EGPI/FIRECREEK and The Sahara Group Agree to $22,000,000 USD Purchase of Control of Major Kazakhstan Exploration License.SCOTTSDALE, Ariz. -- EGPI Firecreek, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EFCR EFCR Experimental Fast Ceramic Reactor ) EGPI/FIRECREEK, INC. Chairman of the Board and Chief Financial Officer Dennis Alexander and The Sahara Group Chairman Rusbek Bisultanov announced today that, subject to final due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. reports and financial documentation, both groups have approved the purchase of 51% of the Kazakhstan joint stock company TransNaftaCenter. TransNafta holds the development rights to the Kamenkovsky license, an oil and gas development block 100 kilometers northwest of Uralsk in the western portion of Kazakhstan. EGPI/FIRECREEK will pay a signing bonus A signing bonus or sign-on bonus is a sum of money paid to a new employee by a company as an incentive to join that company. These are often given as a way of making a compensation package more attractive to the employee e.g. if the annual salary is lower than they desire. to the Kazakhstan Government and purchase 51% of TransNafta Center stock. Ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale costs and field exploration work in the first six months will require an estimated $29,500,000 USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. additional funding. Chairman Bisultanov spearheaded the negotiations stated, "There is more than 1,700,000 acres in this block that is considered one of the most promising oil and gas developmental areas in Kazakhstan. We have worked very hard to make this project a major step forward for The Sahara Group, EGPI/FIRECREEK, and our friends in Kazakhstan," Bisultanov said. EGPI/FIRECREEK Chairman Dennis Alexander stated, "We have two independent financial audits of TransNafta finished early in 2005 and we are conducting another to meet GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and SEC standards. And, we have retained the Moscow based law firm of White and Case to assist Bill Merritt For other uses, see Bill Merritt (disambiguation). William Edward "Bill" Merritt, born on 18 August, 1908, and died at Christchurch, New Zealand on 9 June, 1977, was a cricketer who played for Canterbury, Northamptonshire and New Zealand. in the legal and due diligence legal work," Alexander explained. "As a long-time oil man, I am excited about this field. Using the existing geology and seismic data compiled in the last few years, we have obtained three recent independent reports that confirm our belief that there are numerous potential producing horizons above the salt, possibly one in the salt and a massive structure under the salt that is prospective for natural gas and gas condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. ," Taylor said. The Firecreek team is scheduled to meet in Almaty, Kazakhstan later this month to complete the purchase. EGPI Firecreek Inc. through its Firecreek unit is focused on oil production with an emphasis on acquiring existing oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis.
For more information about EGPI Firecreek, Inc. go to:
Firecreek Petroleum:
www.firecreek.us
InterOilGas:
www.interoilgas.com
David Christian
http://davidchristian.us/bio.asp
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreeks' filings with the Securities and Exchange Commission. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion