The Joint Venture will identify low-risk workover, recompletion and drill well opportunities within the joint venture area. Initially the JV has identified 7 workover well candidates. Operations are to commence immediately. EPiC will provide 50% of the working capital for the initial 7 wells. All subsequent capital spending and revenue sharing under the JV will be shared EPiC 60% and The Gorden Group 40%. EPiC will be responsible for providing project management and engineering services to the JV.
Rex Doyle, Chairman and CEO of EPiC, stated, "This Joint Venture provides EPiC a low cost and low risk project opportunity that further supports EPiC's business model of finding, developing and exploiting low risk oil and gas opportunities. This Joint Venture relationship will strengthen EPiC's leasehold position in the mid-continent region and fits well with our recent acquisition announcement of the Rush Field in central Kansas."
EPiC Capital Group, Inc., a Houston-based company, is an independent energy and engineering company focused on acquiring and developing oil and gas producing assets and alternative renewable energy projects. EPiC's focus is on optimizing mature, producing assets with the majority of value in proven reserves and limited risk from exploration and drilling programs. EPiC is concentrating on properties in the US onshore market, including Louisiana, Texas, Oklahoma, the Mid-continent area, and the Rockies. Additionally, EPiC's engineering focus is on energy infrastructure projects within conventional and non-conventional market segments.
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