|By Marketwired .||
|March 24, 2014 08:45 AM EDT||
DENVER, CO -- (Marketwired) -- 03/24/14 -- 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 recent activity has been centered on the development of 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.
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. The development agreement calls for the vertical test well to be drilled within the next 90 days. Unless extended by agreement, the test well will be drilled through the Utica Shale approximately 6,500 feet in depth. 1st NRG Corp holds a 20% working interest in the development and is carried through the vertical test well.
We jump started our 2014 development program in Wyoming drilling the Clabaugh Federal 42-15-5376 WA well to 1680' in December 2013. We will continue the 2014 drilling program as conditions allow. We are still waiting for approval of the ARID Aquifer Recharge Injection System and installation of electricity. The ARID tool was developed in order to solve the problems and costs associated with the surface discharge of CBM /CSNG produced water.
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.
Energy IR: [email protected]
(713) 654 4009
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