1st NRG Enters into Letter of Intent to Develop Utica Shale Potential in Eastern Ohio
09 Octobre 2012 - 3:00PM
Business Wire
1st NRG Corporation (OTC Markets: FNRC http://1stnrg-corp.com)
has entered into a letter of intent with a private third party to
initiate development of approximately 7,150 acres in eastern
Ohio.
Letter Agreement
1st NRG is pleased to announce the Company has entered into a
Letter of Intent to develop approximately 7,150 acres in eastern
Ohio, one of the most active areas for oil and natural gas
exploration in the United States. Recently the Ohio Department of
Natural Resources has released estimates of the possible
Utica-Point Pleasant recoverable reserve potential in Ohio to be
between 3.75 to 15.7 trillion cubic feet and 1.3 to 5.5 billion
barrels of oil. By drilling a test well, 1st NRG will earn all
depths below the second Berea sand. In addition to the Utica Shale,
other formations such as the Devonian shale, Marcellus shale,
Clinton sandstone, Medina Sandstone, Trenton Limestone, Black
River, Beekmantown dolomite and Rose Run all are potential targets
below the Second Berea. By drilling a test well the Company will
earn the rights to offsetting locations.
Management Comments
Mr. Kevin Norris, CEO said, “This is another major step forward
for 1st NRG and its shareholders as we diversify our activity and
pursue opportunity in an area rich in NGLs and oil.”
About 1st NRG
1st NRG Corp. (OTCBB: FNRC.PK) is an exploration and production
company headquartered in Denver, Colorado. The Company has been
pursuing prospective investments in coal bed methane (CBM) fields
in the Powder River Basin of Wyoming. We own working interests
in producing and prospective CBM wells in the Clabaugh Ranch Field,
a development of 6,025 gross acres in the Powder River Basin
in northeast Wyoming. The Powder River Basin is a major source of
coal bed methane - clean natural gas. The Company is now
seeking to expand to Eastern Ohio and the prospects of developing
oil, natural gas and natural gas liquids from the Utica Shale
formation where new technologies in hydraulic fracturing and
horizontal drilling have unlocked the potential of commercial oil
and natural gas production.
See the company website for updates, at
http://1stnrg-corp.com
Forward-Looking Statement
This Press Release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Act of 1934. 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 believes that 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.
These include risks inherent in the drilling of oil and natural gas
wells, including risks of fire, explosion, blowout, pipe failure,
casing collapse, unusual or unexpected formation pressures,
environmental hazards, and other operating and production risks
inherent in oil and natural gas drilling and production activities,
which may temporarily or permanently reduce production or cause
initial production or test results to not be indicative of future
well performance or delay the timing of sales or completion of
drilling operations; risks with respect to oil and natural gas
prices, a material decline in production which could cause the
Company to delay or suspend planned drilling operations or reduce
production levels; and risks relating to the availability of
capital to fund drilling operations that can be adversely affected
by adverse drilling results, production declines and declines in
oil and gas prices and other risk factors.
First NRG (CE) (USOTC:FNRC)
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