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Houston, TX - Enhanced Oil Resources, Inc., has received conditional approval for the formation of the St. Johns gas unit, a 171,000-acre unit located in Apache County, AZ. According to the company, this field is thought to be the largest undeveloped helium and carbon dioxide field in North America.
New Helium/CO2 Unit- 4/16/2009
The unit agreement calls for the orderly development of the unit area over a five-year period and includes a minimum work program of five wells over the next 12 months. Ridgeway Arizona Oil Corp has been designated as the unit operator and currently has an estimated 84% working interest ownership in the unit. Participation in the unit is voluntary and parties may join on their own volition.
The approval of the unit agreement is subject to the final sanction by the federal government and review and approval by the state land commissioner of any substantive changes recommended by the federal government.
Chief executive officer Barry Lasker stated: "The order approving the St. Johns unit agreement by the state of Arizona is a significant milestone in moving us further along to developing the St. Johns resource. This is the first unit agreement of its kind in the state of Arizona and has reached its conclusion through many hours of discussion and collaboration between Ridgeway, its lawyers and consultants and members of the Arizona State Land Department. We look forward to working with the State Land Department, land owners and other interested parties as we move forward with the project."