EGPI Firecreek announced the discovery of a significant oil & gas reserve found at the location of their recently acquired oil and gas property known as the Tubb Leasehold Estate located in the AMOCO/CRAWAR Field in Ward County, TX.
Because of this recent discovery, the Company plans on performing a rework on one well in order to cap off the currently producing reserve, and coming up hole and drilling at a shallower depth (approximately 3,700 ft – 3,900 ft) which has shown a significant oil and gas deposit. The Company anticipates that this rework will increase production of both oil and gas while lowering repair costs and maintenance due to drilling at a shallower depth.
Dennis Alexander, CEO and Chairman, stated, "We are very optimistic with the discovery of this new oil & gas reserve at the Tubbs Estate. We see a great opportunity for rapid expansion as we continue to focus our efforts in the energy sector." He also stated, "By tapping into this new reserve and improving the performance of the Tubbs lease, we will now have the ability to maximize the potential of this property. Quite honestly, the timing couldn’t be better."
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