SCOTTSDALE, Ariz., March 29, 2012 /PRNewswire/ -- EGPI Firecreek,
Inc. (OTCBB: EFIR) announced the initiation of a new workover and
development program with its oil operator and partner Success Oil
Company, Inc.
Success Oil will be perforating into new untapped virgin pay
zones called the Glorieta Formation in the Crawar #2 well in
West Texas. This area is a proven
behind pipe oil & gas zone at the target depth of 3900 ft. Upon
completion of the perforations being shot, the well will be
acidized immediately and expected to be frac'd in the near future.
Success Oil estimates usual recoverable amounts at 75,000 bbls. of
oil and 100,000 mcf of natural gas for this formations pay
zone.
Dennis Alexander, EGPI's CEO,
stated, "We have been anxiously anticipating the start of this
workover and development program. The Glorieta Formation with its
proven untapped reserves offers us a unique opportunity to produce
oil and gas without going through the risk and expense of wildcat
drilling. We are extremely happy to have our operator and partner
take part in our latest workover program and look 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. EGPI Firecreek, Inc. is also planning to
expand into producing energy through alternative energy sources
through their recently acquired Arctic Solar Engineering
subsidiary.
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.
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 EGPI Firecreek, Inc.