Orlando, FL 4/4/12 (StreetBeat) – EGPI Firecreek, Inc. (OTCBB: EFIR) announced today a Letter of Intent to prepare and conduct drilling programs aimed at the Barnett Formation in West Central Texas with U.K.-based Cubo Energy, PLC ("CUBO").Initial plans are to prepare and conduct a 3-D Seismic study for 240 acres covering the Boyette property in Shackelford County, Texas. The seismic study will focus on specific Barnett Shale formation characteristics that will assist in the drilling of one and possibly two Barnett horizontal wells or an equivalent eight vertical wells on the Boyette lease. Proposed depth of future drilling is expected to be approximately 5,200' to 5,500' feet.
There have been recent Barnett wells in the immediate area that have been productive in the oil segment or phase of the Barnett Shale that have justified the seismic study. Both companies feel that this is the perfect opportunity to co-develop their strategic plan for a co-partnered drilling program.
As previously reported, EGPI Firecreek, Inc. signed an Agreement on March 01, 2012 to sell off a portion of its oil and gas interests to Cubo Energy, PLC. Both companies are currently in the final stages of executing their Definitive Agreement and in accordance with their mutual interests and commitments are moving ahead with plans for the co-development of several future drilling programs.
Dennis Alexander, EGPI's CEO, stated, "Although we have been working on our relationship with Cubo Energy over the last several months, we have made significant progress over the last six weeks and are comfortable in moving ahead with the development of a strategic co-development plan for a multi-drilling program that will enable us to expand the breadth of our oil and gas division. This partnership will limit our personal financial exposure while having the advantage of utilizing two separate oil and gas management teams that will have an overall focus on the success of our specific projects."
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.
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