1. Firecreek has come a long way since it’s beginning in 1975. It has survived, when others have failed. Today Firecreek, in association with The Sahara Group, will undertake a major role in the development and transportation of significant oil and gas reserves in four countries with future expansion plans in other countries offering significant petroleum opportunities.
2. John R. Taylor has over 26 years experience in the petroleum industry. He has formed, with his associates, the group of companies known as the Firecreek Group of companies, or simply Firecreek, which operates directly or through subsidiaries or branches in the U.S., Turkey and Romania, and has sought opportunities in Vietnam, Russia, Chechnya, Bosnia-Herzegovina, the Caribbean, Mexico and South America. Mr. Taylor was a principal advisor to the Serbian government in the early post-war battle damage assessment and reconstruction planning efforts of the Bosnia petroleum facilities and pipelines.
3. William E. Merritt has been involved most recently in negotiations in Libya regarding oil and gas contracts in Libya, and in oil and gas contracts for Russian oilfields. He has been extensively involved in international contract negotiations in Bosnia, Srpska, Moscow, and Chuvash Republic.
4. EGPI Firecreek's subsidiary Firecreek Petroleum, Inc., is progressing with several international pipeline engineering and construction companies in preparation of a design concept for The Sahara Group pipeline project in Turkey. The concept will employ and construct a state of the art pipeline system from the Black Sea to the Aegean Sea. The two main goals of the pipeline are to support the increased transfer of Oil (and tanker stand by time) from the rapidly increasing production from Russian Petroleum Resources for which EFCR has recently announced significant developments; while also significantly reducing the environmental impact and risk associated with the current Oil tanker traffic through the very small and heavily populated Bosporus Shipping Channel. Currently there are some 8,500 tankers passing through this very small shipping lane per year which is forecast to rise to as much as 14,000 ships in the next few years to support the projected increase in supply from the region. The Sahara Group pipeline concept is under a letter of intent with the Turkish governments Energy Ministry.
5. EGPI Firecreek Chairman Dennis Alexander along with Sahara Group Chairman Rusbek Bisultanov, announced that five (5) more potential oil producing fields have been added to the Russian contract for rehabilitation and development as a result of recent talks in Istanbul, Turkey with senior officials of Minneftegazstroi, Russia. The first agreement called for the initial development of two fields near Krasnodar on the Black Sea and one near the Komi region northeast of Moscow.
6. Additionally, the Firecreek technical team headed up by Dr. James C. Howard will meet in Moscow with the Minneftegazstroi engineering staff on December 07, 2004 to initiate the technical evaluation and on-site inspection of the collective eight fields. This evaluation is to gather field and well data to be used by a major US engineering firm which will help confirm the reported reserves.
7. EGPI Firecreek has signed a Definitive Agreement between The Sahara Group consortium, of which EGPI Firecreek is the operating and management partner, and Minneftegazstroi, a division of the Russian Government Oil and Gas ministry.
As previously announced, EGPI Firecreek and its partner The Sahara Group had been in preliminary discussions with Minneftegazstroi to acquire the leases for five (5) producing oilfields in the southern part of Russia. As talks progressed, three (3) more oilfields had been identified as candidates for the rehabilitation work EGPI Firecreek provides and were added to the final agreement. Ultimately, at the signing of the agreement today in Moscow, Russia, a total of nine (9) oilfields had been identified in the final agreement.
Mr. Taylor confirmed that specific reserve data on the nine Russian oil fields in the Krasnodar Krei area of Southern Russia wasn't immediately available. However, a preliminary assessment of the fields by the Institute for Geology and Development of Fossil Fuels show that they will significantly increase EGPI Firecreek's oil reserves in Russia. This agreement also consolidates the multi national consortium's holdings around the Black Sea. EGPI Firecreek is expected to be the principal financial working interest investor in these programs.
8. EGPI Firecreek Inc. (OTCBB: EFCR - News) Chairman of the Board and Chief Financial Officer Dennis Alexander announced today that the final $2,000,000 of a $4,000,000 joint-venture financing agreement with Tirion Group of United Kingdom was received and completed June 16, 2005.
9. EGPI/FIRECREEK announced earlier that rehabilitation and development contracts for multiple oil and gas fields in Russia, Romania and Kazakhstan were under negotiation; and final agreements are being prepared for approval by the EGPI/FIRECREEK board of directors.
10. On June 28, 2005 the Registrant entered into an equity line credit agreement with Dutchess Advisors, LLC ("Dutchess"). Pursuant to this Agreement, Dutchess shall commit to purchase up to $25,000,000 of the Company's Common Stock over the course of 36 months ("Line Period"), after a registration statement of has been declared effective ("Effective Date").
Read another way -- Alliances, knowledgeable people, contacts, deals, contracts, coming income, financing in place if needed. Logical and orderly fashion. No hype. Timeline. Puzzle pieces all on the table now. Just have to be put together so we can see the full picture on the card table. This picture, as told to me by a stranger, should be quite black, sticky, and flammable. Can you say market cap of 100 million to start easily? Just a guess, but dot-to-dots with other companies make it a likely scenario.
I remain,
SOROS |
