1st NRG Corp. Announces New Drilling and Production Revenues for CBM Properties In Wyoming
October 21 2013 - 5:30AM
OTC Markets
Denver,
Colorado (October 21,
2013) 1st
NRG Corp. (OTC Pink: FNRC) , an exploration and production company
which currently
develops and produces coal bed methane reserves (CBM) will begin
drilling of
CBM properties in Wyoming.
1st
NRG Corp. (FNRC) has initiated a plan of development encompassing
the drilling
and completion of eight Federally permitted locations in Wyoming?s
Powder River
Basin. FNRC holds 100% of the working interest of these locations
before
payout, and 66% after payout. Permits from
the State of Wyoming are currently being prepared for State
approval. Our current CBM properties are characterized
by what we believe to be low geologic risk as well as a repeatable
development
opportunity. The planned development is
offset development wells to a field which encountered developed
coal seams in
the Warner, Upper and Lower Smith, Wyodak/Anderson Lower, Gates and
Wall
formations. Successfully instituting these drilling plans would
significantly
increase FNRC production revenues.
Market
conditions for natural gas have improved significantly. The
July 2013 Energy Information
Administration (EIA) information reported average daily consumption
of natural
gas in the United States from January 2013 through July 2013,
averaged 72,094
bcfd which was an increase of 1.25% when compared to the same
period in 2012
when average daily consumption was 71,203 bcfd.
During these same periods, average daily production of natural gas
in the
United States increased only 1.05% from 65,485 bcfd in 2012 to
66,178 bcfd. The
tightening natural gas market is also reflected in higher
commodity
prices. For comparison purposes, 1st
NRG Corp. (FNRC) received an average price of $3.36/mcf compared to
$2.12/mcf
during these same periods ending July 2013 and 2012
respectively. Moving the natural gas to the market
(gathering, fuel and taxes) FNRC incurred an average transportation
cost, before
operating expenses, of $1.31 and $1.05/mcf during these same
periods ending in
July 2013 and 2012.
Please
visit http://1stnrg-corp.com
Contact:
Brad
Holmes
Energy
IR: b_holmes@att.net
(713)
654 4009
Forward-looking
statements in this release are within the meaning of Section 27A of
the
Securities Act of 1933 and Section 21E of the Securities Act of
1934. A statement identified by the words
?expects,? ?projects,? ?plans,? ?feels?, ?anticipates,? and certain
of the
other foregoing statements may be deemed ?forward-looking
statements.? Although 1st NRG Corp. believes
the expectations reflected in such forward-looking statements are
reasonable,
these statements involve risks and uncertainties that may cause
actual future
activities and results to be materially different from those
suggested or
described in this press release.
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