Enterprise Energy Resources Ltd.
TSX VENTURE : EER

Enterprise Energy Resources Ltd.

July 08, 2011 18:22 ET

Enterprise Announces Closing of the Acquisition of Approximately 30,840 Net Acres in Williston Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2011) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

Enterprise Energy Resources Ltd. (TSX VENTURE:EER) (the "Company") is pleased to announce that it has closed its previously announced transaction (the "Cerda Acquisition") to acquire all of the shares of Cerda Capital Corporation ("Cerda") from EVO Energy Ltd. Contemporaneously, Cerda's wholly owned subsidiary Evolution Oil Group, LLC closed the previously announced acquisition of approximately 30,840 net acres in the Williston Basin, Montana.

The Company also announces that it closed the second tranche of its previously announced non-brokered private placement. The second tranche consisted of the sale of 416,666 units (the "Units") at a price of $0.60 resulting in gross proceeds to the Company of $250,000. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.80 for a period of six months from closing and thereafter at a price of $1.00 for an additional six months. Securities issued under the financing will be subject to a four month hold period beginning upon their issuance. The TSX Venture Exchange has conditionally approved the closing of the Financing, subject to filing of the final documents.

"We are pleased to have closed this transaction in what has become a very competitive environment in north-eastern Montana," commented Geoff Carrington, President of Enterprise. "As we continue to assess additional acreage in the Bakken and Three Forks oil window in the immediate area, we are actively working on the location and initial planning of our first well."

ENTERPRISE ENERGY RESOURCES LTD.

Geoff Carrington, President & CEO

This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements". Such forward-looking statements, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Shares Outstanding: 47,726,795

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Enterprise Energy Resources Ltd.
    Investor Relations
    1-604-639-4672
    info@eerl.ca