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1st NRG Corp (FNRC)

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 Listen to radio interview with CEO Kevin Norris on Jan. 6, 2014 
http://thestockradio.com/fnrc-1st-nrg-corp-ceo-kevin-norris/

 

1st NRG Corp.
Notes to Financial Statements
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
 
Nature of Operations - 1st NRG Corp. is an exploration and production company headquartered in Denver, Colorado. The Company currently holds natural gas (CBM) assets in the Powder River Basin of Wyoming. We own working interests in producing and prospective CBM wells in the Clabaugh Ranch Field, a development of 6,025 gross acres in the Powder River Basin in northeast Wyoming. We are expanding our activities into unconventional shale potential which includes 1,370 acres in the Niobrara Shale in Western Nebraska, 7,150 acres in the Utica Shale in Eastern Ohio and 9,800 acres in the Bakken/Three Forks Shale in North Dakota.
 
 

NAT GAS PRICE FORECAST





 


March 28, 2014 - Annual Report For the Fiscal Year ended December 31, 2013 

http://www.otcmarkets.com/financialReportViewer?symbol=FNRC&id=117840

 


March 24, 2014 - Corporate Update

DENVER, CO--(Marketwired - Mar 24, 2014) - 
In Ohio, the initial due diligence and cure periods have concluded with the Company and its operating partner purchasing
 the initial 40 acre drill site for the vertical test well. The development agreement calls for the vertical test well to be drilled within the next 90 days. Unless extended by agreement, the test well will be drilled through the Utica Shale approximately 6,500 feet in depth. 1st NRG Corp holds a 20% working interest in the development and is carried through the vertical test well.

We jump started our 2014 development program
 in Wyoming drilling the Clabaugh Federal 42-15-5376 WA well to 1680' in December 2013. We will continue the 2014 drilling program as conditions allow. We are still waiting for approval of the ARID™ Aquifer Recharge Injection System and installation of electricity. The ARID tool was developed in order to solve the problems and costs associated with the surface discharge of CBM /CSNG produced water. 

 


Feb 27, 2014 - Corporate Update

DENVER, CO--(Marketwired - Feb 27, 2014) -  
As we begin our 2014 development program
 the Company completed the drilling phase of the Clabaugh Federal 42-15-5376 WA, the first well in a planned eight well infill development drilling program in Wyoming. The well was drilled to 1680' and as expected, wireline logging identified approximately 200' of developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations. We are waiting for a change in the weather to continue completion of this well, and are using the time to permit a tool which will allow us to dispose of produced water within the existing wellbore. The ARID™ Aquifer Recharge Injection System was developed in order to solve the problems and costs associated with the surface discharge of CBM /CSNG produced water. This Aquifer Recharge Injection System has proven to satisfy the needs of CBM Operators, as well as landowners, environmentalists, and regulators as the safest and most cost effective method of removing water from a gas producing coal seam while at the same time saving the water in another aquifer all in the same well bore. ARID Aquifer Recharge Injection is now considered a "Best Practice" by CBM / CSNG gas producers that want to eliminate the cost and time associated with surface water discharge. The activity extended the lease for a period of two years while we establish production which we still anticipate in Q1 2014.

In Ohio, the Company is participating in the development of prospective acreage with Utica Shale potential on an initial block of acreage encompassing approximately 7,000 acres. Time lines for the initial drill site were extended to mid-March 2014 to enable a more thorough evaluation of geology and title. The Company holds a 20% working interest in the development and AMI and is also carried in the first vertical test well. 

 


Jan 22, 2014 - Corporate Update

DENVER, CO--(Marketwired - Jan 22, 2014) -  1st NRG Corp. is pleased to announce it has completed the drilling phase of the Clabaugh Federal 42-15-5376 WA, the first well in a planned eight well development drilling program. The well was drilled to 1680' and as expected, wireline logging identified approximately 200' of developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations. The Company currently holds a 100% working interest in the well and the other seven wells in the current development drilling program. The Company has begun completion work and anticipates first flow of natural gas in Q1 2014.

In SE Ohio, the initial location selection and the drilling plan for the test well has been extended 60 days to allow for additional due diligence. The Company now expects the test well of about 6,000 feet in depth to be drilled in the second quarter of 2014.

