EGPI Firecreek, Inc. Recaps 2012 And Marks Development Plans For 2013
SCOTTSDALE, Ariz., Jan. 3, 2013
SCOTTSDALE, Ariz., Jan. 3, 2013 /PRNewswire/ -- EGPI Firecreek, Inc. (OTCBB:
EFIR) announced summary highlights for year 2012 and marks development plans
for year 2013.
Wrap up for the year 2012:
oEGPI continued its consolidation and wrap up activities for the exit and
recovery from its business segments related to signalization, lighting,
and telecom via its 2011 sell off of South Atlantic Traffic Corporation
(SATCO) and Terra Telecom.
oEGPI continued the integration and ramp up of its acquired interests in
oil and gas operations, including various work programs and the
development of its J.B. Tubb Leasehold Estate/Amoco Crawar field oil and
gas interests, acquired in early 2011 and located in the Permian Basin and
the Crawar Field, which is directly adjacent to property operated by
Chevron Corporation in Ward County, Texas (12 miles southeast of Monahans
and 30 miles west of Odessa in West Texas).
oIn late July 2012 EGPI sold a portion of its working and net revenue
interests in J.B. Tubb Leasehold Estate to U.S. based Mondial Ventures,
Inc. completing the transaction for $1,150,000 in stock and the assumption
oEGPI acquired additional rights to develop and drill a series of wells on
the J.B. Tubb Leasehold Estate/Amoco Crawar Field, South 40 considering
various targets in formations including Ellenburger, Glorieta, Upper
Clearfork, Tubbs, Lower Clearfork, Witchita Albany, Wolfcamp, Detrital
Zone and Waddell formations. AFE CAPEX requirements needed are estimated
at $19 million for a fully staged-in property development.
oOn August 28, 2012, the Company reported that funding had been secured in
order to provide for a work program perforating into the new untapped
Glorieta Formation in the Crawar #2 well. EGPI was successful in striking
oil and gas in the Glorieta Formation.
oThe Company reported that in the month of September 2012 they produced
1700 barrels of oil and 8 MCF of natural gas enabling them to return the
initial investment dollars for drilling and operations in the first half
oOn November 05, 2012 the Company announced the signing of a Definitive
Agreement to acquire, prepare and conduct drilling programs aimed at the
Barnett Formation (Permian Basin oil leg) located in West Central Texas
with Mondial Ventures, Inc. The preparation is to include a 3D seismic
study that will focus on specific Barnett Shale formation characteristics
which will help to assist in the planning of future drilling for one or
two Barnett horizontal or equivalent vertical wells on the Boyette lease.
Plans for 2013:
oEGPI in conjunction with Mondial Ventures, Inc. anticipates raising
approximately $1.6 million in Capital Expenditures ("CAPEX"), for the
drilling of an Ellenburger Well to a depth of 8,300 ft. on a turnkey
basis. The well is located on the South 40 acreage of the J.B. Tubb
Leasehold Estate. Public Records reveal an average production rate of 240
barrels of oil per day for Ellenburger wells on properties adjacent to the
South 40 acreage that are currently owned by Chevron, BP and McCulloch Oil
oEGPI is currently working with third party financing groups to underwrite
in excess of 20 million dollars of its CAPEX requirements.
oEGPI is currently developing a restructuring program for future market
oEGPI is in final review and negotiations for several thousand acres of
potential oil and gas development leases in its core area of West Central
Dennis Alexander, EGPI's CEO, stated, "We believe the various business
synergies created during year 2012 along with the vital clean up and
restructuring of past operations, along with a renewed oil and gas focus, will
fuel a baseline for our potential growth in the development of oil & gas
wells, revenues, and related opportunities." He also stated, "We look forward
to renewing our market presence in 2013 while increasing much needed
shareholder value to our Company."
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused on
producing oil and gas. The Company puts emphasis on acquiring existing fields
with proven reserves or by the rehabilitation of oilfields with potentially
high throughput. Through its wholly owned subsidiary Energy Producers, Inc.,
it acquires resource properties and inventories. Through its wholly owned
subsidiary Chanwest Resources, LLC it operates as an oil and gas service
business. EGPI Firecreek, Inc. is also planning to expand into producing
energy through alternative energy sources through their recently acquired
Arctic Solar Engineering subsidiary.
About Mondial Ventures, Inc.
Mondial Ventures, Inc. is engaged in the acquisition of Oil & Gas properties
and assets that can be developed into revenue producing assets. The Company
has put an emphasis on acquiring existing Oil fields with proven reserves or
by the rehabilitation of oilfields with potentially high throughput.
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
CAUTIONARY NOTE TO UNITED STATES INVESTORS
The United States Securities and Exchange Commission permits oil and gas
companies, in their filings with the SEC, to disclose only proved reserves
that a company has demonstrated by actual production or conclusive formation
tests to be economically and legally producible under existing economic and
operating conditions. We use certain terms, such as prospective resource or
Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), that the
SEC's guidelines strictly prohibit us from including in filings with the SEC.
U.S. Investors are urged to consider closely the disclosure in our Form 10K.
Additional information may be found at the following web site:
Public Relations and Shareholder Information
SOURCE EGPI Firecreek, Inc.
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