1st NRG Corp -- An Update on Current Drilling and Production
December 16 2013 - 8:30AM
Marketwired
1st NRG Corp -- An Update on Current Drilling and Production
DENVER, CO--(Marketwired - Dec 16, 2013) - 1st NRG Corp. (OTC
Pink: FNRC), an exploration and production company currently
developing and producing coal bed methane reserves (CBM) in
Wyoming.
1st NRG Corp. (FNRC) previously announced a plan of development
for eight locations in Wyoming's Powder River Basin. FNRC
holds 100% of the working interest in these locations before
payout, and 66% after payout. These locations are are
characterized by what we believe to be low geologic risk and a
repeatable development opportunity. The planned development is
offsetting wells which all demonstrated developed coal seams in the
Schwartz, Anderson, Canyon, Cook and Wall formations. Successfully
instituting this drilling plans would potentially significantly
increase FNRC production revenues. We have been delayed by
another energy company's protests of our planned operations,
finally, the protests have been dropped and the Company is
finishing the State permitting procedures. We expect to drill
the first well by the year-end, 2013.
Our activity to date has been centered on the development at
Clabaugh Ranch Field, a CBM field located in the Powder River Basin
of Wyoming. We acquired our interest in the 42 wells which
currently make up the field in August 2010. As commodity
prices of natural gas have improved, renewed maintenance and
repairs have increased field wide gross production approximately
50% to over 800 MCFD.
The Company also previously announced an agreement for the
development of prospective acreage in SE Ohio particularly seeking
Utica Shale potential on an initial block of acreage of
approximately 7,000 acres. The Utica shale play continues to
grow. The State of Ohio has issued over 1,000 permits for
horizontal drilling in the Utica since 2009, and 551 of those
permits were issued in 2013. The Company will not operate, but
will be carried in the initial vertical test well and participate
in future development with a 20% working interest. Currently
due diligence is being completed on the leasehold along with the
drilling plan for the test well. The Company expects the test
well to be drilled in Q1 2014.
Please visit www.1stnrg-corp.com
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. 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.
Contact: Brad Holmes Energy IR b_holmes@att.net (713) 654 4009
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