EGPI Firecreek, Inc. and its wholly owned subsidiary, Firecreek Petroleum, Inc. announced that its two production field operations and engineering teams, with their operating partner Success Oil, have concluded an Enhanced Oil Recovery program for approximately 14 of the 20 active wells at the Fant Ranch, and have completed Re-Entry in the J.B. Tubb property which now are on production for sales of gas and oil in March and April 2008.
Dennis Alexander, the Company's Chairman and CEO, stated, "We look forward to the ongoing results for the recently completed programs at the Fant and J.B. Tubb property interests. We are extremely encouraged from the early returns and will continue with our goals to improve our existing oil and gas field recovery, output and cash flow."
Fant Ranch Unit:
At the 2,520-acre Fant Ranch Unit located in Knox County, Texas, the results from the phase 2 program started in mid-January 2008 are now generating oil production, increasing approximately 60% to 75% since the program was started. The Fant Ranch has been generating as many as 50 barrels per day in gross oil production. It will take additional time to determine how the monthly oil output and other technical improvements stabilize, or exceed these current levels from the Company's enhancement programs.
J.B. Tubb Unit:
On the J.B. Tubb unit, located in the Crawar Field, Ward County, Texas, the Company's re-entry programs included additional drilling levels from 3,500 feet to 5,000 feet for the recently completed well, Highland #2. Based on the recent reports relating to the Highland #2 entered, overall daily oil production is at approximately 50-60 barrels per day, and an additional 100 to 400 Mcf gas from that well. The Highland #1 well has also recently started producing additional oil and gas. It will take additional time to analyze monthly production levels for Highland #1, but overall the Tubb project re-entry program has been very much considered a strong success of the Company's efforts.
The Company continues review for potential leases, interests and opportunities which are located throughout the U.S. and its surrounding regions.
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