1st NRG Corp -- Corporate Update May 2014
2014年5月15日 - 10:35PM
Marketwired
1st NRG Corp -- Corporate Update May 2014
DENVER, CO--(Marketwired - May 15, 2014) - 1st NRG Corp. (OTC
Pink: FNRC) (PINKSHEETS: FNRC) is an exploration and production
company currently engaged in the development of natural gas
producing properties in the Powder River Basin of Wyoming.
Headquartered in Denver Colorado, our focus has been centered on
our coal bed methane reserves where we hold a working interest in
42 producing wells, 8 permitted locations and 3,300 undeveloped
acres. The Company is expanding its activities into one of North
America's most exciting shale plays participating in a development
of prospective acreage in SE Ohio encompassing approximately 7,000
acres.
The United States natural gas stocks are currently 982 BCF
behind the historical five year average for storage levels and
according to the EIA figures, in 2013 the United States averaged a
withdrawal of 1.5 bcf/d for the year. Also in 2013, seasonal
injections averaged approximately 9.5 bcf/d. So, in order to return
to the five year average storage levels during this injection
season, the United States needs to inject an additional 4.5 bcf/d
for an average total injection rate of 15 bcf/. Currently the
United States produces approximately 67.7 bcf/d and according to
the EIA, natural gas consumption averaged 71.3 bcf/d in 2013. The
shortfall between produced natural gas and consumption has been met
historically by imports which averaged 8.5 bcf/d in 2013. What
appears to be a tightening gas market is reflected in the overall
price for natural gas, and more specifically in the Powder River
Basin where we saw an average $1.67/mcf higher in the quarter ended
March 31, 2014 when compared to the quarter one year earlier ended
March 31, 2013.
At Clabaugh Ranch we have been slowing advancing toward the
highly anticipated initial production from the 42-15 well drilled
in December 2013. Infrastructure access issues have hampered our
progress and the current operator of the field has been
unresponsive to our requests and proposals. This lack of
cooperation has pushed the Company to pursue other gathering, water
disposal and electricity solutions. We are awaiting approval for
our pending applications to use the ARID tool for water disposal,
we have made arrangements for power and we are discussing our
options to transport our natural gas production with three
different gathering companies. The delay, while frustrating, will
benefit the Company in the longer term as we will be in complete
control of our expenses and operations.
In Ohio, the initial due diligence and cure periods have
concluded with the Company and its operating partner purchasing the
initial 40 acre drill site for the vertical test well. This well
will be drilled through the Utica Shale approximately at 6,500 feet
in depth. Currently land use agreements for the vertical test well
and subsequent horizontal well are being completed. 1st NRG Corp
holds a 20% working interest in the development and is carried in
the drilling of the vertical test well.
On May 12, 2014, FINRA announced the Company's declared dividend
of one Series "E" Preferred Share for each 100,000 shares of Common
Stock owned by shareholders of record on April 28, 2014. The Series
"E" Preferred Shares are restricted and will be convertible into
Common Shares after six months if the Company has an effective
registration statement in place, otherwise they are convertible
into Common Shares after 12 months. The Company will need
additional capital to facilitate its acquisition and development
activities and as part of the Company's growth Strategy, we plan to
offer a private placement of up to 1,000,000 shares or $2,500,000
of our Series "B" Preferred Shares at a price of $2.50 per share.
This announcement is for informational purposes only and is not a
solicitation or offer to sell the securities represented by our
Series "B" Preferred Shares. The securities will be offered only to
accredited investors via a written offering circular and only in
jurisdictions where the sale is allowed. The Series 'B" and Series
"E" share the same attributes in that a share of either is
convertible into 100,000 shares of the Company's Common Stock, have
liquidation rights and are non-voting.
For more information, please visit http://1stnrg-corp.com.
Forward-looking statements in this release are 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 Corp. believes 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.
CONTACT: Brad Holmes Energy IR b_holmes@att.net (713) 654 4009
First NRG (CE) (USOTC:FNRC)
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