Treaty to Boost Production at Tx. Leases

- Treaty to Boost Production at Tx. Leases

Thursday, September 08, 2011
Treaty Energy Corp.

Treaty reported on its progress on the project to increase production on its Texas oil leases.

Stephen L. York, President and COO of Treaty Energy Corporation, stated, "We want our shareholders to know that our team has faced the hottest and driest summer in Texas since 1980. The extreme heat and dry climate have considerably affected ground conditions. These conditions have caused failures of equipment and electrical transformers which have led to a decline in the overall production on our existing wells."

Mr. York added, "However, the good news is that Treaty Energy's aggressive work-over plan has been able to offset the decline in production and has even greatly increased the production of the re-worked wells."

"Production on the first eight wells that have been re-worked increased from 8 barrels of oil per day to 26.5 barrels per day," explained Mr. York. He explained further, "Treaty Energy has also recently finished re-working an additional eleven wells, and after about a week of steady production, we are expecting to increase production to about 55 barrels of oil per day."

Treaty Energy has four other leases that are currently not producing as they require a work-over on the injector wells and electrical power lines. Work-over of these leases should be completed by the end of September and is expected to increase overall Texas production to 65 to 70 barrels of oil per day by that time.

Beyond the previously mentioned work-overs, Treaty Energy has 15 shut in wells spread over the Great Eight Leases that have been shut in for more than 12 months. Upon completion of all scheduled work-overs, the Company will then be able to more accurately evaluate the additional shut in wells and re-work them as necessary to bring them back into production.

Mr. York added, "The best estimate of Texas production on the currently owned and paid for leases will be 75 to 90 barrels of oil per day after the rework of the 15 shut in wells. Our goal by the end of 2011 is to be at 200 to 350 barrels of oil per day. This production number can vary based on the number of new wells that are expected to be drilled and completed. We expect to exceed 1,000 barrels per day by the end of June 2012. At $80 per barrel, this will translate to about $29.2 million in gross revenues annually from our Texas oil production alone."

CEO of Treaty Energy Corporation, Andrew Reid, stated, "I am pleased with the current production in Texas and noted that all re-works are being done from the bottom of the well to the top, including pressure testing of the tubing prior to re-installation in the wells. This type of work-over may initially cost more and require more time, however Treaty expects to avoid the higher operational costs that can be associated with stripper wells when using the traditional band-aid methods. Treaty's wells, once worked-over, will require much less maintenance compared to the average stripper wells."

Finally, Mr. Reid said, "We plan to release an update in the week of September 12th on the progress in Belize regarding the first well that we are expecting to drill later this month."

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Petrolympic Tests Well in Tx. Maverick Basin

- Petrolympic Tests Well in Tx. Maverick Basin

Tuesday, August 23, 2011
Petrolympic Ltd.

Petrolympic announced the completion of the Acid Stimulation on the 80-2V well located on the Chittam Ranch property in the Texas Maverick Basin. The operator, "Big Shell Oil & Gas, Inc.", stimulated the lowest level reservoir and will appraise the reservoir characteristics of multiple stacked oil bearing horizons starting with the bottom and working its way up. The target reservoir is now on test and Petrolympic expects to announce production rates in the near term.

"Well 80-2V responded extremely well to our stimulation techniques which included the use of new acids that were specifically designed to maximize production," commented Robert Kinsey, Petrolympic's Chief Engineer. "We are currently testing and expect to have production numbers out in the near future. I am very pleased with our progress to date and we hope to discover additional untapped potential as we work our way up through the multiple hydrocarbon bearing horizons."

"This was a low cost vertical well which we were able to complete in a relatively short period," said CEO Mendel Ekstein. "The geology which underlies well 80-2V is prevalent throughout the property and if the oil production rate warrants expansion our goal is to drill multiple wells at 40 acre spacing on the 8,000 acre Chittam Ranch Property which would provide for significant production."

During drilling of the well, Petrolympic penetrated 7 oil and gas bearing horizons. The Chittam Ranch well is being drilled by Petrolympic as part of an earn in agreement with Texas HBP and Shell Western E&P, pursuant to which Petrolympic has the right to earn a 50% working interest (yielding a 37.5% net revenue interest) in the Chittam Ranch property.

