[ACCESSWIRE]
DENVER, CO / ACCESSWIRE / August 19, 2016 / 1st NRG Corp. (OTC: FNRC) is an exploration and production company headquartered in Denver, Colorado. Our activity has been centered upon the development of coal bed methane reserves in Wyoming where through our wholly owned subsidiary, 1st NRG Wyoming, we operate and hold a working interest in 43 producing wells and 3,059 undeveloped acres. The undeveloped acreage could be permitted for up to 36 additional locations which are characterized by what we believe to be low geologic risk, a repeatable development opportunity and are offsetting wells which all demonstrated developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations.
In 2014 we expanded our activities into a development of acreage in SE Ohio encompassing approximately 7,000 acres. We hold a 35% working interest in a development well in the Beekmantown Dolomite which will be producing in September 2016. We currently hold 100% of the offset development rights.
The Company is pleased to announce that it has substantially reached an agreement on terms to a short term financing agreement which will allow for the restart of the Wyoming CBM wells and the Company's share of the pumping equipment in Ohio.
Contact:
Brad Holmes
Energy IR: [email protected]
(713) 654 4009
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.
SOURCE: 1st NRG Corp.
