Oil Play:
EGPI Firecreek, Inc. Finalizes Tubb Leasehold Estate Oil & Gas Acquisition
Acquisition Marks EGPI's First Successful Transaction of a Producing Oil & Gas Field While Initiating Expansion of Energy Division
SCOTTSDALE, Ariz., Mar 02, 2011 (BUSINESS WIRE) -- EGPI Firecreek, Inc. (OTCBB: EFIR) (the "Company") announced today that effective March 01, 2011 all agreements, documentation and compliances have been signed and the acquisition for the producing oil and gas property known as the Tubb Leasehold Estate located in the AMOCO/CRAWAR Field in Ward County, Texas is now completed and has gone effective. The Company is now stepping up to re-vitalize focus on building an Energy footprint while expanding their oil & gas and alternative energy divisions.
Recently cited by the Department of Energy, oil is currently supplying more than 40% of our total energy demands, while supplying more than 99% of the fuel we use in motor vehicles. This commodity has recently seen a surge in prices going back to the $100 a barrel levels, causing oil to be considered the lifeblood of America's economy.
Alternatively, the Company's Alternative Energy division is aware of lucrative developing technologies that will take advantage of clean abundant energy from the sun, which is important in reducing greenhouse gasses, and will ultimately help stimulate the economy. Since EGPI Firecreek's recent acquisition of Arctic Solar Engineering, a plethora of opportunities have made themselves available to the Company.
EGPI Firecreek has now refocused its attention into building and expanding its energy divisions. Presently, the status of energy demands on both fronts presents keen opportunities for the Company in the future. EGPI Firecreek will address its potential for growth by continuing to pursue proven production targets and acquisitions for oil & gas business, and strategic alliances for its Alternative Energy division.
Dennis Alexander, CEO and Chairman, stated, "We are very optimistic with our latest acquisition of the Tubbs Estate for our Oil & Gas division. We see a great opportunity for expansion in this area of expertise. Because of this, we are currently looking at potential ways to consolidate and streamline some of our other divisions, in order to take advantage of specific revenue streaming opportunities we see in energy related industries."
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. (Energy Producers) and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources, LLC (CWR). EGPI Firecreek, Inc. is also looking to expand into alternative energy sources as well as industries in the energy field. Other companies in the oil sector include Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc. and Cabot Oil & Gas Inc.
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
