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EGPI Firecreek's Ten Mile Draw Project Producing Better Than Expected Results; (Production Results Close to 40% Higher Than Anticipated)
Business Wire via COMTEX
Mar 21, 2006 8:00:12 AM
SCOTTSDALE, Ariz., Mar 21, 2006 (BUSINESS WIRE) --
EGPI Firecreek, Inc.(OTCBB:EFCR) announced today that gas well 1-16 in the company's Ten Mile Draw, Wyoming Coal Bed Methane project is on-line and producing at a greater rate than previously anticipated.
Firecreek's President, John R. "Rick" Taylor stated, "This is exciting news for our company. Our best Initial Production (IP) estimate for well 1-16 after re-work was 250 MCF/D. Newport Oil Corporation, our Field Operating Partner, has notified us that the IP is flowing in at 340 to 360 MCF/D, a rate that is almost 40% higher than anticipated. Because of this, we have tremendous confidence in our second well 7-16 because we have strong reasons to believe that this well has the potential to produce even more than 1-16."
Newport Oil Corporation's President, John Bruynell explained, "Even though we are producing more gas than previously anticipated, we expect to produce even greater amounts of natural gas as more adjusting is done on well 1-16. We are still getting fracturing fluid out of the well and fine tuning the compressor. It seems as though the expensive and time intensive re-work that we decided to implement was worthwhile and may have gotten us back into native reservoir gas." He also stated, "Well 7-16 has been prepped and is ready to go as soon as our specialized compressor is received. Because of our most recent success with the first well we have taken aggressive steps to bring the second well on line as expeditiously as possible. We expect well 7-16 to do as well if not better than 1-16."
Dennis Alexander, EGPI Firecreek's Chairman stated, "The preliminary success of our Ten Mile Draw Project is a true testament to our commitment to bring a consistent revenue stream into our company. We are very optimistic that this is the beginning implementation of a successful Definitive Action Plan that was developed by our Executive Committee several months ago. This most certainly has not come easily; we have had to deal with unusually bad weather and transportation pipeline equipment failure causing untimely delays. EFCR no longer anticipates any further delays at Ten Mile Draw and expects to have full production from 1-16 and 7-16 within the next two weeks."
EGPI Firecreek is working with Newport Oil Corporation on a multiple well drilling program at the Ten Mile Draw. Both companies are aggressively identifying future potential drilling sites. All of the sites are located in Coal Bed Methane zones that have been successfully producing gas for years.
For more information about EGPI Firecreek Inc. go to:
posted
MM's not fallin back on the bid at all... about to pick up here watch! anyone in??
Posts: 2794 | From: nyc | Registered: Aug 2005
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-------------------- “Money itself isn't lost or made, it's simply transferred from one perception to another." Posts: 540 | Registered: Mar 2006
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posted
this is just getting noticed! i love how this is trading right now wow holding up great. we may see some news or something.... keep a close eye trades hittin the ask! volume picking up nicely:)
Posts: 2794 | From: nyc | Registered: Aug 2005
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posted
How long is everyone expecting to be holding? Not sure if I should day trade this or not?
-------------------- “Money itself isn't lost or made, it's simply transferred from one perception to another." Posts: 540 | Registered: Mar 2006
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posted
finally a little budging on the bid, dropped a few ticks. id say thats just some healthy selling. if we can hold on this dip and make a move back up im going to hold through lunch into the afternoon to see what happens...
Posts: 2794 | From: nyc | Registered: Aug 2005
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-------------------- “Money itself isn't lost or made, it's simply transferred from one perception to another." Posts: 540 | Registered: Mar 2006
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posted
yep still in... come on afternoon, id like to see it pop up to where it was. then we are all set!
Posts: 2794 | From: nyc | Registered: Aug 2005
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posted
ya that was just the normal lunch break dip its already popin back
-------------------- “Money itself isn't lost or made, it's simply transferred from one perception to another." Posts: 540 | Registered: Mar 2006
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I was looking at playing this for a few days, but after looking at the chart I think I'm going to keep it. This thing has had some nice runs the past couple summers beginning in the April/May time frame all the way through August.
Posts: 293 | Registered: Feb 2006
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