EGPI Firecreek's First Gas Well Comes on Line
EGPI Firecreek reports gas production began January 15, 2006 on well CD 16-1 in its Ten Mile Draw, Wyoming Coal Bed Methane Project. Work on a second well, CD 16-7, continues and it should be on line within 10 days.
"Engineers from Newport Oil Corporation, the field operator, are evaluating the gas reservoir and determining the best daily flow rate to maximize production life for well CD 16-1," said Firecreek Petroleum, Inc. President and Chief Executive Officer John R. "Rick" Taylor. "We also have engineers from Western Gas Resources (WGR) on site. Since Western has a contract to purchase all of our gas, it will participate in the evaluation of all of our wells."
"Work will continue on well CD 16-1 to remove fracturing fluid that will increase production. And, since Western is using a high pressure transport gas pipeline, compressors will be added to the wells over the next four weeks to improve daily production into the high pressure line," Taylor explained.
EGPI Firecreek, Inc. Chairman of the Board and Chief Financial Officer, Dennis Alexander added, "Ten Mile Draw daily well production rates will stabilize shortly and we will be able to provide that information to shareholders. I'm excited that we brought this project on line. Because, EFCR and our operating partner Newport Oil hold the drilling rights to 1600 acres surrounding our current well sites. Therefore, our 2006 development program for Ten Mile Draw is aggressive with plans for at least ten (10) new wells expanding our gas production dramatically."
A zone fracture will be done Tuesday, January 17, 2006 on well CD 16-7. Engineers project that cleaning the well and removing the fracturing fluid will take less than a week. As soon as that work is complete the well will go on line. Firecreek and Newport Oil expect to have preliminary well gas flow rates for CD 16-1 and CD 16-7 by the end of January if not sooner.
EGPI Firecreek, Inc., through its Firecreek unit, is focused on
oil production with an emphasis on acquiring existing oil fields with
proven reserves. Additionally, the company specializes in the
rehabilitation of potentially high throughput oilfields, resource
properties and inventories on an international basis.
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