FNRC . 5 things coming(!): (per their Jan. 2017 'u
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Posted On: 03/11/2017 5:27:56 AM
FNRC . 5 things coming(!): (per their Jan. 2017 'update' PR ... and we are two months from then, and today the company starts a twitter page for all the future updates about to come - timing is everything, all this and under the new Trump Administration, Amercian energy stocks/oil/coal/gas/methane have been getting HOT like mmex lately):
". The Company has entered into a Letter of Intent to purchase over 600 coal bed methane wells through its wholly owned subsidiary 1st NRG Wyoming. Tthese wells were producing over 2,500 mcfd prior to being shut in and we are currently negotiating the purchase and sale agreement.
In November, the company announced the potential acquisition of a natural gas gathering system. The system covers over 364 miles and gives the Company access to over 100,000 acres of potential development. We are negotiating the purchase and sale agreement right now and hope to close in Q1 2017.
The Company expanded its activities into Ohio participating in a development of prospective acreage encompassing approximately 7,000 acres. In 2014, a vertical test well was drilled, logged, cored and cased to a depth of approximately 7,620 feet, testing the Utica Shale but ultimately completed in the Beekmantown Dolomite. The well has been acidized and pumping equipment has been installed, we estimate our share of reserves to be 251 MCFE and production to begin January 2017 weather permitting.
The Company plans to bring the Clabaugh Ranch field in Wyoming back into production Q1 2017 where we estimate our reserves at Clabaugh Ranch to be approximately 18.7 BCF.
The Company is in discussions to raise $25-30 million dollars for the announced acquisitions and for these and others that are planned.
". The Company has entered into a Letter of Intent to purchase over 600 coal bed methane wells through its wholly owned subsidiary 1st NRG Wyoming. Tthese wells were producing over 2,500 mcfd prior to being shut in and we are currently negotiating the purchase and sale agreement.
In November, the company announced the potential acquisition of a natural gas gathering system. The system covers over 364 miles and gives the Company access to over 100,000 acres of potential development. We are negotiating the purchase and sale agreement right now and hope to close in Q1 2017.
The Company expanded its activities into Ohio participating in a development of prospective acreage encompassing approximately 7,000 acres. In 2014, a vertical test well was drilled, logged, cored and cased to a depth of approximately 7,620 feet, testing the Utica Shale but ultimately completed in the Beekmantown Dolomite. The well has been acidized and pumping equipment has been installed, we estimate our share of reserves to be 251 MCFE and production to begin January 2017 weather permitting.
The Company plans to bring the Clabaugh Ranch field in Wyoming back into production Q1 2017 where we estimate our reserves at Clabaugh Ranch to be approximately 18.7 BCF.
The Company is in discussions to raise $25-30 million dollars for the announced acquisitions and for these and others that are planned.
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