 


Jan 6, 2014 - 1st NRG Corp - Begins Drilling Program

 

DENVER, CO--(Marketwired - Jan 6, 2014) - 1st NRG Corp. (FNRC) is pleased to announce the start of development on eight locations in Wyoming's Powder River Basin where we hold 100% of the working interest before payout. These shallow locations are approximately 1,900 feet in depth, and characterized by what we believe to be low geologic risk and a repeatable development opportunity. The operations offset existing wells, all of which have developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations. Successful implementation of this plan would significantly increase FNRC production and revenues. Mr. Kevin Norris CEO of the Company, stated during an interview with The Stock Radio, "The impact on 1st NRG is tremendous." We currently hold an approximate 3% working interest in existing wells and will initially own 100% of the offset development wells. The first well began drilling December 28th, 2013 and will continue as weather and equipment availability allow.

Our recent activity has been centered on the development at Clabaugh Ranch, a CBM field located in the Powder River Basin of Wyoming. We acquired our interest in the 42 wells which currently make up the field. Commodity prices of natural gas have improved, and with renewed maintenance and repairs field wide gross production has increased approximately 50% to over 800 MCFD.

Also, our previously announced participation in development of prospective acreage in SE Ohio with Utica Shale potential on an initial block of acreage encompassing approximately 7,000 acres continues. The Utica shale is an exciting play and continues to grow with 106 Utica wells drilling in 2013 compared to 21 Utica wells in 2012. The State of Ohio has issued 1,033 permits for horizontal drilling in the Utica since 2009, and 548 of those permits were issued in 2013. The number of wells producing from the Utica has also increased from 45 in 2012 to 249 in 2013. 1st NRG will not operate in Ohio, but will be carried in the initial vertical test well and participate in future development with a 20% working interest. In January 2014 we expect the initial location and the drilling plan for the test well. The Company expects the test well of about 6,000 feet in depth, to be drilled in the first quarter of 2014.

For more information, please visit http;//1stnrg-corp.com, or for The Stock Radio interview please visit: http://thestockradio.com/fnrc-1st-nrg-corp-ceo-kevin-norris
 


Dec 16, 2013 -  An Update on Current Drilling and Production

DENVER, CO--(Marketwired - Dec 16, 2013) - 1st NRG Corp. (FNRC) previously announced a plan of development for eight locations in Wyoming's Powder River Basin. FNRC holds 100% of the working interest in these locations before payout, and 66% after payout. These locations are are characterized by what we believe to be low geologic risk and a repeatable development opportunity. The planned development is offsetting wells which all demonstrated developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations. Successfully instituting this drilling plans would potentially significantly increase FNRC production revenues. We have been delayed by another energy company's protests of our planned operations, finally, the protests have been dropped and the Company is finishing the State permitting procedures. We expect to drill the first well by the year-end, 2013. 

Our activity to date has been centered on the development at Clabaugh Ranch Field, a CBM field located in the Powder River Basin of Wyoming. We acquired our interest in the 42 wells which currently make up the field in August 2010. As commodity prices of natural gas have improved, renewed maintenance and repairs have increased field wide gross production approximately 50% to over 800 MCFD.

The Company also previously announced an agreement for the development of prospective acreage in SE Ohio particularly seeking Utica Shale potential on an initial block of acreage of approximately 7,000 acres. The Utica shale play continues to grow. The State of Ohio has issued over 1,000 permits for horizontal drilling in the Utica since 2009, and 551 of those permits were issued in 2013. The Company will not operate, but will be carried in the initial vertical test well and participate in future development with a 20% working interest. Currently due diligence is being completed on the leasehold along with the drilling plan for the test well. The Company expects the test well to be drilled in Q1 2014.
 


Nov 6, 2013 - 1st NRG Corp. Enters Utica Shale Play 
DENVER, CO--(Marketwired - Nov 6, 2013) - 1st NRG Corp. (OTC Pink: FNRC) (http://1stnrg-corp.com) 1st NRG is pleased to announce that it has signed an agreement to participate in the development of prospective acreage in SE Ohio particularly seeking Utica Shale potential.

