1st NRG Corp - Corporate Update October 2016
(firmenpresse) - DENVER, CO -- (Marketwired) -- 10/26/16 -- 1st NRG Corp. (OTC PINK: FNRC), an exploration and production company headquartered in Denver, Colorado, is pleased to announce it has re-applied to the OTCIQ Service and regained its Current Information Tier status on the OTC Markets. We have published the OTC Quarterly Disclosure for the period ended June 30, 2016 and the associated financial statements for the same period in order to once again be listed in the OTC Markets - Current Information Tier.
It has been a long journey but the company has been able to move forward despite the depressed natural gas prices in late 2015 through the first half of 2016. We are working extremely hard for our shareholders and expect to provide them with updates on our Company in the weeks to come.
Depressed natural gas prices in late 2015 through the first half of 2016 caused our Wyoming Field to operate at a loss and when coupled with our partners'' inability to pay their share of operating costs, the field was shut in. We sell our production into Colorado Interstate Gas where the average price today is approximately $2.80/MMBtu through December 2020. With the recent rise in natural gas prices and a new short term financing arrangement, we are working hard to bring our Wyoming wells back into production in November 2016.
Our activity has been centered upon the development of coal bed methane reserves in Wyoming where through our wholly owned subsidiary, 1st NRG Wyoming, we operate and hold a working interest in 43 producing wells and 3,059 undeveloped acres. The undeveloped acreage could be permitted for up to 36 additional locations which are characterized by what we believe to be low geologic risk, a repeatable development opportunity, and are offsetting wells which all demonstrated developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations.
In 2014 we expanded our activities into a development of acreage in SE Ohio encompassing approximately 7,000 acres. We hold a 35% working interest in a development well where we are proceeding in the completion of the Beekmantown Dolomite. We currently hold 100% of the offset development rights. The pumping unit has been installed on our Ohio well and should begin producing in November 2016.
These are exciting times for FNRC and we are actively looking at other properties, opportunities and acquisitions.
Forward-looking statements in this release are within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 as amended. 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 Corp. believes 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.
Contact:
Brad Holmes
Energy IR
(713) 304-6962
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Datum: 26.10.2016 - 06:00 Uhr
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News-ID 1465979
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