EGPI/Firecreek Inks Deal for Leases in South Florida
EGPI/Firecreek has signed a binding Memorandum of Understanding (MOU) for the development of oil fields located in South Florida's geological basin known as the Sunniland Trend.
The discovery, development and production from the Sunniland Field spans more than 55 years and the long life has been generally attributed to continuous improvements in oil extraction technology. To date, more than 116 million barrels of oil have been produced from 14 fields all located within the Sunniland Trend.
Exploration activities in South Florida have been conducted by major multinational corporations such as Gulf, Sun Oil Company, Mobil, Shell, Texaco and Exxon. The interest in exploration in South Florida has been kept alive by the economic need for petroleum products and the continuing interest in this geological area by the proactive development plans of oil and gas mineral owners.
EGPI/Firecreek, Inc. and Newport Oil Corporation are moving ahead with the provisions set forth in the binding MOU towards finalizing the agreement. They are also anticipating the exploration and development of several fields which have already been identified.
John Bruynell, President of Newport Oil Corporation stated, "Newport Oil Corporation owns various production rights and leases in the Sunniland Oil Trend in South Florida. We have now entered into a MOU with EGPI Firecreek to fund the development of the first field. An independent field assessment has been prepared and a world class team has been assembled to fully develop the Sunniland reefs. Work will begin with 3D seismic studies which will show where the wells should be drilled. This will then be followed by drilling horizontal legs across the top of the reefs in order to maximize the oil reserve recovery. Successfully located wells within the Sunniland Reef have each produced up to 4 million barrels of oil."
- Success Oil Co to Start Workover Program in West Texas (Mar 29)
- EGPI Eyes Texas, Louisiana Leases (Sep 22)
- EGPI Signs LOI for Tx. Acreage (Jun 27)