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Eagle Energy Trust Hands Tx. Field Reins to Subsidiary

- Eagle Energy Trust Hands Tx. Field Reins to Subsidiary

Thursday, August 18, 2011
Eagle Energy Trust

Eagle Energy Trust reported that effective immediately, Eagle Energy Acquisitions, the US operating subsidiary of the Trust, has been appointed the operator of the Salt Flat Field.

"On behalf of Eagle, we express thanks to North South Oil LLC for its hard work and dedication as the operator of the Salt Flat Field. This transition has been anticipated by the parties since the Trust's initial public offering last November and North South has been a key contributor to setting the stage for the full cycle development of the Salt Flat Field. Eagle US is excited to continue with this project," said Richard Clark, President and CEO.

In preparing to assume operatorship, Eagle US has accomplished a number of key items over the past few months. The necessary permits to operate petroleum properties in the State of Texas have been obtained. Key engineering and field staff have been added, providing Eagle US with the ability to manage the full cycle development of the Salt Flat Field, as well as accelerate its evaluation of potential new acquisitions. Eagle US has also opened a field office in Luling, Texas.

"Eagle US is now well positioned to commence its role as the operator of the Salt Flat Field and to execute on its overall growth plans," said Mr. Clark. "We expect no material change in our current level of general and administrative expenses or operating costs due to assuming operatorship of the Salt Flat Field. This is an important step for Eagle and will ready us for future growth as we add new core area acquisitions."

The Trust also announced that it intends to issue its next operations update on or about September 30, 2011.

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Nostra Terra Resumes Production at Tx. Well

- Nostra Terra Resumes Production at Tx. Well

Thursday, August 18, 2011
Nostra Terra O&G Co. plc

Nostra Terra announced that the workover of the initial well, as previously announced, in the Agnello #1 horizontal well within the Vintage Hills prospect unit located in the Giddings Field in Texas, has been completed and the well has been put back into production.

The well was experiencing intermittent plugging in the lateral section. A remedial workover was conducted, along with installation of a larger compressor.

Nostra Terra has a 1% working interest in the Vintage Hills Prospect Unit, located within the large Giddings Field in Texas, which is operated by New Century Exploration, Inc.

The Company will provide an update on 30-day production figures in the future.
Nesbitt Prospect

The initial well in the Nesbitt prospect is also moving towards completion. Production facilities are currently being built and completion operations being finalized on the prospect.

Nostra Terra has a 3% working interest in the Nesbitt Prospect Unit, located in the Woodlawn Field in Texas, which is also operated by New Century Exploration, Inc.

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented, "We are happy to add production and income flow but our focus going forward is on larger deals that will have a bigger impact. Our current prospects are fully-funded and we have cash available for acquisitions. We are targeting additional acreage with a view to increasing both the size of the company and its revenues."

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BOEMRE Confirms Fatality at Platform Offshore Tx.

- BOEMRE Confirms Fatality at Platform Offshore Tx.

Wednesday, August 17, 2011
BOEMRE

The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) has confirmed that agency personnel responded on August 16 to a report of a fatality at Energy Resource Technology's High Island (HI) Block A557 Platform A. This is an oil and gas production platform approximately 75 miles offshore Texas, in about 224 feet of water.

According to the operator's report, an incident occurred early on the morning of August 16 during a crane lift in which a large piece of equipment was being loaded from the platform to a workboat. An apparent failure of the boom hoist cable led to a collapse of the crane, which set off a series of events in which the crane's harness struck and fatally wounded an employee. There was no production ongoing at the time of the accident.

BOEMRE inspectors traveled to the platform yesterday and have begun an independent investigation into the cause of the accident.

"This was a tragic accident. Our thoughts and prayers are with the family of the deceased employee, as well as his colleagues and friends. This incident provides the most dramatic possible reminder of what is at stake as we work with industry to ensure the highest safety standards on offshore facilities and do everything possible to minimize the risk of such accidents," said BOEMRE Director Michael R. Bromwich.

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OTG Starts Up New Production Line at Tx. Facility

- OTG Starts Up New Production Line at Tx. Facility

Monday, August 15, 2011
Momentive Specialty Chemicals Inc.

The Oilfield Technology Group (OTG) of Momentive Specialty Chemicals Inc., announced the startup of a new manufacturing production line at its Brady, Texas, facility to provide additional resin coated proppants to fracturing service companies and operators in the oil & gas industry.

