1st NRG Corp. Updates Operations
DENVER, March 1, 2013 /PRNewswire/ -- 1st NRG Corp.
(OTC Markets: FNRC.PK, http://1stnrg-corp.com) releases an update
on the company's operations.
Utica Shale – Eastern Ohio
The Company finalized an agreement to develop
approximately 7,150 acres in Eastern
Ohio, one of the most active areas for oil, natural gas and
natural gas liquids exploration in the
United States. According to the Ohio Department of Natural
Resources, there are over 250 approved permits to drill in the
Utica shale, 15 well drilling, 128
that have been drilled and 47 producing wells. The play continues
to develop and expand to the south and west. FNRC is still seeking
joint venture partners for its prospect.
Niobrara Shale – Western
Nebraska
The Company also finalized an agreement which will deliver
an Oil and Gas Lease and surface use agreement for 1,370 acres
located in Banner County
Nebraska.
CBM – Northern Wyoming
Our current CBM properties are characterized by what we
believe to be low geologic risk and repeatable development
opportunity. Clabaugh Ranch is about 18 miles northwest of
Gillette, Wyoming and all of the
wells drilled there have encountered developed coal seams in the
Warner, Upper and Lower Smith, Wyodak/Anderson Lower, Gates and Wall formations.
The Clabaugh Ranch field has had 42 wells drilled through
September 30, 2012 with a success
rate of 100%. Our drilling inventory consists of 8 permitted well
locations (6 net), all of which are CBM resource opportunities.
Further development of Clabaugh Ranch is being evaluated. The
Company is evaluating its drilling program in Wyoming given the recent rise in Natural Gas
commodity prices.
See the company website for updates, at
http://1stnrg-corp.com
Forward-Looking Statement
This Press Release includes forward-looking statements
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 believes that 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.
These include risks inherent in the drilling of oil and natural gas
wells, including risks of fire, explosion, blowout, pipe failure,
casing collapse, unusual or unexpected formation pressures,
environmental hazards, and other operating and production risks
inherent in oil and natural gas drilling and production activities,
which may temporarily or permanently reduce production or cause
initial production or test results to not be indicative of future
well performance or delay the timing of sales or completion of
drilling operations; risks with respect to oil and natural gas
prices, a material decline in production which could cause the
Company to delay or suspend planned drilling operations or reduce
production levels; and risks relating to the availability of
capital to fund drilling operations that can be adversely affected
by adverse drilling results, production declines and declines in
oil and gas prices and other risk factors.
SOURCE 1st NRG Corp.