Enhanced Oil Resources provides private placement update

HOUSTON, Aug. 5 /PRNewswire-FirstCall/ - Enhanced Oil Resources, Inc. (TSX-V:
EOR) today announced that it has closed on a third and final tranche of
financing related to the brokered private placement announced on June 23rd,
2008. The third tranche contained 1,290,000 Units for total proceeds of
$1,599,600 (CDN) and these proceeds net of costs have been delivered to the
Company.
Previously the Company had announced it engaged Union Securities Ltd. (the
"Agent") as agent in connection with a private placement of up to $7,500,000
(CDN) comprised of Units (6,048,387 Units) at $1.24. Each Unit is comprised of
1 common share and one half of one non-transferable common share purchase
warrant, each whole warrant entitling the holder to purchase an additional
common share at $1.80 per share for a period of 24 months from closing.
The Agent with regard to its services is entitled to receive a cash commission
equal to 7% of the aggregate gross proceeds of the Units sold pursuant to the
Offering and the Over-Allotment Option including in respect of any Units
purchased by the Agent as principal and Agent Compensation Options equal to 7%
of the aggregate number of Units sold pursuant to the Offering and the
Over-Allotment Option where each Agent's Compensation Option entitles the
Agent to purchase one Unit of the Company at $1.24 per Unit for a period of 24
months from the Applicable Closing Date.
The first tranche (2,438,500 Units) of the Offering closed in Toronto on June
27, 2008. All securities issued in connection with the first tranche closing
are subject to a hold period expiring October 28th, 2008.
The second tranche (1,650,000 Units) of the Offering closed in Toronto on July
16, 2008. All securities issued in connection with the second tranche closing
are subject to a hold period expiring November 17th, 2008.
The third tranche (1,290,000 Units) of the Offering closed in Toronto on July
31, 2008. All securities issued in connection with the third tranche closing
are subject to a hold period expiring December 1st, 2008.
Proceeds from these placements, which are subject to regulatory approval, are
intended to be used for the CO2 pilot flood and work over program for the
Company's recently purchased oilfield (News Release dated June 19, 2008), for
continued development drilling at the St Johns Helium/CO2 field, for
additional oilfield acquisitions in targeted areas of the Permian Basin and
for general working capital.

About Enhanced Oil Resources
----------------------------
Enhanced Oil Resources, Inc. (EOR) is an early-stage company focused on
developing the St. Johns Helium/CO2 field, and producing oil via enhanced oil
recovery processes using CO2 injection in the United States. The Company owns
and operates the St. Johns Field, the largest undeveloped helium and CO2 field
in North America.

Forward-Looking Statement
-------------------------
Certain statements contained herein are forward-looking statements, including
statements relating to Enhanced Oil Resources' operations; business prospects,
expansion plans and strategies. Forward-looking information typically contains
statements with words such as "intends," "anticipate," "estimate," "expect,"
"potential," "could," "plan" or similar words suggesting future outcomes.
Readers are cautioned not to place undue reliance on forward-looking
information because it is possible that expectations, predictions, forecasts,
projections and other forms of forward-looking information will not be
achieved by Enhanced Oil Resources. By its nature, forward-looking information
involves numerous assumptions, inherent risks and uncertainties. A change in
any one of these factors could cause actual events or results to differ
materially from those projected in the forward-looking information. Although
Enhanced Oil Resources believes that the expectations reflected in such
forward-looking statements are reasonable, Enhanced Oil Resources can give no
assurance that such expectations will prove to be correct. Forward-looking
statements are based on current expectations, estimates and projections that
involve a number of risks and uncertainties which could cause actual results
to differ materially from those anticipated by Enhanced Oil Resources and
described in the forward-looking statements or information. The
forward-looking statements are based on a number of assumptions which may
prove to be incorrect. Readers should be aware that the list of factors, risks
and uncertainties set forth above are not exhaustive. Readers should refer to
Enhanced Oil Resources' current filings, which are available at www.sedar.com,
for a detailed discussion of these factors, risks and uncertainties. The
forward-looking statements or information contained in this news release are
made as of the date hereof and Enhanced Oil Resources undertakes no obligation
to update publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise, unless so
required by applicable laws or regulatory policies.

ON BEHALF OF THE BOARD OF DIRECTORS

(signed)
Barry D Lasker, CEO

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE Enhanced Oil Resources Inc.

visit our Website at www.enhancedoilres.com or please call Don Currie on
1-888-990-3551