HOUSTON, July 15, 2011 /PRNewswire/ – Enhanced Oil Resources Inc. (TSXV: EOR)
today announces that the Company has completed the acquisition of
approximately 2,200 acres of productive land located in Runnels, Taylor
and Jones counties, Texas for a total purchase price at closing of
$958,000 using proceeds from its existing bank credit facility with
Regions Bank. The closing date for the purchase was July 8, 2011. The
acquisition is expected to be accretive to cash flow in the third
quarter and will initially increase the Company’s daily production by
approximately 30 barrels of oil.

A review of the 34 wells associated with this acquisition has revealed
additional productive capabilities from existing completions and from
several behind pipe zones. The Company is reviewing these potentially
productive opportunities and plans to commence a work over program in
the next few weeks to increase production in the near term.

Excluding the acquisition discussed above the Company’s crude oil
production has averaged approximately 440 barrels of oil equivalent per
day (boepd 95% oil) for the first half of July following an average of
425 boepd for June. At Crossroads, July production has averaged
approximately 323 boepd, an increase of approximately 36 boepd over
June production.

The Company also announced that it has initiated a plugging program of
13 non-essential wellbores at the Milnesand oilfield. Upon notice and
approval of the completion of these operations to the New Mexico Oil
Conservation Commission we expect that we can then commence our
drilling program in the Milnesand field. Engineering design for the
initial infill lateral wells from existing wellbores at Milnesand has
been completed and we are currently receiving vendor bids for drilling
operations to commence this program as soon as approvals are received
and services can be provided. At Crossroads, we will continue the
process of reworking several existing wells from the Devonian and other
reservoirs to continue to increase production in the field.

The Company continues to work on its intended plan for increasing oil
production, advancing the St. Johns project and increasing market
exposure. During the second quarter of 2011 we have attended the
Executive Oil Conference in Midland, Texas, presented at the IPAA OGIS
conference in New York and the Next Generation Oil Conference in New
Orleans. The Company will also be presenting at the Global Hunter
Energy Conference in San Francisco July 18^th and 19^th, at the New York Energy Conference in the first week of August and will
be exhibiting at the Summer Nape Conference in Houston during the third
week of August.

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 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

“signed”
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.

SOURCE Enhanced Oil Resources Inc.