"Industry demand continues to grow as more operators come to realize the correlation between curable resin coated proppants and enhanced post-frac well production. This expansion of our Brady resin coating plant allows us to provide our customers with the additional resin coated proppant supply they are requesting for their hydraulic fracturing treatments," said Jerry Borges, Vice President, Oilfield Technology Group.

The Brady plant expansion is the third addition to the OTG manufacturing grid in 2011. The new production line manufactures Momentive's field-proven curable resin coated proppants such as Prime PlusTM, SiberPropTM, and SB ExcelTM which are available in large grain sizes. These products and the plant's geographic location are especially suited to serve the nearby Eagle Ford and Permian Basin oil markets.

"The value of our high strength proppants is seen from the increased well production they consistently provide. By leveraging Momentive's technology from other industries, combined with our own internal resin manufacturing facilities, we will continue to bring innovative proppant technology to our customers," Borges said.

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PGI Acquires Asset in Tx.

- PGI Acquires Asset in Tx.

Friday, August 12, 2011
PGI Energy Inc.

PGI through its joint venture with Home Creek Energy as operator, has acquired a proven producing oil & gas asset. The field is located in Haskell County, Texas, and covers five leases with 11 production wells, 2 injection wells, pumper jacks, tanks, separators, tubing, rods and well equipment. PGI Energy owns 40% of the project which was purchased for an undisclosed amount of money. PGI will receive 40% of the Net 75% NRI from the monthly production.

"We are excited to have closed on this asset purchase and look forward to receiving revenues from this production," said Robert Gandy, Senior Underwriter for PGI Energy.

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Aurora Drills Ahead at Tx. Alwan West Prospect

- Aurora Drills Ahead at Tx. Alwan West Prospect

Thursday, August 11, 2011
Victory Energy Corp.

Victory, through its partnership with Aurora Energy Partners, announced that its Alwan West (#1 Goff Mineral Trust) prospect well was spud on August 2, 2011 and is currently drilling ahead at 5,097 feet.

Prior to reaching the proposed target depth of 7,100 feet, all three target sands (first Yegua, Frio and second Yegua) will be tested. All three sands are anticipated to be reached and tested in the coming days. These sands do not require a fracking procedure to be productive. Anticipated completion after a successful testing generally occurs in less than two weeks.

The lease area is surrounded on all sides by gas condensate production and a delivery pipeline is within 1,000 feet of the well.

Alwan West lies on strike between two Yegua fields, Lost Fork (one mile west) and AVO Grande (3,000 feet east). Lost Fork has produced over 42 BCF, while AVO Grande has produced 7 BCF of natural gas. Both of these fields are stratigraphic traps, as is the Alwan West prospect. This area produces from the Frio and Yegua (Oligocene) formations.

This prospect's potential reservoir covers an area of 175 acres and has a reserve potential of 8.5 billion cubic feet (BCF) of natural gas and 43.75 thousand barrels of gas condensate.

The reserve potential is based on 50 feet of reservoir sand, one million cubic feet per acre-foot of natural gas and five barrels per million cubic feet of gas condensate. These reserve estimates are for the first Yegua sand only, which is the primary objective, and do not include potential in the secondary objectives.

The Alwan West prospect is located in far western Wharton County, Texas, near the Jackson County line. Victory Energy acquired the prospect, which includes a 5 percent working interest (WI) and a 3.8 percent net revenue interest (NRI), from Miramar Petroleum, Inc. of Corpus Christi, Texas, who will be the operator and who also owns a significant working interest in the well.

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Encore Energy Spins Off Operating Co in Tx.

- Encore Energy Spins Off Operating Co in Tx.

Tuesday, August 02, 2011
Encore Energy Inc.

Encore Energy announced plans to form an operating company in Texas.

Encore Energy, Inc., through a wholly owned subsidiary, has plans to form an operating company to supervise its drilling, completion and other future field activities in Texas.

"The purpose of this company is to work directly with contractors and oilfield service companies to supervise our future projects in Central East Texas," said Steve Stengell, Encore's President and CEO. Mr. Stengell and the other members of Encore's management team have previously served as an operator in both Texas and Oklahoma and have made several horizontal oil and natural gas discoveries in Central East Texas over the last several years.

"Horizontal drilling activity in Central East Texas remains very strong," added Stengell.

