last update we completed the reactivation of the Crossroads #105 well and currently are awaiting electrical hook up to bring that well back online. This will bring our active producing oil wells at Crossroads to a total of 7 wells compared to the single producer when we originally acquired the field in July 2008.

At the Company's wholly owned Milnesand San Andres Unit the Company has now begun a 10 to 20 well workover program designed to increase production and prepare for an increase in water injection within the core Phase 1 CO(2) expansion area. Following the completion of the Milnesand workovers, the workover rig will be moved back to Crossroads to increase water handling capacity by converting one of the remaining non-producing wells into a second water injection well. The Company continues to review additional workover and recompletion opportunities within the Crossroads Unit and anticipates acting on those opportunities once an increase in water handling is achieved.

Mr. Barry Lasker reports "We continue to have positive results at our Crossroads field with current production increasing by approximately 55 BOPD over the average for the prior month. We also expect to be able to add production from the #105 well once power has been restored to that location, however we have also reached the current limit at our water handling facility. We are currently reviewing ways to increase the water handling at Crossroads and for this reason we have moved the workover rig to our wholly owned Milnesand field to initiate a reactivation program in and around our CO(2) pilot area."

"We have previously reported that the Company is generating positive cash from operations as a result of increasing oil production, improved oil pricing and reductions in lease operating expenses (per unit of production) and in general and administrative costs. The 510 BOPD average daily rate for the month of January was an historical high for the Company and we will continue to press forward with our reactivation program at Crossroads, Milnesand and Chaveroo fields to further add to this number."

I came across this stock as part of my on standard research to find undervalued small cap companies.

I started posting about it to bring awarness to it and share it with others on the board ... I assume that is why most people post about a company on this board.

Stock was being held down by one seller form house 15 ... at some point he will be out (might even be out now as I have now seen him around for a week or two).

With continued growing production (over 500 bod now) and being case flow positive it is only a matter of time before it breaks out from this trading range.

Should take note as well that the most recent PP was at .25 cents, so we are getting in 20% cheaper than they did.

Main seller who has been keeping the price in check appears to be gone and the price firming up, so we could be entering into a uptrend.