EGPI Firecreek and its wholly owned subsidiary Firecreek Petroleum have agreed to acquire a 75% working interest in Success Oil's J B Tubb/Amoco Crawar North 40 Acre property, and an initial two well re-entry program for an oil and gas participation and turn key work program.
The acquisition and turn key work program includes the re-entry into two wells in the upper clearfork formation (from 4200 feet – 4400 feet), and lower clearfork formation (from 4550 – 4750 feet) for oil and gas production.
Present Crawar field statistics show overall production capabilities of 500,000 barrels of oil and 4.6 billion cubic feet of gas per month respectively.
Dennis Alexander, chairman and CFO of EGPI Firecreek, said: We believe the acquisitions current and future potential is consistent with our continued efforts to build oil and gas revenue streams while accumulating exponential asset growth for the company.