$FNRC up 40% on HUGE NEWS http://www.marketwatc
Post# of 63696
Posted On: 10/21/2013 9:38:23 AM
$FNRC up 40% on HUGE NEWS >>>
http://www.marketwatch.com/story/1st-nrg-corp..._news_stmp
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
Contact:
Brad Holmes
Energy IR: B_holmes@att.net
(713) 654 4009
http://www.marketwatch.com/story/1st-nrg-corp..._news_stmp
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
Contact:
Brad Holmes
Energy IR: B_holmes@att.net
(713) 654 4009
(0)
(0)Scroll down for more posts ▼