1) EGPI Firecreek, Inc. to Immediately Begin Fracing Procedures on First of Two West Texas Oil Wells
EGPI Firecreek, Inc. (OTCBB: EFIR) announced today they have received confirmation from Success Oil and their contracting sources that the fracing procedures for the first of their two West Texas oil wells will immediately begin this weekend.
The first procedure slated to begin on Sunday December 4th will start with the Crawar #2 well on the J.B. Tubb lease. The fracing process will penetrate the lower clearfork reservoir from the well which has a geological composite of dolomite. Dolomite is a very hard and course material which must be frac'd in order to extract commercial quantities of hydrocarbons and natural gas. Because the Crawar #2 well has never been frac'd, the company anticipates excellent results from the implementation of this procedure.
Fracing (pronounced FRACK-ing) is a term for a fracturing process which is a method of stimulating oil production by opening new flow channels in the formation surrounding a production well. Under extremely high hydraulic pressure frac fluids, in this case 100,000 gallons of water and 1,000 gallons of 15% hydrochloric acid, will be pumped downward through production tubing or drill pipe and forced out below a packer or between two packers. The pressure causes cracks to open in the formation, and the fluid penetrates the formation through the cracks. 100,000 pounds of 16/30 grade sand and 20,000 pounds of 16/30 Hexion SiberProp curable resin coated sand grains (propping agents) will be carried in suspension by the fluid into the cracks. When the pressure is released at the surface, the fracturing fluid will return to the well and leave behind the propping agents which will hold open the formation cracks and theoretically help to increase oil and natural gas production. Normally an increase in production will be noticeable within the first 30 days of the fracing procedure.
As previously announced, EGPI Firecreek, Inc. recently completed a traditional oil industry based debt financing arrangement amongst the partners in order to raise close to $500,000. These monies have been slated specifically for the fracing of two oil and gas wells which the company believes will benefit the most from increases of oil and gas production.
2) Monday, November 28th, 2011 | Filed under Gaming,Internet | Posted by Adam Garcia
Shares of EGPI Firecreek Inc. (OTC: EFIR) soared in Friday’s trading session. The stock ended the day 195% higher at $0.0059, with volume up from daily average of 1.34 million to 3.67 million.
EFIR shares soared after the company announced that its subsidiary, Energy Producers Inc. arranged almost $500,000 in finance and has moved forward on plans to start with work programs in December on its #18-1 well and Craward # 2 well bore at the J.B. Tubb Leasehold Estate located in the Amoco Craward Field in Texas.
The work program will boost oil and gas production to what operations and management believes will be good commercial levels following the high pressure Frac techniques. The estimates range from 20 to 40 barrels of oil equivalent per day increase in production.
Commenting on the development, Dennis Alexander, CEO of EGPI Firecreek, said that the company is excited in accomplishing finance arrangements for the scheduled work programs/Frac procedures especially in current economic times. Alexander added that the efforts will carry the company forward in maintaining its plan for continued growth and building for its future operations.
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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."