Imperial Resources, Inc. reported that the company has secured financing to complete the development of a disposal facility in Texas. The facility will be used to dispose of salt water from oil and gas wells in the Barnett Shale and other areas.
Imperial Resources said that the financing is in the form of an unsecured convertible loan and is for up to $1.2 million. The company would not identify the lender. Imperial Resources expects to use the funds immediately to begin construction of the facility, and estimates that commercial operations at the site can begin in eight weeks.
The salt water disposal facility is being constructed by Big Dig Operating, Inc., a subsidiary of Imperial Resources, Inc. The company estimates that construction of the salt water disposal facility will cost approximately $5 million and have capacity to handle 15,000 barrels per day of salt water.
The salt water disposal facility is designed to handle salt water that is produced during the hydraulic fracturing process used in drilling and completing oil and gas wells. The facility is located on 41 acres of land with access to nearby highways. The company estimates that there are more than 6,000 wells within twenty miles of the site.
For more information on the company, go to www.imperialresourcesinc.com