Eastern Ohio - Utica Shale

With the recent technological advances in drilling techniques, numerous operators have started looking at the Utica as the next oil frontier with several operators comparing its potential to the Eagle Ford Shale in Texas and the Bakken Shale in Williston Basin of North Dakota and Montana. While it is still very early in the play operators like Chesapeake Energy, Antero, Magnum Hunter, Gulfport Energy, Anadarko, Petroleum Development Corp and Devon (to name a few) have been acquiring acreage in Ohio.

1st NRG is pleased to announce that it has signed an agreement with a private energy company to participate in the development of prospective acreage in SE Ohio particularly seeking Utica Shale potential. The Company will be carried in the initial vertical test well and participate in future development with a 20% working interest. 1st NRG Corp. will not be the operator.

As information becomes available the size and extent of the Utica Shale resource will become more evident. The Ordovician-aged Utica Shale is distributed across several US states as well as Quebec, Canada and is found approximately 2,000+ ft below the Marcellus Shale. The Utica shale is generally shallower to the West and deepens to the East. In addition to the Utica Shale, other formations such as the Devonian shale, Marcellus shale, Clinton sandstone, Medina Sandstone, Trenton Limestone, Black River, Beekmantown dolomite and Rose Run all are potential targets below the Second Berea. 

 


Oct 21, 2013 - 1st NRG Corp. Announces New Drilling and Production Revenues for CBM Properties in Wyoming

6:30 AM ET 10/21/13 | Marketwire

1st NRG Corp. (FNRC) has initiated a plan of development encompassing the drilling and completion of eight Federally permitted locations in Wyoming's Powder River Basin. FNRC holds 100% of the working interest of these locations before payout, and 66% after payout. Permits from the State of Wyoming are currently being prepared for State approval. Our current CBM properties are characterized by what we believe to be low geologic risk as well as a repeatable development opportunity. The planned development is offset development wells to a field which encountered developed coal seams in the Warner, Upper and Lower Smith, Wyodak/Anderson Lower, Gates and Wall formations. Successfully instituting these drilling plans would significantly increase FNRC production revenues.

Market conditions for natural gas have improved significantly. The July 2013 Energy Information Administration (EIA) information reported average daily consumption of natural gas in the United States from January 2013 through July 2013, averaged 72,094 bcfd which was an increase of 1.25% when compared to the same period in 2012 when average daily consumption was 71,203 bcfd. During these same periods, average daily production of natural gas in the United States increased only 1.05% from 65,485 bcfd in 2012 to 66,178 bcfd. The tightening natural gas market is also reflected in higher commodity prices. For comparison purposes, 1st NRG Corp. (FNRC) received an average price of $3.36/mcf compared to $2.12/mcf during these same periods ending July 2013 and 2012 respectively. Moving the natural gas to the market (gathering, fuel and taxes) FNRC incurred an average transportation cost, before operating expenses, of $1.31 and $1.05/mcf during these same periods ending in July 2013 and 2012.

Mr. Kevin Norris serves as Chief Executive Officer of 1st NRG, Corp. Mr. Norris has 30 years of industry experience with various energy companies including Apache Corporation, Universal Fuels Company, TOP Gas Gathering and BlueCreek Energy. Through his career, Mr. Norris has been involved in the drilling, operating, transportation and marketing of both oil and gas wells and specifically CBM (Coal bed Methane) wells for the past 11 years. Mr. Norris spent 15 years with e2 Business Services, Inc. a company which provided outsourced administration and marketing services, as well as software solutions. While at e2, Mr. Norris aided the company in its design of a proprietary gas control system designed specifically to accommodate wellhead gas scheduling, marketing, allocations, balancing, invoicing and accounting for wellhead and downstream gas transactions. After founding BlueCreek Energy in 2006, the company grew to ownership in 78 producing wells (42 operated) and over 20 BCF in reserves (3P). Mr. Norris received a Bachelor of Science degree in Business Administration from Colorado State University in 1979. He is also a past Chairman of the IPAMS Natural Gas Committee.
 


