EGPI Firecreek, Inc. announced Friday that the Company plans to consolidate through the sale of certain assets and divisions in order to focus on their Oil & Gas and Alternative Energy divisions.
They based their decision to consolidate EGPI Firecreek, Inc.’s holdings on the principle that it is better to focus energies on areas that have proven to show exponential growth, while utilizing the Company’s original area of expertise. The Company has enjoyed diversification in its operations, however they have also had to spend a significant amount of time and energy in dealing with several subsidiaries.
Due to this, the Board of Directors for EGPI Firecreek, Inc. has elected to take advantage of selling off certain assets. Therefore, this will create time sensitive opportunities, while doing away with potential liabilities and time-consuming operational management.
Consequently, this will allow the Company to focus on their area of experience and expertise, energy and energy related fields. Upon completion of the consolidation, the Company believes that they will be able to expend 100 percent effort and show faster and more consistent results on their balance sheet and to their shareholders.
Mr. Dennis Alexander, CEO of EGPI Firecreek, Inc., stated, “We have made a tough decision to inevitably do what’s best for our Company. A key sign of sound management is knowing when to consolidate, and how to take that consolidation and turn it into a lean, well oiled operational machine.”
Mr. Alexander further stated, “With oil prices reaching $103 a barrel and the continuing awareness and uncertainty of the Middle East and North African regions, EGPI has made a decision to focus more of its resources on Oil & Gas operations and its Alternative Energy divisions. We are extremely confident that by utilizing our future capital into these fast growing areas, we will surpass our initial objectives as a holding company.”
EGPI Firecreek, Inc. focuses their business and acquisition strategy on oil and gas production. Their emphasis is on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through their wholly owned subsidiary Energy Producers, Inc. (Energy Producers) and for oil and gas servicing business through their wholly owned subsidiary Chanwest Resources, LLC. EGPI Firecreek, Inc. is also working to expand into alternative energy sources and industries in the energy field.