DENVER, CO -- (Marketwired) -- 01/06/14 --
1st NRG Corp. (OTC Pink: FNRC), an exploration and production company currently developing and producing coal bed methane reserves (CBM) in Wyoming.
1st NRG Corp. (FNRC) is pleased to announce the start of development on eight locations in Wyoming's Powder River Basin where we hold 100% of the working interest before payout. These shallow locations are approximately 1,900 feet in depth, and characterized by what we believe to be low geologic risk and a repeatable development opportunity. The operations offset existing wells, all of which have developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations. Successful implementation of this plan would significantly increase FNRC production and revenues. Mr. Kevin Norris CEO of the Company, stated during an interview with The Stock Radio, "The impact on 1st NRG is tremendous." We currently hold an approximate 3% working interest in existing wells and will initially own 100% of the offset development wells. The first well began drilling December 28th, 2013 and will continue as weather and equipment availability allow.
Our recent activity has been centered on the development at Clabaugh Ranch, a CBM field located in the Powder River Basin of Wyoming. We acquired our interest in the 42 wells which currently make up the field. Commodity prices of natural gas have improved, and with renewed maintenance and repairs field wide gross production has increased approximately 50% to over 800 MCFD.
Also, our previously announced participation in development of prospective acreage in SE Ohio with Utica Shale potential on an initial block of acreage encompassing approximately 7,000 acres continues. The Utica shale is an exciting play and continues to grow with 106 Utica wells drilling in 2013 compared to 21 Utica wells in 2012. The State of Ohio has issued 1,033 permits for horizontal drilling in the Utica since 2009, and 548 of those permits were issued in 2013. The number of wells producing from the Utica has also increased from 45 in 2012 to 249 in 2013. 1st NRG will not operate in Ohio, but will be carried in the initial vertical test well and participate in future development with a 20% working interest. In January 2014 we expect the initial location and the drilling plan for the test well. The Company expects the test well of about 6,000 feet in depth, to be drilled in the first quarter of 2014.
For more information, please visit http;//1stnrg-corp.com, or for The Stock Radio interview please visit: http://thestockradio.com/fnrc-1st-nrg-corp-ceo-kevin-norris
Forward-looking statements in this release are within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels", "anticipates," and certain of the other foregoing statements may be deemed "forward-looking statements." Although 1st NRG Corp. believes the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release.
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Source: 1st NRG Corp.