SOURCE: 1st NRG Corp

1st NRG Corp -- Corporate Update February 2014

DENVER, CO – February 27, 2014 -  1st NRG Corp. (OTC Pink: 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.

 

As we begin our 2014 development program the Company completed the drilling phase of the Clabaugh Federal 42-15-5376 WA, the first well in a planned eight well infill development drilling program in Wyoming. The well was drilled to 1680' and as expected, wireline logging identified approximately 200' of developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations. We are waiting for a change in the weather to continue completion of this well, and are using the time to permit a tool which will allow us to dispose of produced water within the existing wellbore. The ARID™ Aquifer Recharge Injection System was developed in order to solve the problems and costs associated with the surface discharge of CBM /CSNG produced water. This Aquifer Recharge Injection System has proven to satisfy the needs of CBM Operators, as well as landowners, environmentalists, and regulators as the safest and most cost effective method of removing water from a gas producing coal seam while at the same time saving the water in another aquifer all in the same well bore. ARID Aquifer Recharge Injection is now considered a "Best Practice" by CBM / CSNG gas producers that want to eliminate the cost and time associated with surface water discharge. The activity extended the lease for a period of two years while we establish production which we still anticipate in Q1 2014.

 

In Ohio, the Company is participating in the development of prospective acreage with Utica Shale potential on an initial block of acreage encompassing approximately 7,000 acres. Time lines for the initial drill site were extended to mid-March 2014 to enable a more thorough evaluation of geology and title. The Company holds a 20% working interest in the development and AMI and is also carried in the first vertical test well. 

 

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

 

 

SOURCE: 1st NRG Corp.