Encore is a proud member of the IPAA Independent Petroleum Association of America, Society of Petroleum Engineers and NFIB National Federation of Independent Businesses.

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Treaty to Work-Over Tx. Wells

- Treaty to Work-Over Tx. Wells

Monday, August 01, 2011
Treaty Energy Corp.

Treaty Energy reported on activities of C&C Petroleum Management LLC, the Company's Texas operations subsidiary, related to increasing oil production from its Texas leases.

Stephen L. York, President and COO of Treaty Energy Corporation, stated, "I recently made arrangements to contract three work-over rigs to commence work beginning this past Saturday, July 30th on our Texas leases. We will work-over 14 wells in the next two weeks."

Mr. York added, "I've also purchased pump parts, barrels, seals, cups and other items to allow us to rebuild pumps on our Texas properties. Purchased items include drifted and tested tubing to replace defective joints that are found."

C& C Petroleum has also contracted an electrician to revamp circuit boxes on the McComas Lease to handle additional electrical supply needs on this lease and has requested bids on water storage tanks for the Company's Willingham Lease.

Mr. York commented, "These rework activities are expected to increase our oil production by 300-420 barrels per month over the next two weeks, to about 1500 to 2000 barrels per month. While our stated goal is to bring our Texas oil production to 30,000 barrels of oil per month as soon as practical, the economical steps being taken at this time are crucial to us meeting our long term goals in Texas."

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Total Depth Reached at Caza's Tx. Well

- Total Depth Reached at Caza's Tx. Well

Thursday, July 28, 2011
Caza O&G Inc.

Caza, as operator, announced that the Caza Elkins 3402 well in Midland County, Texas, reached a total depth of 11,852 feet, and the well was subsequently logged. This log data has confirmed the same multi pay potential for oil and gas in the Spraberry, Wolfcamp, Strawn, Atoka and Mississippian/Devonian formations as is found in the Caza Elkins 3401 well (a direct offset to the Caza Elkins 3402). Caza is currently preparing the Caza Elkins 3402 well for completion operations, which will include a fracture stimulation program.

As previously announced, frac crews are extremely busy in this area. However, Caza was able to secure a frac crew ahead of schedule to perform the fracture stimulation procedure for the Caza Elkins 3401 well, which is now scheduled for today, July 28, 2011. The Company still anticipates the initial fracture stimulation procedure on the Caza Elkins 3402 well to be performed in late August 2011. Caza will update the market once initial flow rates have been established for each well.

The San Jacinto property covers approximately 480 acres with five proven undeveloped locations, including the Caza Elkins 3401 and 3402 locations. Caza has a 100% working interest before completion and an 85% working interest after completion in the Caza Elkins 3401 well with a 63.75% net revenue interest. In all subsequent wells on the San Jacinto property, including the Caza Elkins 3402 well, Caza will have a 75% working interest and a 56.25% net revenue interest.

W. Michael Ford, Caza's Chief Executive Officer commented, "The results of the Caza Elkins 3401 and 3402 wells on the San Jacinto property are positive, and we look forward to fracture stimulating both wells and bringing them into production."

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Bering to Begin Drilling Ops at Tx. Prospect

- Bering to Begin Drilling Ops at Tx. Prospect

Monday, July 25, 2011
Bering Exploration Inc.

Bering will begin drilling operations this week on its South Texas prospect. Bering will re-enter an existing well bore and perforate the Yegua formation which was not originally targeted in this well. This approximate 500 acre prospect has multiple drilling locations and will target the Yegua and Frio formations at various depths and is estimated to have over $9 million in potential gross reserves based upon the current price of oil and gas and assuming all wells are drilled and successful. Bering will retain a 50% working interest in this prospect.

"The well bore that we are re-entering was initially drilled targeting a much deeper zone and was never tested for the Yegua and Frio zones that have historically been productive in this area," stated Steven Plumb, VP of Finance of Bering. "We have ordered the pipe and requested the production unit for Tuesday of this week. We expect to begin oil production in the next few weeks if our completion is successful."

Eagleford Update

Bering has elected to employ an additional unique radiometric technology to further delineate its previously announced Eagleford prospects. Bering believes this additional testing will further reduce its drilling risks and has put its Eagleford operations on hold until such testing can be completed.

