Business
1st NRG Corp Announces LOI for over 600 Wells and Gives Corporate Update
1st NRG Corp Announces LOI for over 600 Wells and Gives Corporate Update.
About this update from 1st Nrg Corp
[{"type":"text","content":"\n \n \n 1st NRG Corp Announces LOI for over 600 Wells and Gives Corporate Update\n \n \n1st NRG Corp Announces LOI for over 600 Wells and Gives Corporate Update\n \n DENVER, CO--(Marketwired - Jan 25, 2017) -  1st NRG Corp. (OTC PINK: FNRC), an exploration and production company headquartered in Denver, Colorado, has issued its monthly corporate update to shareholders on the Company's progress.\n \n \n 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. These wells were producing over 2,500 mcfd prior to being shut in and we are currently negotiating the purchase and sale agreement. \n \n \nIn 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. \n \n \nThe 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. \n \n \nThe 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. \n \n \nThe Company is in discussions to raise $25-30 million dollars for the announced acquisitions and for these and others that are planned. \n \n \n About 1st NRG Corp.\n 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, 3,059 undeveloped acres and an estimated 18.5 BCF net to our interest. 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 offsettin...