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Just got this news this week. It's a bargain at the price of a penny. Read below. Should bounce to .015 to .02 next week.
EGPI Firecreek, Inc. Initiates Production of Oil and Gas From Its Three Well Oil Drilling Program
SCOTTSDALE, AZ -- (Marketwire) 05/13/10 EGPI Firecreek, Inc. (OTCBB: EFIR) is pleased to announce its West Texas Three Well Program with Whitt Oil and Gas is online with the McWhorter well. The Company's successful operation and production of oil and gas will now ramp up the operations of its wholly owned subsidiary, Energy Producers, Inc.
Whitt Oil & Gas, Inc., the Company's operator for its West Texas Three Well Program, has completed and begun production of both oil and gas on the McWhorter well this week. The well is continuing to improve oil and gas production as the hydraulic stimulation (FRAC) fluid is continuously being pumped off. Production levels for the McWhorter well will be closely monitored and evaluated over the next several days but early indications show better than expected production levels. The company is also pleased to report most of the rehabilitation work on its second well, the Young well, has been completed and it is expected to be online and producing within the week. The Whitt Oil & Gas Operating team has now headed out to the Boyett well, the last well for its three well work program, and expects the well to be completed, online, and producing within the next two weeks. Final completion of the Boyett well will be subject to standard job risks and weather conditions. Operations report that the initial oil and gas recovered during all rehabilitation work has been consistent with commercial expectations.
Dennis Alexander, Chairman and CEO of EGPI Firecreek, Inc., stated, "The initiation of our Energy Producer's unit with the start of oil and gas production marks a monumental day for our corporate operations. With current crude oil prices hovering around $75 a barrel and looking to go higher, our future couldn't look better as we enter the oil and gas arena." He also stated, "Now that we can officially state that we are producing oil and gas, we intend to aggressively pursue several opportunities that have recently been made available to us in order to exponentially grow our oil and gas division. Collectively, with the right amount of working capital supplementation, we expect the Company's operations of both divisions to run on all cylinders, which will allow 2010 to be our best revenue producing year in the company's history."
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc. is engaged in the DOT Construction, Intelligent Traffic System markets, and oil and gas production. Other companies in the oil sector include, Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc., and Cabot Oil & Gas Inc.
Safe Harbor
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 Exchange Commission.
FOR MORE INFORMATION ON EGPI/FIRECREEK, INC.
CONTACT:
EGPI/Firecreek Public Relations and Shareholder Information
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