DENVER, CO--(Marketwired - Dec 20, 2016) - 1st NRG Corp. (OTC PINK: FNRC), an exploration and production company headquartered in Denver, Colorado, has issued a corporate update to shareholders on the past year's progress and its plans for 2017.
CEO Kevin Norris noted, "These are exciting times at 1st NRG Corp.! We are embarking on a path which will launch us on a growth trajectory for 2017. Many of the steps to do that have been put in place over the past year, and we now expect to see the results of those efforts."
The company's 2016 highlights, and upcoming efforts include:
- In November, the company announced the potential acquisition of a natural gas gathering system. The system will cover over 364 miles and give 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.
- The company plans to bring the Clabaugh Ranch field in Wyoming back into production Q1 2017. Our estimated reserves at Clabaugh Ranch are 18.7 BCF.
- The company is in discussions to raise $25-30 million dollars for the announced acquisitions and for a few that are planned.
CEO Kevin Norris continued: "While commodity prices in 2016 led to us being a bit inactive, this year it is turning around and we are set up to hit the ground running."
About 1st NRG Corp.
1st NRG Corp. (OTC PINK: FNRC) is an exploration and production company headquartered in Denver, Colorado. Our activity has been centered upon the development of coal bed methane reserves in Wyoming where 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 2015 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 completed in the Beekmantown Dolomite. We currently hold 100% of the offset development rights.
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.