EGPI Firecreek, Inc. Completes Acquisition of $2.5 Million Dollar Oil and Gas Interests in Texas
EGPI Acquisition Will Initiate Growth For Its Planned 2011 Oil & Gas Division Expansion
SCOTTSDALE, Ariz., Feb 23, 2011 (BUSINESS WIRE) -- EGPI Firecreek, Inc. (OTCBB: EFIR) and its wholly-owned subsidiary, Energy Producers, Inc., is pleased to announce that it has finalized and completed a Definitive Agreement to acquire the majority interest in a producing oil and gas property in Ward County, Texas.
Under the terms of the agreement, which shall be effective March 1, 2011, the Company through its wholly owned subsidiary Energy Producers, Inc. will acquire a majority 75% Working Interest and 56.25% corresponding Net Revenue Interest in the North 40 acres of the J.B. Tubb Leasehold Estate/Amoco Crawar field and oil and gas interests, including all related assets, fixtures, equipment, three well heads, three well bores, and pro rata oil & gas revenue and reserves for all depths below the surface to 8500 ft. The field is located in the Permian Basin and the Crawar Field in Ward County, Texas (12 miles west of Monahans & 30 miles west of Odessa in West Texas).
Included in the transaction, Energy Producers will also acquire 75% Working Interest and 56.25% corresponding Net Revenue Interest in the Highland Production Company No. 2 well-bore located in the South 40 acres of the J.B. Tubb Leasehold Estate/Amoco Crawar field, oil and gas interests, pro rata oil & gas revenues and reserves with depth of ownership 4700 ft. to 4900 ft.
The acquisition will be the foundation for the restructuring of the Company's oil and gas operations, and will provide assets for new potential oil & gas work programs and developments. The Company is currently working on securing additional rights which would provide for more potential work and development programs, encompassing several multi-pay zone opportunities on additional acreage in the J.B. Tubb/Amoco Crawar Field locations.
Dennis Alexander, EGPI's Chairman and CEO, stated, "We are extremely pleased with the future outlook of EGPI Firecreek's Oil & Gas division and this asset acquisition. We are very familiar with this property and are very excited with its revenue potential. Because of our ability to secure this interest and its revenue stream, we are confident that it will assist our future growth." He further stated, "We will continue to aggressively pursue producing domestic oil and gas properties, as well as, alternative energy sources as indicated by our recent acquisition of Arctic Solar Engineering, LLC."
Details of the Company's latest acquisition will be made available through the filing of an 8-K with the SEC.
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused on both the vertical integration of enterprises serving the D.O.T. Construction and Intelligent Traffic System markets through South Atlantic Traffic, Inc. (SATCO) alongside its wholly owned subsidiary M3 Lighting, Inc. (M3), and on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc. and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources, LLC. EGPI Firecreek, Inc. is also looking to expand into alternative energy sources as well as industries in the energy field.
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.
SOURCE: EGPI Firecreek, Inc.
CONTACT:
EGPI Firecreek, Inc. Public Relations and Shareholder Information Joe Vazquez, 754-204-4549 infinityglobalconsulting@gmail.com
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