Business Description
1st NRG Corp. (OTCBB: FNRC.PK) 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 operate and hold a working interest in 43 producing wells and 3,018 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 where we are proceeding in the completion of the Beekmantown Dolomite. We currently hold 100% of the offset development rights.Conasauga and Beekmantown formations in Ohio.
The Company has recently taken over operations in Wyoming where we hold interests in 43 wells and 2,821 undeveloped acres.
The undeveloped acreage within the field could be permitted for 35 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.
$FNRC Recent News: 1st NRG Corp Announces LOI for over 600 Wells and Gives Corporate Update:
https://finance.yahoo.com/news/1st-nrg-corp-announces-loi-133000248.html
DENVER, CO--(Marketwired - Jan 25, 2017) - 1st NRG Corp. ( OTC PINK : FNRC ), an exploration and production company headquartered in Denver, Colorado, has issued its monthly corporate update to shareholders on the Company's progress.
The Company has entered into a Letter of Intent to purchase over 600 coal bed methane wells through its wholly owned subsidiary 1st NRG Wyoming. These wells were producing over 2,500 mcfd prior to being shut in and we are currently negotiating the purchase and sale agreement.
In November, the company announced the potential acquisition of a natural gas gathering system. The system covers over 364 miles and gives the Company access to over 100,000 acres of potential development. We are negotiating the purchase and sale agreement right now and hope to close in Q1 2017.
The Company expanded its activities into Ohio participating in a development of prospective acreage encompassing approximately 7,000 acres. In 2014, a vertical test well was drilled, logged, cored and cased to a depth of approximately 7,620 feet, testing the Utica Shale but ultimately completed in the Beekmantown Dolomite. The well has been acidized and pumping equipment has been installed, we estimate our share of reserves to be 251 MCFE and production to begin January 2017 weather permitting.
The Company plans to bring the Clabaugh Ranch field in Wyoming back into production Q1 2017 where we estimate our reserves at Clabaugh Ranch to be approximately 18.7 BCF.
The Company is in discussions to raise $25-30 million dollars for the announced acquisitions and for these and others that are planned.
Contact Info
1531 Stout Street
#607
Denver, CO 80202
Website: http://1stnrg-corp.com
Phone: 816-256-8561
Email: investorrelations@1stnrg-com
FNRC Security Details
Share Structure
Market Value1 $2,299,328 a/o Feb 01, 2017
Authorized Shares 20,000,000,000 a/o Nov 11, 2016
Outstanding Shares 5,748,319,880 a/o Nov 11, 2016
-Restricted Not Available
-Unrestricted Not Available
Held at DTC Not Available
Float 747,569,685 a/o Nov 11, 2016
