EFIR News Released EGPI Firecreek Targets Acquisition of East Texas and Louisiana Oil and Gas Production
Business Wire "Press Releases - English"
Anticipated Acquisition Targets Growth for EGPIs Oil & Gas Division
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
EGPI Firecreek, Inc. (OTCBB: EFIR) (EGPI) announced it is in the final
stages of negotiations for a binding agreement to acquire multiple
leases for oil and gas production currently servicing East Texas and
Louisiana through the current leaseholder ("The Company").
The Company has been in business for over 15 years as an oil and gas
production company with approximately 10 to 12 producing wells at depths
of 2,200 to 2,400 feet. They currently employ approximately 18 people
and own all servicing equipment to maintain its well operations.
Negotiations for the acquisition have been ongoing and are estimated to
include acquiring 100% working interests and 80% of the corresponding
net revenues of the properties which encompass approximately 2000 acres
in East Texas and Louisiana.
EGPIs Board of Directors have given permission to move into the final
stages of negotiations in order to execute a formal binding agreement.
Dennis Alexander, EGPI's CEO, stated, "We believe this target
acquisition meets our criteria in assisting EGPIs continued growth
plans for the integration of assets and revenue stream for our Oil & Gas
division. We are working diligently in order to finalize this agreement
within a reasonably short period of time.
