Enhanced Oil Resources Inc. Completes the Sale of CrossroadsHOUSTON, Oct. 16, 2014 /CNW/ - Further to its news release of September 29, 2014, Enhanced Oil Resources Inc. (TSX-V: EOR; OTCQX: EORIF) ("EOR") announces the completion of the sale by its indirect wholly-owned subsidiaries, Ridgeway Arizona Oil Corp. and EOR Operating Company (collectively with EOR, the "Company") of all of the Company's rights, title and interest in the Crossroads oilfield, located in Lea County, New Mexico to an unrelated third party group consisting of Desert Production, Inc. of Midland, Texas and Penroc Oil Corporation of Hobbs, New Mexico (together, the "Purchaser") for US$10.0 million cash, subject to certain post-closing adjustments and conditions. Riviera-Ensley Energy Advisors ("Riviera"), an arm's length full service acquisition and divestiture transaction advisor serving the energy sector for over 20 years, acted as the marketing agent and broker for the Company in connection with the sale and has been paid a fee of US$210,000 in cash for conducting the marketing and solicitation of bids for the property interests. The sale closed on October 16, 2014 with a post-closing settlement following receipt of all required state of New Mexico regulatory approvals. The effective date for the transaction is September 1, 2014, being the date upon which the Purchaser assumes financial obligations and consequences arising from the operation of the field. The Company intends to use the proceeds from the disposition of the Crossroads field to pursue new opportunities that diversify the Company's asset base, pay accounts payable and for general corporate purposes. About Enhanced Oil Resources Inc. Enhanced Oil Resources Inc. is an early-stage company, with a principal goal of increasing crude oil and natural gas production through enhanced oil recovery and infill drilling projects it is initiating in the Permian Basin on oil fields acquired by the Company in 2007 and 2008 for that purpose. ON BEHALF OF THE BOARD OF DIRECTORS (signed) Barry D Lasker, CEO