Oct 12, 2012 - 1st NRG agrees to acquire acreage in Niobrara Shale play
Denver, CO – October 12, 2012 – 1st NRG Corp. (OTC Markets: FNRC http://1stnrg-corp.com ) has entered into an agreement with a private third party where 1st NRG will be issued an Oil & Gas lease and the associated surface use agreement on approximately 1,370 acres in Southwest Nebraska.

Letter Agreement

1st NRG is pleased to announce the Company has entered into an agreement which will deliver an Oil and Gas Lease and the associated surface use agreement for 1,370 acres located in Banner County Nebraska to the Company.  The Niobrara Shale is an exciting oil shale play that is being compared to the Bakken Shale in North Dakota. Located in the Denver Julesburg Basin which extends from Southeast Wyoming and Southwest Nebraska into Northeast Colorado the acreage will provide the company with possible development in the Niobrara Shale, as well as the Codell, Greenhorn, D and J Sands. Industry estimates of the possible Niobrara Original Oil in Place (OOIP) are 30 million BOE per section, however recoverable oil and natural gas will vary by area, thickness, porosity and fractionation. 

Management Comments

Mr. Kevin Norris, CEO said “Adding to our current holdings in Wyoming, the Nebraska acreage when combined with our recent agreement to explore in Ohio, will give the Company opportunity to develop oil and natural gas reserves in three separate basins.”  Furthermore Mr. Norris stated “We are seeking industry partners, especially in Ohio, as we move forward toward development of these properties.”

Oct 8, 2012 - 1st NRG Enters into Letter of Intent to Develop Utica Shale Potential in Eastern Ohio
Denver, CO – October 8, 2012 – 1st NRG Corporation (OTC Markets: FNRC http://1stnrg-corp.com ) has entered into a letter of intent with a private third party to initiate development of approximately 7,150 acres in eastern Ohio.

Letter Agreement

1st NRG is pleased to announce the Company has entered into a Letter of Intent to develop approximately 7,150 acres in eastern Ohio, one of the most active areas for oil and natural gas exploration in the United States. Recently the Ohio Department of Natural Resources has released estimates of the possible Utica-Point Pleasant recoverable reserve potential in Ohio to be between 3.75 to 15.7 trillion cubic feet and 1.3 to 5.5 billion barrels of oil. By drilling a test well, 1st NRG will earn all depths below the second Berea sand. In addition to the Utica Shale, other formations such as the Devonian shale, Marcellus shale, Clinton sandstone, Medina Sandstone, Trenton Limestone, Black River, Beekmantown dolomite and Rose Run all are potential targets below the Second Berea. By drilling a test well the Company will earn the rights to offsetting locations.

Management Comments

Mr. Kevin Norris, CEO said “This is another major step forward for 1st NRG and its shareholders as we diversify our activity and pursue opportunity in an area rich in NGLs and oil.”

See the 1st NRG Corp. website for updates, at http://1stnrg-corp.com

 
  • 10184 Park Meadows Drive
    Lone Tree, CO 80124
    Phone: 720-484-5706

    Investor Contact:
    Brad Holmes
    Energy IR
    9 Greenway Plaza #550
    Houston, TX, 77046
    United States
    (713) 654-4009
    b_holmes@att.net

From http://www.otcmarkets.com/stock/FNRC/company-info: 
 
Shares outstanding 919,880 a/o Jun 22, 2014
Float 167,626 a/o Jun 22, 2014

 
 
 
   

 

