HOUSTON, Nov. 19 /PRNewswire-FirstCall/ -- Enhanced Oil Resources Inc. (TSX-V: EOR) today announced the results of its 2010 Annual General Meeting of Shareholders held today in Vancouver, British Columbia. All proposals submitted to the Shareholders for their consideration were passed. At the meeting, Shareholders re-elected current Directors: Barry D. Lasker, Rodney L. Eson, L. Edward Parker and John P. Dorrier and elected G. Wade Stubblefield to the Board, replacing Thomas Milne, who did not stand for re-election. The shareholders also re-appointed PricewaterhouseCoopers LLP, Chartered Accountants, as the auditors of the Company, and approved the Company's 2010 Stock Option Plan.
The Company also reported today that it has, subject to regulatory approval, extended from December 4, 2010 to December 4, 2011, the expiry date of 4,052,600 share purchase warrants issued December 4, 2009, entitling the purchase of up to an aggregate 4,052,600 shares of the Company at a price of $0.40 per share. These warrants were issued pursuant to a private placement of 4,052,600 units, each unit comprised of one common share and one share purchase warrant, which closed in December 2009.
With regard to the closing of the private placement reported in the Company's news release issued January 7, 2010, the news release should have reported that the Company closed on the sale 4,052,600 Units at $0.25 per Unit comprised of one common share and one common stock purchase warrant exercisable at $0.40 per share expiring December 4, 2010, as opposed to 4,048,000 Units and an equivalent number of warrants, as was reported.
The Company also announced today the grant of 250,000 incentive stock options to a director in connection with his election to the Board, providing for the purchase, for a period of five years, of 250,000 common shares of the Company at a price of $0.22 per share pursuant to the terms of the Company's 2010 Stock Option Plan which was approved by Shareholders on November 18, 2010. The options granted to the director vest over a six month period.
About Enhanced Oil Resources Inc.
Enhanced Oil Resources Inc. is an early-stage company, with two principal business segments of
Forward-Looking Statement Certain statements contained herein are forward-looking statements, including statements relating to Enhanced Oil Resources' operations; business prospects, expansion plans and strategies. Forward-looking information typically contains statements with words such as "intends," "anticipate," "estimate," "expect," "potential," "could," "plan" or similar words suggesting future outcomes. Readers are cautioned not to place undue reliance on forward-looking information because it is possible that expectations, predictions, forecasts, projections and other forms of forward-looking information will not be achieved by Enhanced Oil Resources. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties. A change in any one of these factors could cause actual events or results to differ materially from those projected in the forward-looking information. Although Enhanced Oil Resources believes that the expectations reflected in such forward-looking statements are reasonable, Enhanced Oil Resources can give no assurance that such expectations will prove to be correct. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Enhanced Oil Resources and described in the forward-looking statements or information. The forward-looking statements are based on a number of assumptions which may prove to be incorrect. Readers should be aware that the list of factors, risks and uncertainties set forth above are not exhaustive. Readers should refer to Enhanced Oil Resources' current filings, which are available at http://www.sedar.com/, for a detailed discussion of these factors, risks and uncertainties. The forward-looking statements or information contained in this news release are made as of the date hereof and Enhanced Oil Resources undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws or regulatory policies.
ON BEHALF OF THE BOARD OF DIRECTORS Barry D Lasker, CEO
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.
Enhanced Oil Resources Inc.
CONTACT:
visit our Website at href="http://www.enhancedoilres.com/">http://www.enhancedoilres.com/.or
please call Don Currie on 1-888-990-3551.
