EGPI Firecreek, Inc. Strikes Oil and Gas During Remediation of Glorieta Formation
8 days 20 hours 31 minutes ago - eTeligis via Comtex
EGPI Firecreek, Inc. (OTCQB: EFIR) is pleased to announce that early into their remediation and workover program into the Glorieta Formation in the Crawar #2 well in West Texas, the Company, its partner Mondial Ventures, Inc. (OTC QB: MNVN) and Success Oil, their on the ground Operator, were successful in striking oil and natural gas.
As previously reported, the Company recently started a workover program that included the perforation into a new untapped part of their Glorieta Formation. While in the process of the remediation, Success Oil struck oil and natural gas in the proven zone.
The well is being choked backed to a 12/64" choke in order to keep the well under constant pressure and is currently producing an oil flow rate based on the current average of 90 to 115 barrels of oil and 250 to 374 mcf of natural gas per day. Success oil is giving an estimate of 20% +/- fluctuation of consistent oil and gas flow at present, based on its current production, as the well comes in-line and continues to produce over an extended period of time. Success Oil estimates usual recoverable amounts of up to 75,000 barrels of oil and 100,000 mcf of natural gas for this formations pay zone.
Dennis Alexander, EGPI's CEO, stated, "We are extremely pleased with the immediate results of our initial remediation work. Although we expected to tap into oil from this proven behind pipe oil and gas zone, we were quite surprised to find oil so early in the remediation process." He also stated, "This marks the first new oil and gas production for the Company in 2012. We are now very motivated and looking forward to the development of our multi-well drilling program on the South 40 of the Tubb Leasehold Estate later this year."
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 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.
About Success Oil Inc. Success Oil Company, Inc. is a private oil and gas company located in the United States. The company focuses on low risk re-completion projects, medium risk drilling opportunities, acquisitions, development projects, and exploration drilling. Success Oil Company, Inc. was founded in 1990 and is based in Beverly Hills, California.
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.