Epic Energy Resources Announces Marcellus Shale Drilling and Development Agreement
HOUSTON, April 21 /PRNewswire-FirstCall/ — Epic Energy Resources, Inc. (OTC Bulletin Board: EPCC) (“Epic” or “the Company”) announced today its entry into a drilling and development agreement with Whittle Corporation to drill Marcellus Shale wells in northwest West Virginia (the “Drilling Program”). ARGOS Asset Management, LLC (“ARGOS”), Epic’s joint venture with UIV LLC (“UIV”), has entered into a Drilling Program with Whittle Corporation to develop certain leases held by Whittle which includes an 11 county area of mutual interest (“AMI”) including Wetzel, Tyler, Ritchie and Marshall Counties. ARGOS and Whittle have agreed to jointly develop approximately 12,600 acres pledged to the Drilling Program by Whittle.
Capital funding for the Drilling Program will be provided by UIV while Epic provides project management oversight on behalf of ARGOS. Phase-1 of the development plan includes drilling 5 vertical wells over the next several quarters.
“Whittle, a successful family business founded in 1902, brings five generations of regional oil and gas experience to this program,” commented John Ippolito, President and CEO of Epic. “This transaction places Epic in a unique position to leverage the Company’s broad base of technical and operational services in one of the most active shale plays in the country and provides ARGOS with strategic entry into the Marcellus Shale.”
About ARGOS Asset Management
ARGOS Asset Management, LLC, is a joint venture between Epic Energy Resources and UIV LLC (a private investor). ARGOS was formed with the intent to co-invest with the Company’s clients, and/or invest jointly with UIV, in midstream and upstream development projects where Epic’s core services are deployed. Epic owns 50% of ARGOS Asset Management, LLC.
About Whittle Corporation
Whittle Corporation is a fifth generation family owned and operated drilling and oil & gas production company located in northwestern West Virginia. This family managed company has been through the numerous oil and gas cycles since its predecessors began drilling oil and gas wells in the foothills of the Appalachian Mountains in 1902. Whittle corporation has been involved in drilling and completing thousands of wells in the Appalachian Basin including over 120 Marcellus wells during the last 5 years giving the company unparalleled knowledge and understanding of the Marcellus Shale.
About Epic Energy Resources, Inc.
Epic Energy Resources, Inc. is a Houston based integrated energy services company. Epic provides business and operations consulting; engineering, procurement, and construction management; production operations & maintenance; specialized training, operating manuals, data management and data integration focused primarily on the upstream, midstream and downstream energy infrastructure. Epic is headquartered at 1450 Lake Robbins Drive, Suite 160, The Woodlands, Texas 77380. Office – 281-419-3742, www.1Epic.com.
Forward Looking Statements
Certain statements included in this release constitute forward-looking statements. These forward-looking statements are based on management’s belief and assumptions derived from currently available information. Although Epic Energy Resources (“Epic”) believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Actual results could differ materially from forward-looking statements expressed or implied herein as a result of a variety of factors including, but not limited to: a decline in the price of, or demand for, oil and gas, demand for Epic’s services, loss or unavailability of key personnel, inability to recruit or retain personnel, competition for customers and contracts, various potential losses associated with fixed-price contracts, general economic conditions; and other financial, operational and legal risks and uncertainties detailed from time to time in Epic’s SEC filings. Epic does not undertake any obligation to publicly update forward-looking statements contained herein to reflect subsequent events or circumstances.
SOURCE Epic Energy Resources, Inc.