Message #12 From:
NewsBot Date: December 6, 2005 01:00:00 AM
EFCR News EGPI Firecreek Inc. Initiates Reorganization of Corporate Officers and Infrastructure; Changes to Broaden Strength and Increase Efficiency
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Dec. 6, 2005--EGPI Firecreek Inc. (OTCBB: EFCR) is very pleased to announce the reorganization of its corporate offices, several staff positions and the creation of certain committees which had been previously approved by the board of directors and are now in the process of being initiated.
The reorganization will allow the executive management to focus more precisely on operations with less bureaucracy and stifling bottlenecks to more effectively deal with critical timelines. The reorganization calls for the creation of specific related executive and finance committees, which will collectively streamline operations and allow pertinent business and finance matters to move through a more efficient and deliberative process for recommendation to the board of directors. Each committee will be comprised of a variety of specific talents with the expertise needed to effectively address certain oil and gas matters, as well as finance issues that require board approval.
Additionally, as part of the company's overall strategy of reducing drag and increasing productivity, several officer positions were either removed, including the chief executive officer position, or included into the reorganization (please refer to our Current Report on Form 8-K filed on Dec. 5, 2005, for additional information). It is anticipated that these changes will have a positive impact on the company's ability to effectuate its operations, give the company the ability to react in a precise and timely manner, and take advantage of certain opportunities which necessitate expeditious and decisive decisions on a fast-track basis.
EGPI Firecreek Inc. Chairman Dennis Alexander stated, "This is a vital change needed to modernize certain business procedures and revamp the corporate infrastructure in order to accommodate the anticipated growth of Firecreek domestically, internationally and specifically with our Eastern European operations. We have now positioned ourselves effectively and are poised to move forward aggressively with our projects without the outdated policies and practices of the past."
EGPI Firecreek Inc., through its Firecreek Petroleum unit, is focused on oil production with an emphasis on acquiring existing oil fields with proven reserves. Additionally, the company specializes in the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis.
For more information about EGPI Firecreek Inc., 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; and (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's filings with the Securities and Exchange Commission.
