EFCR EGPI Firecreek, Inc. Retires $250,000 of Debt; President to Retire Debt into Restricted Common Shares
Business Wire - November 28, 2005 7:00 AM (EDT)
SCOTTSDALE, Ariz., Nov 28, 2005 (BUSINESS WIRE) -- EGPI Firecreek, Inc. (OTCBB:EFCR) is pleased to announce the retirement of $250,000 worth of debt by the Company and its wholly owned subsidiary Firecreek Petroleum, Inc. John R. Taylor, Firecreek Petroleum's President and EGPI Firecreek's, Inc. boardmember has converted $250,000 of debt owed to him by the company into restricted common stock. Mr. Taylor agreed to convert the debt into restricted shares at a conversion price of ten cents ($0.10) per share. This represents a debt conversion rate at 100% above the current market bid price for stock that will be restricted under rule 144. Taylor stated, "Many times we are told that if we truly believe in what we are doing, the best way to prove it is by putting our money where our mouth is. I am literally in the trenches every day strategizing to develop and make this company a leader in the niche market of oil field rehabilitation on an international level, and know first hand the progress we are making. Furthermore, I believe the future of Firecreek is clearly dynamic with a tremendous potential for growth. The fact that I believe this to be a good move for me personally as well as a benefit to the Company's financial condition, makes this a clear win/win situation for everyone involved."
EGPI Firecreek, Inc., through its Firecreek unit, is focused on oil production with an emphasis on acquiring existing oil fields with proven reserves. Additionally, the company specializes in the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis.
For more information about EGPI Firecreek Inc. go to:
EGPI Firecreek, Inc.:
www.egpifirecreek.com
Firecreek Petroleum:
www.firecreek.us
InterOilGas:
www.interoilgas.com
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; and (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's filings with the Securities and Exchange Commission.
SOURCE: EGPI Firecreek, Inc.
Firecreek Petroleum Inc.
George "Bud" Faulder, 817-732-5949
(Shareholder Relations)
bud@firecreek.us
to make a million bucks over night" 