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Doxa Finalizes Interest Acquisition in Tx. Proj.

- Doxa Finalizes Interest Acquisition in Tx. Proj.

Monday, July 25, 2011
Doxa Energy Ltd.

Doxa has closed on the acquisition of a 16.70625% interest in the County Line North Project, McMullen County, Texas, a new venture targeting various Wilcox formation zones of interest. The County Line North Project, operated by Hurd Enterprises, Ltd., of San Antonio, Texas, is a conventional gas condensate prospect which is situated on an initial 280 acre block of leases. Drilling of the Kynette No. 1, the initial well on this project, has been commenced and is proceeding towards its permitted depth of 10,500'. Doxa owns 16.70625% working interest before payout, reverting to 12.5% after payout of this project, and expects its share of the leasehold and initial completed well cost to total approximately $500,000. This project is situated approximately 2 miles northeast of a recently announced successful completion, the Martin-State Gas Unit No. 1 well, a high rate Wilcox producer completed in the Campana, South (Wilcox 10,200') Field. Hurd Enterprises, Ltd. also operates the Martin-State well.

Doxa Energy Ltd. develops and maintains a portfolio of producing and developing conventional and unconventional assets, including the Eagle Ford shale oil window play in South Texas, and the recently announced acreage acquisition in the Mississippian Oil Play of northern Oklahoma.

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Doxa Brings Tx. Well Online

- Doxa Brings Tx. Well Online

Tuesday, July 19, 2011

Doxa announced the successful completion and commencement of production from its Martin-State Gas Unit No. 1 well, a high rate, Wilcox formation gas condensate well in McMullen County, Texas. The Company expects that production from this well will add substantially to its monthly net cash flow, and will achieve payout within one year.

This is the Company's first of 2-3 wells planned on its 623 gross acre County Line Prospect, in which Doxa owns a 14.0625% working interest and a respective 10.4867% net revenue interest. Hurd Enterprises, Ltd. of San Antonio, Texas, is the designated Operator of this prospect.

After drilling the well to a total depth of 11,800', the well was initially completed in the lowermost pay interval from 10,466-10,482'. During the 4-point production test, the well flowed naturally at the high rate of 4,297 MCFPD and 101 BCPD on a 12/64" choke with 5,945 psi tubing pressure. The well was placed on-line last month flowing at a restricted rate of approximately 3,200 MCFPD, 60 BCPD and 5 BWPD. As stated, additional wells are expected to be drilled on the project, and Doxa will maintain its 14.0625% working interest in any such subsequent operations or wells.

"The success of the Martin State No. 1 is meaningful not only for the immediate impact on our sales and profitability but also for the increased potential in the balance of our County Line Prospect along with our other Wilcox prospect holdings," stated John D. Harvison, President and CEO of Doxa. In addition, he stated, "The performance of this well validates our team's analysis of this area for prolific Wilcox hydrocarbon potential."

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American Standard Begins Tx. Drilling Program

- American Standard Begins Tx. Drilling Program

Tuesday, July 19, 2011
American Standard Energy Corp.

American Standard announced initial spud for its 10 net well drilling program in Andrews County, Texas.

ASEN intends to drill the University Andrews 42 #2 well to the Devonian and then subsequent wells will be drilled to the Strawn and completed in the Strawn, Wolfcamp, Spraberry and Lower Clearfork formations. The Company will own 100% working interests in all 10 wells.

The Viking Rig #20 has arrived on location, is rigging up, and is expected to spud the University 42 #2 well in Andrews County within the next 24 hours.

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Devon Drills Well in Tx. Panhandle

- Devon Drills Well in Tx. Panhandle

Friday, July 15, 2011
Breitling O&G Corp.

Breitling O&G has spud the Breitling-Buffalo Run #1H on July 10, 2011 in Hemphill County, Texas.

The Breitling-Buffalo Run #1H is a 15,900-foot TMD well located in the prolific Buffalo Wallow field in the Texas Panhandle. The Breitling-Buffalo Run #1H is targeting the Granite Wash sections A through G.

Management anticipates the well will reach total depth in about 37 days. Well completion and testing should begin during the first week of September. The well is being operated by Devon Energy Corporation.

The company declined to disclose reserve potential or any further details regarding the prospect to the public.

