EGPI Firecreek, Inc. & Mondial Ventures, Inc. Announce
Definitive Agreement For Barnett Multi-Drilling Programs
SCOTTSDALE, Ariz., Nov. 5, 2012 /PRNewswire/ - EGPI Firecreek, Inc.
(OTCBB: EFIR) announced today it has signed a Definitive Agreement
to prepare and conduct drilling programs aimed at the Barnett
Formation in West Central Texas
with CUBO Energy, PLC nominee/assignee Mondial Ventures, Inc.
("MNVN").
As previously reported, initial plans are to prepare ground work
to conduct a 3-D Seismic study for 240 acres covering the Boyette
property in Shackelford County,
Texas and the surrounding region. The seismic study will
focus on specific Barnett Shale formation characteristics that will
assist in the drilling of one or two Barnett horizontal wells, or
equivalent vertical wells on the Boyette lease. Proposed depth of
future drilling is expected to be approximately 5,200′ to 5,500′
feet.
Recently, there have been Barnett wells in the immediate
surrounding area that have been productive in the oil segment of
the Barnett Shale which have justified the seismic study. Three
previously producing wells exist on the properties and interests.
Both companies feel that this is the perfect opportunity to
co-develop their strategic plan for a co-partnered drilling
program.
Based upon the success of the seismic testing, AFE for the
Barnet Horizontal Well program would be estimated at approximately
$750,000 per horizontal well subject
to any recent market inflation adjustment. A two well objective
based upon stabilization of the planned wells would be
approximately 80 to 100 BOPD.
Dennis Alexander, EGPI's CEO,
stated, "The development of a strategic co-development plan for
this multi-drilling program will enable us to expand the breadth of
our oil and gas divisions. We believe that this partnership will
further assist our abilities to limit our financial exposure while
having the advantage of utilizing additional oil and gas
management, engineering and advisory teams that will have an
overall focus on the success of our specific projects." He also
stated, "Coming off of our successful drilling operation on our
Glorieta Formation, we are extremely optimistic with this new
multi-drilling project."
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.