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01-03-12, 18:01 #2
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EGPI Firecreek, Inc. Signs Agreement to Sell Off Portion of Oil and Gas Interests to U.K. Based Cubo Energy, PLC for 1.15 Mil...
EGPI Firecreek, Inc. Signs Agreement to Sell Off Portion of Oil and Gas Interests to U.K. Based Cubo Energy, PLC for 1.15 Million Dollars Proceeds To Expand EGPI's Oil & Gas Operations With A Joint Development of Future Wells
SCOTTSDALE, Ariz., March 1, 2012
SCOTTSDALE, Ariz., March 1, 2012 /PRNewswire/ --*EGPI Firecreek, Inc. (OTCBB: EFIR) announced an Agreement to sell 37.5% working interest and 28.125% net revenue interest (NRI) in its three Crawar #2 oil wells located on the North 40 acreage of the J.B. Tubb Leasehold Estate to UK based Cubo Energy, PLC (CUBO) for 1.15 million dollars in a share issuance.
The Agreement also calls for additional $4.5 million in 2012 capital expenditures (CAPEX) for new drilling and joint development on a best efforts basis for the Tubb South 40 acreage interests. Under the terms of the Agreement, CUBO on an earn-in basis, will finance the production of an initial Ellenburger well to a depth of 8,300'. Capital Expenditures for the proposed Ellenburger are $1,575,000. CUBO has also agreed on a best efforts basis to finance drilling programs for two additional wells with several additional potential drilling target locations available for development on the South 40 acreage of the J.B. Tubb Leasehold Estate. The strategic joint parties of EGPI Firecreek, CUBO and Success Oil (the Company's partner and operator) look forward to pursuing the new drilling program on the South 40 and further remedation programs in the North 40. Terms to be disclosed at a later date.
The following formations are currently available for oil & gas drilling considerations in the South 40 acreage: Glorietta, Upper Clearfork, Tubbs, Lower Clearfork, Witchita Albany, Wolfcamp, Detrital Zone, Waddell.
Dennis Alexander, EGPI's CEO, stated, "We believe the synergies created for this transaction will fuel our continued growth in the development of oil & gas wells, with a view to decreasing our operational debt and liabilities. We look forward to working with CUBO Energy, PLC and are excited with the expertise, financing and prospects they bring to the table."
Brian Kennedy, CUBO Energy's CEO, stated, "This is a great acquisition for us as we increase our oil and gas asset base. We look forward to working with the Firecreek team as we develop this excellent prospect."