Replies to post #505 on EGPI Firecreek Inc (EFIR)

[HobbyTrader]

Very nice.

[Fastmandoo]

EGPI Firecreek Signs Letter of Intent to Acquire Oil Service Company Serving Northwest Louisiana and East Texas
EGPI Firecreek, Inc. (OTCBB: EFIR) announced today that it has signed a Letter of Intent to acquire an Oil Service company ("The Company") that currently services the Northwest Louisiana and East Texas regions of the United States.

The Company has been in business for over 40 years as a production and service company utilizing its own pulling units, swab rigs and other industry equipment to provide oil field services. The company has revenues of approximately $2,400,000 per year with positive net income, and estimated assets of approximately $6 million.

The Company presently provides oil field services to several oil and gas company operators including one with several hundred wells in the Caddo Pine Island field, Haynesville field and Desoto Parish known as the Spyder field.

The Company currently employees approximately 25 people including a heavy duty mechanic, electrician and rig operators, and has the capacity to service wells up to 6,000 foot depth with available servicing equipment on hand.

Negotiations for the acquisition have been ongoing, and recently The Company's Board of Directors has given the go-ahead to move forward to negotiate and structure the terms for a Definitive Agreement.

Dennis Alexander, EGPI’s CEO, stated, “This proposed acquisition would exponentially enhance our growth in the Oil and Gas Sector by having equipment, experienced personnel and a history within the industry. We look forward towards collectively focusing on a structure and terms that will enhance and benefit both operations. With this acquisition we have targeted several additional related entities that we are currently actively pursuing as a result of this relationship.”

About EGPI Firecreek, Inc.

EGPI Firecreek, Inc.'s business and acquisition strategy is focused on both the vertical integration of enterprises serving the DOT Construction and Intelligent Traffic System markets 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 oil fields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc. (Energy Producers). 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.

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[Fastmandoo]

EGPI Firecreek, Inc. Announces Increase of $4 Million in Assets and Progress of Its West Texas Three Well Program

SCOTTSDALE, AZ -- (Marketwire)
04/16/10
EGPI Firecreek, Inc. (OTCBB: EFIR) has announced the progress on its West Texas Three Well Program with Whitt Oil and Gas, as well as new project evaluations for ramping up the operations of its wholly owned subsidiary Energy Producers, Inc. (EPI).

After record breaking snow, ice and rain storms during the first quarter of this year, Whitt Oil & Gas, Inc., the Company's operator for its West Texas Three Well Program, has completed most of the rehabilitation work on the Young well, which was the first well up in the program. The well has produced initial oil and gas, and is presently being tested to determine the potential production output and if further stimulation will be necessary. Currently, all signs are very encouraging as to the productivity of this well. Additionally, rehabilitation work for the second well in the program, McWhorter well, began Monday, March 29th. Operations are currently in the process of cleaning out the hole and running the gamma ray electric log to determine specific formation intervals as part of the overall work program. During the clean out process, the formation attempted to flow oil and gas. Given the oil and gas to surface without formation stimulation, the Operator has placed the well on a two day production swab test to determine if further stimulation will be necessary. The well operator has determined that there is a very good chance that stimulation may not be necessary and the well could be put on the pump and producing oil as early as next week. Regardless, hydraulic stimulation will be performed to increase the rate of oil and gas flow. The production swab test results are expected at the end of April 16, 2010. The well operator has confirmed that the initial results are very encouraging. As spring approaches, the project is expected to continue on schedule. The completion for all three wells is expected within the next three weeks. Upon completion, EGPI fully expects to be an oil and gas producing company once again. With the addition of the West Texas Three Well Program, EGPI Firecreek, Inc. was able to report an increase on its recently filed 10-K for the Year Ended December 31, 2009 of approximately $4 million dollars in assets.

EGPI Firecreek, Inc. continues to evaluate several good potential projects located primarily in its target area of West Texas and surrounding States and regions for its acquisition target strategies.

Additionally, the Company is happy to report that they are currently negotiating with several companies and are in the final stages of review for several acquisitions. These include projects ranging from 900 to 33,000 acre multi-well programs that would involve enhancement, rehabilitation and new drilling opportunities for development. The Company also has several potential acquisition targets involving oil and gas servicing operations in place and expects to aggressively negotiate terms for Definitive Agreements.

About EGPI Firecreek, Inc.

EGPI Firecreek, Inc. is engaged in the DOT Construction, Intelligent Traffic System markets, and oil and gas production. Other companies in the oil sector include, Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc., and Cabot Oil & Gas Inc.

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