2011-03-09-2011-03-01-2011-03-01

Acquired 50% WI in Williston Basin-focused company, which holds approximately 1,600 net acres in ND.

Enterprise Energy Resources Ltd., Vancouver, B.C., (Toronto Venture: EER) reports that its wholly owned subsidiary, EERL Energy Ltd. Partnership, has completed the acquisition of a 50% interest in privately held, Williston Basin-focused Chimney Sweep Oil and Gas (US) LLLP.

Chimney Sweep currently holds approximately 1,600 net acres of oil and gas leases in North Dakota (southern Williston Basin) in an area which has produced more than 85 million barrels of light oil from multiple zones. The partnership also owns approximately 110 square km of 3-D seismic, which covers the majority of its acreage and the main play fairway from which most of the light oil has been produced. The partnership plans to acquire additional acreage in the area and drill one or more wells during 2011.

As consideration for its 50% interest in Chimney Sweep, Enterprise Energy Resources previously announced that it would make an investment equal to US$2.5 million, plus 50% of certain approved expenses of the partnership, from Nov. 1, 2010, to the date of closing.

Concurrent with the closing of the acquisition, the company completed a non-brokered private placement of approximately 16.7 million units at a price of $0.30 per unit for gross proceeds of $5 million. The proceeds will be used to fund its investment in Chimney Sweep.