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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
FNRC #5 in volume Friday! And up 100%!!
Looking forward to more 2's getting scooped up tomorrow. With Fins coming out in a week this will be last chance to get in before the run.
I got in at end of last run. .0007 originally, have bought a lot more over the months. Average now about .00015
Agreed, was a good week here. But I thought there were 2billion AS and 4 billion OS and A 1 for 100000 reverse split coming per KELLI ? LOL
Great action here today!! Looking forward to next week.
Somebody just got lucky and got a gift of 2.7 mil shares @ .0001.
Not yet, but come April.......77.5 mil might be dumped which is why pump going on right now with fake news. IMO
Looking really good here today my friend. Our patience is about to be rewarded BIGGLY!!!!
Yes sir, bid almost caught up to ask. Starting to get some serious attention here.
2’s starting to get slapped here.
Easy 10 bagger on the way here.
400 million bid. About time for lift off!
This thing is about to run hard!
Also in tht Q : Preferred Class A
-
1
st
NRG Corp closed a transaction with nine qualified investors in January 2011, pursuant to which the
Investors purchased a private placement of Units consisting of Preferred Shares (convertible into Common Shares) and Warrants
to purchase Common Shares.
The total Unit purchase was $14,452,014.45 (
$
16,057.79 per Unit) and
$
14,392,762
is currently
reflected
on
the Company’s Balance Sheet as restricted cash. Under the terms of the Unit Subscription Agreement (USA), the
Investor’s cash and the Securities pur
chased (in certificate form) have been deposited in a restricted
account with an Intermediary
whereby a
n Account Management Agreement (AMA) between the Investors, the Company and the Intermediary governs the
release of funds to the Company from the restric
ted account. The Investors may NOT request a return of capital without the
agreement of 1
st
NRG and 1
st
NRG may not request to unwind or alter the transaction without agreement of the Investors. The
shares are fully paid and non
-
assessablE.
From their last Q 8/15/17 : April 20, 2016
, the Company
authorized the issuance of
1,000,000,000 of common stock
to
each,
of its Directors and to Mr. Ed
Renyk, advisor t
o the Board for services rendered. The total issuance being 5,000,000,000 shares.
There have been no Form 4's filed since that Q.
Good morning OMVS. Looking forward to some more gains today! Q's only a day away or so. Time for people on sidelines to jump on this rocket before liftoff!
Insiders hold 5 billion restricted shares.
Good morning FNRC. Let's take out some more 2's today. News and fins are getting closer.
Once filings hit, 2's will go in a flash.
1.5 mil ask slap.
Bid up to almost 200 million!
Between fins being released and JV this is going to be a fun ride!
I agree. Not sure why anyone would sell at .0001 but to each his own.
Not sure how many shares you have, but as long as it's not more than 120 million or so you should have no problem selling.
WOW, you really know nothing about this company, do you? That someone getting the 77.5 mil shares is the billionaire that took over this company with that note. So yes, I think he will convert and own 90% or something of this company. And probably take it private when he drives share price down below .08. And pay all share holders of record the current price of the company stock ( below .08). And there's won't be a damn thing anyone can do about it. He will control 90% of the votes. IMO
And JV is already fully funded.
From last 10Q : On April 28, 2017, the Company entered into a Note Purchase Agreement with Santiago Business Co. International Ltd, (“ Santiago ”), regarding its 10% Senior Secured Convertible Note due April 28, 2018, in an aggregate principal amount of $6,200,000 (the “ Note ”) and Santiago transferred to the Company certain shares of capital stock of a subsidiary of Santiago, Bluebell Business Limited, a company limited by shares organized and existing under the laws of the British Virgin Islands (“ Bluebell ”). Interest payments on the Note are due quarterly until repayment of the principal amount, which is due April 28, 2018. The Note is convertible by the holder into 77,500,000 shares of common stock of the Company (conversion price of $0.08 per share). If the Note is fully converted by the holder, the holder would receive shares representing 82.3% of the Company’s share capital outstanding as of September 30, 2017 (taking into account the shares issued upon conversion of the Note). On April 28, 2017, the Company entered into a Note Purchase Agreement with Santiago Business Co. International Ltd, (“ Santiago ”), regarding its 10% Senior Secured Convertible Note due April 28, 2018, in an aggregate principal amount of $6,200,000 (the “ Note ”) and Santiago transferred to the Company certain shares of capital stock of a subsidiary of Santiago, Bluebell Business Limited, a company limited by shares organized and existing under the laws of the British Virgin Islands (“ Bluebell ”). Interest payments on the Note are due quarterly until repayment of the principal amount, which is due April 28, 2018. The Note is convertible by the holder into 77,500,000 shares of common stock of the Company (conversion price of $0.08 per share). If the Note is fully converted by the holder, the holder would receive shares representing 82.3% of the Company’s share capital outstanding as of September 30, 2017 (taking into account the shares issued upon conversion of the Note).
Nobody foolish enough to slap the ask today. Only 1 but today, other than a 100 and 200 share paint job. People know April and the 77.5 mil .08 conversion just a couple weeks away.
Can you post the filing showing this as proof of your claim?
Good morning FNRC! Let’s take out some more of those 2’s today. Once they’re gone we run fast.
Good day here today. Looking forward to more 2's getting taken out tomorrow.
FNRC about to explode. Lots of activity this weekend. Huge volume on Friday.
Patience is about to be rewarded. I feel bad for those that bailed recently. .0018 on the way soon.
10 bagger at least on this one.
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
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
Check out FNRC board. I think it’s time to go. Lots of posts today. Some groups jumped on and is pumping.
Big things coming this week.
Dip to single digits comes in a few weeks. 77.5 million at .08.