EGPI Firecreek, Inc. to Initiate Oil & Gas Workover and Development Program Into New Untapped Proven Pay Zones
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.
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:
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