Business
1st NRG Corp. Announces New Drilling and Production Revenues for CBM Properties In Wyoming
1st NRG Corp. Announces New Drilling and Production Revenues for CBM Properties In Wyoming.
About this update from 1st Nrg Corp
[{"type":"text","content":"Denver,\nColorado (October 21, 2013) 1st\nNRG Corp. (OTC Pink: FNRC) , an exploration and production company which currently\ndevelops and produces coal bed methane reserves (CBM) will begin drilling of\nCBM properties in Wyoming. \n\n1st\nNRG Corp. (FNRC) has initiated a plan of development encompassing the drilling\nand completion of eight Federally permitted locations in Wyoming?s Powder River\nBasin. FNRC holds 100% of the working interest of these locations before\npayout, and 66% after payout. Permits from\nthe State of Wyoming are currently being prepared for State approval. Our current CBM properties are characterized\nby what we believe to be low geologic risk as well as a repeatable development\nopportunity. The planned development is\noffset development wells to a field which encountered developed coal seams in\nthe Warner, Upper and Lower Smith, Wyodak/Anderson Lower, Gates and Wall\nformations. Successfully instituting these drilling plans would significantly\nincrease FNRC production revenues. \n\nMarket\nconditions for natural gas have improved significantly. The July 2013 Energy Information\nAdministration (EIA) information reported average daily consumption of natural\ngas in the United States from January 2013 through July 2013, averaged 72,094\nbcfd which was an increase of 1.25% when compared to the same period in 2012\nwhen average daily consumption was 71,203 bcfd. \nDuring these same periods, average daily production of natural gas in the\nUnited States increased only 1.05% from 65,485 bcfd in 2012 to 66,178 bcfd. The\ntightening natural gas market is also reflected in higher commodity\nprices. For comparison purposes, 1st\nNRG Corp. (FNRC) received an average price of $3.36/mcf compared to $2.12/mcf\nduring these same periods ending July 2013 and 2012 respectively. Moving the natural gas to the market\n(gathering, fuel and taxes) FNRC incurred an average transportation cost, before\noperating expenses, of $1.31 and $1.05/mcf during these same periods ending in\nJuly 2013 and 2012. \n\nPlease\nvisit http://1stnrg-corp.com\n\nContact:Brad\nHolmesEnergy\nIR: [email protected]\n\n(713)\n654 4009\n\nForward-looking\nstatements in this release are within the meaning of Section 27A of the\nSecurities Act of 1933 and Sectio...