Message #15 From:
NewsBot Date: July 11, 2006 10:21:00 AM
EFCR News CORRECTING and REPLACING EGPI/Firecreek, Inc. Announces Project Start Up For Additional Gas Well In Wyoming; Addition of Well Will Bring Three Producing Wells For The Company's TMD Project
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--July 11, 2006--Contact information should read:
EGPI/FIRECREEK, INC. ANNOUNCES PROJECT START UP FOR ADDITIONAL GAS WELL IN WYOMING; ADDITION OF WELL WILL BRING THREE PRODUCING WELLS FOR THE COMPANY'S TMD PROJECT
EGPI/Firecreek Inc. (OTCBB:EFCR) announced the Company's Executive and Finance Committees have unanimously approved the initiation and funding to rework the third gas well (13-9) located in the Ten Mile Draw Green River Basin of SW Wyoming (TMD). The Company's Chairman and Chief Financial Officer, Dennis R. Alexander, stated, "The start up of this third well brings us in line and on target with the stringent criteria set forth by our Executive Committee at the beginning of this year." He also stated, "We believe that after this third well is up and fully operational, we will be positioned to utilize our consolidated revenue streams to secure structured financing terms for additional multi-well drilling and development programs located in the TMD core area. It is envisioned this project will assist the Company's planned growth at an increased rate towards cash flow and asset development. We expect to continue the momentum we have developed to carry forward through 2006 and into 2007."
The 13-9 gas well will be reworked under the same joint venture agreement and provisions, as previously announced, with the first two wells, with Newport Oil Corporation. Each Company will own a 50% working interest and Newport Oil Corp. will be the operator of the well.
Newport Oil Corp. President John Bruynell stated, "The 13-9 well is significant in that it is the third and last existing well that is being reworked under the Firecreek/Newport joint venture. We have reason to believe it has the greatest potential of all three wells in producing the most natural gas on a daily basis, as well as the ability to recover the greatest amounts of gas reserves over the life of the three wells." He also stated, "We are anxious to begin work immediately and have already arranged for new casings and the workover rig to be on location this week. Additionally, Halliburton is formally scheduled to run new high tech fracs on both the Almond and Lewis sand formations on July 22, 2006."
The Company anticipates the 13-9 well to be running and fully operational on production by September 2006.
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 the following link for more information:
EGPI Firecreek Inc., through its Firecreek Petroleum unit, is focused on oil and gas 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.
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 Energy Producers 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 Energy Producers 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 Energy Producers' filings with the Securities and Exchange Commission.
