EGPI Firecreek, Inc. and its wholly-owned subsidiary, Firecreek Petroleum, Inc. are pleased to announce that it has completed the sale of its Debentures for $2.1 million dollars to initiate the commencement of its oil and gas development plans for the first quarter 2008.
The financing will aid in the anticipated restructuring of the Company's operations, proposed acquisitions and corresponding work programs for new and existing oil and gas programs.
As part of EGPI's restructuring plan, the Company has approved a provision that will allow for the election of up to 5 new members to the Board of Directors. These individuals will consist of industry and finance professionals, and will give the Company an increased breadth of knowledge and credibility in the Oil and Gas industry.
Additionally, as part of the negotiating for its recently completed financing, the Company has successfully completed a wrap up and closure on all equity line sales through its prior financing arrangements. This wrap up is crucial in the Company's commitment to bring value to the shareholders by providing better terms in its current financing commitments and by restructuring any prior funding commitments so as to not suffer any potential dilutive effects, in the form of creating stock into the market by drawing from an equity line. The Company is confident that the closing of the equity line will now give the Company and its stock the potential to trade in parity with the Company's current events and future news releases.
Dennis Alexander, the Company's Chairman and CEO, stated, "We are extremely excited about the future outlook for EGPI/Firecreek. A tremendous effort has taken place in an effort to initiate our plans for Fiscal 2008 and the Company's long term future. We are now aggressively taking steps in an effort to build on the Company's domestic growth for oil and gas revenues and cash flow." Mr. Alexander also stated, "We also look forward to introducing the addition of our new Board members and working side by side with capable individuals who will bring knowledge, capacity and competent assistance in the vision, development and implementation of the Company's current and future business plans."
EGPI Firecreek, Inc. continues review for potential leases, interests and opportunities which are located throughout the U.S. and its surrounding regions. The Company is working on various financial opportunities for the funding of potential project acquisitions and the respective capital expenditure requirements for each.
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