Yesterday, EGPI Firecreek, Inc. happily announced that it completed the acquisition of a three-well turn-key work program with Whitt Oil and Gas, Inc. The acquisition calls for a 50% working interest and participation in the rehabilitation of three existing wells on a turnkey basis, with first rights for future drilling of up to four Barnett Shale wells on the lease acreage for EGPI. As is, the project consists of three proved existing wells located in California and Texas, additional associated lease acreage, and equipment.
The company reported that Whitt will act as operator for EGPI’s interests and will commence with the deployment of various work programs to rehabilitate the wells early this week. Whitt operations will commence rehabilitation and enhancement programs that will include repairs and frac treatment for each well.
Dennis Alexander, Chairman and CEO commented, “We are very pleased with successfully diversifying our business model by strategically acquiring business projects, interests and endeavors that have an excellent potential to bring increased revenue streams and assets to our balance sheet.”
Alexander continued, “We look forward to the implementation of an aggressive plan slated towards the rebuilding of our oil and gas operations for our Energy Producers, Inc. wholly owned subsidiary. Additionally, we look forward to the commencement of a new series of targeted acquisitions which we anticipate will coincide with start of the Whitt three well turn-key work program. We feel very fortunate to start off our year with both an acquisition and the launching of our oil and gas division.”