Denver-based 1st NRG Corp. (OTC:FNRC) has entered into an agreement with a private third party where 1st NRG will be issued an oil and gas lease and the associated surface use agreement on approximately 1,370 acres in Southwest Nebraska.
Letter Agreement
1st NRG is pleased to announce the company has entered into an agreement which will deliver an oil and gas lease and the associated surface use agreement for 1,370 acres located in Banner County, Neb. to the company. The Niobrara Shale is an exciting oil shale play that is being compared to the Bakken Shale in North Dakota. Located in the Denver Julesburg Basin which extends from Southeast Wyoming and Southwest Nebraska into Northeast Colorado the acreage will provide the company with possible development in the Niobrara Shale, as well as the Codell, Greenhorn, D and J Sands. Industry estimates of the possible Niobrara original oil in place (OOIP) are 30 million barrels of oil equivalent per section, however recoverable oil and natural gas will vary by area, thickness, porosity and fractionation.
Management Comments
CEO Kevin Norris said, “Adding to our current holdings in Wyoming, the Nebraska acreage, when combined with our recent agreement to explore in Ohio, will give the company opportunity to develop oil and natural gas reserves in three separate basins.” Norris added, “We are seeking industry partners, especially in Ohio, as we move forward toward development of these properties.”
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