DENVER, March 1, 2013 /PRNewswire/ -- 1st NRG Corp. (OTC Markets: FNRC.PK, http://1stnrg-corp.com) releases an update on the company's operations.
Utica Shale – Eastern Ohio
The Company finalized an agreement to develop approximately 7,150 acres in Eastern Ohio, one of the most active areas for oil, natural gas and natural gas liquids exploration in the United States. According to the Ohio Department of Natural Resources, there are over 250 approved permits to drill in the Utica shale, 15 well drilling, 128 that have been drilled and 47 producing wells. The play continues to develop and expand to the south and west. FNRC is still seeking joint venture partners for its prospect.
Niobrara Shale – Western Nebraska
The Company also finalized an agreement which will deliver an Oil and Gas Lease and surface use agreement for 1,370 acres located in Banner County Nebraska.
CBM – Northern Wyoming
Our current CBM properties are characterized by what we believe to be low geologic risk and repeatable development opportunity. Clabaugh Ranch is about 18 miles northwest of Gillette, Wyoming and all of the wells drilled there have encountered developed coal seams in the Warner, Upper and Lower Smith, Wyodak/Anderson Lower, Gates and Wall formations.
The Clabaugh Ranch field has had 42 wells drilled through September 30, 2012 with a success rate of 100%. Our drilling inventory consists of 8 permitted well locations (6 net), all of which are CBM resource opportunities. Further development of Clabaugh Ranch is being evaluated. The Company is evaluating its drilling program in Wyoming given the recent rise in Natural Gas commodity prices.
See the company website for updates, at http://1stnrg-corp.com
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although 1st NRG believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in production which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors.
SOURCE 1st NRG Corp.