EGPI Firecreek Inc. Announces Ten Mile Draw's Gas Well Project Near Completion
Monday January 9, 12:39 pm ET
Better Than Expected Results Anticipated
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Jan. 9, 2006--EGPI Firecreek Inc. (OTCBB: EFCR - News) is pleased to announce that the final stages of completion work has resumed on its 16-1 well on the Ten Mile Draw Coal Bed Methane/Natural Gas project located in Wyoming, and is anticipated to be completed within the next several days.
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As previously announced, the well was reentered in December by performing two fracturing procedures opening what is classified as the Almond and Lewis formations. The company had originally anticipated completing the well by year end but was delayed due to a combination of severe weather conditions and the year-end holidays.
The Newport Oil Co., EGPI Firecreek's partner and operator of the project, has estimated initial indications for the production of natural gas from this well to be very encouraging in meeting and possibly exceeding initial expectations.
Barring any unforeseen weather setbacks, Newport Oil Co. forecast's well 16-1 to be in full line production within the next 10 to 14 days.
Additionally, the company anticipates to start additional fracturing procedures on a second well (16-7) at the beginning of next week. Based upon the current progress of the completion of well 16-1, and the anticipated start of well 16-7, the company expects to start producing natural gas from both wells by the end of January. All necessary production equipment has already been acquired, moved and is in place to immediately bring the gas to market. Newport Oil will begin to release all projected production numbers for the month of January once production begins and becomes available.
Additionally, EGPI Firecreek is currently near the final stages of negotiations to acquire the rights on a third well on the Ten Mile Draw. If finalized, the company expects to begin the rehabilitation of the well in February.
EGPI Firecreek's Chairman and CFO Dennis Alexander stated, "As the work finishes on well 16-1, we look forward to completing additional wells in this rehabilitation phase of our project in the Ten Mile Draw. Upon completion of our rehabilitation phase, the company has aggressive plans to initiate a multi-well drilling program for 2006 with our partner The Newport Oil Co. on 1,600 acres in which drilling rights have already been acquired." He also stated, "This is a very exciting time for our company, we have worked very hard and diligently to initiate the start of a progressive revenue stream for the company and feel we are very close to meeting the initial objectives and goals set forth by our company."
Firecreek Petroleum Inc. (FPI) is a wholly owned subsidiary of EGPI/Firecreek Inc. (EFCR), an oil and gas field rehabilitation company working in the United States and overseas, principally in Eastern Europe and Northern Africa.
EGPI Firecreek Inc.:
www.egpifirecreek.com
Firecreek Petroleum:
www.firecreek.us
InterOilGas:
www.interoilgas.com |