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FNRC
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PostSubject
#11418   That would be nice, looking forward to the alsteps 09/25/16 08:42:00 PM
#11417   EXACTLY badbadbad 09/25/16 02:18:23 PM
#11416   The seller is out imo. If you noticed STKS4LYFE 09/25/16 02:02:31 PM
#11415   I wonder how many more shares the investor alsteps 09/24/16 07:49:14 PM
#11414   Agreed..people looking for cheap shares here. We should phicour 09/23/16 09:33:02 PM
#11413   Agreed Daytrader2013 09/23/16 09:09:13 PM
#11412   its due for a run... phicour 09/23/16 06:18:44 PM
#11411   wayyyyy oversold..... phicour 09/23/16 06:15:45 PM
#11410   nice post. i think we might get some badbadbad 09/22/16 03:05:26 PM
#11409   Great news!!! Now just need a few high Xylan 09/22/16 01:44:14 PM
#11408   Some of us got lucky and grabbed a roepicks 09/22/16 01:27:40 PM
#11407   Couldn't agree more! Well said STKS! roepicks 09/22/16 01:16:55 PM
#11406   Good post thanks STKS!! Daytrader2013 09/22/16 09:25:04 AM
#11405   totally agree. badbadbad 09/22/16 08:50:26 AM
#11404   Scam is an overused word in the otc STKS4LYFE 09/22/16 08:04:34 AM
#11403   YEP. A lot of volatility. Someone sold 180k badbadbad 09/22/16 07:18:01 AM
#11402   I just got talking to IR, the price STKS4LYFE 09/21/16 05:55:30 PM
#11401   Awesome!! Up we go tomorrow!! Daytrader2013 09/21/16 04:02:38 PM
#11400   You guys see the 757k buy @ 44 STKS4LYFE 09/21/16 04:02:05 PM
#11399   This thing shoots up on air. Daytrader2013 09/21/16 03:50:25 PM
#11398   What a huge drop, Was almost regretting not entered GoodWill 09/21/16 03:47:03 PM
#11397   Lmfao probably Daytrader2013 09/21/16 03:46:36 PM
#11396   Who the heck schleprocked this?? Not much dollar volume Xylan 09/21/16 03:39:29 PM
#11395   Looks like someone's stop loss kicked in. bulloney 09/21/16 03:37:59 PM
#11394   This is the weirdest activity ever Daytrader2013 09/21/16 03:37:03 PM
#11393   Yep its an interesting spread. I love it. STKS4LYFE 09/21/16 02:58:38 PM
#11392   That was a very interest drop. Someone is alsteps 09/21/16 02:56:48 PM
#11391   Im all out powder otherwise i would :) STKS4LYFE 09/21/16 12:03:49 PM
#11390   Lets do it STKS!! roepicks 09/21/16 12:00:14 PM
#11389   Only 89k left at 49s. It would be STKS4LYFE 09/21/16 10:59:42 AM
#11388   we're up 4000% from the 0001 bid last badbadbad 09/21/16 10:57:06 AM
#11387   I see this going above a penny 0.01 MONEY_MONEY 09/21/16 10:51:22 AM
#11386   Looks like another beautiful day here... $FNRC STKS4LYFE 09/21/16 10:40:17 AM
#11385   Cant see it happening today tomorrow maybe. Great alsteps 09/20/16 03:49:49 PM
#11384   same here , waiting for 30 bagger and MONEY_MONEY 09/20/16 03:20:43 PM
#11383   would be really great to know out 005's alsteps 09/20/16 03:18:20 PM
#11382   How much 2s you achieved to get? GoodWill 09/20/16 01:07:21 PM
#11381   Looks like 45 seller moved down to 40. STKS4LYFE 09/20/16 12:50:19 PM
#11380   YESSIR badbadbad 09/20/16 11:47:47 AM
#11379   YOU MEAN CHOOOOOOOOOOOOOO CHOOOOOOOOOOOOOOOOOOOOOOOO AND KA-BOOOOOOOOOOOOOOOOOOO badbadbad 09/20/16 11:47:06 AM
#11378   http://investorshub.advfn.com/boards/read_msg.aspx?message_id=125271601 badbadbad 09/20/16 11:46:24 AM
#11377   This will be going to bounce back hard. Rider76 09/20/16 11:39:19 AM
#11376   glad we all sold listening to u, LOL threewheeler 09/20/16 11:00:16 AM
#11375   20 bagger in a couple days. Best trade roepicks 09/20/16 10:49:32 AM
#11374   Oooooh shit boys here we goooo!!! Daytrader2013 09/20/16 10:46:47 AM
#11373   Choooo choooo LOL roepicks 09/20/16 10:46:15 AM
#11372   wowwwwwwww Cheds 09/20/16 10:30:06 AM
#11371   Yes indeed! roepicks 09/20/16 10:27:30 AM
#11370   FNRC ~ so thin to pennyland and beyond! Rider76 09/20/16 10:25:21 AM
#11369   1st Nrg Corp. (PL) (FNRC) badbadbad 09/20/16 10:04:42 AM
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