1st NRG Enters into Letter of Intent to Develop Utica Shale Potential in Eastern Ohio
DENVER--(BUSINESS WIRE)-- 1st NRG Corporation (OTC Markets: FNRC http://1stnrg-corp.com) has entered into a letter of intent with a private third party to initiate development of approximately 7,150 acres in eastern Ohio.
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. Recently the Ohio Department of Natural Resources has released estimates of 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. In addition to the Utica Shale, other formations such as the Devonian shale, Marcellus shale, Clinton sandstone, Medina Sandstone, Trenton Limestone, Black River, Beekmantown dolomite and Rose Run all are potential targets below the Second Berea. By drilling a test well the Company will earn the rights to offsetting locations.
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."
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
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. 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 believes that 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. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in production which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors.
Brad Holmes, 713-654-4009
KEYWORDS: United States North America Colorado Ohio
The article 1st NRG Enters into Letter of Intent to Develop Utica Shale Potential in Eastern Ohio originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.