Additionally, The Sahara Group has recently acquired two development areas in the Black Sea areas Russia and an oilfield project located in the Komi region near Moscow. The two recently acquired Black Sea area projects are the Protoka and South Temryusky Leases. Based on technical information provided by the Russian Ministry of Energy, the Protoka project has over 14,800 acres and contains an estimated 75,000,000 (75 million) barrels of recoverable oil and 1 BCF of gas. The South Temryusky Lease contains over 17,300 acres and has recoverable oil reserves estimated at 400,000,000 (400 million) barrels. The third acquired regional area is the Khudoyelsk Lease in the Komi region northeast of Moscow. This 44,500 acre block has had a total of five Russian test wells drilled on it which have given estimates of over 275,000,000 (275 million) barrels of recoverable oil and undisclosed gas reserves in a deep horizon. The Russian Ministry of Energy is also expected to approve the request for the transfer of an additional undisclosed oilfield which Firecreek will rehabilitate in an attempt to increase overall production levels. The Company anticipates closing this acquisition by early November 2004 under a baseline production agreement with the Russian Ministry of Energy and Minneftsgazstory. Ongoing discussions continue with the investment branch of the Turkish National Petroleum Corporation (TPAO) regarding their additional participation in the Russia project.
"The combination of major multinational and independent oil companies reflects a new trend in global petroleum ventures," stated David A. Christian, The Sahara Group's Director of Political and Governmental Affairs. He further stated, "The union of our multinational technical capabilities combined with under developed proven resources should significantly increase the daily production of crude oil from these fields as well as provide the transfer of important technical applications and technology to the local field personnel. This interface is very important to the ongoing relationship between Russia, Turkey and the U.S." Christian, a former senior advisor to the US Senate and known television personality is working with long time U.S. and Russian government officials as well as personal associates to develop a streamlined and transparent interface with its multinational participants and the respective governments.
John R. Taylor, President of EGPI Firecreek, Inc. added, "This type of interface will greatly assist in the transition efforts bringing operational control of these three development fields and a much larger rehabilitation field under The Sahara Group's control in January 2005. This will be a very big task which the EGPI Firecreek team is poised and organised to undertake." Taylor added, "To date, I have enjoyed the working relationship developed with our Russian and Turkish partners and look forward to more significant news to follow including clear projections established through third party evaluations and reports."
EGPI Firecreek Inc. through its Firecreek unit is focused on oil production with an emphasis on acquiring existing oil fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis. Other companies in the oil sector include Marathon Oil Inc. (MRO), Pantina Oil and Gas Inc. (POG), Frontier Oil Inc. (FTO) and Cabot Oil and Gas Inc. (COG).
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