1st NRG Corp Announces LOI for over 600 Wells and Gives Corporate Update
(firmenpresse) - DENVER, CO -- (Marketwired) -- 01/25/17 -- 1st NRG Corp. (OTC PINK: FNRC), an exploration and production company headquartered in Denver, Colorado, has issued its monthly corporate update to shareholders on the Company's progress.
The Company has entered into a Letter of Intent to purchase over 600 coal bed methane wells through its wholly owned subsidiary 1st NRG Wyoming. These wells were producing over 2,500 mcfd prior to being shut in and we are currently negotiating the purchase and sale agreement.
In November, the company announced the potential acquisition of a natural gas gathering system. The system covers over 364 miles and gives the Company access to over 100,000 acres of potential development. We are negotiating the purchase and sale agreement right now and hope to close in Q1 2017.
The Company expanded its activities into Ohio participating in a development of prospective acreage encompassing approximately 7,000 acres. In 2014, a vertical test well was drilled, logged, cored and cased to a depth of approximately 7,620 feet, testing the Utica Shale but ultimately completed in the Beekmantown Dolomite. The well has been acidized and pumping equipment has been installed, we estimate our share of reserves to be 251 MCFE and production to begin January 2017 weather permitting.
The Company plans to bring the Clabaugh Ranch field in Wyoming back into production Q1 2017 where we estimate our reserves at Clabaugh Ranch to be approximately 18.7 BCF.
The Company is in discussions to raise $25-30 million dollars for the announced acquisitions and for these and others that are planned.
Our activity has been centered upon the development of coal bed methane reserves in Wyoming where through our wholly owned subsidiary, 1st NRG Wyoming, we operate and hold a working interest in 43 producing wells, 3,059 undeveloped acres and an estimated 18.5 BCF net to our interest. The undeveloped acreage could be permitted for up to 36 additional locations which are characterized by what we believe to be low geologic risk, a repeatable development opportunity and are offsetting wells which all demonstrated developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations. In 2014 we expanded our activities into a development of acreage in SE Ohio encompassing approximately 7,000 acres where we hold a 35% working interest in a Beekmantown Dolomite well.
Forward-looking statements in this release are within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 as amended. A statement identified by the words "expects," "projects," "plans," "feels", "anticipates," and certain of the other foregoing statements may be deemed "forward-looking statements." Although 1st NRG Corp. believes the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release.
1st NRG Corp.
Kevin Norris
CEO
1531 Stout Street #607
Denver, CO 80202
For Investor Relation: Synergy 1-888-259-9173
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Unternehmensinformation / Kurzprofil:
Datum: 25.01.2017 - 13:30 Uhr
Sprache: Deutsch
News-ID 519823
Anzahl Zeichen: 4915
contact information:
Town:
DENVER, CO
Kategorie:
Coal
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