The oil and gas consortium is composed of InterOilGas of Luxemburg, DAC, Inc. an international business consulting firm of Pennsylvania (USA) and Firecreek Petroleum, Inc., a wholly owned subsidiary of EGPI Firecreek, Inc. USA specializing in refurbishment and improvement of existing oil fields.
Additionally, Firecreek Petroleum Inc (FPI) was appointed as The Sahara Group petroleum operations manager for all upcoming projects.
It is the purpose of this joint venture to undertake an aggressive petroleum acquisition and development program in Russia (Black Sea area), Libya, Romania, Turkey and Sudan. Currently the group is finalizing contract talks for operations in Russia, Romania and Libya.
InterOilGas is working with Minneftegazstory, a Russian corporation which is wholly owned by the Russian Federation to complete an agreement for the acquisition by InterOilGas of several producing oilfields situated along the Black Sea in southern Russia. The fields have producing wells and significant undeveloped proven reserves that could be greatly increased with modern western technologies. Firecreek is currently evaluating the fields on behalf of the consortium in preparation for an aggressive rehabilitation and development program for which Firecreek Petroleum will be operations manager. Minneftegazstory will remain as a joint venture partner in the project after the 1 October 2004 transfer to InterOilGas. The Turkish Petroleum Investment Company, Ltd., a subsidiary of the Turkish National Corporation ("TPAO") has tentatively agreed to join the Black Sea program including significant financial commitment.
Firecreek will establish a regional operations center in Istanbul in early September. The Sahara Group petroleum operations will be conducted from this office by Dr. James O. Howard, Firecreek Vice-President International Operations.
"This is the beginning of big development period for Firecreek Petroleum and EGPI. International projects which have been pending are moving forward and with the support of EGPI and with the financial commitments provided therein, we are confident that we will see a fast maturing of the EGPI Oil and Gas Division," stated John R Taylor, President of EGPI and Firecreek Petroleum Inc.
EGPI, in line with definitive agreement signed on June 29, 2004 to merge with Firecreek Petroleum Inc. is soon to change name to EGPI Firecreek Inc.
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