Message #22 From:
NewsBot Date: November 19, 2007 06:58:08 AM
EGPI/Firecreek, Inc. Signs MOU with Success Oil Co. for Majority Interests in West Texas Oil Program
(Deal to Acquire 75% Working Interests J.B. Tubb/AMOCO Crawar
Property North 40 Acre Initial Two Well Reentry Program)
EGPI/Firecreek, Inc. (OTCBB: EFCR) and its wholly owned subsidiary,
Firecreek Petroleum, Inc. announced today that it has signed an MOU to
acquire 75% working interest in Success Oil Co’sJ.B. Tubb/Amoco Crawar Property, North 40 Acres. This includes an
initial two well reentry program for oil and gas.
The J.B. Tubb/Amoco Crawar oil and gas property is located in the
Permian Basin, Crawar Field in Ward County, West Texas (12 miles west of
Monahans & 30 miles west of Odessa).
The proposed acquisition and corresponding work program includes reentry
into two wells in the Upper Clearfork formation (from 4200-4400
feet), and Lower Clearfork formation (from 4550-4750 feet) for the
production of oil and gas.
This property is located in and is a part of the Crawar Field, already
considered one of the most prolific fields in the United States. Several
major oil companies already have projects in this large field. Total
present Crawar field statistics show overall production of 500,000
barrels of oil and 4.6 BCF of gas per month respectively.
EGPI/Firecreek, Inc. and Success Oil Co., Inc. are moving ahead with the
provisions set forth in the MOU and expect to close within 30 to 60 days.
Dennis Alexander, the Company’s Chairman and
CFO, stated, “We are excited about the
potential asset acquisition for the J.B. Tubb interests and
corresponding work programs in the Crawar Field with Success Oil Co. as
both operator and part owner. We believe the proposed acquisition
presents a strong opportunity to address our continued efforts to build
on asset accumulation, oil and gas revenues and cash flow.”
Additionally, Success Oil Company is presently reviewing a West Texas
based oil and gas property which currently produces $106,000 net cash
flow per month and has an additional 46 drilling locations for new wells
to potentially be acquired by EGPI Firecreek, Inc.
EGPI Firecreek, Inc. continues review for potential leases, interests
and opportunities which are located throughout the U.S. and its
surrounding regions. The Company is working on various financial
opportunities for the funding of potential project acquisitions and the
respective capital expenditure requirements for each.
About EGPI Firecreek, Inc.
EGPI/Firecreek Inc. through its Firecreek unit is focused on oil
production with an emphasis on acquiring existing oil fields with proven
reserves, the rehabilitation of potentially high throughput oilfields,
resource properties and inventories on an international basis. Other
companies in the oil sector include, Pantina Oil and Gas Inc. (POG),
Frontier Oil Inc. (FTO) and Cabot Oil & Gas Inc. (COG).
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 EPGI 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.
EGPI/Firecreek Public Relations and Shareholder Information Joe
Vazquez, 754-204-4549 info@egpifirecreek.net
