EGPI FIRECREEK, INC. STRIKE’S OIL AND GAS DURING REMEDIATION OF GLORIETA FORMATION
Company Announces Average Oil Production Of 90 to 115 Barrels Per Day From Glorieta Pay Zone
SCOTTSDALE, Ariz., September 05, 2012 /PRNewswire 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.”
For pictures and videos of the remediation work as well as oil & gas production on the Glorieta Formation please go to: You Tube and look up EGPI Firecreek
Sentiment: Strong Buy