Breitling Oil and Gas CEO Chris Faulkner stated, "We are excited to be participating with Devon Energy on the Buffalo Run well." Faulkner added, "The vertical wells in the Buffalo Wallow field have been great producers and we are excited to step out and drill a horizontal."

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Breitling Kicks Off Drilling at Tx. Well

- Breitling Kicks Off Drilling at Tx. Well

Tuesday, July 12, 2011
Breitling O&G Corp.

Breitling O&G has spud the Breitling-Big Tex #2 on July 9, 2011 in Gaines County, Texas. The Breitling-Big Tex #2 is the second of three Big Tex prospect wells to be drilled. A completion rig is moving on location to complete the Big Tex #1 after it reached total vertical depth on July 6, 2011.

Just like the Big Tex #1, the Breitling-Big Tex #2 is a 9,000-foot vertical well within the established Tex-Pac Field and is targeting Lower Clearfork Dolomite beneath 8,500 feet. Secondary objectives include the San Andres, Yates, Glorieta and Abo formations.

Breitling's 3-Well Breitling-Big Tex Prospect was developed after a 75-square-mile 3D seismic shoot was reprocessed and interpreted in 2010. The quality of the new data set after it was re-imaged using Breitling's proprietary Geo3D technology identified features that were not noticeable when the shoot first occurred. In essence, the resultant seismic lines were much more detailed and refined, therefore capturing subsurface images not previously acknowledged.

Management anticipates the first well will reach total depth in about 20 days. Well completion and testing should begin during the first week of August.

Breitling Oil and Gas CEO Chris Faulkner stated, "We are excited to be drilling ahead of our original timelines." Faulkner added, "The Big Tex #1 looks promising and we expect the Big Tex #2 to be relatively the same as far as shows and the logs."

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Circle Star Acquires Tx. Assets

- Circle Star Acquires Tx. Asset

Wednesday, July 06, 2011
Circle Star Energy Corp.

Circle Star has acquired interests in certain oil and gas producing assets in Texas.

The Company has acquired mineral interests, overriding royalty interests and non-operated working interests in a set of producing and non-producing oil and gas assets throughout Texas comprised of over 30,000 gross acres. The acquisition includes production from the Eagle Ford Shale, Austin Chalk, Wolfcamp, Woodbine and Deep Bossier formations. EnCana Oil & Gas (USA), Inc., Chesapeake Energy, Newfield Exploration Company, CML Exploration, LLC and Petromax Operating are operators of the respective assets. Revenue from the properties averaged more than $125,000 per month from January to May 2011.

In related news, the Company welcomes Mr. S. Jeffrey Johnson to the board of directors where he will assume the role of Non-Executive Chairman. Mr. Johnson has over 22 years of experience in the oil & gas business. Most recently, Mr. Johnson served as the Chairman of the Board and Chief Executive Officer of Cano Petroleum, positions he held from June 2004 to February 2011 and May 2004 to February 20011, respectively. Prior to Cano, Mr. Johnson owned and operated 2 private oil companies from 1993-2003 and was a Vice President of Touchstone Capital from 1990-1993.

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Breitling Spuds Well in Tx.

- Breitling Spuds Well in Tx.

Friday, July 01, 2011
Breitling O&G Corp.

Breitling has spud the Breitling-Turner #2 in Hardeman County, Texas. The Prospect was delineated using geological and geophysical techniques and data gained from the drilling of the Breitling-Turner #1. Three lines of 2-D seismic were purchased over the Turner area, reprocessed, interpreted and integrated with existing well control.

The wells are located within a 640-acre closure mapped at the Holmes Sand and the Mississippian Chappel dolomite formations above an estimated total vertical depth of 7,600 feet. The Holmes is a high-quality sand reservoir encased in hydrocarbon-rich Barnett shale, similar to the Bakken shale in North Dakota.

"This is a planned offset to the successful Turner #1 which Breitling drilled 3 months ago," said Joe Simo, Chief Geologist for Breitling Oil and Gas.

Management anticipates the well will reach total depth in about 33 days. Well completion and testing could begin as early as the second week of August 2011.

Breitling Oil and Gas CEO Chris Faulkner stated, "We have drilled some extremely successful wells in Hardeman County this year and look forward to completing the Breitling-Turner #2." Faulkner added, "We feel confident in our sub-surface mapping and have learned a lot about the area from the drilling of the Breitling-Turner #1."

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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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