Thursday, March 1, 2012
I posted EFIR news in my forum this morning before the open. http://thepennystockgurus.com/forum/index.php?/topic/4575-efir/page__pid__19758#entry19758
stock at $.0007, news out just minutes ago. Should be a stock to watch today.
The stock ended up hitting $.0039 from $.0007. A fabulous trade for anyone who took a chance on this stock.
EGPI Firecreek, Inc. Signs Agreement to Sell Off Portion of Oil and Gas Interests to U.K. Based Cubo Energy, PLC for 1.15 Million Dollars PR Newswire "Press Releases US - English"
SCOTTSDALE, Ariz. , March 1, 2012 /PRNewswire/ -- EGPI Firecreek, Inc. (OTCBB: EFIR) announced an Agreement to sell 37.5% working interest and 28.125% net revenue interest (NRI) in its three Crawar #2 oil wells located on the North 40 acreage of the J.B. Tubb Leasehold Estate to UK based Cubo Energy, PLC (CUBO) for 1.15 million dollars in a share issuance.
The Agreement also calls for additional $4.5 million in 2012 capital expenditures (CAPEX) for new drilling and joint development on a best efforts basis for the Tubb South 40 acreage interests. Under the terms of the Agreement, CUBO on an earn-in basis, will finance the production of an initial Ellenburger well to a depth of 8,300'. Capital Expenditures for the proposed Ellenburger are $1,575,000 . CUBO has also agreed on a best efforts basis to finance drilling programs for two additional wells with several additional potential drilling target locations available for development on the South 40 acreage of the J.B. Tubb Leasehold Estate . The strategic joint parties of EGPI Firecreek , CUBO and Success Oil (the Company's partner and operator) look forward to pursuing the new drilling program on the South 40 and further remedation programs in the North 40. Terms to be disclosed at a later date.
The following formations are currently available for oil & gas drilling considerations in the South 40 acreage: Glorietta, Upper Clearfork, Tubbs, Lower Clearfork, Witchita Albany, Wolfcamp, Detrital Zone , Waddell .
Dennis Alexander , EGPI's CEO, stated, "We believe the synergies created for this transaction will fuel our continued growth in the development of oil & gas wells, with a view to decreasing our operational debt and liabilities. We look forward to working with CUBO Energy, PLC and are excited with the expertise, financing and prospects they bring to the table."
Brian Kennedy , CUBO Energy's CEO, stated, "This is a great acquisition for us as we increase our oil and gas asset base. We look forward to working with the Firecreek team as we develop this excellent prospect."
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.
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:
Public Relations and Shareholder Information
SOURCE EGPI Firecreek, Inc.