Tuesday, August 30, 2011
EGPI Firecreek Inc.
EGPI Firecreek, Inc. (EGPI) 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.
EGPI’s 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 EGPI’s 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.”
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused 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. EGPI Firecreek, Inc. is also looking to expand into alternative energy sources as well as industries in the energy field.
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