SCOTTSDALE, Ariz.,
Aug. 3, 2012 /PRNewswire/ --
Mondial Ventures, Inc. (OTCBB: MNVN) is pleased to announce
the acquisition of a working interest for the oil producing
property J.B. Tubb Leasehold Estate/Amoco Crawar
Field, North 40 with additional related equipment from EGPI
Firecreek, Inc. (OTCBB: EFIR).
Terms for the purchase of the North 40 acres of the J.B.
Tubb Leasehold Estate/Amoco Crawar field consists of a 37.5%
working interest ("WI"), 28.125% net revenue interest ("NRI") in
the oil and gas interests, and pro rata oil & gas revenue and
reserves for all depths below the surface to 8500 ft. including all
related assets, fixtures, equipment, three well heads and three
well bores. The field is 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). Based on engineering reports, the
working and net revenue interests carry a gross value of
$1,150,000. Currently, there are
three wells in operation on the property currently producing
approximately 300+ barrels of oil per month. Plans are to
immediately increase and stabilize oil and natural gas production,
thereby increasing initial production to approximately 900 to 1000
barrels of oil per month, with additional anticipated oil
production increases, as the remedial work programs
progress. The purchase also includes the Highland
Production Company No. 2 well-bore in the oil and gas interests and
pro rata oil & gas revenue and reserves with depth of ownership
from 4700 ft. to 4900 ft.
This property is located and is part of the Crawar field,
which is currently considered to be one of the most prolific oil
& gas fields in West Texas.
Several major oil companies have already established several
ongoing drilling projects in this large field. Present Crawar field
statistics show overall production capabilities of 500,000 barrels
of oil and 4.6 BCF of natural gas per month
respectively.
Additional terms for the purchase include an option to
develop and drill a series of wells on the J.B. Tubb Leasehold
Estate/Amoco Crawar Field, South 40. The following
formations are currently available for oil & gas drilling
considerations in the South 40 acreage: Glorietta, Upper Clearfork,
Tubbs, Lower Clearfork, Witchita Albany, Wolfcamp, Detrital Zone
and Waddell formations.
Mondial Ventures initially plans to exercise one of its
options by providing $1.575
million, raised on a best efforts basis, for Capital
Expenditures ("CAPEX"), for the drilling of an Ellenburger Well
located on the South 40 acreage. The work program calls for
drilling down to an 8,300 ft. depth on a turn-key basis. 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. of California.
Further details about the transaction are disclosed in the
Companies 8K and 14F-1 filings.
About Mondial Ventures, Inc.
Mondial Ventures, Inc. is engaged in the acquisition of
Oil and 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 Mondial Ventures, Inc.
