EGPI/Firecreek, Inc. Announces Reserve Report/Studies for Ten Mile Draw Project Expansion Plans; Study Evaluates Potential for Multi-Well Drilling Program via COMTEX
EGPI/Firecreek, Inc. (OTCBB:EFCR) Dennis R. Alexander, Chairman and CFO, announced today plans to increase the initial 5-well drilling program. He also announced the results of an independent reserve report study regarding the Reserves at the Ten Mile Draw field located in the Green River Basin of Wyoming.
EGPI/Firecreek and Newport Oil Corporation are joint venture partners on three wells in the Ten Mile Draw (TMD) and are presently negotiating for the drilling of 11 additional wells within the core area starting sometime in the Company's third quarter and ending sometime within the Company's 2007 first quarter. The Company is confident that this presence will increase EGPI/ Firecreek's working and net revenue interests via its Firecreek Petroleum unit. Mr. Alexander stated, "Although our initial 5-well drilling program is certainly viable, certain opportunities have recently arisen which lead us to believe that with appropriate funding, we will be able to expand our drilling program from 5 to 11 wells in the TMD area."
EGPI/Firecreek and Newport Oil Corporation have confirmed that the latest report from independent consultants Allen and Crouch Petroleum Engineers of Casper, Wyoming are projecting ultimate reserves for the 11 well drilling program to yield an additional 6.5 BCF (Billion Cubic Feet) of natural gas from the Lewis Sand formation and 17.6 BCF from the Almond Sand Formation. The report concludes that the total unrisked Proven Undeveloped (PUD) reserves for these two zones are estimated at 24.1 BCF plus an additional 146,976 STB (Stock Tank Barrels) of oil or gas condensate. These figures do not include the PUD reserves in the Coal Bed Methane zone found in each well. Those reserves will be separately evaluated and reported at a later date.
John Bruynell, President of Newport Oil Corp. and the Project Field Operator for the Ten Mile Draw joint venture stated, "A tremendous effort has been made in the last several months to get us to this stage. We are not surprised with the engineering firms reserve report and feel that this is just a start of the type of program expansion in the TMD that I believe will substantially increase our natural gas production levels over the course of the next several months."
The state of Wyoming has been experiencing a sudden economic boom with the resurgence of gas exploration and drilling in its state. For more information on the dynamic growth currently being experienced by Wyoming please go to:
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 Firecreeks' filings with the Securities and Exchange Commission.
SOURCE: EGPI/Firecreek, Inc.
EGPI/Firecreek Joe Vazquez, 817-886-3297 info*egpifirecreek.net
Copyright Business Wire 2006
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I have a radar on this. Will see how Tuesday goes.
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