EGPI Firecreek, Inc. Recaps 2012 And Marks Development Plans For
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:
- EGPI 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.
- EGPI 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).
- In 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 of debt.
- EGPI 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.
- On 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.
- The 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 of
September.
- On 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:
- EGPI 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 Corp.
- EGPI is currently working with third party financing groups to
underwrite in excess of 20 million
dollars of its CAPEX requirements.
- EGPI is currently developing a restructuring program for future
market presence.
- EGPI is in final review and negotiations for several thousand
acres of potential oil and gas development leases in its core area
of West Central Texas.
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.
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.
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:
http://www.sec.gov/divisions/corpfin/guidance/cfoilgasinterps.htm
Public Relations and Shareholder Information
Joseph Vazquez
754-204-4549 or
Email: infinityglobalconsulting@gmail.com
SOURCE EGPI Firecreek, Inc.
