Message #18 From:
NewsBot Date: October 5, 2006 05:00:00 AM
EFCR News EGPI/Firecreek, Inc. Announces Progress on Third Well for Its Ten Mile Draw Project
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--EGPI/Firecreek, Inc. (OTCBB:EFCR) announced today the progress for its
third well of the Company’s multi-well
drilling program in the Ten Mile Draw (TMD) prospect area in Green River
Basin, Wyoming.
The Company’s field operator and partner
Newport Oil Corporation reported that the first of a two-step fracing
procedure was successfully accomplished first up for the Almond
formation in the 13-9 well during the last week of September on the
27th. As part of the remediation workover program for the well, initial
indications are very good, as the well was flowing back on its own into
some good reservoir pressure.
The Company further reports that Newport Oil has proceeded to bridge the
Almond formation and begin the second step in its workover program by
fracing the upper Lewis formation with a fluid sand gel. The process is
expected to be completed within the next several days.
As part of the final process towards bringing the TMD 13-9 well online,
the operator will clean up the well with sand bail and swab the fluid,
in order to get it onto production as soon as possible.
Newport Oil Corporation President John Bruynell, operator for the
project, stated, “I believe we're over the
biggest hurdle at this point, and it looks like we’ve
made the well; now we will work expeditiously to maximize with the
completion of the Lewis formation and get it onto production.”
EGPI Firecreek, Inc., reported that it is excited regarding the progress
and the initial reports on the wells workover program for its third well
in the TMD system. The Company looks forward to seeing the final results
for the 13-9. EFCR is currently taking steps towards facilitating its
new multi-well drilling program in the area.
The Company also stated that it expects to provide an update in the very
near term regarding the advancement of its proposed projects located in
the Ukraine and in Florida.
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 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.
