VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2012) - Enterprise Energy Resources Ltd. (TSX VENTURE:EER) ("Enterprise" or the "Company") is pleased to announce that its wholly owned US subsidiary, Evolution Oil Group, LLC ("Evolution") has completed the sale of a portion of Evolution's oil and gas leases in the Williston Basin, Montana to an arm's length third party (the "Purchaser") and all proceeds have been received by the Company.
Evolution sold a 100% working interest (80% net revenue interest) in approximately 15,971 net mineral acres or 53% of Evolution's current holdings to the Purchaser, for approximately US$19,037,000. Evolution retains a 100% working interest (80% net revenue interest) in approximately 14,000 net mineral acres.
"We are delighted to have completed the sale and substantially replenished the Company's cash resources," commented Geoff Carrington, President and CEO of Enterprise. "Over recent months, we have seen a steady increase in unconventional oil activity in Northeast Montana, which continues to support the Company's view of regional geology. This activity includes the announcement by Apache Corporation on June 14, 2012 that the group has assembled a 300,000 net acre position in Daniels County, Montana, immediately west of Enterprise's existing acreage."
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, including but not limited to those with respect to the closing of the sale, as well as 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.
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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.