1st NRG Corp. Updates Operations
DENVER -- October 19, 2012
1^st NRG Corp. (OTC Markets: FNRC.PK)(http://1stnrg-corp.com) provides an
update on the company’s operations.
Utica Shale – Eastern Ohio
The Company has entered into a Letter of Intent to develop approximately 7,150
acres in Eastern Ohio, one of the most active areas for oil, natural gas and
natural gas liquids exploration in the United States. Recently the Ohio
Department of Natural Resources released estimates of the possible Utica-Point
Pleasant recoverable reserve potential in Ohio to be between 3.75 to 15.7
trillion cubic feet of natural gas and 1.3 to 5.5 billion barrels of oil.
According to Aubrey McClendon, CEO of Chesapeake Energy, which owns the
largest leasehold in Ohio, “This is the best treasure of American energy,”
McClendon said on CNBC’s Mad Money hosted by Jim Cramer
Niobrara Shale – Western Nebraska
The Company also has entered into an agreement which will deliver an Oil and
Gas Lease and surface use agreement for 1,370 acres located in Banner County
Nebraska. We expect the area to have possibilities to develop the Niobrara
Shale which is being compared to the Bakken Shale in North Dakota. Located in
the Denver Julesburg Basin which extends from Southeast Wyoming and Southwest
Nebraska into Northeast Colorado, the acreage will provide the company with
possible oil, natural gas and natural gas liquids development in the Niobrara
Shale, as well as the Codell, Greenhorn, D and J Sands. Industry estimates of
the possible Niobrara Original Oil in Place (OOIP) are 30 million BOE per
section; however recoverable oil, natural gas and natural gas liquids will
vary by area, thickness, porosity and fracture systems.
CBM – Northern Wyoming
Clabaugh Ranch - Clabaugh Ranch was acquired in October 2010 and consists of
various working interests in forty-two producing coal bed methane (CBM) wells.
Coal bed methane is a source of clean natural gas. Along with the forty-two
(1.22 net) drilled and producing wells, the Company holds an interest in eight
(6.00 net) permitted locations which we intend to drill in the fourth quarter
2012. The field currently produces 1,200 – 1,300 MCFD and we estimate our
reserves to be about 4.8 BCF (3P).
About 1^st NRG
1^st NRG Corp. (OTC Markets: FNRC.PK) is an exploration and production company
headquartered in Denver, Colorado. The Company currently holds natural gas
(CBM) assets in the Powder River Basin of Wyoming. We ownworking interests in
producing and prospective CBM wells in the Clabaugh Ranch Field, adevelopment
of 6,025 gross acres in the Powder River Basin in northeast Wyoming. The
Powder River Basin is a major source of coal bed methane- clean natural gas.
We are expanding our activities by expanding into unconventional shale
potential which includes 1,370 acres in the Niobrara Shale in Western Nebraska
and 7,150 acres the Utica Shale in Eastern Ohio. The Niobrara Shale and the
Utica Shale not only have potential oil reserves, but also natural gas and
natural gas liquids.
See the company website for updates, at http://1stnrg-corp.com.
This Press Release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Act of 1934. A statement identified by the words "expects," "projects,"
"plans," "feels," "anticipates" and certain of the other foregoing statements
may be deemed "forward-looking statements." Although 1^st NRG believes that
the expectations reflected in such forward-looking statements are reasonable,
these statements involve risks and uncertainties that may cause actual future
activities and results to be materially different from those suggested or
described in this press release. These include risks inherent in the drilling
of oil and natural gas wells, including risks of fire, explosion, blowout,
pipe failure, casing collapse, unusual or unexpected formation pressures,
environmental hazards, and other operating and production risks inherent in
oil and natural gas drilling and production activities, which may temporarily
or permanently reduce production or cause initial production or test results
to not be indicative of future well performance or delay the timing of sales
or completion of drilling operations; risks with respect to oil and natural
gas prices, a material decline in production which could cause the Company to
delay or suspend planned drilling operations or reduce production levels; and
risks relating to the availability of capital to fund drilling operations that
can be adversely affected by adverse drilling results, production declines and
declines in oil and gas prices and other risk factors.
Brad Holmes, 713-654-4009
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