Thursday, June 09, 2011
EGPI Firecreek Inc.
EGPI Firecreek announced additional progress for its two well workover programs in its recently acquired oil and gas interests in the Tubb Leasehold Estate located in the AMOCO/CRAWAR Field in Ward County, TX.
The Company previously reported completing its workover program on the Crawar (Highland) #1, successfully perforating 200 feet in the Glorietta zone at approximately 3,700 to 3,900 ft. The well has now entered production of oil & gas and is now online. Additionally, the Company has completed its work program for the second well of the work program, the Tubb 18-1 well located on the North 40 acres.
As previously reported, work has been performed in the 18-1 perforated select segments of both the Upper Clearfork zone at approximately 4,100 to 4,200 ft. and the Tubb zone at 4,517 to 4,600 ft. As of today, the 18-1 well cleanup has been completed and Success Oil Co., Inc., the Company' operator, has confirmed the well is ready to go online for production shortly after pump jack balancing.
The Company further announced that they have entered into discussions and have initiated project evaluations, for the proposed development of the Jackson X-1 Project with Firecreek Global, Inc.
EGPI is looking to participate in a 50% net revenue interest in the program. The proposed project is a combination of the development of existing proven formations and a possible deep wildcat into the Cambrian formation at 8,500 feet. Firecreek's GeoScience Team has noted encouraging indications of a deep structure in the Cambrian formations. This will be confirmed and defined by a seismic program focusing on the deeper formation of the 1,060 acre plus block. Global has already started a rehabilitation program on the multi-zone shallower formations which have been productive. This is a part of the old Magnolia Red Horse Field, located in Northern Callahan County, Texas, 5 mi North of Baird, TX and 25 mi NE of Abilene, TX.
Dennis Alexander, CEO and Chairman, stated, "We are very pleased with our recent progress in the Tubb Field and are excited to be seeing an increase in that fields performance. We look forward to the pursuit of other Tubb field related developments." He further stated, "The recent climate is looking extremely promising and very encouraging for us to begin increasing our growth pattern for oil and gas over the next several months."
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