First Petroleum Acquires Acreage in Uinta-Piceance Basin of Colorado

First Petroleum & Pipeline has secured the rights to a Federal Oil & Gas Lease located on the Colorado side of the Uinta-Piceance Basin. The lease is located in Colorado's Mesa County, one of the states most active oil and gas regions.

The U.S. Geological Survey estimates there is upwards of 21 trillion cubic feet of undiscovered natural gas and 60 million barrels of undiscovered oil in the Uinta-Piceance Province of Colorado and Utah. This is one of the top 5 largest natural gas reserves in the U.S.

First Petroleum's core strategy is to focus on proven and producing oil and gas regions such as the Uinta-Piceance Province. By exploring in proven basins, the company is able to reduce exploration and development risks, and is thus able to better concentrate on company expansion and shareholder returns.

Colorado Oil & Gas

The total value of Colorado's oil & natural gas production in 2004 was $6.6 billion, a 35% increase over the 2003 value of $4.9 billion. For the second consecutive year, natural gas production in Colorado has exceeded 1 trillion cubic feet. In 2004, Colorado had proven crude oil reserves of 217 million barrels, including over 60,000 barrels per/day in physical production. Nearly every major producer and pipeline company in the U.S. is active within the State of Colorado; they include Amoco, Conoco and Unocal, among others.