1st NRG Corp. Enters into Letter of Intent with a Private Third Party to Develop Utica Shale Potential in Eastern Ohio

1st NRG Corp. is an exploration and production company. The Company is engaged in the exploration, development, production and sale of oil and natural gas. It is engaged in the development of natural gas producing properties in the Powder River Basin of Wyoming. It is also pursuing prospective acquisitions in coal bed methane (CBM) fields in the Powder River Basin of Wyoming. It is involved in the development of CBM reserves where it holds a working interest in over 40 producing wells and approximately 3,060 undeveloped acres and in Ohio. It has an acreage encompassing approximately 7,000 acres. A vertical test well was drilled, logged, cored and cased to a depth of approximately 7,620 feet and testing of the well, the results of a diagnostic fracture injection test and analysis of the cores, proved inconclusive in the Utica Shale. The Company holds an interest in the well and is proceeding in over two zones of interest, the Conasauga formation and the Beekmantown Dolomite.