SCOTTSDALE, Ariz., June 29, 2009 (GLOBE NEWSWIRE) -- EGPI Firecreek, Inc. (OTCBB:EFIR) is pleased to announce that it has completed its initial evaluation of an anticipated acquisition and turn-key work program for a 50% working interest in a program consisting of three existing wells, associated lease acreage and equipment.
Whitt Oil and Gas, Inc., ("Whitt") has offered a 50% working interest for participation in the rehabilitation of three (3) existing wells on a turn key basis, and the rights for the drilling of up to four (4) Barnett Shale wells on one of the leases. The three existing wells are proved, previously producing wells, which only need rehabilitation work in order to restore production. Additionally, the evaluation shows that there are other potential oil producing formations in each of the wells. The leases are located in Shackelford and Haskell counties, Texas. Now that the initial evaluation has been completed, EGPI anticipates the completion of this acquisition for the three well program to occur within the next 30-45 days.
Dennis Alexander, CEO and President stated, "From our recent merger with M3 Lighting, Inc., we believe we are making progress in diversifying our business model by strategically acquiring business endeavors with companies that have substantiated operations and revenue streams." He also stated, "We are now looking forward to the rebuilding and deployment of our oil and gas operations which shall commence with a new series of targeted acquisitions starting with the Whitt three well turn-key work program."
The acquisition of the Whitt Oil and Gas, Inc. three well oil program, its working interest, lease acreage and equipment is subject to Board of Directors and other third party, financial, and regulatory approvals.
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc. is historically focused on oil production with an emphasis on acquiring existing oil fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis. Other companies in the oil sector include, Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc., and Cabot Oil & Gas Inc.
The EGPI Firecreek, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6259
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EPGI Firecreek Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.