DENVER--(BUSINESS WIRE)--1st NRG Corp (symbol: FNRC) signed a Letter Of Intent to pay $2.7 million for a natural gas deal complete with seller financing. The acquisition will be financed by the seller and 266,887 of 1st NRG common stock.
“This acquisition is self financed which will allow 1st NRG to execute on revenues and development immediately. This should make closing the transaction easier and quicker,” said CEO Kevin Norris.
The company's internal estimates indicate the reserve potential to be over 2 billion cubic feet of proven reserves, and 3.3 billion more of probable and possible reserves.
All of this good news is in addition to 1st NRG's previous announcement of another agreed deal, where the Company signed a purchase and sale agreement with Cedar Resources, the operator of the field. The wells located in Campbell County Wyoming and currently consist of 37 producing wells.
Norris said, “We are working aggressively to grow the company by acquiring low-risk reserves and developing them. It’s conservative and aggressive at the same time.” See the company website for updates, at www.1stNRG.com
This press release does not constitute an offer of any securities for sale and it contains forward-looking statements which involve certain risks & uncertainties that could cause actual results to differ, including, without limitation, the company’s limited operating history & history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company’s projections or forward-looking statements. All statements in this press release are based on information available to the company as of the date hereof. The company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.