SCOTTSDALE, Ariz., May 21, 2012 /PRNewswire/ -- EGPI Firecreek, Inc.
(OTCBB: EFIR) announced that their 2nd Quarter sees the completion
and sale of 50% of North 40 interests in their J.B. TUBB Lease,
Inc., the development on South 40, the proposed development on the
240 Acre Boyette Lease and the majority interest sale of Arctic
Solar Engineering.
A more detailed chronology of events anticipated for completion
in the 2nd quarter are as follows:
Status of Sale of 50% of North 40 Oil and Gas Interests in
J.B. Tubb Leasehold Estate and Future Proposed Developments
As previously reported, EGPI Firecreek, Inc. signed an Agreement
on March 01, 2012 to sell off a
portion of its oil and gas interests to Cubo Energy, PLC for
1.15 million dollars in a share
issuance. Due current regulation changes in the Frankfurt Stock
Exchange the parties are restructuring the Agreement with an
assignment of the interests to be announced in due course with the
filing of the Definitive Long Form Agreement. Both parties
anticipate the effective date of the Definitive Long Form Agreement
to occur within the next 10-14 days.
Under the terms of the Agreement, CUBO or an Assignee will
finance the production of an initial Ellenburger well to a depth of
8,300 ft. on an earn-in basis. Other additional new well
developments and participation are proposed and planned on earn-in
or financed basis. For the initial start on the proposed
development Capital Expenditures (CAPEX) for the Ellenburger
drilling project is $1,575,000.
Status of Letter of Intent with CUBO to prepare and conduct
drilling programs aimed at the Barnett Formation in West Central Texas.
As previously reported EGPI Firecreek, Inc. signed a Letter of
Intent with CUBO to prepare and conduct drilling programs aimed at
the Barnett Formation in West Central
Texas. The final Definitive Agreements with an Assignee of
CUBO are expected to be completed over the next 10-14 days. Initial
plans are to prepare and conduct a 3-D Seismic study for 240 acres
covering the Boyette property in Shackelford County, Texas. The seismic study
will focus on specific Barnett Shale formation characteristics that
will assist in the drilling of one and possibly two Barnett
horizontal wells or an equivalent eight vertical wells on the
Boyette lease.
Sale of 51% Interests in Arctic Solar Engineering, Inc. to W2
Energy, Inc.
As previously reported, EGPI Firecreek announced the signing of
a Letter of Intent in order to sell off 51% majority interest in
their subsidiary Artic Solar Engineering, Inc. EGPI expects to
finalize the binding Definitive Agreement with W2 Energy, Inc.
(OTCPK: WTWO) within the next 7-10 days.
Dennis Alexander, EGPI's CEO,
stated, "Due to varied regulatory changes over the last six months
with the Frankfurt Exchange, we have had to modify our initial
agreement with CUBO which caused several unforeseen delays.
However, we now have formulated the changes necessary, have a clear
direction, and are very excited about initiating our relationship.
Additionally, we believe are also ready to move forward with CUBO
assignees on our drilling programs aimed at the Ellenburger
formation in the TUBB Lease and the seismic study, as prep for
plans for the drilling of the Barnett Formation." He also stated,
"We also plan to complete the sale for 51% majority interest in our
Arctic Solar subsidiary to W2 Energy, Inc. within the next several
days now that both parties have completed their required audited
year-end and unaudited first quarter financial statements. We look
forward to establishing long term relationships with both parties
and are very excited with the opportunities that both companies
bring to the table."
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.
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.