What ever this means..
EGPI Firecreek, Inc. Third Quarter Status
EGPI Firecreek, Inc. (OTCBB:EFCR) announced today its progress/status during the third quarter of operations for developments of its Firecreek international oil and gas unit in the following central Asian and European countries:
Kazakhstan
-- Firecreek's negotiating team, consisting of Firecreek President, John R. Taylor, Executive Vice-President and General Counsel, William E. Merritt, and Vice President-International, Dr. James C. Howard, are scheduled to return to Almaty Kazakhstan to review the final reports from White & Case, and Ernst & Young in prelude to the final negotiations for the acquisition of an exploration license and a Proved Undeveloped oil, gas and gas condensate field. Firecreek's legal counsel, White & Case, is resolving unforeseen legal matters involving the license prior to setting a closing date on the exploration block. It is anticipated that agreement on a contract for the Proved Undeveloped field will be achieved and closed on or about 15 November. It is expected that reentry operations will commence almost immediately.
Ukraine
-- The Ukraine Institute for Oil and Gas continues to collect and review production and technical data covering the 7 fields offered by NaftoGaz to Firecreek for its proposed rehabilitation program. Firecreek's technical team spent last week in Kiev working with NaftoGaz's technical experts focused on one specific field identified for early rehabilitation. This procedure should accelerate the operational takeover by Firecreek in order to initiate substantial field rehabilitation operations and the enhancement of daily production levels.
Libya
-- Firecreek has received an invitation to send a management and technical team to meet with the Head of the Libyan National Oil Corporation, Dr. Abdulla Albadri, on 11 October 2005. At this meeting discussions will surround the signing of Firecreek's proposed Memorandum of Understanding covering the Antelat Field as well as the possible assumption of operations on four active exploration blocks. Firecreek looks forward to working with the existing consortium on development of the four exploration blocks which are located in difficult geological areas. The Firecreek delegation will consist of Firecreek President, John R. Taylor, Executive Vice-President and General Counsel, William E. Merritt, and Vice President-International, Dr. James C. Howard.
Firecreek President John R. Taylor expressed disappointment over the extended time it had taken to complete the contract and technical evaluation process on the various ventures. He remarked, "It always takes twice as long as you think it will, but that is the nature of international oil ventures. I haven't seen any overseas project that goes smoothly or on time. Given the magnitude of some of these projects and multiplicity of nations and cultures I think we are moving ahead very well. I expect an encouraging, exciting fourth quarter and a dynamite year 2006 for Firecreek."
The Firecreek Petroleum unit expects to update its progress on activities in Russia and Romania later next week.
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.
For more information about EGPI Firecreek Inc. go to:
Firecreek Petroleum:
www.firecreek.us
InterOilGas:
www.interoilgas.com
David Christian
davidchristian.us
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; and (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek's filings with the Securities and Exchange Commission.
Firecreek Petroleum Inc.
George "Bud" Faulder, 817-732-5949
bud@firecreek.us
Source: Business Wire (September 30, 2005 - 8:03 AM EDT)
News by QuoteMedia
www.quotemedia.com |
