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EGPI Firecreek Inc. Announces Ten Mile Draw`s Gas Well Project Near Completion; Better Than Expected Results Anticipated
January 09, 2006 12:39:01 (ET)
SCOTTSDALE, Ariz., Jan 09, 2006 (BUSINESS WIRE) -- EGPI Firecreek Inc. (EFCR, Trade) is pleased to announce that the final stages of completion work has resumed on its 16-1 well on the Ten Mile Draw Coal Bed Methane/Natural Gas project located in Wyoming, and is anticipated to be completed within the next several days.
As previously announced, the well was reentered in December by performing two fracturing procedures opening what is classified as the Almond and Lewis formations. The company had originally anticipated completing the well by year end but was delayed due to a combination of severe weather conditions and the year-end holidays.
The Newport Oil Co., EGPI Firecreek's partner and operator of the project, has estimated initial indications for the production of natural gas from this well to be very encouraging in meeting and possibly exceeding initial expectations.
Barring any unforeseen weather setbacks, Newport Oil Co. forecast's well 16-1 to be in full line production within the next 10 to 14 days.
Additionally, the company anticipates to start additional fracturing procedures on a second well (16-7) at the beginning of next week. Based upon the current progress of the completion of well 16-1, and the anticipated start of well 16-7, the company expects to start producing natural gas from both wells by the end of January. All necessary production equipment has already been acquired, moved and is in place to immediately bring the gas to market. Newport Oil will begin to release all projected production numbers for the month of January once production begins and becomes available.
Additionally, EGPI Firecreek is currently near the final stages of negotiations to acquire the rights on a third well on the Ten Mile Draw. If finalized, the company expects to begin the rehabilitation of the well in February.
EGPI Firecreek's Chairman and CFO Dennis Alexander stated, "As the work finishes on well 16-1, we look forward to completing additional wells in this rehabilitation phase of our project in the Ten Mile Draw. Upon completion of our rehabilitation phase, the company has aggressive plans to initiate a multi-well drilling program for 2006 with our partner The Newport Oil Co. on 1,600 acres in which drilling rights have already been acquired." He also stated, "This is a very exciting time for our company, we have worked very hard and diligently to initiate the start of a progressive revenue stream for the company and feel we are very close to meeting the initial objectives and goals set forth by our company."
Firecreek Petroleum Inc. (FPI) is a wholly owned subsidiary of EGPI/Firecreek Inc. (EFCR), an oil and gas field rehabilitation company working in the United States and overseas, principally in Eastern Europe and Northern Africa.
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; and (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's filings with the Securities and Exchange Commission.
SOURCE: EGPI Firecreek Inc.
Firecreek Petroleum Inc. George "Bud" Faulder, 817-732-5949 (Shareholder Relations) bud*firecreek.us Copyright Business Wire 2006
-------------------- ......in Psychiatry circles it's known as a "warning sign" Posts: 1736 | From: Saint Louis | Registered: Jul 2005
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EGPI Firecreek's First Gas Well Comes on Line Tuesday January 17, 9:00 am ET Second Well Due on Line in Ten Days
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Jan. 17, 2006--EGPI Firecreek, Inc. (OTCBB:EFCR - News) announced today gas production began January 15, 2006 on well CD 16-1 in its Ten Mile Draw, Wyoming Coal Bed Methane Project. Work on a second well, CD 16-7, continues and it should be on line within 10 days. ADVERTISEMENT
"Engineers from Newport Oil Corporation, the field operator, are evaluating the gas reservoir and determining the best daily flow rate to maximize production life for well CD 16-1," said Firecreek Petroleum, Inc. President and Chief Executive Officer John R. "Rick" Taylor. "We also have engineers from Western Gas Resources (WGR) on site. Since Western has a contract to purchase all of our gas, it will participate in the evaluation of all of our wells."
"Work will continue on well CD 16-1 to remove fracturing fluid that will increase production. And, since Western is using a high pressure transport gas pipeline, compressors will be added to the wells over the next four weeks to improve daily production into the high pressure line," Taylor explained.
EGPI Firecreek, Inc. Chairman of the Board and Chief Financial Officer, Dennis Alexander added, "Ten Mile Draw daily well production rates will stabilize shortly and we will be able to provide that information to shareholders. I'm excited that we brought this project on line. Because, EFCR and our operating partner Newport Oil hold the drilling rights to 1600 acres surrounding our current well sites. Therefore, our 2006 development program for Ten Mile Draw is aggressive with plans for at least ten (10) new wells expanding our gas production dramatically."
A zone fracture will be done Tuesday, January 17, 2006 on well CD 16-7. Engineers project that cleaning the well and removing the fracturing fluid will take less than a week. As soon as that work is complete the well will go on line. Firecreek and Newport Oil expect to have preliminary well gas flow rates for CD 16-1 and CD 16-7 by the end of January if not sooner.
EGPI Firecreek, Inc., through its Firecreek unit, is focused on oil production with an emphasis on acquiring existing oil fields with proven reserves. Additionally, the company specializes in the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis.
For more information about EGPI Firecreek, Inc. go to:
EGPI a gas producer see Yahoo finace news.
Posts: 25 | From: Canada | Registered: Jun 2004
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posted
More wells to come on line in January. Should continue to be in the news all month I am hoping for overseas news as well.
Posts: 25 | From: Canada | Registered: Jun 2004
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