1st NRG Agrees to Acquire Acreage in Niobrara Shale Play
DENVER--(BUSINESS WIRE)-- 1st NRG Corporation (OTC Markets: FNRC) (http://1stnrg-corp.com) has entered into an agreement with a private third party where 1st NRG will be issued an Oil & Gas lease and the associated surface use agreement on approximately 1,370 acres in Southwest Nebraska.
1st NRG is pleased to announce the Company has entered into an agreement which will deliver an Oil and Gas Lease and the associated surface use agreement for 1,370 acres located in Banner County Nebraska to the Company. The Niobrara Shale is an exciting oil shale play that is being compared to the Bakken Shale in North Dakota. Located in the Denver Julesburg Basin which extends from Southeast Wyoming and Southwest Nebraska into Northeast Colorado the acreage will provide the company with possible development in the Niobrara Shale, as well as the Codell, Greenhorn, D and J Sands. Industry estimates of the possible Niobrara Original Oil in Place (OOIP) are 30 million BOE per section, however recoverable oil and natural gas will vary by area, thickness, porosity and fractionation.
Mr. Kevin Norris, CEO, said, "Adding to our current holdings in Wyoming, the Nebraska acreage when combined with our recent agreement to explore in Ohio, will give the Company opportunity to develop oil and natural gas reserves in three separate basins." Furthermore Mr. Norris stated, "We are seeking industry partners, especially in Ohio, as we move forward toward development of these properties."
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 will now be expanding to Eastern Ohio and the prospects of developing oil, natural gas and natural gas liquids from the Utica Shale formation and the Southwest Nebraska where new technologies in hydraulic fracturing and horizontal drilling have unlocked the potential of commercial oil and natural gas production from oil bearing shale.
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 Nebraska
The article 1st NRG Agrees to Acquire Acreage in Niobrara Shale Play originally appeared on Fool.com.
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