EGPI Firecreek, Inc. and its subsidiary Energy Producers, Inc. announced that the final stages of oil and gas development plans for the first quarter of 2011 are finally complete. The accredited private exchange funding for the plans were negotiated at $2.5 million.
The financing was negotiated in late 2010 with a Memorandum Of Understanding with Dutchess Capital. Under the terms of the agreement, the company will be acquiring the J.B Tubb.Amoco Crawar oil and gas property, located in the Perminian Basin and Crawar Field, Ward County, Texas. The financing agreement will become the foundation and basis of restructuring the company’s operations, and future acquisitions and various work programs for all new and existing oil and gas programs.
Dennis Alexander, EGPI’s Chairman and CEO, stated, “We are extremely pleased with the future outlook of EGPI Firecreek’s Oil & Gas division. Because we are very familiar with this property and its revenue potential, we are very confident that we will see immediate short term benefits from this acquisition.” He also stated, “This acquisition represents our first big step in bringing our plans for Fiscal 2011 to fruition, and towards securing the Company’s long term future as an Energy company. We will continue to aggressively pursue producing domestic oil and gas properties, as well as alternative energy sources as indicated by our recent acquisition of Arctic Solar Engineering, LLC.”
EGPI Firecreek Inc. also announced that their newest subsidiary, Arctic Solar Engineering, LLC (“ASE”), has recently filed for a patent for their unique cooling fin design. Arctic Solar is an integrator of Solar Thermal Energy technology and was acquired by EGPI on February 7th of this year.
Dennis Alexander, EGPI Firecreek CEO, stated, “We are extremely happy to be adding Arctic Solar to our newly established alternative energy division. With current projects in hand and significant pending projects currently in our pipeline, we are confident that our expertise and abilities combined with Arctic’s technologies, will enable us to establish a strong presence in the industry within a very short period of time.” He also stated, “We look forward to keeping our shareholders abreast of relevant news that will be forthcoming within the next several weeks.”
EGPI Firecreek Inc. focuses on making its business and acquisition strategy on both the vertical integration of enterprises which serve the D.O.T Construction and Intelligent Traffic System markets through South Atlantic Traffic, Inc. (SATCO), with the aid of its wholly owned subsidiary M3 Lighting, Inc. (M3). The company bases its strategy through rehabilitation and production enhancement techniques, and utilizing modern management and technology applications in order to upgrade certain proven reserves. The company, formerly known as Energy Producers Inc, was founded in 1995 and is currently headquartered in Scottsdale, Arizona. EFIR’s Scottsdale corporate office is under the direct management of its Chairman and CEO, Dennis Alexander.
For more information on EGPI Firecreek Inc., visit their company website http://www.egpifirecreek.com/.