EGPI/Firecreek, Inc. Concludes Transaction with Star Energy
BUSINESS WIRE
Posted: 2007-08-13 08:18:25
SCOTTSDALE, Ariz.--(BUSINESS WIRE)----EGPI Firecreek, Inc. (OTCBB: EFCR) is pleased to announce that its wholly owned subsidiary Firecreek Petroleum, Inc. (EGPI and Firecreek Petroleum, collectively, the "Company") and Star Energy Corporation ("Star") have concluded a transaction for the sale to Star of all the Company's rights to development works and projects historically developed by the Company in the Ukraine.
A March 2007 Memorandum of Understanding with Star provides for on ground collaboration between Star and various review and technical teams. Through the agreement Star has acquired the rights previously held by the Company to acquire licenses, permits and permissions to explore for and extract oil, natural gas or other natural resources on the territories referenced in the agreement.
The finalized transaction assigns to Star the direct rights held by the Company to acquire project opportunities in certain projects known as "Region", a Ukrainian company with two concessions; "Dewon Zao", also known as Sakhalinska, a mature producing oil and gas condensate field located in the territory of the Krasnokutski district of the Kharykovski region; and "Bukovyna", a company specifically created to develop the oil and gas fields known as Staykovskoe and Putylskoe in the Ukrainian Province of Chernovtsy in south-western Ukraine.
Dennis Alexander, the Company's Chairman and CFO, stated, "We are extremely pleased with the transaction to Star for the project opportunities established in Ukraine. In addition to our developing operations in the US, this transaction will provide a reasonable boost to our third quarter performance."
He also stated, "For quite some time we have been diligent in our efforts to broaden our opportunities in Eastern Europe. We feel confident that this initial transaction will be a footprint in our abilities to conduct business successfully in these difficult regions. We are especially grateful to our shareholders who have been patient and loyal to the Company while giving us the opportunity to fulfill our business objectives. Additionally, along with our domestic acquisition plans, we plan to continue to pursue further strategic alliances and joint ventures for the continued expansion and presence of the Company internationally."
The Company continues to review potential leases, interests and opportunities which are located throughout the U.S. and its surrounding regions. |
