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1st NRG Corp. Announces Joint Venture and provides Q4 2017 Corporate Update
Denver, Colorado, Dec. 12, 2017 (GLOBE NEWSWIRE) -- 1st NRG Corp. (OTCBB: FNRC.PK), an exploration and production company headquartered in Denver, Colorado, has issued its Q4 corporate update to shareholders on the Company’s progress.
The Company is pleased to announce that it has agreed to participate in a new joint venture to be owned 20% by the Company and 80% by others. The joint venture partners combine resources and talent with the Company in identifying and acquiring CBM assets we believe will be beneficial to all. 1st NRG will make available to the joint venture a Letter of Intent executed by the Company in October 2017 to buy 422 CBM wells containing an estimated 45 BCF of natural gas reserves as estimated by an independent third party engineering firm. We will also contribute verbal agreements to buy the balance of the working interest at Clabaugh Ranch which we estimate would add 11 BCF of natural gas reserves.
The joint venture already has the following acquisitions under contract:
Approximately 60,000 acres containing approximately 600 wells to be returned to production. After closing, work will begin to increase production from existing wells to an estimated 20 MMCF/D. The anticipated work program will take 12 months and will be a combination of turning on inactive wells and targeting strategic workovers coupled with related cost optimization. Reserves are estimated at 43 BCF of developed 3P natural gas reserves per a third party engineering report.
Approximately 400 shallow CBM wells on 92,000 net acres currently producing 22.5 MMCFD with gross income of approximately $1.8M per month and net revenues from operations of approximately 400-500k per month. The wells contain an estimated 98 BCF of 3P reserves natural gas reserves per a third party engineering report and the acquisitions include mid-stream assets consisting of 72 miles of pipeline capable of 125 MMCFD of throughput capacity.
The joint venture has non-dilutive funding committed to the projects, and formal documentation of the joint venture is being finalized.
We are also finishing Q3 2017 reporting for the OTC Markets.
About 1st NRG Corp.
Our activity has been centered upon the development of coal bed methane reserves in Wyoming where through our wholly owned subsidiary, 1st NRG Wyoming, we operate and hold a working interest in 43 producing wells, 3,059 undeveloped acres and an estimated 18.5 Bcf net to our interest. The undeveloped acreage could be permitted for up to 36 additional locations which are characterized by what we believe to be low geologic risk, a repeatable development opportunity and are offsetting wells which all demonstrated developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations.
Contact:
Brad Holmes
Energy IR: b_holmes@att.net
(713) 304-6962
Please follow us to keep up to date on the latest corporate developments:
https://twitter.com/1stnrgcorp
Forward-looking statements in this release are within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 as amended. 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 Corp. believes 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.
Source: 1st NRG Corp
© 2017 GlobeNewswire, Inc.
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Also have my eye on PDXP. Resumes trading today after being halted.
Check out MSPC. Just cancelled 1.6 billion shares. Gonna blow up today!
Sorry, I have a ton of FNRC and I'm just waiting for some news and financials like the rest of us. Will not post about other plays on this board any more. Will post on The Daily Trade board. Again sorry.
Did you get in MSPC?
When I see a filing stating that the 77.5 million share converting at .08 in April is re-worked I will move the needle. Until then I see it going to single digits. I know you all say Johan won't convert, buy you saying that means nothing. Him putting it in writing is what counts.
Most corporate accounting firms do not do individual tax returns, so I really don't believe that the April 15 deadline for Individual tax returns will have any effect on filings. Unless all their clients have the same fiscal year end date. Which is highly doubtful and would not be April 15th. LOL
Right you are, single digits on the way.
mspc doing great today. I bought that istead of haon yesterday at .0003. Check it out.
Appears "smart money" doesn't have much money. Only $1800 worth of shares bought at this "bottom". Looks to me like "smart money" waiting for the 77.5 million shares to convert @.08 in April.
I didn't get in it.
Only time will tell. I'm here for whatever happens. Makes zero sense to sell at 1 . This is the OTC and anything can make stocks run. I will be patient and sell for a 10 bagger.
Got out at 99 thanks for tip
Only 1500
Was a little slow .62
Thanks for tip, I will do some quick DD and check it out.
Looking forward to another big week here. 0015 by Wed IMO.
Single digits on the way. 77.5 million converting @.08 in April. Read the filings, it's there in black and white.
He’s the one that wrote it that way. Give me a break with the “ they won’t convert” crap. That’s all that happens in the OTC. Notes convert at ridiculous low prices that make no sense to anyone but those converting.
Won’t be long until single digits. 77.5 million shares @ .08 convert in April.
Same here, was trying to take out those last 1’s. Wouldn’t fill.
Looking like good things going on here.
I agree, seller about done. Then we run.
Last NT 10Q came out 11/15/2017, so I believe they are delinquent in their filings. Should have seen something the 15th of this month.
I think one will be out this week for sure. A little birdie told me.
I have a feeling this will be a very exciting week coming up.
Nothing happening here. Let's see you try and sell more than 5000 shares at anywhere close to that price. Everyone is trapped in this sinking ship. Oooops, that 2000 share paint up did'nt last very long. Back to RED.
Do you know when filings were due?
It’s very obvious that this company is completely run by a bad management team IMO. You would think they would at least be to do a basic filing on time. Or file an NT if going to be late. Must be some very troubling things going on behind the scenes here.
Looks like they might be late filing NT 10Q, last one came out on 15th. Hope there won't be a stop sign coming.
Not saying it to is. Just that large SS can still move.
ABVG is around 10 billion and it’s at .0003 right now. What’s your point. And they’ve added 2 billion since Oct.
All I know is there were like 12 or 16 million 1's yesterday and today there are none. IDK And they appeared to be retail, being on ETRF
Could fins and news be coming today? We will see.
Somethings up today. 6 mil pre-market buy at .0001.
And exactly what do you claim to know is the yearly revenue? How can you make that statement based on last filing which we all know said they lost 40% of their revenue, and shed 80% or something of their employees. And if this Co is so great I'm sure filing will not be late, correct?? Only Companies hiding things file late.