(PublicWire.com News Release) EGPI Firecreek, Inc. (OTCBB: EFIR) and its wholly-owned subsidiary, Energy Producers, Inc., is pleased to announce that it is in the final stages of completing an accredited private equity exchange funding for $2.5 million dollars in order to initiate the commencement of its oil and gas development plans for the first quarter 2011.
The financing had been negotiated through a Memorandum Of Understanding with Dutchess Capital late in 2010. Under the terms of the planned agreement, the Company will acquire the J.B. Tubb/Amoco Crawar oil and gas property which is located in the Permian Basin and Crawar Field, Ward County, Texas (12 miles west of Monahans & 30 miles west of Odessa in West Texas).
The financing is planned to be the foundation for the restructuring of the Company’s operations, proposed acquisitions and corresponding work programs for new and existing oil and gas programs.
Dennis Alexander, EGPI’s Chairman and CEO, stated, “We are extremely pleased with the future outlook of EGPI Firecreek’s Oil & Gas division. Because we are very familiar with this property and its revenue potential, we are very confident that we will see immediate short term benefits from this acquisition.” He also stated, “This acquisition represents our first big step in bringing our plans for Fiscal 2011 to fruition, and towards securing the Company’s long term future as an Energy company. We will continue to aggressively pursue producing domestic oil and gas properties, as well as alternative energy sources as indicated by our recent acquisition of Arctic Solar Engineering, LLC.”
In other related news, the company has filed an 8-K with the SEC in relation to its recent acquisition of Arctic Solar Engineering, LLC.
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.’s business and acquisition strategy is focused on both the vertical integration of enterprises serving the D.O.T. Construction and Intelligent Traffic System markets through South Atlantic Traffic, Inc. (SATCO) alongside its wholly owned subsidiary M3 Lighting, Inc. (M3), and on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc., and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources, LLC. EGPI Firecreek, Inc. is also looking to expand into alternative energy sources as well as industries in the energy field.
(EFIR.OB) EGPI Firecreek, Inc. Enters Final Stages Of 2.5MM Private Equity Exchange Funding
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