EGPI/Firecreek, Inc. announced today that its wholly owned subsidiary, Firecreek Petroleum, Inc.'s (Firecreek or FPI) third well in the Ten Mile Draw (TMD) prospect area located in Green River Basin, Wyoming, is online and producing natural gas. The recent success for the completion of the third workover well now paves the way for Firecreek to begin the planned expansion program for the drilling of at least 11 new wells in that area.
Firecreek's Joint Venture and field operations partner, Newport Oil Corporation, reported that the well, which was scheduled to be online last November, encountered technical issues in final stages of completion which were addressed and are now resolved. The Company will include the results of the 13-9 well, as well as the other two wells in the TMD prospect, in its financial statements.
Firecreek and Newport Oil jointly stated that they see a bright and promising future for the new drilling development program. The difficulties and special requirements encountered and resolved in its 3 well workover program in the heart of the Continental Divide will undoubtedly bring a wealth of added benefits - which the companies believe will facilitate the planning of future new drilling programs. Firecreek and Newport Oil now can look forward to beginning the new multi-well drilling program.
Newport Oil Corporation President John Bruynell, operator for the project, stated, "The historical output of these older wells have been in excess of 3 BCF. The 13-9 is now restored to online status. Approximately 1/2 BCF was extracted from the 13-9 well prior to acquisition by FPI or Newport Oil Corporation. Of the three workover wells, the 13-9 being certainly the youngest well being brought back online, also has the strongest reserve values attributable for the Almond and Lewis Sand Formation in place. There is a reasonable expectation with standard technical adjustments, the three workover wells having the new fracing procedures performed and completed may be producing and selling gas for many years to come. The start up production rate for the 13-9 well at 175 thousand cubic feet per day and is expected to increase steadily over the next thirty days of operations until it stabilizes. The early signs are encouraging."
Firecreek looks forward to the ongoing results for its 13-9 well. The Company expects to continue aggressive steps towards the facilitation of new multi-well drilling programs in the Ten Mile Draw area.
The Company also plans to provide a near term update regarding the steady advancement of its preliminarily planned projects located in Florida and the Ukraine.
EGPI/Firecreek, Inc. through its Firecreek unit is focused on oil production with an emphasis on acquiring existing oil fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis. Other companies in the oil sector include Pantina Oil and Gas Inc. (POG), Frontier Oil Inc. (FTO) and Cabot Oil & Gas Inc. (COG).
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.
Contact:
EGPI/Firecreek, Inc.
Public Relations and Shareholder Information
Joe Vazquez, 817-886-3297
info@egpifirecreek.net
Source: EGPI/Firecreek, Inc.
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