EGPI Firecreek Inc. (EFIR) Announces Joint Agreement with Whitt Oil and Gas in Callahan and Shackleford Counties in Texas

By @ibtimes on

EGPI Firecreek Inc., a provider of oil and gas production services, announced that it has entered into a joint agreement with Whitt Oil and Gas to conduct a series of rehabilitations on the three west Texas gas and oil wells that are owned by EGPI Firecreek Inc. and Whitt.

Both companies are in agreement and are currently in process of proposing the recompletion of the Boyette and McWhorter proven zones in their wells, respectively. They are also planning to have the Young #1 well, which joins with McWhorter, converted into a salt-water disposal well to provide support for the McWhorter production economics and operations.

The operator, outside consultants, and reserve engineer have agreed to the development of the proven formations, which they feel will enhance the cash flow for the two wells. It is also agreed upon that the in-depth technical evaluations will be conducted on the two undeveloped Barnett Shale locations that are located on the Boyette lease at a depth of 5,500 ft. The past successes in the local Barnett wells have encouraged management and its operator to advance the timing for the Barnet evaluation. The recompletion operation is expected to start within the next thirty days to come.

CEO and Chairman Dennis Alexander stated, “We are currently in the process of securing the financing that has been verbally committed to us for this project. We are also very pleased to be in agreement with Whitt Oil and Gas on how to move forward and create solid revenue stream from this venture. We feel very strongly that once the recompletion process has been completed, we will have our best opportunity to develop consistent production from these properties.”

The company also recently announced that its subsidiary Arctic Solar Engineering, LLS has negotiated the licensing terms for a sales and distribution agreement in the states of Colorado and Georgia through its distributor SolarUS.

The two initial agreements for SolarUS will allow for the advancement of Arctic Solar’s strategic plans to focus more on the marketing and distribution of their Solar Thermal Energy products, and other alternate energy products that offer energy benefits and marginal returns on the investment to the retail, commercial, and residential consumer.

EGPI Firecreek Inc. is a provider of oil and gas production services. EGPI Firecreek strives on oil and gas production with a focus on acquiring existing fields with proven reserves, rehabilitation of potentially high throughput oilfields, resource properties and inventory, all through its subsidiary Energy Producers, Inc. and for other oil and gas servicing business through its subsidiary Chanwest Resources, LLC. The company, which was formerly known as Energy Producers, Inc., was founded in 1995 and is headquartered in Scottsdale, Arizona.

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