Ridgeway Announces Name Change
As of the opening of trading on Monday, June 11, 2007, the name of Ridgeway Petroleum Corp. will be changed to "Enhanced Oil Resources, Inc." The Company's trading symbol will be "EOR."
"As the Company moves forward with the implementation of its business plan the Board of Directors felt that the time was right for a name that accurately reflected the Company's strategic focus of Carbon Dioxide (CO2) delivery and Enhanced Oil Recovery (EOR) production in the Permian Basin," said Barry Lasker, Ridgeway's CEO. "The Name of Enhanced Oil Resources Inc. and the associated trading symbol of 'EOR' clearly articulate the Company's growth objectives moving forward. In line with the new name the Company is in the process of developing a new website that is expected to be up and running soon."
Ridgeway Petroleum (soon to be renamed Enhanced Oil Resources, Inc.) is a development-stage EOR company that controls approximately 200,000 acres of land within the St Johns Helium/CO2 field in Arizona and New Mexico where the Company is developing what is thought to be the largest undeveloped resource of helium and carbon dioxide gases in North America. Independent engineering firms have estimated that the St Johns field contains approximately 15 trillion cubic feet of in place resources, with a potential recoverable resource of 5 trillion cubic feet. Development of the project could result in the Company becoming one of North America's largest CO2 suppliers and EOR producers. The Company's strategic focus for CO2 delivery and EOR production is the Permian Basin where significant potential exists for enhanced oil recovery from mature, depleted oil fields.