SCOTTSDALE, Ariz. , Oct. 18, 2012 /PRNewswire/ -- EGPI Firecreek, Inc. (OTCBB: EFIR) is pleased to announce initial production results from the successful workover on the J.B. Tubb Leasehold, Crawar #2 well in West Texas .
As previously announced on August 28, 2012 , the Company reported that funding had been secured in order to provide for perforating into the new untapped Glorieta Formation in the Crawar #2 well. Upon the initial start of the workover program the Company, along with their partners Mondial Ventures and Success Oil, were successful in striking oil and gas in the Glorieta Formation.
The Company reports that for the month of September 2012 they produced 1700 Barrels of Oil and 8 Million Cubic Feet of Natural Gas. The project has already returned the initial work program investment dollars the first half of the month with the bulk of sales the last 2 weeks of September. The initial results were from free flowing liquids. It is expected the Company will put the well on pump to stabilize ongoing production levels and may frac the well in the near future.
The Glorieta formation is a proven behind pipe oil & gas zone. The properties operator, Success Oil Inc, estimates usual recoverable amounts of up to 75,000 bbls. of oil and 100,000 mcf of natural gas for this formation's pay zone.
Dennis Alexander , EGPI Firecreek's CEO, stated, "Our initial results have been better than expected. We are looking forward to further implementing our planned projects on the heels of our excellent first result."
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