Showing posts with label EFIR. Show all posts
Showing posts with label EFIR. Show all posts

Wednesday, April 4, 2012

EGPI Firecreek (OTCBB: EFIR) Signs LOI With U.K.-Based Cubo Energy for Drilling Programs

EGPI Firecreek (OTCBB: EFIR) Signs LOI With U.K.-Based Cubo Energy for Drilling ProgramsOrlando, 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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Monday, November 28, 2011

EGPI Firecreek Inc. Trading +33%

EGPI Firecreek Inc. Trading +33%Orlando, FL 11/28/11 (StreetBeat) -- EGPI Firecreek, Inc. (OTCBB: EFIR.OB) announced through its wholly owned subsidiary Energy Producers, Inc. (EPI) that, having arranged almost $500K in finance, it has moved forward on plans to commence with work programs in December on its #18-1 well and Craward #2 well bore for its interests-owned J.B. Tubb Leasehold Estate, located in the Amoco Crawar Field, Ward County, Texas (12 miles west of Monahans and 30 miles west of Odessa). The work programs will stimulate oil and gas production to what operations and management believes will be good commercial levels following the high pressure Frac techniques. Estimates expected range from 20 to 40 BOPD per well increase in production. In preparation for the December work programs Success Oil Co., EPI's operations for Tubb and Co-Partner for the field will commence site preparation to accommodate for the Frac operations.

As previously reported, the Company continues to explore various options for deploying new work programs and further development for its interests owned J.B. Tubb Leasehold Estate and is aggressively pursuing proposed $8.5 million financing in capital expenditures for the Tubb drilling and completion programs for up to seven wells. Drilling programs are initially being pursued in the South 40 acreage of the J.B. Tubb for the Ellenburger formation to 8,400 ft; Wolfcamp formation at 6,200 ft; Waddell formation at 7,700-7,900 ft. depth. Other available drilling formations at the site include good potentials for Tubb at 4,500 ft; Devonian at 6,700 ft, Glorieta at 3,800 ft; and Upper Clearfork at 4,100-4,550 ft. depth.

Dennis Alexander , EGPI's CEO, stated, "We are excited in accomplishing finance arrangements for these scheduled work programs / Frac procedures especially in current economic times. Further these efforts will carry us forward in maintaining our plan for continued growth and building for our future operations."

About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc. (Energy Producers) and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources, LLC. EGPI Firecreek, Inc. is also looking to expand into alternative energy sources as well as industries in the energy field.

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Friday, February 4, 2011

EGPI Firecreek (OTC:EFIR) Completes Acquisition of Arctic Solar

EGPI Firecreek (OTC:EFIR) Completes Acquisition of Arctic SolarEGPI Firecreek (OTC: EFIR) announced today that they have finalized and completed the acquisition of St. Louis, MO. based Arctic Solar Engineering, LLC. (“ASE”). As I write, shares of EGPI Firecreek are up 12 percent at just under a penny per share on volume of 2.8 million shares. The Company has a 52-week range between $0.0089 and $0.26 per share.

Arctic Solar Engineering, LLC, is an integrator of Solar Thermal Energy technology. Solar Thermal Energy (“STE”) is the most efficient and economical method of capturing and using renewable thermal energy created by the sun every day of the year. The solar collectors that are used capture all visible and non-visible wave lengths of sun light and covert the light into energy at a 90% efficiency.

Energy created by ASE’s STE Systems store that energy in water (or other similarly inexpensive storage mediums) and then use that energy in its direct form to heat water, heat space and cool spaces. According to the US Department of Energy, this accounts for 70% of all energy used in commercial and residential structures in the United States.

Dennis Alexander, EGPI Firecreek CEO, stated, “We are extremely happy to be adding Arctic Solar to our newly established alternative energy division. With current projects in hand and significant pending projects currently in our pipeline, we are confident that our expertise and abilities combined with Arctic’s technologies, will enable us to establish a strong presence in the industry within a very short period of time.” He also stated, “We look forward to keeping our shareholders abreast of relevant news that will be forthcoming within the next several weeks.”

For more information visit the company’s site: www.egpifirecreek.com.

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