SCOTTSDALE, Ariz., Nov. 25, 2011 /PRNewswire/ -- EGPI Firecreek, Inc. (OTCBB: EFIR) ("EGPI") announced through its wholly owned subsidiary Energy Producers, Inc. (EPI) that, having arranged almost $500K in finance, it has moved forward on plans to commence with work programs in December on its #18-1 well and Craward #2 well bore for its interests-owned J.B. Tubb Leasehold Estate, located in the Amoco Crawar Field, Ward County, Texas (12 miles west of Monahans and 30 miles west of Odessa). The work programs will stimulate oil and gas production to what operations and management believes will be good commercial levels following the high pressure Frac techniques. Estimates expected range from 20 to 40 BOPD per well increase in production. In preparation for the December work programs Success Oil Co., EPI's operations for Tubb and Co-Partner for the field will commence site preparation to accommodate for the Frac operations.
As previously reported, the Company continues to explore various options for deploying new work programs and further development for its interests owned J.B. Tubb Leasehold Estate and is aggressively pursuing proposed $8.5 million financing in capital expenditures for the Tubb drilling and completion programs for up to seven wells. Drilling programs are initially being pursued in the South 40 acreage of the J.B. Tubb for the Ellenburger formation to 8,400 ft; Wolfcamp formation at 6,200 ft; Waddell formation at 7,700-7,900 ft. depth. Other available drilling formations at the site include good potentials for Tubb at 4,500 ft; Devonian at 6,700 ft, Glorieta at 3,800 ft; and Upper Clearfork at 4,100-4,550 ft. depth.
Dennis Alexander, EGPI's CEO, stated, "We are excited in accomplishing finance arrangements for these scheduled work programs / Frac procedures especially in current economic times. Further these efforts will carry us forward in maintaining our plan for continued growth and building for our future operations."
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc. (Energy Producers) and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources, LLC. EGPI Firecreek, Inc. is also looking to expand into alternative energy sources as well as industries in the energy field.
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; (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, Inc.'s filings with the Securities and Exchange Commission.
EGPI Firecreek, Inc.
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Joe Vazquez, 754-204-4549
SOURCE EGPI Firecreek, Inc.