|By PR Newswire||
|December 12, 2012 05:50 PM EST||
DENVER, Dec. 12, 2012 /PRNewswire/ -- 1st NRG Corp. (OTC Markets: FNRC.PK, http://1stnrg-corp.com ) re-releases an update on the company's operations.
The Company's plans include participation in a prospect which will test the Bakken Shale and Three Forks formations encompassing approximately 9,800 acres and the initial test well is scheduled to start drilling prior to the end of 2012.
Utica Shale – Eastern Ohio
The Company finalized an agreement to develop approximately 7,150 acres in Eastern Ohio, one of the most active areas for oil, natural gas and natural gas liquids exploration in the United States.
Niobrara Shale – Western Nebraska
The Company also finalized an agreement which will deliver an Oil and Gas Lease and surface use agreement for 1,370 acres located in Banner County Nebraska.
CBM – Northern Wyoming
Our current CBM properties are characterized by what we believe to be low geologic risk and repeatable development opportunity. Clabaugh Ranch is about 18 miles northwest of Gillette Wyoming and all of the wells drilled there have encountered developed coal seams in the Warner, Upper and Lower Smith, Wyodak/Anderson Lower, Gates and Wall formations.
The Clabaugh Ranch field has had 42 wells drilled through September 30, 2012 with a success rate of 100%. Our drilling inventory consists of 8 permitted well locations (6 net), all of which are CBM resource opportunities. Further development of Clabaugh Ranch is being evaluated.
In late October, the Company executed a credit facility which could make up to $7,000,000 available to the Company. The facility will allow the Company to draw in one or multiple tranches as agreed to between the lender and the Company. The Note will mature in three years from the date of the first draw and will bear interest at 8% on drawn funds. Any outstanding amounts due under the Note may be converted at maturity into the Company's common stock at the average of the lowest bid for the ten days prior to conversion.
In January 2011, 1st NRG Corp closed a transaction with nine qualified investors pursuant to which the Investors purchased a private placement of Units consisting of 449,269 Preferred "A" Shares (each Preferred "A" convertible into 44,926,902 Common Shares) and Warrants to purchase Common Shares. The total Unit purchase was $14,452,014.45 and in September 2012, the Investors converted the Preferred "A" Shares into the Company's common stock. An Account Management Agreement (AMA) between the Investors and the Company governs the release of funds to the Company by an Intermediary.
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, EnergyIR
SOURCE 1st NRG Corp.
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