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1st NRG Enters into Letter of Intent to Develop Utica Shale Potential in Eastern Ohio
1st NRG Enters into Letter of Intent to Develop Utica Shale Potential in Eastern Ohio.
About this update from 1st Nrg Corp
[{"type":"text","content":"For Immediate Release 1st NRG Enters into Letter of Intent to Develop Utica Shale Potential in Eastern Ohio Denver, CO – September 26, 2012 – 1st NRG Corporation (OTCBB: FNRC.PK) has entered into a letter of intent with a private third party to initiate development of approximately 7,150 acres in eastern Ohio. Letter Agreement 1st NRG is pleased to announce the Company has entered into a Letter of Intent to develop approximately 7,150 acres in eastern Ohio, one of the most active areas for oil and natural gas exploration in the United States. The Ohio Department of Natural Resources estimates the possible Utica-Point Pleasant recoverable reserve potential in Ohio to be between 3.75 to 15.7 trillion cubic feet and 1.3 to 5.5 billion barrels of oil. By drilling a test well, 1st NRG will earn all depths below the second Berea sand, which in addition to the Utica Shale may also include other formations such as the Marcellus shale, Clinton sandstone, Trenton Limestone, Black River, Beekmantown dolomite and Rose Run. By drilling a test well the Company will earn the rights to offsetting locations. Management Comments Mr. Kevin Norris, CEO said “This is another major step forward for 1st NRG and its shareholders as we diversify our activity and pursue opportunity in an area rich in NGLs and oil.” About 1st NRG 1st NRG Corp. (OTCBB: FNRC.PK) is an exploration and production company headquartered in Denver, Colorado. The Company has been pursuing prospective investments in coal bed methane (CBM) fields in the Powder River Basin of Wyoming. We own working interests in producing and prospective CBM wells in the Clabaugh Ranch Field, a development of 6,025 gross acres in the Powder River Basin in northeast Wyoming. The Powder River Basin is a major source of coal bed methane - clean natural gas. The Company is now seeking to expand to Eastern Ohio and the prospects of developing oil, natural gas and natural gas liquids from the Utica Shale formation where new technologies in hydraulic fracturing and horizontal drilling have unlocked the potential of commercial oil and natural gas production. See the company website for updates, at http://1stnrg-corp.com Contact Information:Brad Holmes, EnergyIR(713)654-40...