Enhanced Oil Resources reports annual loss

Fri. April 10, 2009; Posted: 09:36 AM

Apr 10, 2009 (Datamonitor via COMTEX) -- EORIF | Quote | Chart | News | PowerRating -- Enhanced Oil Resources has reported a net loss of $10.1 million, or $0.09 per share, for the year ended December 31, 2008, compared to a net loss of $10 million, or $0.13 per share, for the year 2007.

Enhanced Oil Resources has reported oil and gas revenue of $3.1 million for the year 2008, compared to $4.3 million for the year 2007. The company has reported gross oil sales of 53,700 barrels of oil equivalent (boe) or 42,700 net boe in 2008, compared to 17,900 net boe in 2007.

Barry Lasker, CEO of Enhanced Oil Resources, said: "The results achieved in 2008 were significant in moving us further along toward reaching our objectives for our two key strategic project areas. These projects are inherently long-term and management will continue to take a long-term view as it considers, among other criteria, current and expected economic and operating alternatives.

"To that end, we engaged Tristone Capital in February 2009 to assist us in securing a development partner in the St Johns Field. That project is moving toward a mid-year conclusion and we are optimistic that it can result in the commencement of the full-field development of the St Johns Field in the near term."

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