EGPI Firecreek, Inc. Reports Initial Oil & Gas Production From
Workover Program
SCOTTSDALE, Ariz., Oct. 18, 2012 /PRNewswire/ -- EGPI
Firecreek, Inc. (OTCBB: EFIR) is pleased to announce initial
production results from the successful workover on the J.B. Tubb
Leasehold, Crawar #2 well in West
Texas.
As previously announced on August 28,
2012, the Company reported that funding had been secured in
order to provide for perforating into the new untapped Glorieta
Formation in the Crawar #2 well. Upon the initial start of the
workover program the Company, along with their partners Mondial
Ventures and Success Oil, were successful in striking oil and gas
in the Glorieta Formation.
The Company reports that for the month of September 2012 they produced 1700 Barrels of Oil
and 8 Million Cubic Feet of Natural Gas. The project has already
returned the initial work program investment dollars the first half
of the month with the bulk of sales the last 2 weeks of September.
The initial results were from free flowing liquids. It is expected
the Company will put the well on pump to stabilize ongoing
production levels and may frac the well in the near future.
The Glorieta formation is a proven behind pipe oil & gas
zone. The properties operator, Success Oil Inc, estimates usual
recoverable amounts of up to 75,000 bbls. of oil and 100,000 mcf of
natural gas for this formation's pay zone.
Dennis Alexander, EGPI
Firecreek's CEO, stated, "Our initial results have been better than
expected. We are looking forward to further implementing our
planned projects on the heels of our excellent first result."
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is
focused on producing oil and gas. The Company puts emphasis on
acquiring existing fields with proven reserves or by the
rehabilitation of oilfields with potentially high throughput.
Through its wholly owned subsidiary Energy Producers, Inc., it
acquires resource properties and inventories. Through its wholly
owned subsidiary Chanwest Resources, LLC it operates as an oil and
gas service business.
About the J.B. Tubb Leasehold Estate/Amoco Crawar field
The J.B. Tubb Leasehold Estate/Amoco Crawar field currently has
three wells in operation on the property. The property is located
in the Permian Basin on 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). The Crawar field 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.
The Company along with its partners anticipate drilling a series
of wells on the J.B. Tubb Leasehold Estate/Amoco Crawar Field,
South 40 according to certain rights and option programs. More
specifically, as initial ramp up for the Company's drilling
program, Mondial Ventures plans to exercise one of its options by
providing $1.575 million, raised on a
best efforts basis, for the drilling of an Ellenburger Well.
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.
For pictures and videos of the remediation work as well as oil
& gas production on the Glorieta Formation please go to:
http://www.youtube.com/user/EGPIFirecreek?feature=mheeI
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
Email: infinityglobalconsulting@gmail.com
SOURCE EGPI Firecreek, Inc.
