Enhanced Oil’s indirect wholly-owned subsidiary, Ridgeway Arizona Oil Corp., has entered into a non-binding Letter of Intent with a non-affiliated third party, "Purchaser", for the sale of all of the Company's rights, title and interest in the Crossroads oilfield, located in Lea County, New Mexico.

Subject to completion of the Purchaser's due diligence, it is now expected that a definitive purchase and sale agreement, which will be subject to a number of closing conditions including receipt of TSX Venture Exchange approval, will be entered into as soon as possible, with closing of the transaction to occur after satisfaction of all closing conditions.

Tags: Enhanced Oil Resources