EGPI Firecreek, Inc. to Immediately Begin Fracing Procedures on First of Two West Texas Oil Wells

Loading...
Loading...

EGPI Firecreek, Inc. to Immediately Begin Fracing Procedures on First of Two West Texas Oil Wells

PR Newswire

SCOTTSDALE, Ariz., Dec. 1, 2011 /PRNewswire/ -- EGPI Firecreek, Inc. EFIR announced today they have received confirmation from Success Oil and their contracting sources that the fracing procedures for the first of their two West Texas oil wells will immediately begin this weekend.

The first procedure slated to begin on Sunday December 4th will start with the Crawar #2 well on the J.B. Tubb lease. The fracing process will penetrate the lower clearfork reservoir from the well which has a geological composite of dolomite. Dolomite is a very hard and course material which must be frac'd in order to extract commercial quantities of hydrocarbons and natural gas. Because the Crawar #2 well has never been frac'd, the company anticipates excellent results from the implementation of this procedure.

Fracing (pronounced FRACK-ing) is a term for a fracturing process which is a method of stimulating oil production by opening new flow channels in the formation surrounding a production well. Under extremely high hydraulic pressure frac fluids, in this case 100,000 gallons of water and 1,000 gallons of 15% hydrochloric acid, will be pumped downward through production tubing or drill pipe and forced out below a packer or between two packers. The pressure causes cracks to open in the formation, and the fluid penetrates the formation through the cracks. 100,000 pounds of 16/30 grade sand and 20,000 pounds of 16/30 Hexion SiberProp curable resin coated sand grains (propping agents) will be carried in suspension by the fluid into the cracks. When the pressure is released at the surface, the fracturing fluid will return to the well and leave behind the propping agents which will hold open the formation cracks and theoretically help to increase oil and natural gas production. Normally an increase in production will be noticeable within the first 30 days of the fracing procedure.

As previously announced, EGPI Firecreek, Inc. recently completed a traditional oil industry based debt financing arrangement amongst the partners in order to raise close to $500,000. These monies have been slated specifically for the fracing of two oil and gas wells which the company believes will benefit the most from increases of oil and gas production.

About EGPI Firecreek, Inc.

EGPI Firecreek, Inc.'s business and acquisition strategy is focused on producing oil and gas. The Company puts emphasis on acquiring existing fields with proven reserves or by the rehabilitation of oilfields with potentially high throughput. Through its wholly owned subsidiary Energy Producers, Inc., it acquires resource properties and inventories. Through its wholly owned subsidiary Chanwest Resources, LLC it operates as an oil and gas service business.  EGPI Firecreek, Inc. is also planning to expand into producing energy through alternative energy sources through their recently acquired Arctic Solar Engineering subsidiary.

Safe Harbor

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.

CAUTIONARY NOTE TO UNITED STATES INVESTORS

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K. Additional information may be found at the following web site: http://www.sec.gov/divisions/corpfin/guidance/cfoilgasinterps.htm

Public Relations and Shareholder Information

Joe Vazquez, 754-204-4549

infinityglobalconsulting@gmail.com

SOURCE EGPI Firecreek, Inc.

Loading...
Loading...
Market News and Data brought to you by Benzinga APIs
Posted In: Press Releases
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...