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.