EGPI/Firecreek, Inc. Reports Second Well #1-4 of Phase 1 Program Online in Fant Field
BUSINESS WIRE
Posted: 2007-10-23 07:23:27
SCOTTSDALE, Ariz.--(BUSINESS WIRE)----EGPI Firecreek, Inc. (OTCBB: EFCR) and its wholly-owned subsidiary, Firecreek Petroleum, Inc. announced today that its field operations reported progress in the completion of the Phase 1 Fant Ranch rehabilitation/improvement program. The first of the two additional workover oil wells is online now producing oil, and the second oil well is reported active and online.
As previously reported, the Company plans on implementing several work programs designed to improve existing oil production from the recently acquired 2,520 acre Fant Ranch oil field located in Knox County near Benjamin, Texas.
The addition of Fant Ranch Unit oil wells no. 7-1 and 1-4 bring the overall active oil well count in Fant Ranch field to 19. The Company's Fant Ranch operator, Success Oil, will now evaluate the recent well 1-4 addition as well as work performed on well 7-1 which includes checking its oil production status, oil water cut, and its overall effect on total well system performance. The wells are all linked systematically which allows overall pressure to the system to be enhanced by certain improvements to individual wells.
Also as previously reported, future planned Phase 2 work programs will include stimulation work along with regular maintenance to the remaining 17 producing wells. This servicing will include acid stimulation, paraffin removal and cleaning out casing perforations to increase well efficiency and production. The program will also include various surface equipment maintenance and repairs.
The Company continues review for potential leases, interests and opportunities which are located throughout the U.S. and its surrounding regions. The Company is working on various financial opportunities for the funding of potential project acquisitions and the respective capital expenditure requirements for each.
About EGPI Firecreek, Inc.
EGPI/Firecreek Inc. through its Firecreek unit is focused on oil production with an emphasis on acquiring existing oil fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis. Other companies in the oil sector include Pantina Oil and Gas Inc. (POG), Frontier Oil Inc. (FTO) and Cabot Oil & Gas Inc. (COG). |
