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EER Enterprise Energy Resources Ltd.

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Share Name Share Symbol Market Type
Enterprise Energy Resources Ltd. TSXV:EER TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Enterprise Completes Acquisition of 50% Interest in Chimney Sweep Oil and Gas

01/03/2011 12:00pm

Marketwired Canada


Enterprise Energy Resources Ltd. (the "Company") (TSX VENTURE:EER) is pleased to
announce that its wholly owned subsidiary, EERL Energy Limited Partnership
("EERL"), has completed its previously announced acquisition of a 50% interest
in Chimney Sweep Oil and Gas (US) L.L.L.P. ("Chimney Sweep").


Concurrent with the closing of the acquisition, the Company completed its
previously announced non-brokered private placement of 16,666,666 units of the
Company (the "Units") at a price of $0.30 per Unit for gross proceeds of
$5,000,000. The Units are subject to a four month hold period expiring June 26,
2011.


Each Unit consists of one common share and one-half of one common share purchase
warrant (each whole such warrant, a "Warrant"). Each Warrant will entitle the
holder to purchase an additional common share for a period of 24 months from the
closing date. 


In accordance with the policies of the TSX Venture Exchange, the exercise price
for the Warrants has been increased to $0.50 per Warrant.


The proceeds of the private placement will be used to fund the investment by
EERL in Chimney Sweep.


ENTERPRISE ENERGY RESOURCES LTD. 

Geoffrey Carrington, President & CEO

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release constitute "forward-looking
statements". Such forward-looking statements include, without limitation, the
use of proceeds of the financing. There can be no assurance that such statements
will prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company's expectations
include operational risks, the effects of general economic conditions, changing
foreign exchange rates and actions by government authorities, uncertainties
associated with legal proceedings. The Company's forward-looking statements
reflect the beliefs, opinions and projections on the date the statements are
made. The Company assumes no obligation to update forward-looking information
should circumstances or management's estimates or opinions change, except as
required by law.


Shares Outstanding: 21,706,782

1 Year Enterprise Energy Resources Ltd. Chart

1 Year Enterprise Energy Resources Ltd. Chart

1 Month Enterprise Energy Resources Ltd. Chart

1 Month Enterprise Energy Resources Ltd. Chart