EGPI Negotiating for East Texas, La. Properties

- EGPI Negotiating for East Texas, La. Properties

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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EGPI Signs LOI for Tx. Acreage

- EGPI Signs LOI for Tx. Acreage

Monday, June 27, 2011
EGPI Firecreek Inc.

EGPI Firecreek has signed a Letter of Intent with Capco Resources of Texas to acquire the Brown Snyder Oil and Gas Leases covering over 640 acres located near Abilene, Jones County, Texas.

EGPI has already begun due diligence and project evaluations with CAPCO in anticipation of the acquisition, including proposed Well Recompletion and Enhancement Work programs. The Company has set a projected date of July 31, 2011, to complete the acquisition of the Brown Snyder property and its oil and gas interests.

The final acquisition will be subject to final negotiations, documentation and requisite approvals. The Company expects to acquire working interests and half of the corresponding 75% Net Revenue Interest associated with the oil and gas leases, including oil and gas reserves and all assets located in Abilene, Texas, inclusive of all surface equipment associated with seven of the nine existing wells that are to be reworked, and participation rights in all future drilling activities.

The proposed operator, Chan West Oil Corporation, is evaluating potentials for a rework program on five to seven of the existing oil wells on the Brown Snyder leases. The wells are currently drilled at a depth of about 3,000 feet, and the rework procedures proposed will consist of fracing the zone at a shallower depth of approximately 2,500 feet where offset wells have shown success.

Dennis Alexander, CEO and Chairman, stated, "We look forward to working with the CAPCO management in order to move forward now that we have entered into a Letter of Intent. We also continue our plans for growth within our oil and gas division, through the acquisition of the Brown Snyder lease interests." He further stated, "We believe the upside potential for production activity and enhancement on this property, utilizing modern state-of-the-art techniques, will present an excellent opportunity for the Company."

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EGPI Firecreek's Tx. Well Online

- EGPI Firecreek's Tx. Well Online

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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EGPI Firecreek Briefs Workover Programs at Tx. Wells

- EGPI Firecreek Briefs Workover Programs at Tx. Wells

Tuesday, May 31, 2011
EGPI Firecreek Inc.

EGPI Firecreek announced the progress for 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 via its operator and co-partner, Success Oil Co., Inc., has completed its workover program on the Crawar (Highland) #1, successfully perforating 200 feet in the Glorietta zone at approximately 3,700 to 3,900 ft., then acidizing-stimulating the depths perforated. Operations subsequently commenced clean up procedures for the well, and completed connections to the existing gas pipeline. Although preliminary reports are favorable, full production data has not yet been made available.

Additionally, the Company has initiated its work program for the Tubb 18-1 well located on the North 40 acres, having 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. This week Success Oil will acidize and remove all the acid and water before executing a fracking procedure in order to stimulate the well formations prior to placing the well back into production.

Dennis Alexander, CEO and Chairman, stated, "We are very pleased with our recent progress in the Tubb Field and are extremely confident that there is a great opportunity ahead for significant expansion. Our Engineers and Operators have identified several good structures for additional oil and gas development in the Tubb field and we are now in negotiations to further develop these leases."

As previously reported, EGPI Firecreek's management is actively expanding its Oil & Gas and Alternative Energy divisions. Current and forecasted demand for both conventional and alternative energy sources are expected to present significant opportunities for the Company giving them the ability to expand their energy operations. EGPI continues to pursue proven production targets, acquisitions for oil & gas business, and strategic alliances for its Alternative Energy division.

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