1st NRG Corp. Announces New Drilling and Production Revenues for CBM Properties in Wyoming
21 Octubre 2013 - 5:30AM
Marketwired
1st NRG Corp. Announces New Drilling and Production Revenues for
CBM Properties in Wyoming
DENVER, CO--(Marketwired - Oct 21, 2013) - 1st NRG Corp. (OTC
Pink: FNRC), an exploration and production company which currently
develops and produces coal bed methane reserves (CBM), will begin
drilling of CBM properties in Wyoming.
1st NRG Corp. (FNRC) has initiated a plan of development
encompassing the drilling and completion of eight Federally
permitted locations in Wyoming's Powder River Basin. FNRC holds
100% of the working interest of these locations before payout, and
66% after payout. Permits from the State of Wyoming are currently
being prepared for State approval. Our current CBM properties are
characterized by what we believe to be low geologic risk as well as
a repeatable development opportunity. The planned development is
offset development wells to a field which encountered developed
coal seams in the Warner, Upper and Lower Smith, Wyodak/Anderson
Lower, Gates and Wall formations. Successfully instituting these
drilling plans would significantly increase FNRC production
revenues.
Market conditions for natural gas have improved significantly.
The July 2013 Energy Information Administration (EIA) information
reported average daily consumption of natural gas in the United
States from January 2013 through July 2013, averaged 72,094 bcfd
which was an increase of 1.25% when compared to the same period in
2012 when average daily consumption was 71,203 bcfd. During these
same periods, average daily production of natural gas in the United
States increased only 1.05% from 65,485 bcfd in 2012 to 66,178
bcfd. The tightening natural gas market is also reflected in higher
commodity prices. For comparison purposes, 1st NRG Corp. (FNRC)
received an average price of $3.36/mcf compared to $2.12/mcf during
these same periods ending July 2013 and 2012 respectively. Moving
the natural gas to the market (gathering, fuel and taxes) FNRC
incurred an average transportation cost, before operating expenses,
of $1.31 and $1.05/mcf during these same periods ending in July
2013 and 2012.
Please visit http://1stnrg-corp.com
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.
Contact: Brad Holmes Energy IR: B_holmes@att.net (713) 654
4009
First NRG (CE) (USOTC:FNRC)
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