EGPI Firecreek's Ten Mile Draw Project Producing Better Than Expected Results; (Production Results Close to 40% Higher Than Anticipated)
8:00 AM EST March 21, 2006
EGPI Firecreek, Inc.(OTCBB:EFCR) announced today that gas well 1-16 in the company's Ten Mile Draw, Wyoming Coal Bed Methane project is on-line and producing at a greater rate than previously anticipated.
Firecreek's President, John R. "Rick" Taylor stated, "This is exciting news for our company. Our best Initial Production (IP) estimate for well 1-16 after re-work was 250 MCF/D. Newport Oil Corporation, our Field Operating Partner, has notified us that the IP is flowing in at 340 to 360 MCF/D, a rate that is almost 40% higher than anticipated. Because of this, we have tremendous confidence in our second well 7-16 because we have strong reasons to believe that this well has the potential to produce even more than 1-16."
Newport Oil Corporation's President, John Bruynell explained, "Even though we are producing more gas than previously anticipated, we expect to produce even greater amounts of natural gas as more adjusting is done on well 1-16. We are still getting fracturing fluid out of the well and fine tuning the compressor. It seems as though the expensive and time intensive re-work that we decided to implement was worthwhile and may have gotten us back into native reservoir gas." He also stated, "Well 7-16 has been prepped and is ready to go as soon as our specialized compressor is received. Because of our most recent success with the first well we have taken aggressive steps to bring the second well on line as expeditiously as possible. We expect well 7-16 to do as well if not better than 1-16."
Dennis Alexander, EGPI Firecreek's Chairman stated, "The preliminary success of our Ten Mile Draw Project is a true testament to our commitment to bring a consistent revenue stream into our company. We are very optimistic that this is the beginning implementation of a successful Definitive Action Plan that was developed by our Executive Committee several months ago. This most certainly has not come easily; we have had to deal with unusually bad weather and transportation pipeline equipment failure causing untimely delays. EFCR no longer anticipates any further delays at Ten Mile Draw and expects to have full production from 1-16 and 7-16 within the next two weeks."
EGPI Firecreek is working with Newport Oil Corporation on a multiple well drilling program at the Ten Mile Draw. Both companies are aggressively identifying future potential drilling sites. All of the sites are located in Coal Bed Methane zones that have been successfully producing gas for years.
For more information about EGPI Firecreek Inc. go to:
EGPI Firecreek, Inc.:
www.egpifirecreek.com
Firecreek Petroleum:
www.firecreek.us
InterOilGas:
www.interoilgas.com
EGPI Firecreek, Inc., through its Firecreek unit, is focused on oil production with an emphasis on acquiring existing oil fields with proven reserves, the rehabilitations of potentially high throughput oilfields, resource properties and inventories on an international basis.
his 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.
SOURCE: EGPI Firecreek, Inc.
Infinity Consulting Group, LLC. Joe Vazquez, 754-204-4549 (Shareholder Relations) Email: jmv_111@hotmail.com |
