1st NRG Corp. -- Finalizing Natural Gas Gathering System Purchase Agreement for Q1 2017 Closing and Provides Additional Corporate Updates
(firmenpresse) - DENVER, CO -- (Marketwired) -- 03/13/17 -- 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.
In November, the company announced the potential acquisition of a natural gas gathering system. The system covers over 324 miles and gives the Company access to over 100,000 acres of potential development. The purchase and sale agreement is almost finalized and we still anticipate to close in Q1 2017.
The Company entered into a Letter of Intent to purchase over 600 coal bed methane wells through its wholly owned subsidiary 1st NRG Wyoming and has identified a number of other potential acquisitions. We expect to begin negotiations on the purchase and sale agreement soon with a goal to close in Q2 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 was acidized and a pumping unit has been positioned, however while installing the down hole pump and rods the well blew out causing some damage to the surface equipment. The well remains shut in while repairs are made to the surface equipment.
The company had plans to bring the Clabaugh Ranch field in Wyoming back into production Q1 2017, however we are still in discussions on the overall financing of the Company which have delayed our ability to bring the field back online. As part of our financing, we plan to acquire the other 42% of the working interest in the field.
The Company is in discussions to raise $25-30 million dollars for the announced acquisitions and for these and others that are planned. We are striving to become a fully reporting Company and achieve listing on a nationally recognized exchange. Our major concern right now is cash flow and completion of our targeted acquisitions which would mitigate that concern.
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.
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Contact:
Brad Holmes
Energy IR
(713) 304-6962
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Datum: 13.03.2017 - 12:30 Uhr
Sprache: Deutsch
News-ID 529725
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Town:
DENVER, CO
Kategorie:
Alternative Energy
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