SCOTTSDALE, Ariz., Sept. 5, 2012 /PRNewswire/ -- EGPI
Firecreek, Inc. (OTCQB: EFIR) is pleased to announce that early
into their remediation and workover program into the Glorieta
Formation in the Crawar #2 well in West
Texas, the Company, its partner Mondial Ventures, Inc. (OTC
QB: MNVN) and Success Oil, their on the ground Operator, were
successful in striking oil and natural gas.
As previously reported, the Company recently started a workover
program that included the perforation into a new untapped part of
their Glorieta Formation. While in the process of the remediation,
Success Oil struck oil and natural gas in the proven zone.
The well is being choked backed to a 12/64" choke in order to
keep the well under constant pressure and is currently producing an
oil flow rate based on the current average of 90 to 115 barrels of
oil and 250 to 374 mcf of natural gas per day. Success oil is
giving an estimate of 20% +/- fluctuation of consistent oil and gas
flow at present, based on its current production, as the well comes
in-line and continues to produce over an extended period of time.
Success Oil estimates usual recoverable amounts of up to 75,000
barrels of oil and 100,000 mcf of natural gas for this formations
pay zone.
Dennis Alexander, EGPI's CEO,
stated, "We are extremely pleased with the immediate results of our
initial remediation work. Although we expected to tap into oil from
this proven behind pipe oil and gas zone, we were quite surprised
to find oil so early in the remediation process." He also stated,
"This marks the first new oil and gas production for the Company in
2012. We are now very motivated and looking forward to the
development of our multi-well drilling program on the South 40 of
the Tubb Leasehold Estate later this year."
For pictures and videos of the remediation work as well as oil
& gas production on the Glorieta Formation please go to:
http://www.youtube.com/user/EGPIFirecreek?feature=mheeI
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused
on producing oil and gas. The Company puts emphasis on acquiring
existing fields with proven reserves or by the rehabilitation of
oilfields with potentially high throughput. Through its wholly
owned subsidiary Energy Producers, Inc., it acquires resource
properties and inventories. Through its wholly owned subsidiary
Chanwest Resources, LLC it operates as an oil and gas service
business.
About Mondial Ventures, Inc.
Mondial Ventures, Inc. is engaged in the acquisition of Oil and Gas
properties and assets that can be developed into revenue producing
assets. The Company has put an emphasis on acquiring existing Oil
fields with proven reserves or by the rehabilitation of oilfields
with potentially high throughput.
About Success Oil Inc.
Success Oil Company, Inc. is a private oil and gas company located
in the United States. The company
focuses on low risk re-completion projects, medium risk drilling
opportunities, acquisitions, development projects, and exploration
drilling. Success Oil Company, Inc. was founded in 1990 and is
based in Beverly Hills,
California.
Safe Harbor
This release contains statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements appear in a number of places
in this release and include all statements that are not statements
of historical fact regarding the intent, belief or current
expectations of EGPI Firecreek, Inc., its directors or its officers
with respect to, among other things: (i) financing plans; (ii)
trends affecting its financial condition or results of operations;
(iii) growth strategy and operating strategy. The words "may,"
"would," "will," "expect," "estimate," "can," "believe,"
"potential" and similar expressions and variations thereof are
intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond EGPI Firecreek, Inc.'s
ability to control, and that actual results may differ materially
from those projected in the forward-looking statements as a result
of various factors. More information about the potential factors
that could affect the business and financial results is and will be
included in EGPI Firecreek, Inc.'s filings with the Securities and
Exchange Commission.
CAUTIONARY NOTE TO UNITED
STATES INVESTORS
The United States Securities and Exchange Commission permits oil
and gas companies, in their filings with the SEC, to disclose only
proved reserves that a company has demonstrated by actual
production or conclusive formation tests to be economically and
legally producible under existing economic and operating
conditions. We use certain terms, such as prospective resource or
Original Oil in Place (OOIP) or Petroleum Initially In Place
(PIIP), that the SEC's guidelines strictly prohibit us from
including in filings with the SEC. U.S. Investors are urged to
consider closely the disclosure in our Form 10K. Additional
information may be found at the following web site:
http://www.sec.gov/divisions/corpfin/guidance/cfoilgasinterps.htm
Public Relations and Shareholder Information
Joseph Vazquez
754-204-4549 or
Email: infinityglobalconsulting@gmail.com
SOURCE EGPI Firecreek, Inc.
